Last week I discussed ONE Sotheby’s International Realty launch of the 2015 TRENDS Market Report. As I mentioned in my previous post, this report is important to the brand because it was developed in collaboration with IRR (Integra Realty Resources)-Miami/Palm Beach, the premier real estate firm in the nation. One section I find very interesting discusses the Miami luxury condo market, something very relevant in the Grove at new projects like Grove at Grand Bay and Park Grove generate serious buzz. The Miami-Dade condo market recovery has been aided by an influx of foreign buyers and the pricing recovery has been very dramatic. With the exception of New York City, Miami is the most active in the construction market in the U.S. today.
The market for condos has been geared almost exclusively to the luxury ($1M-$5M) and ultra luxury ($10M+) buyer pool. Miami’s South Beach and North End submarkets are clearly the strongest in pricing and pre-construction availability, due to their prized ocean view units. In terms of non-oceanfront properties, Downtown Miami is one of the largest markets for new development. The biggest trends affecting Miami’s condo supply are the rapid land appreciation and recent spikes in construction costs. These two factors will most likely slow new development this year, which signals a healthy correction in the market which has experienced rapid building for the last three years.
Work with an experienced luxury South Florida real estate specialist as you explore real estate opportunities in the tropical chic community, call today for a buyer or seller consultation with the Jill Penman Group at 305.807.9199. My expertise in local real estate and the global luxury market delivers extraordinary service that has firmly established my brand as an international luxury real estate leader for the past 12+ years. Read more about how I tirelessly chase the results that matter most to our clients and reach out to experience this for yourself.