($1M -$30M) 🏢💰
For the folks with deep pockets who say, “Why settle for anything less than a million-dollar view?”:
- Sales are Up! Luxury condo sales were up 3.5% in October 2024—clearly, someone’s been busy scooping up those penthouse dreams. They really do have great views!
- Price Appreciation: Condos in this bracket have appreciated 124% over the past decade. Imagine doubling your money and getting a balcony with a skyline view or Bay view.
- Inventory Situation: There’s considerably more choice than last year, but not enough to make the luxury buyer break a sweat. It's like finding the perfect yacht—you've got options, but they're all pricey.
- Cash is King: Nearly 46% of luxury condo deals are cash purchases. Miami buyers are throwing cash around like it’s confetti at a championship parade—because why worry about mortgage rates when you’ve got that kind of bank?
- The above is based on Statistics from the MLS through November 22nd 2024 so that click bait you have been seeing on the news about a housing crash or even prices going down is really just an article about the cricket club and a few other isolated properties. You really need information on a building by building approach but if you are looking at the market in nearly any approach the market is up here in South FLorida. Prices up, Sales up, inventory Up(but not enough to encourage prices to go down)
