If you’re like me, you’re obsessive about being educated on a variety of topics.
You will take a round of fresh data to go with your morning coffee. Discovering new topics is what charges up your day.
Today’s morning boost comes from new figures about Florida’s real estate market. There are a lot of happy surprises to be found, especially for home and condo sales in Miami and Miami Beach.
It’s not just hype.
What you have heard about the increased appeal of luxury residential real estate is backed by these astounding new numbers:
- Luxury single-family home sales rose to the highest level in five years, pushing the median price to a record high. Specifically, the median luxury house sold for $1.94 million in the third quarter, up more than 30% over a year ago.
- For condos, the Miami Beach sale price rose 29% year-over-year to $2.975 million. In Miami, the median luxury condo price rose by nearly 10% compared to 2019 to $852,500.
There is also information from industry insiders:
- Snowbirds who used to commute can no longer travel due to the pandemic, so they have decided to stay around, and are interested in something more permanent.
- It’s fair to say that what is considered most important in a property has shifted. Outdoor spaces, generous parcels of land to create a tennis or basketball court, multiple offices so the entire family has a place to work or go to school and even a luxurious bar for entertaining those small gatherings.
- Amenities in condos, like large terraces, multiple pools, generous fitness centers and spas, and on property dog parks are much more important than the marble floor or stone countertop.
In the sea of emotional variables that come with buying or selling a home, I can be your constant.
What are your goals for 2021?
Let’s discuss how we can meet them, given the favorable market conditions.