Right now, there is very high demand for luxury condos in Miami. During December and January, there was a surge in pre-sale at ultra-luxurious projects under development. This is another indication of the new wave of tech and business executives moving to Miami.
Most of these projects will be completed in a few years. However, the growing concentration of Miami millionaires will help grow Miami’s financial sector. Sales of existing condos in the $250,000 range have seen a considerable uptick in recent months. With the limited market of single-family homes, many people have opted for condos living instead.
Right now, Miami is becoming a much bigger player in the financial industry than it has been in the past. The luxury real estate market is one indicator of Miami’s transition. The volume of sales of existing condos jumped 129% from November 2020 to January 2021.
The current inventory of existing condos priced over $1 million experienced a 50% drop from January 2020. Meanwhile, the number of signed contracts in Miami-Dade for luxury condos surged 155% YoY in January. In addition, nearly all luxury condos in Miami under construction or completed also saw a jump in sales. Demand is strong, and doesn’t look like it will slow down.
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