The Miami luxury condo and home market is experiencing a period of demand, according to the Miami Association of REALTORS® and the Multiple Listings Service (MLS) system. Miami existing condo sales rose for the fourth consecutive month in February of this year while luxury condos priced at one million and up saw an increase in sales of 31% from 116 in February of 2017 to 152 a year later. Luxury home sales alone increased 31.1% from 61 to 80 homes sold.
This increase in demand could partly be a result of the recent federal tax reform changes. With a new deductions cap, many wealthy residents of states with high property values and higher income taxes are choosing to purchase homes and properties in states like Florida, which have the benefits of luxury amenities and lower taxes. The signs of demand for luxury properties in Miami mean that now is a great time to buy or sell your luxury home or condo and find the lifestyle you most desire.
For professional advice on all aspects of buying or selling real estate, please contact me at firstname.lastname@example.org or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.