As the summer heats up, luxury homes in Miami continue to be a hot commodity. According to a report released by the Miami Association of Realtors, the total luxury sales ($1 million and above) were up 24 percent year-over-year in May 2018. Luxury condo sales boasted the largest increase with a 58.6 percent gain. Notably, both luxury single-family and condo properties sales have increased year-over-year in four of the last five months.
Savvy investors know that Miami offers a multitude of benefits in both lifestyle and financial gains, which is why the city continues to draw high-end buyers locally, nationally, and abroad. International buyers in particular have a history of a strong interest in our real estate market with no signs of slowing down as the city continues to develop and flourish.
Even as property values remain relatively steady, Miami is still competitively priced when compared to other major metropolitan areas. Combine that with low mortgage rates and tax advantages afforded by being a Florida resident, affluent buyers are more interested in the Miami area than ever before. If you are considering selling your luxury property, there may be no better time than the present to list it.
For professional advice on all aspects of buying or selling real estate, please contact me at [email protected] or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.