The real estate market for expensive property in and around Miami, Florida is booming.
The real estate market for expensive property in and around Miami, Florida is booming.
Despite the slow national market, Miami’s real estate business continues to thrive with median property sales prices increasing to 240 thousand dollars in the third quarter of 2013, which is a 23 percent increase from earlier in the year.
Overall sales increased by 20 percent, with high end real estate sales up 19 percent.
Median prices for a luxury condo in Miami have reached 1 point 2 million dollars, and for single family luxury homes, the median price has gone up to one and a half million.
Most of the people buying up this property are reportedly from other countries, or young wealthy families from New York City looking for a change in lifestyle.
In recent years the market was dominated by buyers from Latin America, but now people who can work remotely are making the move from New York City to a warmer climate and driving property prices up.
In one of Miami’s most expensive towers, a unit that was sold for 4 point 8 million dollars in 2009 just sold for twice that much.
