Miami Beach Real Estate Climbs to the Top
When you decide to invest in a Miami Beach condo, you are not just buying the location – you are buying the lifestyle. Miami Beach real estate is one of the most dynamic markets in the world. In the past few years, Miami has seen tremendous foreign-buyer demand for Miami Beach condos and waterfront homes.
Many claim Miami Beach to be America’s tropical avant-garde destination visited by millions from around the world. Its gorgeous beaches and sumptuous lifestyle have placed the area back on the radar for those seeking a place to call home. The glamorous urban destination is once again on the top of real estate charts and most popular amongst the elite and well-known celebrities searching for a new pied-a-terre.
According to a recent article in the Miami Herald, indications are growing that the luxury condo resale market in Miami-Dade County is back. Buyers purchased nearly 590 condos for at least $1 million each last year, after acquiring less than 500 high-priced units in 2006. Trends show that buyers have paid up to $11.5 million for a penthouse in the Apogee condominium and $10.6 million for a high-floor unit in the Continuum On South Beach, respectively.
Foreign buyers with strong currencies, complemented by a scattering of wealthy domestic purchasers, acquired more $1 million condos in 2011 than in the last year of the South Florida real estate boom in 2006, according to an analysis of data from the Southeast Florida Shared Multiple Listing Service Database. According to an August 2011 report by the National Association of Realtors, Western European buyers from counties such as France, Germany, and Italy represent 19% of the estimated $318 million in monthly sales in the Miami Beach market attributed to foreign investors.
It is safe to say that Greater Miami continues to evolve and grow as an international mecca. With its architercturally unique buildings and cultural melting pot, this thriving city will continue to put its name on the real estate charts.
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