Bal Harbour condos, buyers of South Florida, condominiums and luxury residential market development, Miami Beach Condos, the seller of South Florida, South Beach Condos, Sunny Isles Beach Condos | Tags: Acqualina Sunny Isles, apogee, Caribbean, luxury condo market, luxury real estate Miami Beach a Bal Harbour, Penthouse, real estate, Setai, South Beach Miami, Sunny Isles Beach, FL
Contact: Ashton Coleman | Broker Associate Keller Williams Miami Beach | 1.888.38.Dream
Dallas, TX, August 30, 2010 - grim news out July sales of existing homes 25.5% Year-Over year has new statistics show summer sales of million dollar overshadowed plus homes exceeded significantly different price categories.
"Luxury home buyers have purchasing this summer," said Laurie Moore-Moore, CEO of the Institute for luxury home marketing (ILHM). "After waiting in the wings, many wealthy buyers summer spent shopping for value and snapped Trophy Properties."
Statistics indicates that it is correct. According to the National Association of REALTORS (NAR), home sales were only 1.2% of the total turnover or about 61,500 sales nationally for 2009 million dollars and above. In July 2010, million dollar plus market parts up to 1.9%. While sales of homes in the $500,000 and over range dramatically in June, was the million dollar-plus market segment of the single price range in July shows positive growth compared to the previous year. "The mix of what sells priced at $750,000 and above has shifted in favour of houses" added Moore-Moore.
NAR's report that July's median sales price rose by 0.7% Year-Over year may be more a function of increasing sales of expensive properties relative to other prices as an indicator of linear home price appreciation.
According to the ILHM luxury market country report – one in January of this year per analysis of luxury real estate for sale in more than 30 major markets - by a dramatic increase in the upper-tier inventory and started, the numbers of luxury homes for sale fell about 5% since early July. Together with a reduction in inventory a decrease in prices was required. Forty three percent of the luxury homes currently on the market had at least a reduction in price within the last 90 days. Another 19% were pulled off the market and then reinstated.
"While I would say not the luxury market in recovery," said Moore-Moore, "The growing market share of luxury sales relative to total sales, a slight downward trend in inventory and sellers who are more realistic about price are factors, the relocation of wealthy in a buying mode."
Personal Note: 2010 real estate Miami has with itself very much luxury Dade County beaches, 13 Sales YTD over $4,000,000 takes place, including a record high $15 M trophy selling SETAI South Beach. Other strong sales include II Fontainebleau penthouse at $9 M, with some penthouse at $8.7 M, apogee one Bal Harbour sales between $5,750 m to $ would be M, the Caribbean penthouse for $5 M and two Penthouses at Acqualina of Sunny Isles Beach sale of $ 4. 5 m to $4.7 M. international demand is huge and all but three of these transactions were cash buys. As a member of the Institute for luxury home marketing we are on outstanding marketing and end results for buyers and sellers of residential property trained in the luxury level.
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