Come May 2012 and a penthouse sells out for a record breaking 25 million, the MIAMI Association of REALTORS shells out reports of prices climbing higher for the fifth consecutive month and much more that shows for a sizzling Miami condo market that shows no signs of slowing down.
Miami, FL. The year 2012 started out on an optimistic note for the Miami Beach condo market with average sales prices registering at 456,735 by the end of the month according to the MIAMI Association of REALTORS; a whole 61.7% increase from the 282,471 of January, 2011. Five months down the line and the scenario just keeps getting better, with an even bigger promise, since weve only reached the middle of the year yet.
Beginning December, 2011, Miami Beach condo prices started showing an upward trend, which according to market research was more so due to an international buying spree that saw investors from Brazil and Canada taking a keen interest in the South Florida real estate market. This, combined with a strong market demand being met with a limited supply of condos is now leading to a rather aggressive approach from buyers in general, as they are willing to pay the price to get what they want.
One such impressive consequence of the above scenario is the recent sale of 7,374 square feet Continuum Condo that has broken all previous records by setting the cash registers ringing at 25 million. This five bedroom, seven and a half bath penthouse is spread across the 40th to the 42nd stories offering an additional 6,000 sq.ft of elevator and outdoor space. The previous record was that of a penthouse in the Setai at Miami Beach, which had sold for 21.5 million in January.
According to the latest statistics from the MIAMI Association of REALTORS, the average Miami Beach condo sales price has reached a whopping 530,750 as compared to the previous years 460,983. This shows an increase of 15.1% from the previous year and a speedy recovery from Marchs tiny slip in Miami Beach, while the entire Miami-Dade County still showed an overall increase in average sales prices. All of these factors combined not only point to the fact that the Miami Beach condo market is emerging as one of the strongest in the country, but that it is also one of the most exciting marketplaces to keep an eye on this year.
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