Miami luxury condo sales more than tripled year over year in 2021, growing by 213.7%. Miami Beach led the way with 800 condo sales of at least $1 million, followed by 278 on Brickell and 228 on Key Biscayne. (South Florida Agent Magazine)
Stretching from Miami-Dade County through Broward, Palm Beach, and up into the Treasure Coast (Indian River, St. Lucie, and St. Martin counties) South Florida luxury condo sales — those topping $1 million — grew by 166.4% in 2021 over the previous year.
The Sellers of about 10% of these condos walked away with closing prices above asking.
Adding to these eye-popping statistics are the sales of South Florida’s $10+ million properties, which quadrupled during the pandemic.
Shifting Buyer Profile
These dizzying figures unfolded despite a big drop in South Florida’s traditional international condo Buyers, who have kept away due to pandemic travel restrictions and weakening currencies against the US dollar.
In their place have come the super wealthy from California, Chicago, New York, New Jersey, Connecticut, Pennsylvania, and more. The lure of no state income tax, no estate tax, ocean views, year-round warm weather — and generally much more property for your money — finally became irresistible to many in the face of an indefinite COVID-restricted lifestyle.
Of course, the sales of luxury single family homes has contributed plenty to the boom, as well. South Florida houses that sold over $1 million in 2021 numbered 8,412 — nearly double over 2020.
Sunshine State or Bust
Seen as incredible by some and inevitable by others, this booming market is showing no sign of letting up. Uncertainty over the long-lasting lifestyle changes caused by the pandemic, as well as the “genie unleashed” trend of the “Sunshine State or Bust” phenomenon, have spurred a mass migration that’s taken on a life of its own.
Leverage the Experts
Sales happen so fast that many properties are not even on the market yet before offers are made and accepted. Working with an experienced and deeply networked South Florida Realtor — or specifically a proven Miami Realtor if the Magic City is your first choice — will make all the difference in achieving a smooth, successful, potentially life-changing sale or purchase.
Let us know if you have any questions about the market and your options for taking advantage of these unprecedented conditions.