Although global economic conditions have taken their toll on demand for Miami luxury homes, a well-known international buyer haven, some neighborhoods are faring better than others, according to One Sotheby’s Mid-Year Luxury report.

  • In the first half of the year, luxury condos in Broward County performed better in price per square foot and total price volume than Miami.
  • Coral Gables’ non-waterfront market was up 25 percent since last year.
  • Broward County revealed a 200 percent increase in luxury condo sales since 2011.

Although global economic conditions have taken their toll on demand for Miami luxury homes, a well-known international buyer haven, some neighborhoods are faring better than others, according to One Sotheby’s Mid-Year Luxury report.

Travel slightly north toward Fort Lauderdale in Broward County, and you’ll see a growing downtown financial center attracting large companies like American Express. Fort Lauderdale has potential to attract more millennials if the tech industry gains ground there, given the weather, nightlife, culture and recreation.

Further, luxury condos in and around Fort Lauderdale advanced faster than Miami luxury condos in both price per square foot and total price volume when comparing the first half of 2015 to this year.

[Tweet “Broward County less dependent on foreign investors compared to Miami-Dade.”]

Coconut Grove, Coral Gables remain strong – for the most part

Despite overall softening, waterfront detached homes in Coconut Grove saw a 22 percent price per square foot boost in the first half of the year compared to the same period in 2015.

Coral Gables’ non-waterfront market is up 25 percent since last year, as well, perhaps pointing to heightened demand for more moderately priced listings.

However, Adventura, Coconut Grove, Golden Beach and Palmetto Bay saw just the opposite – a boost in price on for homes with unobstructed views of the Atlantic, the report says.

Miami luxury condos continue to get more expensive, but buyers are getting more selective on finishes, amenities and neighborhood, according to the report. Condos between $1 million and $5 million saw a 51 percent price per square foot jump in Miami, while condos between $5 million and $10 million saw a 22 percent increase.

screen-shot-2016-09-15-at-9-45-37-am

One Sotheby's mid-year market report

One Sotheby’s mid-year market report

Broward County luxury sales skyrocket

High-end listings were lively near Fort Lauderdale in the first half of the year, One Sotheby’s says. Broward County’s waterfront condo sales represented 13 percent of the active inventory, compared to Miami’s 6 percent share.

In the luxury niche, specifically, Broward County revealed a 200 percent increase in sales since 2011. Broward posted 75 sales of condos between $1 and $5 million just five years ago, compared to 225 condo sales over $1 million this year.

The single-family home market for Broward waterfront single-family homes lifted, with 1,922 sales during the first half of the year – four times the category’s volume in Miami.

As demand for Fort Lauderdale area homes intensifies, budgeting families are looking toward the west suburbs where price per square foot is easier on the budget. Weston, for example, is regularly referred to as a top place to live in Florida and ranks among the top 50 best affordable suburbs.

Email Jennifer Riner

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×