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.
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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.
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.
