Luxury Real Estate by Nancy Esteves
Real Estate News Miami Luxury Home Sales Surge 122.1%, Broward Single-Family Luxury Home Sales Surge 84.4% Miami-Dade County total home sales surged in October 2020 as strong pent-up demand and record-low mortgage rates fueled transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family homes priced between $400K to $600K surged 52.5% year-over-year to 424 transactions in October 2020. Miami existing condo sales priced between $400K to $600K increased 46.5% to 145 transactions. Miami single-family luxury ($1-million-and-up) transactions jumped 122.1% year-over-year to 171 sales in October 2020. Miami existing condo luxury ($1-million-and-up) sales increased 27% year-over-year to 80 transactions. Record-low interest rates; a record-high S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties. Broward single-family homes priced between $400K to $600K surged 53.6% year-over-year to 530 transactions in October 2020. Broward existing condo sales priced between $400K to $600K increased 19% to 75 transactions. Broward single-family luxury ($1-million-and-up) transactions jumped 84.4% year-over-year to 118 sales in October 2020. Broward existing condo luxury ($1-million-and-up) sales increased 136.4% year-overyear to 26 transactions. Broward Real Estate Selling Close to List Price The median percent of original list price received for single-family homes was 97.6% in October, up 1.9% from 95.8% last year. The median percent of original list price received for existing condominiums was 95.3%, up 0.4% from 94.9% last year.
YEAR END REVIEW OF INTERNATIONAL BUYERS Florida remained the major destination of International buyers. Florida’s foreign buyers mostly come from Latin America (35%) and Canada (29%). Florida was the top destination among Canadian and Colombian buyers.
