Miami Luxury Real Estate Market in Numbers Part 2

Today as we continue this short series on the Miami Luxury Real Estate Market, we will consider very briefly the number of houses of each bracket so to speak of our local Luxury Residential Market.

As the resale activity has slowed in South Florida in 2013, the number of luxury residences on the market has grown to more than 4,550 properties priced at a minimum of at least $1 million each.

As of April 15, 2013, more than 3,950 luxury residences — about 87 percent of the available luxury inventory — are on the market in South Florida with an asking price of between $1 million and $5 million each, according to the data.

An additional 425 luxury properties — about 9 percent of the available luxury inventory — are on the resale market in the price range of $5 million to $10 million each.

Nearly 90 more luxury properties — about 2 percent of the available luxury inventory — are on the resale market for between $10 million and $15 million each.

In the ultra-luxury price range, some 40 properties — about 1 percent of the available high-end inventory — are on the South Florida market between $15 million and $20 million each, and nearly 50 luxury residences — about 1 percent of the available high-end inventory — are on the market in South Florida for at least $20 million each. Among them is Matt Damon’s $20 million mansion positioned in an exclusive enclave of la Gorce Island that was put on the market last month.

Sellers today tend to range from profit-minded investors who bought at deep discounts during the downturn to long-term owners who finally see a chance to exit their luxury properties at an acceptable price following a prolonged boom-and-bust cycle.

Additionally, a number of developers are proposing infill single-family houses in highly desirable neighborhoods and oceanfront condo towers appealing to luxury buyers.

The top three priciest estates on the South Florida luxury market range from $100 million for the former Versace Mansion with 10 bedrooms on Ocean Drive in South Beach to $74 million for a nine-bedroom mansion on South Ocean Boulevard in Palm Beach to $59 million for a 10-bedroom estate on Middle Road in Palm Beach.  Miami is a very interesting and dynamic market where all the properties surrounding these luxury homes receive great benefit by their proximity to these mansions. *Notes taken from Peter Zalewski in a Special Report for the Miami Herald.

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