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Miami Luxury Condo Prices are Rising

Miami Luxury CondoAt an asking price of almost $1,000 per square foot, the Miami luxury condo market is seeing a drastic increase in prices, and this trend is expected to continue.

There are currently about 10 luxury condo resales with a minimum asking price of $1.7 million, or $750 per square foot, which are under contract in downtown Miami. However, according to Condo Vultures, there are 85 more resales available, and their asking price is an average of $970 per square foot. This difference in pricing illustrates how quickly Miami luxury condo prices are rising.

Miami-Dade did not have the biggest increase in median sales (Broward County did with more than a 20 percent increase), it did have the highest median price at $159,000, a 5 percent increase from last year.

If you are interested in buying or selling a Miami luxury condo, then contact one of Boyer Law Firm’s real estate attorneys today.

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