Although Florida is suffering from declining property prices due to the huge supplies of properties under cheap house listings, the luxury condominium market in several areas of the state are recording an upsurge, with some properties even getting sold for higher than expected prices.
Miami home foreclosures continue to be a problem for the city, but oceanfront condominium units in downtown Miami, Miami Beach and Sunny Isles Beach are experiencing sales booms and rising prices, according to a report from research company Brosda and Bentley Realtors. One example is the nearly sold out Jade Beach tower.
While newly built dwellings and home foreclosures in Florida are getting harder and harder to sell, luxury condominium units seemed to be doing well, with Jade Beach reselling strongly and its closed units said to be setting sales records.
Meanwhile, the luxury 50-story condominium tower, Jade Ocean, is also enjoying strong sales despite being located in a city where lists of home foreclosures for sale are continuing to grow. The sister project of Jade Beach has reportedly sold almost 60% of its units. The same is true with the Acqualina Resort and Condos in Sunny Isles Beach, with most units getting sold for over $700 per square foot.
Other condo properties that are also not suffering from the growth of cheap house listings in Florida include Turnberry Ocean Colony condominium, which recorded six sales during the year, with the highest sale coming in at $733 per square foot. Penthouses that are considered over the regular price range have also been selling well in Miami.
One of these is the downtown-located Marquis. Businessman Russell Wright reportedly closed on the Marquis property which is said to have the highest terrace in all of Miami. The increased interest in luxury condos in the city is partly attributed by market observers to the number of basketball superstars showing interest in the properties, including newly-signed Miami Heat players Dwayne Wade and Chris Bosh.
Although the area of Miami has suffered from high rates of foreclosures in the past two years or so and the number of properties under cheap house listings continues to rise, real estate analysts are optimistic that increased interest in the luxury condo market will help the city gain some foothold in the housing market recovery ladder.
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