Wednesday, January 25, 2012

Miami luxury condo surge to stay, for now


The proposed Porsche tower in Sunny Isles Beach
In 2011, luxury market resale activity jumped by 29 percent, according to Condo Vultures’ Peter Zalewski. But while foreign buyers, armed with strong currencies, drove the luxury market in Miami last year, indications are that the market is here to stay for now. Topped by a $21.5 million sale at the Setai Resort & Residences in Miami Beach last year, Miami’s luxury market is now seeing a wave of new development, including five new luxury towers planned in the area with sales prices topping $1 million per unit. [Miami Herald]

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