South Florida is a top luxury real estate market. The Sun-Sentinel reported that last year Broward County posted 464 sales of homes and condos valued at $1 million or more and Palm Beach County had 791 sales of $1 million-plus properties. Additionally, Miami was recently ranked No. 8 among top luxury real estate markets globally by Christie’s International Real Estate.
South Florida’s waterfronts are a major factor in the $1 million-plus property prices. Within the past month, a home in Coral Gables with 140 feet of waterfront sold for $5.1 million. Similarly, a seaside Coral Gables home with 180 feet of seawall sold for $11.5 million. In Fort Lauderdale, a property with 325 feet of dockage on the Intracoastal near Los Olas is asking $7.995 million. These prices seem small in comparison with the $24.75 million just paid for an oceanfront home in Palm Beach. Buyers are looking for really good locations, especially prime oceanfront or bayfront property.
Waterfront condominiums are also selling at record prices. In Boca Raton, One Thousand Ocean had two condominiums recently sell for $8.7 and $5.86 million. One Thousand Ocean is located on the Boca Raton Inlet peninsula and surrounded by the Atlantic Ocean and the Intracoastal. At the Setai in South Beach, a condominium sold for $7.8 million becoming the highest price paid for a non-penthouse at the building. The Setai is located on the ocean side of Collins Avenue and only a few blocks from Lincoln Road.
When buyers find a desirable location, they usually must pay a premium price. The sale, acquisition, and development of luxury residential real estate can be complicated. Having assistance with real estate financing, contract review and preparation, and title examination are great tools for success. Having someone in your corner at the beginning of the process will help prevent future disputes.
Have questions about luxury real estate? Contact Schecter Law Attorneys At Law Today.
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