Though usually, an international investor’s market, South Florida residential real estate opportunities have received more attention from domestic buyers during the COVID-19 pandemic. The rate of new international residents moving to the area has slowed under an environment of limited travel, yet the market has nonetheless thrived as wealthy newcomers from within the United States flock to the sunshine state for low-level taxes and quality of life.
In 2020, pandemic-induced relocations led to a surge in the sale of high-end single-family homes in South Florida, reinvigorating the local luxury real estate market comprised of residences priced at $1 million or more. When the supply of luxury waterfront homes decreased due to the high demand, the market boom extended to condo residences, as The Real Deal reported in early 2021. New residents, mostly coming from California, the Midwest, and the Northeast, have helped shift the condition of the luxury condo market, which had been experiencing an inventory surplus due to pre-COVID over development.
These changes led to million-dollar condo transactions in Miami-Dade County more than tripling year over year, growing by 213.7%. Within Miami-Dade, Miami Beach led the way with 800 condo transactions of at least $1 million, followed by Brickell (278) and Key Biscayne (228).
And about 10% of condos in South Florida sold at or above their listing price in 2021, according to the Keyes / Illustrated 2021 Luxury Market Report.
As the dynamic market continues to flourish, MV Group USA boasts high-end partnerships with companies such as Armani Casa, Paramount, and Brickell House, to name a few, for luxury condos in Miami, Key Biscayne, Fort Lauderdale, and the various areas of South Florida. Our leading design-builders are currently working on several luxury condo projects including several units in Elysee Miami and Continuum in Miami Beach, among others.
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