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SPECIAL FEATURE A BRIGHT FORECAST FOR LUXURY REAL ESTATE One look at real estate sales from 2013 makes the state of South Florida's luxury market clear. Miami-Dade, Broward and Palm Beach counties saw a combined $7.8 billion in sales volume for luxury real estate in 2013 compared to $6.3 billion in 2012. That's an increase of nearly 24 percent. According to Liza Mendez, the 2014 MIAMI Association of REALTORS® Chairman of the Board, the spike in last year's numbers indicates a strong and growing market fueled by affluent buyers who flock to Miami. "The Miami and South Florida luxury markets are booming, as reflected by the surge in sales and volume over the last year. Luxury properties are selling 30 percent faster than they did the previous year due to increased demand. As Miami continues to solidify its position as a top global city for high net worth individuals from around the world, the local luxury market is expected to further expand and strengthen," says Mendez. To meet this increased demand, luxury developments have been popping up all over South Florida, including some of Miami's hottest neighborhoods like Brickell, Edgewater and South Beach. And with amenities like floor-to-ceiling windows and rooftop pools, it's not just the price tag that puts these properties in the luxury category. For more luxury real estate visit page 107. Statistics based on properties sold for more than $1 million in Miami-Dade, Broward and Palm Beach counties. MIAMI-DADE Single-Family Homes 873 Sales - 34.3% increase from 2012 - $2,089,389,775 total volume Condos/Townhomes 1,045 Sales - 23.4% increase from 2012 - $2,051,566,869 total volume BROWARD Single-Family Homes 474 Sales - 41.1% increase from 2012 - $872,665,155 total volume Condos/Townhomes 174 Sales - 40.3% increase from 2012 - $250,117,843 total volume PALM BEACH Single-Family Homes 940 Sales - 25.7% increase from 2012 - $2,155,047,207 total volume Condos/Townhomes 224 Sales - 22.4% increase from 2012 - $ 405,065,943 total volume Statistics based on properties sold for more than $1 million in 2013 Provided by the MIAMI Association of REALTORS® and the Realtors® Association 82 MARCH/APRIL 2014 J L sL YTfn i O a j i YM .!!»uui&SS!I fciBf t B iiii§§§!iii


SFLuxury_MarchApril2014
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