Ten years ago, there were only 14 condo listings on the market in Miami-Dade in excess of $5,000,000. It’s hard to imagine that’s true considering today there are 114 units listed over $5,000,000. Much of that has to do with the fact that back then there weren’t many buildings with units that justified that price – numerous luxury buildings have since gone up, creating this ultra luxury market. There are more condos on the market today priced over $5,000,000 than ever before, and the trend is increasing. However, last year there were 35 sales of these units, which is more condo sales in excess of $5,000,000 than we’ve ever seen. In 2011 there were only 27 sales which was also a record breaking year. So while inventory is rising, hopefully the increasing sales trend will also continue. Having high sales like these in our backyard certainly can’t hurt!
