STRONG SALES IN THE LUXURY CONDO MARKET IS HERE TO STAY FOR NOW!
In 2011, luxury condo resale activity jumped by 29 percent according to Condo Vultures. But while foreign buyers, with strong currency drove the market last year, indications are that the market is here to stay for now.
There is a wave of new developments like the proposed Porsche Tower for Sunny Isles B each.
The high rises in Sunny Isles Beach have been selling steadily and for good prices all last year and the thriving beachfront is reason to hope that South Florida’s condo market will continue to do well in 2012 as well.
FORECLOSURE SALES IN THE TRI COUNTY AREA FELL BY 25% in the third quarter of last ear according to data from Realty Trac. This was a symptom of foreclosure freeze of 2010.
However this freeze may be thawing and forecosures will be flooding the market with prices declining in face of the rising inventory levels. These forecosures will be in the single family market as well as in the condo market.
This will present itself as a good time to buy. Opportunities will abound with affordable prices and attractive properties.
Well, that’s it for now. I will keep you posted as new information is available.