Sales Boom For Miami Luxury Condos: 23 Units Fetch $26 Million

There is good news on the Miami real estate front. Third figures for 2011 published by CondoVultures.com revealed that 23 units of the W South Beach condo hotel project sold for almost $26 million during the period. Such figures provide reason for optimism in a nation still plagued by the slump of recent years. According to Miami Dade County records, the Miami luxury condos garnered an average price of $1,700 per square foot. Seen individually, the prices ranged from $1,330 per square foot to over $2,540 per square foot between July and September 2011.

Official data for the third quarter of 2011 provides reason for optimism. Apparently, sales at W South Beach have crossed the $240 million mark during the period. Moreover, the average price has been $1,800 per square foot, a figure that should bring a smile to the faces of Miami’s luxury real estate professionals.

In recent times, South Beach has grown into a popular luxury destination. Before 2003, which was when the South Florida real estate boom began, South Beach featured mostly low-rise buildings, and had a total of 110 condo projects offering 10,800 individual units. The property boom resulted in huge developments for the 24-block-long neighborhood. From 2003 onwards, 37 additional projects came up, adding 5,600 new units to the real estate sector.

The recession was a hiccup on South Beach’s growth path. But sales seem to be picking up again. According to figures, 79 percent of the condo units created during the boom period have been sold as of 30 June 2011. Moreover, between April and June 2011 alone, 38 units were sold for $50 million, pushing the average price per square foot up to $1,275 units.

Via: Haute Living

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