Luxury Oceanfront Condo Sales Increase in South Florida

September 4, 2012

South Florida luxury seaside condos are selling out. According to the Miami Association of Realtors, the number of luxury condominium and single-family homes in Miami rose 31 percent in comparison to July of 2011. This is good news but at the same time the luxury oceanfront inventory is running out.

“Despite very low levels of housing inventory in Miami, pending sales activity continues to increase, a sign that demand will continue to yield strong price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “We are at a point where we’re seeing a shortage of housing inventory in Miami. We need more supply to satisfy demand.”

The influx of foreign buyers from Europe and South America are bringing the luxury oceanfront condo market close to a standstill. The number of luxury oceanfront condo sales has been pretty incredible in 2012. In February, Broward County listings jumped 53 percent compared to the same time last year.  

“February pending home sales in Broward County point to strong future sales activity,” said Rick Burch, president of the Broward Council of the Miami Association of Realtors. “Pending sales continue to rise, reflecting strong demand for both single-family homes and condominiums countywide.” Pending home sales activity continues to mirror closed home sales activity, according to Ernesto Vega, president-elect of the Broward Council.