October 11, 2012
The South Florida luxury oceanfront real estate market is hot once again. This is the perfect time to put one of your luxury oceanfront condos or luxury waterfront estates up for sale.
The luxury oceanfront real estate market is very similar to the way things were before the housing market crash in 2008. Luxury condos are selling as fast as they come on the market in many instances, according to MSN Money. This gives the seller quite a bit of control over price.
Why This is a Great Time to Sell Your Luxury Waterfront Property
The Luxury Real Estate Market is Hot-there is a waiting list for many of the luxury oceanfront condos in South Florida because of the shortage of luxury property. Canyon Ranch Living is a good example of a luxury oceanfront building with a waiting list. In August of this year, eight luxury oceanfront penthouses went on the market and were sold in a matter of two hours. There was a waiting list of buyers looking for a luxury oceanfront penthouse in the building, and as soon as they heard the penthouses were available they started making arrangements to buy.
Sellers Market-there is very little luxury oceanfront inventory left. This lack of inventory has created somewhat of a seller’s market in the luxury oceanfront condo market. In some cases this has created a bidding war. Buyers looking for a luxury oceanfront home on the water are willing to pay what it takes to purchase the property they want.
Influx of Foreign Buyers- many luxury real estate buyers are coming from Europe, South America and other countries, because they feel purchasing a luxury home in their own part of the world is a bit too risky at this time. Luxury properties in other parts of the world are also more expensive than the prices we are seeing here in South Florida. One of the benefits of selling your luxury condo or waterfront estate to a foreign buyer is that they tend to deal in cash, which makes the buying process quick and easy.
New Luxury Condo Developments-about 55 new condo developments are on the horizon for the coastal areas of Miami, Fort Lauderdale and Palm Beach. This may make it more difficult to sell your luxury oceanfront condo in the future. Developers are trying to keep up with the demand for luxury oceanfront condos.
The South Florida luxury oceanfront real estate market is back in full force. If you want to sell a luxury oceanfront condo or Luxury waterfront estate quickly and have control over the price, than this is the right time to put your luxury oceanfront home on the market.
Photo Courtesy of The Seaside Group at Douglas Elliman
