After the MIAMI real estate market had rebounded to a level compared to 2005, with luxury real estate outperforming this threshold about 15%, more and more people are starting to look for the value of real estate. Where do we find it? Look to Fort Lauderdale condos for sale. Luxury condos in such buildings as Europa by the Sea, Aquazul, or the Palms Fort Lauderdale still have value in them. For example, Penthouse 31A at the Palms was sold 10 years ago for 3 million, while now the asking price is 2.5 mil. The same picture is to be seen at Europa by the Sea condo, where Penthouse 1602 was sold around 3.5 mil in 2007, with the asking price now ranging around 2.5 mil. For Penthouse 1601, the price is even lower at 2.2 million with 7,000 sq. ft. of A/C space right on the ocean.
Our experts predict that all these penthouses with potential value will either find new owners soon or the current owners will realize the value of these units and will either raise the prices or withdraw them from the market for their own use. There is not many options to choose in Dade County, as the prices there are rising and the inventory is shrinking. What do we see? Compared to the real estate bubble of 2005-2006, new owners have acquired their new properties mostly for cash; with most of the buyers are also foreigners. We will make a market report by the end of March when it will be more visible of the visible changes that occur during that season.