Rate of 2012 Real Estate Sales Sets Pace for 2013
As 2012 ended, the real estate market saw continued increases in the sale of luxury oceanfront properties. The fourth quarter of 2012 resulted in a 27.3 percent rise in the median selling price of a coastal property from the preceding year, according to the Miami Herald. With the steady rate of success in the luxury real estate market, Miami anticipates a further prosperous period in 2013.
Real estate agents were on a tight race in 2012 to find available high-end properties to meet the demand of an influx of interested buyers. As many as 93 percent of the properties left unsold from the previous boom were quickly retailed to multiple investors, many of whom came from Brazil, Argentina, Venezuela, and Russia. While the quantity of obtainable properties, thereby, became limited, the total number of sales still increased by 14 percent from the previous year.
With such an increase in demand, developers have rapidly moved forward with new condominium plans. The beautiful Mediterranean style of the Mansions at Acqualina in Sunny Isles will be available for previews in mid-January. The majestic Regalia Sunny Isles Condominium of Sunny Isles is also expediently under construction and expects completion by the end of 2013. In addition, the highly awaited with private vehicle elevators into unit entryways will see its premier in 2016. r
Overall, Miami’s economy is steadily seeing improvement as the number of short sales as well as bank-owned property sales has decreased and is at the lowest level from the past three years. The rising success of the luxury realty market is expected to have an effect gradually on the remaining residential realty estate sales. A positive influence can already be seen in more modestly priced surrounding areas, such as Hialeah, whose median sales price saw an increase of 13.4 percent from last year.
Furthermore, the global trend toward purchasing exclusive coastal properties currently prevalent in the most desirable regions of America will work in favor of Miami as well for 2013. While listing prices are exuberantly high in other oceanfront areas, in the country, with amounts as high as $88 million, they are comparably lower in Miami with the highest real estate sale reaching $47 million. As more international buyers set their sights on Miami with its new stunning condominiums, and demand continues, therefore, to increase, the room for appreciation for a Miami luxury property will become limitless. For more information on how you can invest in one of the most coveted locations in the world, please visit my website www.globalrealtypartners.info