The Sale and Resale of Luxury Condos in Miami Increases

Things are looking up in the Miami Real Estate market. The sale and resale of luxury condominiums in Miami Dade County increased by 29% in 2011.

The Southeast Florida Shared Multiple Listings Service Database credits foreign buyers for this market climb, with natives from Venezuela and Western Europe the largest congregation of purchasers.

Last year, an average of 50 units were bartered each month; totaling almost 590 condos sold in Miami Dade County for a minimum of $1 million each.

At the top of the list as the most expensive and lavish unit sold last year is a penthouse at the Setai Resort and Residencies in Miami Beach that sold for $21.5 million.

With this, residents have high hopes that 2012 will bring the same real estate “oomph.” There are at least five opulent condominium towers under construction, and an additional 100 are already under contract, waiting to be purchased.