Whether you’re a buyer of a luxury home or an investor looking to build a new home, it’s important to stay up-to-date with the latest South Florida luxury home trends. These changes are influenced by a variety of factors, such as the real estate market, the economy and the demographics of the region. Fortunately, it’s not too hard to keep up with these changes. You just have to follow a few key tips.
During the second quarter of 2022, the Miami Beach luxury home trends paused after a string of great sales. However, the market still maintained momentum. The number of sales and the median sale price of a single-family home in Miami were both down from the previous quarter.
The ultra-high-net-worth population in Miami rose by 11.9% in 2021. These wealthy individuals are boosting the Miami real estate market by attracting buyers from across the country and around the world.
There are 2,834 ultra-high-net-worth individuals in Miami. Their population is expected to grow by 28% over the next five years. They are a key draw for the Miami housing market, especially because many of them are foreigners. This is unusual for a housing market in the US.
The most expensive single-family home in Miami sold during the second quarter. It cost an astounding $6 million. It was also the most expensive condo per square foot.
Whether you’re new to Fort Lauderdale or a longtime resident, you’re sure to be impressed by the city’s luxury home trends. From beachfront properties to boating canals, Fort Lauderdale has a lot to offer the adventurous buyer.
Fort Lauderdale is one of the southeastern coastal cities in Florida, with a population of around 180,000. The city is served by Interstate 95 and Florida Route A1A, and is known for its beautiful beaches and bustling nightlife. It’s also home to several bars and restaurants.
With many exciting projects underway, Fort Lauderdale continues to invest in its future. The city’s central beach alliance places people close to the best shopping opportunities and entertainment options. It’s also home to the Bonnet House Museum and Gardens, an interactive historical residential property dating back to the 1920s.
In the past year, Miami-Fort Lauderdale-West Palm Beach Metro has seen an increase in home values of 28.1%. The area’s price per square foot is lower than many of the country’s top 30 metros.
Located in southern Palm Beach County, Boca Raton is known as one of the most affluent and exclusive coastal communities in the United States. The town is known for its tropical landscape, world class dining, and five-star shopping. It has a population estimated to be 91,000.
The city’s real estate market is thriving. With a limited inventory and high demand, home prices are expected to rise rapidly in the next few years. In fact, Zillow recently projected that the median home price in Boca Raton, FL will rise to $365,000 by 2020.
The town has several luxury neighborhoods, some of which are gated. For example, Le Rivage is an exclusive gated community, featuring 18 lakefront estate homes. Its house prices range from $1.3 million to $4 million.
Another popular up and coming neighborhood is The Oaks, a country club community. This project features a lake and an impressive clubhouse. The Oaks also offers residents access to a 12-tennis court complex and a fitness center.
Despite the gloom and doom that is often associated with the real estate market, Miami-Dade County has seen an amazing increase in home prices over the last few years. The average single family home in Miami-Dade County increased in value by over 125 percent from 2012 to 2014. The median price of a Miami-Dade County single family home climbed to $565,000 in April of this year, up from $463,405 in 2012.
In February of 2022, the Miami Association of Realtors reported that sales had reached their highest ever month. This was driven by foreign buyers buying homes at a higher rate than expected.
Miami-Dade County’s housing market has shown some resilience in the face of rising mortgage rates, but still remains a seller’s market. The number of single family homes listed for sale in the market was up by 26% from January to February, while the supply of homes for sale grew by 26% as well.