After being hit hard by the burst of the housing bubble, Miami's real estate market is finally showing signs of improvement. And when it comes to luxury real estate, Miami is on fire.
According to a new Luxury Market Report by Coldwell Banker, of the nine neighborhoods in the U.S. with the most million-dollar listings, Miami Beach ranks number five on the list. As of September 25, 2012 there were 507 homes on the market for $1 million or more, including 106 listed for $5 million+ and 31 for $10 million+.
Recently there have been three notable listings in Miami:
1) 3-story penthouse in South Beach sold for $25 million and set a record for being the most expensive condo sold in Miami-Dade County.
2) On August 7, 2012 a $47 million single-family home located at 3 Indian Creek Island Road closed. It set a record for being the most expensive home sale in Miami-Dade. The property was reportedly sold to a Russian billionaire.
3) The mansion where Gianni Versace was murdered is up for sale. The property has been listed for a stunning $125 million.
As wealthy buyers continue to flock to Miami, we can expect sales of luxury properties to increase over time.
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