For some time now, the types of properties having the toughest time finding buyers have been high end Miami Beach condos and such, in other words condos with prices starting at $1 million. So it comes across as a bit strange that there’s a supposed “miniboom” happening among these condos, at least if real estate experts are to be believed.
Throughout Miami-Dade County, over 130 condos managed to be sold during the period of March to May of this year, that’s almost double the amount sold during the same time last year. These numbers only take into account so-called “high end” condos; the “superluxury” category is also seeing increased activity. The Fontainebleau and the Setai are two of these superluxury Miami Beach condos and collectively they have sold several units for $9 million and $15 million, respectively.
So what reasons do experts give for this sudden miniboom? Apparently a larger number of people believe the market bottom has been reached. Experts also predict that sales of Miami Beach condos and those in neighboring areas will continue to improve because condos are a popular choice among the wealthy. Are these people correctly predicting a change in the market or is this just more wishful thinking?