MIAMI, FL--As the South Florida real estate market shows signs of stabilizing after years of decline, more than 15 luxury condo projects are flirting with a new pricing threshold: $2,000 per square foot, according to a new report from CondoVultures.com.
Nearly three dozen condos are currently on the South Florida resale market for more than $2,000 per square foot to go along with an unknown number of new developer units priced at that same level, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
Bullish sellers of four of the luxury resale units are seeking prices even greater than $3,000 per square foot, according to new CondoVultures.com report.
“Sellers always have the option of asking for whatever prices they want without any guarantees that the units will transact,” said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
“Interestingly enough, the frequency of condo transactions at prices greater than $2,000 per square foot has been on the rise since 2009.
“Foreign buyers with strong currencies and preconstruction contract holders who are opting to purchase condos rather than lose their sizable deposits are clearly a factor in the increased number of transactions above the $2,000-per-square-foot high-water mark.”
Buyers have acquired at least five new or resale condo units in the first half of 2011 above the $2,000-per-square-foot level, putting the current market on pace to match the 10 transactions recorded at more than $2,000 per square foot in 2010, according to an analysis based on data from the Condo Vultures® Official Condo Buyers Guide™ series and the Florida Realtors association.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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