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Source: The Real Deal

After months of skyrocketing luxury single-family sales, condo developers are starting to reap the benefits of the surge in ultra-wealthy out-of-towners moving to South Florida.

Until recently, much of the luxury sales and rental activity has been concentrated in waterfront single-family homes, as residents of the Northeast have flocked to South Florida during the pandemic. But as inventory dwindles, some buyers are now turning to new luxury condos projects, scooping up multimillion-dollar units, with a desire to close quickly, brokers and developers say.

Miami has many luxury condos with ample indoor space, which can also be found in suburban areas or a little away from downtown Miami. The demographic density in these regions is even lower. Although a unit within a condo does not bring the same freedom and privacy as a single-family home, most of these luxury condos offer ample space, expansive terraces with incredible views, and a barbecue area (some even have a veranda pool, as in Porsche Design Tower in Sunny Isles Beach). Best of all, prices are super low (they are often over 40% off).

Luxury homes increased more than 120% in November

Last year, the region’s condo market was saddled with high inventory, and developers offered a slew of incentives to boost deals. By the fourth quarter, condo/townhomes sales in Miami-Dade jumped more than 30 percent compared to the same period in 2019, to 282 sales, according to the Keyes Luxury South Florida market report.

And demand for condos shows no sign of slowing in the new year. People are starting to see the advantages of living in a luxury condo versus a single-family home.

High-end condo market is seeing more activity than the rest of the market, especially in Miami Beach, Surfside and other beachfront towns. Buyers are now more confident about living in condo buildings, he said.

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