South Florida is a top luxury real estate market. The Sun-Sentinel reported that last year Broward County posted 464 sales of homes and condos valued at $1 million or more and Palm Beach County had 791 sales of $1 million-plus properties. Additionally, Miami was recently ranked No. 8 among top luxury real estate markets globally by Christie’s International Real Estate.
South Florida’s waterfronts are a major factor in the $1 million-plus property prices. Within the past month, a home in Coral Gables with 140 feet of waterfront sold for $5.1 million. Similarly, a seaside Coral Gables home with 180 feet of seawall sold for $11.5 million. In Fort Lauderdale, a property with 325 feet of dockage on the Intracoastal near Los Olas is asking $7.995 million. These prices seem small in comparison with the $24.75 million just paid for an oceanfront home in Palm Beach. Buyers are looking for really good locations, especially prime oceanfront or bayfront property.