Considering the difficulties that once faced the Miami real estate market a few years ago with foreclosures and bad mortgages, it’s admirable and quite surprising to see the many strides the city has made towards becoming one of the top cities in the world when it comes to prime real estate opportunities. Although London still remains at the top of the list, Miami has reached some new highs.
According to research firm Knight Frank, Miami has now surpassed major cities like Los Angeles and Dubai to become the city with the sixth highest price per square foot, right behind Singapore, Sydney, Hong Kong, New York, and London.
Over the last five years, the prices for prime property have skyrocketed just over ninety percent. One example is the Faena House by Alan Faena, one of the more recent Miami Beach luxury condos that saw its penthouse sell for a staggering $60 million. If the sale of this property and all of the buying activity is any indication, Miami and/or Miami Beach is well on its way towards usurping some of these other cities when it comes to price per square foot, with many more investment opportunities sure to emerge.
This market update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call (305) 502-3985 for any questions about Miami real estate or Miami Beach real estate.
