Where Luxury is Taking On a More Exclusive Avatar: South Beach's Luxury Condo Market Analysis 2011-12

A scintillating night life is not the only thing that's making the mercury soars in South Beach; a 12-month luxury condo sales analysis by CondoBlackBook.com reveals year-on-year average sales patterns and why South Beach just got hotter.

Miami, FL (prHWY.com) July 31, 2012 - Miami Beach, FL. - While South Beach has been known for its variety of condos that range from the classic to the exclusive, CondoBlackBook.com offers an in-depth analysis on the luxury condos for sale market in this Waterfront Condo and Art Deco district, showcasing why it is again on the radar in a big way. For the purpose of this analysis, all properties in the top 20th percentile of sales -- priced upward of $619,000 -- have been considered as luxury.

The finest properties of the South Beach condos for sale market can be filtered out as the sensational Setai, elite Apogee, envied Continuum North and South Tower as well as the upscale Ocean House. These properties have been ruling the luxury condo market in South Beach for the past one year, with their listed units competing for the top spot when it comes to sales prices.
An analysis of the last 12 months reveals that the average sales of the luxury condo market in the second quarter of 2011 was $1,810,854, whereas this year the average price has gone up to $1,939,890. These statistics indicate a jump of 7.13% in average sales prices for luxury South Beach condos.

The median price for the South Beach luxury condos market too has shown an increase of 28.18%, with $1,100,000 being the median for April to July 2011 and $1,410,000 for April to July 2012.

When considering the top 20 highest sales of condos in South Beach, the average sale price of 2012 year was $7,789,160, which is an increase of almost 36% from the average of $5,738,320 in previous year. Sep Niakan, owner/broker of CondoBlackBook.com sums it up by saying, "There is no sign of a recession here in South Florida luxury condo sales, and we can give a big thanks to foreign national buyers for the great increases in property values here."

About CondoBlackBook.com

Condo Black Book is your comprehensive, online resource for the finest condos on sale or rent in Miami, Florida. Dedicated to offering you the most accurate and up-to-date information on condo units, CondoBlackBook.com's very own HB Roswell Realty offers to assist in the negotiations of condominium sales in the Miami area.

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Tag Words: south beach condos, miami condo, condos for sale, south beach condo

Categories: Real Estate

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