Great holiday gift idea from Florida Trend!
Florida Trend
Get FREE Business News Updates


December 1, 2015
High-End High Times


This South Beach condo recently sold for $25 million. In just the first six months of the year, 400 condos priced at $1 million or more sold.

Luxury Condos

High-End High Times

Is Miami-Dade County already experiencing another condo boom -- this time strictly in the luxury market?

During the first half of the year, some 400 condos worth at least $1 million each sold in just the resale market alone, according to

That’s up 7.8% from the same time last year. Even more remarkably, the median per-square-foot price hit $699. Prices in the luxury market haven’t been near that number since 2007.

Eye-catching individual deals have accented the luxury boom, including the recent $25-million sale of a condo on South Beach and three sales of more than $10 million at the St. Regis Bal Harbour Residences.

Many buyers are foreign — from Latin America, Russia and Europe. For most, the units are investment properties or second homes.

“If I’m an investor, I can buy a new unit that was built during the boom … for a cheaper price than new construction,” says Peter Zalewski, principal of He notes that there are 10 condo towers already under construction east of I-95 from Miami to northern Palm Beach County. Developers have proposed another 35, including one in South Beach with prices at about $1,500 per square foot.

Cash is king, too. Although Zalewski doesn’t have updated statistics, he says that a year ago, a CondoVultures study found some 80% of the condo transactions in the county were all cash. Plus, he notes, “there’s typically about a 15% to 20% premium that someone is likely to pay if their offer is based on financing.”

January-June Luxury Condo Resales (Miami-Dade)

Year Units Sold % Change Median Price Per Sq. Ft. % Change
2007 343 19.9% $668 7.2%
2008 300 -12.5% $661 -1.0%
2009 178 -40.7% $599 -9.4%
2010 272 52.8% $593 -1.0%
2011 371 36.4% $640 7.9%
2012 400 7.8% $699 9.2%

Tags: Miami-Dade

Digital Access

Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

An overview of the features and articles in this month's issue of Florida Trend.


Florida Business News

Florida Trend Video Pick

Amazon teases new delivery drones
Amazon teases new delivery drones

Amazon released a new video of its plans for drones, showing off footage the huge Internet retailer says is the real deal as opposed to simulated video.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Are the proceedings at the Global Climate Summit in Paris important to you?

  • Yes, I am very interested
  • I am following it some
  • No, doesn't interest me

See Results

Ballot Box