Huge Growth in Ultra-Luxury Real Estate Sales in South Florida
The ultra-luxury real estate market is typically considered properties that are valued at $10 million and up. The market for these ultra-luxury properties saw an astronomical rise in 2021 - with sales in this range skyrocketing throughout the country, but particularly here in South Florida. The South Florida ultra-luxury real estate market rose by more than 118% in 2021! That means that the number of properties sold that were priced at over $10 million more than doubled in a year. This type of growth is incredible. Just in Palm Beach and Miami-Dade Counties alone, there were 384 homes sold in 2021 for more than $10 million. The same markets in 2020 saw only 176 total sales in the same category. According to Bespoke Real Estate, Florida’s market for ultra-luxury properties has seen the fastest growth in the country in terms of both volume of sales and quantity of sales. Volume is up, for example, from $3 billion in sales in 2020 to $7.8 billion in 2021. Luxury buyers from around the world have been seeking properties in Florida in response to current world economic and pandemic conditions, pushing South Florida markets into overdrive.
Luxury real estate in the Florida Keys is always thriving, as our market is full of luxury properties. More than 63% of all single family homes currently for sale in the Florida Keys are priced at more than $1 million. In fact, as of February 2022, the average price of a listing for sale in the Keys is more than $2 million. Our market is made for the luxury buyer looking for a waterfront property with boat dockage and more.
In terms of the ultra-luxury market, the Florida Keys has some of the most spectacular properties in all of South Florida. There are currently 5 properties listed at more than $10 million. While $10 million in the Miami market may get you a beautiful condo with ocean views, $10 million in the Florida Keys gets you a sprawling waterfront mansion in Islamorada or elsewhere around the Keys. If relaxing luxury living is what you are looking for, purchasing a luxury property in the Florida Keys will get you exactly what you are after!
