The Ultra-High-Net-Worth Buyers from Everywhere Are Now Based in South Florida, Resulting In A Surge In Sales
While the overall market is clearly heated, it is the ultra-high-end market, homes and condos priced at $10 million+, that have experienced the most dramatic growth over the past two years. While the number of units available and sold at this price point is low, the metrics reflect a clear trend: demand for the ultra-high-end is substantial.
In Miami-Dade County, there were a total of five single-family homes sold at this price point in Q2 2019 – and the very same number in Q2 2020. In Q2 2021, there were 51 sales, a 920% increase over both the same period in 2019 and 2020. In Q2 2020, there were four condos sold at this price point, and three sold in Q2 2019. In Q2 2021, there were 28 condos sold at this price point, increases of 600% and 833%, respectively.
In Broward County, in Q2 2020, there was one single-family home sold at this price point, five in Q2 2019, and 6 in Q2 2021, increases of 500% and 20%, respectively. Broward had no condos sold in the $10 million+ category in Q2 2019, Q2 2020, or Q2 2021.
So… who is purchasing at this price point? We have seen individuals in the financial sector from the Northeast as a chief consumer of these opulent estates and penthouse residences, along with celebrities and other high-net-worth individuals who have discovered these very unique, often one-of-a-kind properties.