I’m pleased to share my 2011 Year in Review edition of TRENDS, which covers every area in South Florida and gives an overview of what happened in each market. From Coral Gables to Fort Lauderdale, TRENDS provides an in depth analysis of sales prices and transactions for both single family homes and condos.
By the end of 2011, Miami made it to the Top 10 Recovery list and now leads other cities as the market continues to shift from balanced inventory to a shortage. The ultra luxury section experiences especially high activity and ONE Sotheby’s was involved in 3 of 4 sales closed over $20million.
Key observations in TRENDS show that prices are steadily increasing and some micro markets have seen a rise of over 40% compared to the same time in 2010. In Miami-Dade the price per square foot is up 14% and in Broward 3%, signaling a strong real estate recovery even with a lagging economy. The numbers also reflect the heavy influence of foreign and international investments.