The overall real estate market has slowed down in South Florida this year, but there’s still buyer appetite for mega mansions and pricy penthouses with a $20 million-plus price tag.
The Business Journal has covered 17 single-family home or condo sales of $20 million or more so far this year. That doesn’t count transactions between related parties, such as a transfer during a divorce or family legal procedure where the price might not be reflective of the open market value.
According to brokerage EWM’s analysis of MLS data for existing properties, there’s been a slight decline in the $10 million-plus home market in South Florida this year. There were 16 single-family home sales of at least $10 million in Miami-Dade for the 12 months ended October 2015, down from 21 sales in the same period a year ago. In fact, that’s the lowest total since there were 10 sales in the same period in 2011. Yet, there were 102 single-family homes on the market in Miami-Dade asking at least $10 million at the end of October - the more than anytime over the past 10 years.
In Miami-Dade’s condo market, there were 10 sales of at least $10 million for the 12 months ended October 2016, down from 11 in the same period a year ago. Only three years out of the past 10 had at least 10 condo sales of $10 million-plus. However, the 85 existing condos on the market for at least $10 million at the end of October was also the highest on record. At sales pace of 10 per year, it would take 8.5 years to sell them.
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