In October Miami Condos Sold at 97% of Listing Price in 44 Days
Miami's high-end condo market has proven vibrant, and goes hand in hand with new luxury shopping destinations rising up in the Brickell financial district downtown, the Design District and the booming Edge Water area. Some of the most lavish projects have drawn star architects like Zaha Hadid and Bjarke Ingels. In One thousand Museum units will start at 5 million but investors are buying without much hesitation believing it is a safe, solid and high yield investment. Thousands of international Buyers consider such investments much more secure than leaving their money in more economically volatile places like Argentina or Venezuela.
Investors are also drawn to Miami's increasingly cosmopolitan vibe and cultural offerings such as the Pérez Art Museum Miami, which will have the grand opening ceremony tomorrow December 4th at 9:00am. For these among many other reasons Miami Condos are in such a great demand and Miami real estate continues to sell rapidly and near listing prices.
The median number of days on the market for single-family homes sold in October 2013 was just 40 days, one less day than in September 2013, and a slight increase from 38 days in October 2012. The median number of days on the market for a condo was just 44 days, down 4.3% from September and slightly more than 43 during October 2012, a modest increase of just 2.3% according to the Miami Association of Realtors. Single-family homes sold on average at 96.3% of the listed price, up from 95% the prior year and 95.9 percent in September 2013. Selling prices for condominiums were on average 96.7 percent of the listed price last month.
Combined with the fast sales, this is a sign that homes are being priced right
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