An increase of wealthy overseas buyers purchasing vacation homes with cash has kept the Miami real estate market extremely active.

The latest data released by Douglas Elliman shows an increase in prices at the luxury end of the real estate market. The high end market is defined as the top 10 percent of sales. For luxury condos, the average sales price in the first quarter of 2013 was 1.57 million dollars, an increase of 18.5 percent. The sales price of luxury homes also showed a significant increase of 15.4 percent.

The influx of foreign buyers has also spurred the construction of new oceanfront condos, such as 321 Ocean and One Ocean in Miami Beach.

Source: The Wall Street Journal

One Ocean, Luxury Oceanfront Condos in Miami