South Florida’s real estate market is continuing its upward march, with the luxury end leading the charge. Prices are rising, and home sales are breaking records.

The luxury housing market was less affected by the market crash. Wealthy sellers are able to hold on to their property through rough financial times. Therefore, the luxury end was the first to rebound, and home prices have now passed their prior highs.

Alex Rodriguez recently sold his Miami Beach home for 30 million dollars, a new record in Miami Beach. A Fort Lauderdale waterfront home recently sold for 14.5 million dollars, a near record in Broward County. Luxury waterfront condo prices are also following this trend. Two penthouse units in the Miami Beach Edition were sold to one buyer for 34 million dollars.

Source: The Miami Herald

Miami Beach Edition