Single-family home sales in Miami rose 15.1% in August, from 1,051 sales a year prior to 1,210 transactions this year. Miami condo sales increased 7.9% to 1,592 sales this August from 1,476 sales in August of 2012.

While inventory is slightly increasing, sales are continuing to break records. Numerous new condo developments in Miami are in various stages of planning to help meet the robust demand.

Miami

In Miami, single-family home sales ascended 27.3 percent in July. There were 1227 home sales in July of this year, compared to 964 in July of 2012. Miami condo sales increased 13.4 percent over the same time period, from 1356 condo sales in July of 2012 to 1568 sales this July.

While there was a slight increase in housing inventory, the current supply is still insufficient to meet the heavy demand. A surge in new condo developments in Miami is aiming to help alleviate this problem.

Grove at Grand Bay, New Construction in Miami

Castello del Sol includes 8 bedrooms, 9 1/2 bathrooms, a library, a theater, a double kitchen, a rooftop lounge, hand-painted ceilings and gold accents. The luxury waterfront home also features a one-bedroom guest house, a 2-bedroom staff condo and an on-property guard house. The lavish estate sits on 349 feet of water frontage.

The sale of Castello del Sol is the most expensive ever recorded on La Gorce Island, and it is tied for the 3rd most expensive sale ever recorded in Miami-Dade County.

Source: South Florida Business Journal

Castello del Sol, Waterfront Estate in Miami Beach

Wealthy buyers are currently leaning toward pre-construction penthouses in Miami that are designed with them in mind. In Ian Schrager’s Miami Beach Edition, two penthouse units were combined and sold to a single buyer for 34 million dollars. A penthouse at the Faena House is currently on the market for 50 million dollars. Over the past year, the price of these exclusive residences has climbed to over 3,000 dollars per square foot, as developers react to the influx of cash heavy foreign buyers.

However, some audaciously priced residences have lingered on the market for long periods of time. For example, the former Versace mansion – Casa Casuarina – has seen multiple substantial price drops since it’s been on the real estate market. The property was first listed at 125 million dollars, but due to financial problems and a lack of privacy, the mansion is now priced at 75 million dollars.

Source: The New York Times

Miami Beach Edition

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

26% of 2012 home sales in Florida went to foreign buyers. In Miami, overseas buyers accounted for 60% of residential sales. Due to a large South American influence, Miami developers are focusing on creating modern interiors and balconies large enough to accommodate extended families.

At Faena House, new construction in Miami Beach, developers are referring to the units’ sprawling balconies as “aleros”, a Spanish word for patio. Also, since security is a lesser concern in Miami, many Brazilians purchase and keep their luxury cars in the US. Because of this, many of the newer and proposed luxury condo buildings offer elaborate private garages and services, such as auto elevators at the Porsche Design Tower in Sunny Isles Beach.

Source: The Wall Street Journal

Large Balconies in the Porsche Design Tower