Palm Island home sold for $16,400,000
There is good news and bad news in real estate today. Here is the good news; on Miami Beach, there are 2 adjacent islands, namely Palm Island, and Hibiscus Island. Recently 2 ultra-luxury homes on those islands sold for $16,400,000 and $9,000,000 respectively. That is great news, because it demonstrates that people are still willing to spend big bucks for Miami luxury homes, regardless of all of the news reports about the dismal real estate market. Now for the not so good news. A report on CNN stated that foreclosures nationwide were up again in October ( 2% from September), and were up an amazing 94% in October as compared to October of 2006. Last month 50,000 (people/families) were forced out of their homes due to foreclosures. I guess all of this goes right along with the adage, the rich get richer and the poor get poorer.