Miami luxury homes have been selling at a snail’s pace in the past few years, with only 42 luxury homes with water frontage, sold in greater Miami Beach in 2009. Miami and Coral Gables have also experienced dismal home sales and huge price drops. All of this points to a bottoming out of the luxury real estate market in Miami. More luxury home buyers have re-entered the marketplace, and more sales are closing.
Recently, a fine luxury home in Coral Gables, located at 221 Casuarina Concourse, sold for $7,750,000. The property is just a stone’s throw away from one of the most expensive homes in all of Miami, Alan Potampkin’s Coral Gables mansion at 11 Casuarina Concourse, offered for sale for a whopping $49,500,000.
The 11,402 square feet, 8 bedrooms, 11 bathrooms home, situated on a 34,876 square feet lot was purchased in 2006 for $9,775,000, and closed last month for $2,025,000 less than the seller paid for it 4 years ago, in February 2006. Many home sales in Miami have mirrored this one, as sellers become more realistic, and realize that times have changed dramatically, particularly with respect to the Miami real estate market.
Many Europeans are visiting Miami this month, and some of them are taking advantage of the best buyer’s market that Miami has seen in many years. It can truly be said that there has never been a better time than now, to make a great deal on a luxury home or condo in Miami.