Miami luxury home sales surged 55% annually in Q3 and I’m proud to report that I closed $26 Million this quarter. My activity ranges from luxury condos on Key Biscayne and Brickell to estate homes in Coral Gables, Coconut Grove and Pinecrest. Miami’s offering of diverse neighborhoods has something for every buyer, attracting domestic and foreign home buyers benefitting from low mortgage rates, lenient work-from-home policies and remote schooling. A snapshot of my buyers reflects what the data is showing – that Florida is gaining tax burdened Northeasterners and West Coasters all fleeing the effects of the pandemic and seeking more space.
In the last 90 days I saw a good mix of $1M to $2M buyers. And I also saw some $4M+ transactions from investors looking to get in on the hot market. My client base was comprised of locals, Northeasterners, West Coast and Midwest individuals using financing to buy (why not! It’s free money!). Many were repeat clients and looking for their 3rd and 4th homes. One client is a Latin American Executive renting his Greenwich CT home to make his new $3.550 Gables waterfront property his main residence. Another waterfront buyer is a veritable South Florida real estate collector traveling to our shores from the Midwest with adult children and paying $3.1M in cash. I powered another previous client to purchase a significant Pinecrest estate for $3.550. This home joins a powerful collection of properties located in California, Pennsylvania, Georgia, and North Carolina. I enjoyed reconnecting with yet another repeat client to score a third home in Key Biscayne, joining their primary Coral Gables residence and another in DC.
Nothing comes easy in real estate however and these transactions require experience and finesse. I have noticed that banks are all very cautious about lending right now and unusually strict with appraisals. This results in some renegotiations and complex solutions which I guide my clients through. With 25 years of experience working in Miami real estate, it’s my job to provide my knowledge of this area and the current climate. My “native-status” has empowered me to guide off-market sales as well. With inventory low, my team and I are very proactive in finding our buyers the right home. Let us work for you as we all navigate unprecedented conditions changing daily.