South Florida Luxury Home Market Sizzles

As South Florida’s housing market continues posting solid price gains, the luxury end is leading the charge with one record breaking sale after another. Meanwhile Realtors in South Florida are seeing an increase in price and demand.

The recent sale of Yankees slugger Alex Rodriguez’ home set a record for Miami Beach (though below the Miami-Dade record of $47 million for 3 Indian Creek Dr. set last year in the adjacent enclave of Indian Creek Village). Rodriguez bought the 4358 North Bay Road site in May 2010 for $7.4 million and custom built a nine bedroom and 11 ½ bathroom, home with 275 feet of bay front land overlooking downtown Miami.

South Florida ultra-luxury condo prices similarly are also hitting new highs. In March, two penthouse units at the Miami Beach EDITION by developer Ian Schrager sold for a total of $34 million with plans to combine them into an eight-bedroom, three-level penthouse spanning more than 16,000 square feet of space.

The luxury market in South Florida was once seasonal, however there’s such an influx of people from around the world that some of the biggest sales are now happening year round.