Last year was strong for South Florida’s luxury market and now more brokers are saying that the ultra-prime market is officially back on track to reach pre-recession levels, the Sun Sentinel reported. During the recession “it was awful,” David Serle, broker for RE/MAX Services in Boca Raton, said. “Sellers really had to change their mindset.” But today buyers believe the bottom has passed, John Poletto, principal at Nestler Poletto Sotheby’s International Realty in Boca, added, after selling nine units in nine weeks for $7 million at the 200 East project.
“The absorption of the overhang of inventory opened the opportunity for new construction to enter the marketplace,” Philip Spiegelman, principal of International Sales Group, said, noting that developers have announced or started building 99 condo towers featuring nearly 14,500 units in the tri-county region.
“We are not going to see enormous [price] gains over the next several years,” Paulette Koch, an agent with Corcoran Group, said. “But people have gained confidence in the marketplace.” [Sun Sentinel] —Christopher Cameron