Sales on the higher end of Miami’s residential real estate market are picking up, according to Miami Today.
Several brokerages, including Esslinger-Wooten-Maxwell Realtors, Shelton & Stewart Realtors, Majestic Properties and Coldwell Banker all reported selling more properties worth more than $1 million in 2011 than they did in 2010. Morever, they’re seeing even larger strides in the luxury sector through the first six weeks of this year.
While sales activity has long been hot in Miami, it’s largely come at the expense of price, which has been forced downward by the foreclosure crisis. But a consensus is emerging that prices have bottomed, according to Esslinger-Wooten-Maxwell Realtors President Ron Shuffield, and high-end buyers are looking to capitalize on the market while they still can.
“Our business is all about supply and demand,” he said. “It’s inevitable that this year we are going to see prices increase.” [Miami Today]