Miami’s luxury market is continuing to boom, new data from Sotheby’s International Realty reveals. While residential transactions remained flat across South Florida from 2011 to 2012, posting only a 1 percent increase, the luxury market soared.
According to Sotheby’s, sales over $1 million increased 15 percent in 2012 from 2011. But sales of properties over $5 million increased 46 percent and sales $10 million or above increase 115 percent in 2012 from 2011. —Christopher Cameron