Miami luxury condo surge to stay, for now

The proposed Porsche tower in Sunny Isles Beach

In 2011, luxury condominium resale activity jumped by 29 percent, according to Condo Vultures’ Peter Zalewski. But while foreign buyers, armed with strong currencies, drove the market in Miami last year, indications are that the market is here to stay for now. Topped by a $21.5 million sale at the Setai Resort & Residences in Miami Beach last year, Miami’s luxury market is now seeing a wave of new development, including five new luxury towers planned in the area with sales prices topping $1 million per unit. [Miami Herald]