A sign of a recovering economy? Million-dollar home sales in several markets, including Miami and Fort Lauderdale, continue to grow.
According to the Redfin brokerage firm, sales of homes going for $1 million or more rose more than five percent in the third quarter of this year in seven investor-heavy markets. The strong sales markets include Fort Lauderdale, Miami and Orlando in Florida, along with Las Vegas and Southern California’s Los Angeles, Riverside and Ventura communities. This comes as the Sun Sentinel reported the price per square foot for million-dollar condos in South Florida rose nearly 10 percent in the third quarter.
The news bolsters Turnberry Associates’ ongoing residential expansion plans. Led by Elle MacPherson’s husband Jeffrey Soffer, Turnberry will launch its latest ultra-luxury condominium tower in Sunny Isles Beach, Fla., early in 2015.
Turnberry Ocean Club will rise 649 feet above the Atlantic Ocean and, according to Jeffrey Soffer, redefine luxury living. The 154-unit tower will offer private club prestige and provide panoramic views of the Atlantic, Intracoastal Waterway and downtown Miami, starting at more than $4 million. Completion is expected in 2018.
Overall, the S&P/Case-Hiller index suggests home buyers are prepared for higher real estate prices. The index reported home prices are up nearly five percent nationwide this year, and home values have increased 25 percent since early 2012.