Miami is Still an Inexpensive Luxury Market Compared to Worldwide Markets
May 24, 2018According to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS), Miami luxury home sales surged 12.3 percent in Q1 2018 as median prices rose for the 25th consecutive quarter. The Miami luxury market is hot, and one of the reasons for our surge in popularity is that we are still an inexpensive luxury market, and buyers are taking note.
Miami as a Luxury City
The Knight Frank’s Prime Global Cities Index for Q1 2018, which ranks luxury residential properties in the top 5% of the housing market in each city worldwide, ranked Miami number 22 behind San Francisco, number 8, and Los Angeles, number 11.
Cost of Living Consideration
Not only are people in high-tax states flocking to Miami after the new tax law was implemented, but our cost of living is still considerably less than major cities such as New York City, San Francisco, and Boston, allowing our residents to enjoy the home and lifestyle of their dreams without a lofty Manhattan or West Coast price tag.
For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.
