Always good for a couple of $30 million-plus yearly sales, the Florida real estate market maintained its presence on our list, and, according to local brokers, things in Miami Beach are just heating up. “For the people who can afford to buy these properties, there’s so much money on the sidelines right now it’s not even funny,” says Nelson Gonzalez, who brokered developer Ugo Columbo’s purchase—at between $31 million and $35 million—of Carl Fisher’s Miami Beach villa. “I’ve been in high-end luxury real estate in Miami Beach the last 20 years and this was by far the best year ever.”

What’s driving the market’s top tier? High-end luxury sales can remain out of synch with market trends because the sector of the market is volume volatile and not price volatile. This means that sales are less affected by general market forces—because potential buyers always have enough money—but more affected by whether rare properties are available.

“I have multiple clients who want to buy $50 (million) or $60 million properties, but we can’t find them one right now,” says Mauricio Umansky, a broker at Hilton & Hyland. “When you’re going to spend that much money, you have to find the perfect property.”

Expect 2007 to be another blowout year, especially in New York where Wall Street bonuses came in above last year’s record levels. “With all the money that’s been building up, expect an active market next year,” says Jonathan Miller, CEO of Miller Samuel, a residential real estate appraisal firm. “Money like that has residual benefits, and momentum has been growing for a while.”

Looking for that perfect Sarasota home for sale or condo? Realtor® Annette Smith is ready to help you buy or sell your dream property.

click here for article

search for : , ,