Miami area condo prices rocketing to recovery.
The South Florida residential real estate market is on a tear – breaking per-square-foot records and setting a pace some believe is likely to continue for the foreseeable future.
As the year ends, Sofla Luxe in today’s edition of the South Florida Business Journal, looks at some of the priciest recent deals, such as a $21.5 million condo on South Beach.
Ron Shuffield, president of EWM Realty, expects the price trend to continue.“A decade ago, the rest of the world didn’t see Miami in the same light as they did other cities, like London, Paris or Caracas,” he said. “Today, they have Miami high on their list or No. 1 on their list as a place to buy a second home.”
10 Cities Where List Prices Soared. Last MonthDAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 22, 2011
Median list prices nationwide have risen 4.05 percent on a year-over-year basis, according to November housing data of 146 metro areas from Realtor.com.
Fewer cities are reporting year-over-year list price declines, “suggesting a growing optimism on the part of sellers about 2012 market conditions,” according toRealtor.com.
So where have prices risen the most in the last month?
The following are the 10 cities that saw the largest median list price increases from October to November.
1. Central Fla.-Regional Statistical AreaMonth-to-month median increase: 5.63 percent Year-over-year increase: 14.27 percent Median list price: $169,000
2. Phoenix-Mesa, Ariz.Month-to-month increase: 4.46 percent Year-over-year increase: 10.54 percent Median list price: $164,700
3. Miami, Fla. Month-to-month increase: 3.60 percent Year-over-year increase: 29.50 percent Median list price: $259,000
4. Tampa-St. Petersburg-Clearwater, Fla. Month-to-month increase: 3 percent Year-over-year decrease: -2.50 percent Median list price: $144,200
5. New York, N.Y. Month-to-month increase: 2.71 percent Year-over-year decrease: -2.57 percent Median list price: $379,000
6. Fort Myers-Cape Coral, Fla. Month-to-month increase: 2.69 percent Year-over-year increase: 21.63 percent Median list price: $224,900
7. Iowa City, Iowa Month-to-month increase: 2.50 percent Year-over-year increase: 3.02 percent Median list price: $204,900
8. Tucson, Ariz. Month-to-month increase: 2.41 percent Year-over-year increase: 2.41 percent Median list price: $174,000
9. Sarasota-Bradenton, Fla. Month-to-month increase: 2.13 percent Year-over-year increase: 16.56 percent Median list price: $240,000
10. West Palm Beach-Boca Raton, Fla. Month-to-month increase: 1.86 percent Year-over-year increase: 15.26 percent Median list price: $219,000
THE $10 BILLION MILE :