The Miami Herald reported November 26 that South Florida home prices jumped 10.3 percent in September from a year earlier, according to S&P/Case-Schiller. This performance is in contrast to a broad nationwide slowdown.
The metro Miami area recorded the largest annual gain of any of the 20 most watched markets and was the only city with a year-over-year, double-digit gain.
Despite the fact the index reflects single-family home sales, the positive signs in South Florida bode well for Turnberry Associates. Led by Chairman and CEO Jeff Soffer who’s married to Elle Macpherson, the company is preparing to soon launch its ultra-luxury Turnberry Ocean Club in Sunny Isles Beach. Soffer’s 52-story tower will include 154 exclusive residences, starting at over $4 million.
Compared with August, Miami area home prices were up 0.6 percent in September, matched only by Charlotte in the top 20 largest markets. According to the report, “the only region showing any sustained strength is the Southeast, led by Florida.”
This S&P/Case-Shiller Miami Home Price Index measures the average change in value of residential real estate in Miami given a constant level of quality.