SoFla Real Estate: Still Hot, Hot, Hot

Whatever the South Florida real estate market lost in the recession…it seems to have recovered. Over the past three-plus years, the median price of homes in Miami-Dade County has increased by 55 percent.

And, while home appreciation may be slowing just a bit, the Case-Shiller Index still had the Miami area’s growth continuing in double-digit territory as of September. The region is just one of three metros to hit that mark. Why? Capital from emerging markets, including China, Latin America, Russia and the Middle East, is keeping prices high, leading to a new luxury construction condo boom.

Case in point – Turnberry Ocean Club. Led by Jeffrey Soffer , Turnberry Associates is moving into the future with a new project on the ocean in Sunny Isles. A 52-story ultra-luxurious residential tower, Turnberry Ocean Club will feature 154 residences and rise 649 feet above the Atlantic, accentuating its private club prestige. Soffer expects to break ground on the project early in 2015.

No wonder then that Miami is ranked as one of the world’s top markets for luxury homes for a second consecutive year by Christie’s International Real Estate. That places Greater Miami in the company of New York, London and Hong Kong for luxury digs.

Miami is being transformed from a resort-only market into an urban market that is beginning to lead the way in luxury, amenities, and pricing. The 2014 Coldwell Banker Previews International Luxury Market ranks Miami Beach fourth in the number of $10 Million+ residential sales, while the London-based Knight Frank consulting firm lists Miami 14th globally for most expensive real estate.

Under Jeffrey Soffer’s watchful eye, Turnberry Ocean Club can only add to the prestige.