Old Palm News

Luxury housing market surges in South Florida

February 04, 2013

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It’s back—big time. The luxury housing market, which had been in the doldrums since 2006, is experiencing a welcome resurgence throughout South Florida. Prices are soaring, inventory is being snapped up, and demand keeps getting stronger. According to most real estate brokers, the bottom of the market is a distant memory and the future looks promising. In Palm Beach County alone, 791 homes valued at over $1 million sold last year, according to Focus Real Estate Advisors. That’s 33% more than sold in 2009, when the luxury housing market was nearly stagnant. Even more encouraging, sales are robust throughout South Florida, which helps the industry as a whole. “Last year, Old Palm sold more than $62 million worth of luxury estate properties,” says Connie McGinnis, Director of Sales, “and interest among buyers continues to be strong. “That’s a testament to the superior quality of our homes and the appeal of the Old Palm lifestyle. But it’s also yet another sign of confidence that the luxury home market in South Florida has rebounded. And that’s good news for everyone.” To read more about how the market has come back, click on http://www.sun-sentinel.com/business/fl-luxury-housing-market-20130118,0,1559193.story


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