The State of Ultra Luxury SalesAugust 7, 2023
South Florida remains one of the most prominent ultra-luxury markets in the country, according to the 2023 Mid-Year Ultra-Luxury report from Compass. Here’s a look at the brokerage’s activity in the $10 million and up price range for the first half of the year.
Despite the fact that transactions in the $10 million and up range are actually down 42.45% year over year in Miami, the metro still posted some of the highest sales volumes in the country in the first half of the year. The 305 ranked third in the nation for ultra luxury transactions at 61 and third for total sales volume at $1.01 billion.
“South Florida continues to be the shining light of the U.S. real estate market,” said Compass agent Liz Hogan. “Higher interest rates, political uncertainty and financial market volatility have actually been a catalyst for people to seek out the stability of South Florida. The booming local economy and low tax rates are a driving factor providing certainty to high-net-worth individuals and luxury buyers.”
The most expensive Miami-Dade listing from Compass so far this year was a $14 million home listed by Linda Schechter and Gary Feinberg; the most expensive buyer-represented sale was a $27.5 million transaction brokered by Nancy Batchelor and Michelle Shurtleff.
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