South Florida luxury property developer BH3 is now benefitting from one of the US housing market's most significant real estate trends in 2018 -- wealthy tax reform refugees from the northeast seeking residences in Florida's luxury home market.
According to the Miami Association of Realtors, Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th consecutive quarter.
Miami-Dade County luxury real estate sales continue to increase while lower price points experience strong demand and limited supply, resulting in price increases countywide.
South Florida's multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties.
According to the Florida Association of Realtors, Florida's housing market reported slightly more new listings and higher median prices during the first quarter of 2018.
Preliminary property loss estimates in Florida from Hurricane Irma, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $42.5 billion and $65 billion.
According to Irvine, Ca-based CoreLogic, an estimated 8,456,455 residential and commercial properties in Florida are at either "Extreme," "Very High" or "High" risk of wind damage from Hurricane Irma.
According to the Miami Association of Realtors, Miami's existing condominium sales increased for the second time in three months and $1-million-and-up luxury transactions surged for all properties in July 2017.
The Miami Association of Realtors is reporting this week that the Miami residential market posted a robust second quarter as single-family home transactions, single-family luxury sales, median sale prices and dollar volumes all surged.
According to the Miami Association of Realtors, May 2017 saw 1,344 single-family home sales in the greater Miami area, the most in any May in Miami real estate history, and a 9.9 percent jump from the 1,223 homes sold a year ago.