July 2023 report: Florida’s highest end luxury residential real estate
Presented by the Florida real estate lawyers at Rabideau Klein
$5 Million-plus Houses: Midyear Florida ultraluxe numbers indicate safe investment
Florida’s ultraluxe housing market beat the state’s highest city’s average price point of $5 million, as published by Luxury Home Marketing, by averaging $6.9 million during first half of 2023 as compared to 2022. The report also concludes that North America’s real estate market continues to be a seller’s market, representing a safe long-term asset.
The purchase of 1350 North Lake Way on Palm Beach Island for $66 million remains the single largest sale during the last six months, as well as, the largest sale of the las 12 months.
$5 Million-plus Condos: Healthy 5% gain in luxe condo average during first half of 2023
The mean average price point in Florida detached homes priced $5 million and more increased 5% during the first half of the year as compared to 2022, rising from $6.48 million to $6.8 million. Additionally, Luxury Home Marketing reported that condominiums were in a stronger sellers’ market than single-family homes.
During the month of June, the largest condominium sale was the oceanfront apartment purchase at the Fendi Chateau complex in Surfside for $19.75 million. The sale also made the Top 10 list for the past 12 months.
Florida Multimillion Dollar Market Brief
Each issue reports on the advertised Florida real estate activity for the prior month in the category of ultra-luxury residential sales and listings of single-family homes and condominiums priced at $5 million or more. The information reflects all data entered by the last day of the prior month. When a sale or listing for that month is posted after the last day of the month, that information will be rolled into the following month’s report. The Florida Multimillion Dollar Market Brief reports on real estate with residential property such as single-family home, condo, co-op and townhouse types, and does not include land-only, multi-family homes, and mobile home types.
All information contained in the report is deemed to be reliable, but is not guaranteed. Neither Rabideau Klein, nor any of its employees makes any representations or warranties as to the accuracy of its contents.