Florida-based real estate agent Alex Daguer leads Fortune International Realty’s Miami Beach Homes Division. In this capacity, he provides a full range of buyer and seller services to clients interested in luxury beach homes in the South Florida area. Known for his familiarity with the area, Alex Daguer actively stays abreast of the local real estate market.
In recent years, Mansion Global has noted that the luxury South Florida real estate market has experienced several changes, including an increase of domestic buyers and the exit of buyers from South America. Another change in the market was noted in quarterly reports from Douglas Elliman and Miller Samuel, a brokerage and appraisal firm, respectively. According to the report, the market saw a decrease in average luxury home prices throughout the Miami area in the second quarter of 2019. This was caused by buyers’ shift toward smaller luxury mansions.
Compared to the second quarter of 2018, the average luxury home sold in 2019 was 20 percent smaller, while the average condo unit size was roughly 11 percent smaller. Despite this decrease compared to 2018, luxury homes in South Florida were still quite notable in terms of size. On average, mansions were 7,500 square feet, a mere 400 square feet smaller than the prior year, and the price of these homes was more than $8.5 million.
Analysts are unsure if this trend toward smaller mansions and luxury condos will continue among buyers, or if the dip was random. Overall, the South Florida housing market is still relatively healthy, and total sales of all homes and condos in the area are roughly the same as the previous year.
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