Two luxury condominiums have so far exceeded $74 million in sales within the last 60 days, with a majority of their units purchased by domestic buyers.

And Vanessa Grout, CEO of OKO Real Estate, the sales and marketing arm of OKO Group, LCC., said the recent surge in domestic buyers signifies how wealth migration impacts the Miami real estate market, as she cited nearly 1,000 people have been recently moving to Florida daily. The competition is so fierce in this market, some out of state buyers are making purchases with all cash as supply dwindles.

"The surge in sales reaffirms our belief in the region as a critical global gateway for business, travel and tourism, and residential living," Grout said. "I have no doubt that Miami and the South Florida region have longevity and will continue to prosper."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.