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."
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
