Luxury sales are surging in Miami, as the area benefits from new laws that make high-tax states like New York more expensive.
Overall, 421 luxury sales (above $1 million) were recorded during the first quarter of 2018, up 12.3% from the same period in 2017.
Of those sales, 206 were condo units. The increase in luxury condo sales from 2017 was 8.4 percent.
The remaining luxury sales were single family, with 215 sold – up 16.2% from the year before.
Data is provided by the Miami Association of Realtors.
The actual numbers may be even higher, as it entirely excludes new construction condo sales.