D'Angelo Blog

Luxury housing: $1 million-plus sales rise in Broward

By Paul Owers, Sun Sentinel

The number of homes snapped up for $1 million or more in Broward County rose in the first quarter of this year by 45 percent from the same quarter a year ago — more evidence of a turnaround in the region's real estate market.

It was the second straight year in which the county's well-to-do bought more high-end homes than they did a year earlier. In the first quarter of last year, 14 percent more homes in the $1-million-plus range were sold in Broward County than in the same period in 2012. There was actually a decline in sales of those homes from 2011 to 2012.

A total of 106 single-family homes sold for $1 million or more in the county in the first three months of this year, according to data from the Greater Fort Lauderdale Realtors. The most expensive? An $8.35 million cash deal for a waterfront home at 2550 Del Lago Drive in the exclusive Harbor Beach section of Fort Lauderdale.

...During the first quarter, 68 percent of Broward homebuyers paid cash, up from 47 percent in the first quarter of 2013, according to RealtyTrac Inc. And that number was higher than the year before, when cash accounted for 42 percent of sales in Broward.

"There is so much cash out there, it's astounding," Rill said. READ MORE:
http://www.sun-sentinel.com/business/realestate/fl-luxury-housing-broward-20140614,0,5674147.story

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