Million-dollar home sales on the rise in South Florida

Miami-Dade sales up 42 percent, Broward sales up 41 percent from last year

FORT LAUDERDALE, Fla. – Records show sales for million-dollar homes in Miami-Dade and Broward counties are up compared to last year.

Peter Barkin has been a South Florida realtor for 17 years and he said the market for homes more than $1 million is red hot.

"We are seeing homes for over $1 million absolutely selling," said Barkin. "We have homes that if priced correctly, they are on the market less than 30 days."

Miami-Dade home sales the first quarter of 2014 are up 42 percent from last year. They sold nearly 200 homes and in Broward, million-dollar home sales are up 41 percent with 147 homes sold. In fact, since 2010, every year has set a new record.

Realtor Mark Gilman said he wishes he had more listings like one Las Olas Isles home, but inventory is scarce.

With 100 feet of deep water dockage, a beautiful pool and about 5,500 square feet of luxury living space, one South Florida home is priced at just under $3 million and experts said the home is a bargain.

"About a third of all of our sales are coming from outside the country," said Ron Shuffield, president of EWM Realty. "When you compare our prices to London and Paris and other places, we are so inexpensive when comparing."

And cash is still king.

"Over 85 percent of all our transactions are cash," said Barkin.

Barkin said a couple flew in from Hong Kong and looked at five homes. They then bought one of the homes for $3 million cash the very same day.

There is no doubt the wealthy want to be living large in South Florida.