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Volume Game

Nearly 400 additional houses and condos priced at over $1 million sold in a twelve month period ending in September 2013 than did in the previous 12 month period in the Miami luxury market, according to a Christie's report, says Real Deal Miami. (or maybe it's a nine month period? The article is a bit unclear) This is an increase of over one home per day. There were 1,065 sales of a million plus in the first nine months of 2012 and 1,442 in the first nine months of 2013. So, on average, more than four homes priced over a million dollars sell per day in the Miami Market. The auctioneer-cum-rich people's real estate brokerage says sales are picking up not because Miami is so cheap (it no longer is) but because of volume as developers rush to add to the inventory. Hot damn. [Real Deal Miami]