Luxury Real Estate At Any Price?

12 Indian Creek Drive For Sale $32,000,000

Although the real estate market has slowed dramatically throughout the nation, as well as in the Miami area, it seems that some people are unaffected, especially in the high-end market. For example, in May 2006, an ultra-luxury home on exclusive Indian Creek, namely the property located at 12 Indian Creek Drive, sold for the hefty price of $18,650,000. Today, just more than a year and a half later, the same property is on the market for sale, but this time at a whopping price of $32,000,000.

In 2004 and 2005, it was very common to see homes sell at inflated asking prices, but even as prices have come down substantially in Miami Beach, the most luxurious homes seem to hold value. The property mentioned above will most likely have to come down millions of dollars in price, in order to sell in the next year or two, unless, of course, the real estate market makes a magical turn around in a very short period of time. That would be very nice, but is highly unlikely in a market place which so heavily favors buyers.