“I’ve never seen such a correlation between the two markets as I’m seeing now,” he said. Given the Long Island traffic, “the commute time to Miami and the Hamptons [from New York] is about the same.”
Brokers, however, admit that the Miami price increases will likely slow, if only because they have soared so dramatically since 2009.
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For example, at the Apogee South Beach, one of Miami’s most expensive towers, Unit 1101, a 4,154-square-footer with prime views, went for $ 4.8 million in 2009. Elliman sold it recently for twice that amount.
Jorge Uribe, who is with One Sotheby’s International in Miami, noted a Coral Gables home that recently sold for $ 9.8 million. While properties in that area have typically gone for $ 1,000 a square-foot, this sale hit about $ 1,500.
“The demand is just really hot still,” Uribe said. “Especially for the bigger properties.”
—By CNBC’s Robert Frank. Follow him on Twitter @robtfrank.
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