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Property News: Florida luxury real estate markets on rise

Southwest Florida's luxury real estate market has awakened from its prolonged hibernation with a vengeance this summer – the season when activity for high-end home deals is usually at its slowest.

Brokers say luxury real estate is clearly mounting a comeback. 'There's a slight frenzy going on right now,' said Michael Moulton, an agent with brokerage Michael Saunders & Co.'s Longboat Key office. 'Things are selling good across the country right now, and with inventory dwindling, people are trying to take advantage of the market before prices rise like they did below the $1 million mark.' Buyers in Sarasota, Manatee and Charlotte counties purchased up 56 luxury homes priced above $1 million in July, a 51% increase from June and a 124% jump from the same time last year, property records show. Source and full story: heraldtribune.com

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