Miami Luxury Real Estate Sales Rose 36% This Year
The number of condominiums and single-family homes sold for $1 million or more in the Miami rose 36 percent this year through October from the same period a year earlier according to data from the Miami Association of Realtors. Miami is in with the in-crowd now debuting on Christie’s International Real Estate’s list of top 10 luxury residential markets. In naming the choicest markets, Christie’s selection criteria included cities’ gross domestic product; number of billionaire residents; their tally of Fortune 500 company headquarters; performance on S&P/Case-Shiller Home Price indices; position on the AT Kearny Global Cities Index; ranking on Swiss bank UBS’ list of most expensive cities; Globalization and World Cities Research Network rankings; and the presence of a Christie’s affiliate.
Miami is on the radar across the world. And now the ultra rich are coming not only for vacations but to stay and enjoy all what the city offers. Luxury real estate’s is emerging as the new global currency and Miami’s rolling in it. All these investments have begun to call attention so much so that Forbes for instance noted that just a team of two agents, the Jills, attained an impressive $500 million in sales this year – that’s half-a-billion dollars worth of luxury properties and they only represent a small porcentage of all the billions of dollars sold in real estate.
In another sign that Miami’s real estate market is sizzling, a new reality television show,Hot Listings Miami, debuted last August. These potential buyers are A-list celebrities, athletes, and movers and shakers who roll up to open houses in Lamborghinis or on 70-foot-long yachts.
Last week during the Art Basel many receptions were held to introduce and celebrate some of Miami’s most expensive projects. Among them the Faena Miami Beach a project that will feature an 18-story tower with 47 residences priced at $3 million to $50 million, two luxury hotels and an arts center designed by Pritzker Architecture Prize winner Rem Koolhaas. Although it is not public record, Bloomberg revealed that some of the advance buyers of Faena include Goldman Sachs Group Inc. CEO Lloyd Blankfein and Apollo Global Management LLC co-founder Leon Black.
Investors are considering Miami’s luxury real estate not only as a safe opportunity to place their money with a reasonable expectation of appreciation but also as an opportunity to literally enjoy that very investment.
Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com
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