Miami Named Top Luxury Destination

Miami Named Top Luxury Destination

For the second consecutive year, Christie’s International Real Estate included Miami in its list of the Top Ten Luxury Property Destinations. Other cities included Cote d’Azur, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Sydney and Toronto.

But even among those dazzling destinations, brokers say Miami stands out in terms of relative affordability.

Homebuyers get more for their money in Miami, Ron Shuffield, president and CEO of EWM Realty International, told the Miami Herald.

In fact, Miami’s average square foot price for luxury homes was just $559 in 2013 compared with $4,683 in London and $829 in San Francisco. In conclusion, Miami is still definitely a bargain.

Luxury residential homes in Miami starting at $1 million sold at a faster pace in 2013 than in 2011 and 2012. In 2011, such properties were on the market 213 days, 175 in 2012 and 130 in 2013. Shuffield added “There are a growing number of people who want to be here because of our lifestyle, economic uncertainty in their countries and the strength of our currency and educational system,” he said. “The American buyer is returning to Miami for a number of reasons including our tax structure.” The news coming out of South Florida is consistently fascinating albeit not always good. We have a multicultural, Latin-infused culture, natural beauty, great weather all year long, a billion dollar film and fashion industry, best portfolio of properties, an always-growing international presence and commercial traffic, the Miami Heat, Art Basel, tourism, and so on and so forth. People who could afford to live anywhere in the world are choosing to come to Miami.

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