Most of the real estate brokers are defining luxury homes in Miami wit prices of two million dollars and above. They are creating a new category of its own kind in the Miami real estate scene with its exclusive features and its audience which is in the shape of lured millionaires not only from the United States of America but from all over the world.
Miami’s real estate market for luxury homes has become a strong one and is attracting buyers from across the border in Canada and from New England and California. In addition, there is a whole string of millionaires showing interest in the luxury homes in Miami from Brazil, Kingdom of Saudi Arabia and China.
Real estate brokers have been busy in Miami showing off luxury homes to important Chief Operating Officers of large corporations, celebrities and hedge fund managers among a string of millionaires. Miami’s real estate brokers are marketing their collective properties to all places in the world through their websites that number over seven hundred.
Location and Style of Luxury Homes
Homes in Miami are deemed luxurious based on their location, the finish of the construction and their architectural style. An example could be given of the lovely luxury home owned by the famous celebrity, Matt Damon. He owns a home at 6020 North Bay Road in the beach area and it is priced close to nineteen million dollars. It has over one hundred and seventy feet of water frontage. Some homes that have been constructed recently on the North Bay Road are going at around double that price at thirty seven million dollars.
The market for luxury homes in Miami has seen a drastic change during the last decade. Millionaires from all over the world are finding Miami a city that is sophisticated and gorgeous enough for them to live in. The investment is coming from millionaires from countries that are witnessing both economic and political insecurity. Most of these rich buyers are the affluent from the hedge fund and private equity industries. These buyers could be holding multiple homes elsewhere in the world already and they will certainly have the financial ability to make impulsive purchases in Miami.
Faith in the Financial Stability of Miami’s Real Estate
Foreign tycoons are eager to park their million in Miami real estate. Wealthy foreigners are of a belief that Miami is a lucrative place in the United States of America. There are some billionaires who will not think twice about booking condominiums in Miami with price tags as high as sixty million dollars. These new owners could also be visitors to the State of Miami who would be investing in real estate for mere pragmatic purposes.
The global elite seem to be comfortable in shopping for real estate in Miami penthouses. This place is definitely attracting mobile capital. Wealthy citizens of the world are quite happy to choose Miami as their safe deposit vault because they firmly believe in the financial stability and the vitality of this place. This is good news for the economy of Miami as it is creating good jobs and the potential for good tax returns. This sounds good for everyone concerned with the real estate scene in Miami.