The world has its eyes on South Florida's real estate market. And, although facing a temporarily slowdown in demand for high-end luxury real estate, Miami-Dade County still continues to be one of the most desirable places for buyers looking to buy luxury homes. Recently released Christie's International Real Estate White Paper on global luxury real estate, "Luxury Defined," placed Miami to #7 in its global ranking of the Top 10 high-end real estate markets, one spot higher than last year. So, why is South Florida's luxury real estate market appealing to domestic and international buyers and climbing to the top?
Most of the luxury home owners in Miami-Dade County are second, third, even fourth-home buyers. To these buyers, the luxury homes in Miami-Dade are a literal bargain when compared to luxury homes across the globe. For example, the average prices of an urban apartment of 1,291 square-feet, in the Top-5 cities in the world, are as follows: Monte Carlo $4,593/SF, London $2,548/SF, Hong-Kong $2,374/SF, New York $2,089/SF, and Singapore $1,341/SF. Miami Beach is listed #13 on the list with an average price of $750/SF, whereas Miami is at #17 with an average price of $475/SF. One can now understand how Miami Beach’s $760/SF seems alluring when compared with Monte Carlo’s $4,593/SF or London's $2,548/SF. Therefore, these affluent cash buyers are closely monitoring our market and waiting for the perfect time to make a purchase that will meet their expectations of today's values. This, coupled with few other reasons that we will elaborate in our next blog, is what makes Miami-Dade becoming one of the most wanted destinations for owning a luxury home.
This information was provided by EWM Realty International's Insights 2016 Mid-Year Update.