Miami is a Billionaire Homebuyerâ€™s Paradise
February 23, 2016
According to a February 21 post on The Real Deal South Florida, Miami is the billionaire homebuyer’s paradise. With mansions priced over $20 million, condos with private rooftop pools and spec houses with extras galore, Miami has attracted foreign buyers who have poured cash into the local real estate market for years.
A recent report from RealtyTrac stated that real estate transactions in South Florida hit a record in 2015 with 114,002 closed sales (includes single-family homes and condos). Luxury real estate broker, Oren Alexander of Douglas Elliman told Business Insider that ‘œit’s a buyer’s market’ and ‘œthere’s no bigger transfer of wealth than from New York to Miami right now’.
Even amidst talk of a slower influx of foreign capital and stricter regulations on all-cash anonymous real estate transactions, the convenience and benefits of the Miami area ‘œjust can’t be beat’ according to Alexander. ‘œCelebrities and hedge funders have certainly caught on, fueling the continued development and constant sales.’
The Real Deal article introduces some of Miami’s noteworthy and high-end properties that create the beach paradise along South Florida’s coastline. See Full List of Miami’s Luxury Properties
The Ritz-Carlton Residences at Sunny Isles Beach is a 52-story tower scheduled to be completed in 2018. The penthouse has already sold for upward of $21M and 60% of the units are spoken for.
The Reidences by Armani Casa also at Sunny Isles Beach is a 60-floor tower with a penthouse that is listed for $15M complete with a trip to Italy to meet designer Giorgio Armani. The 308 units start at $1.85M and Curbed Miami reports that more than half have already sold.
The waterfront estate at 252 Bal Bay Drive is developed by Oren Alexander and his father, Shlomy. Priced at $36M, the residence can also include a Jaguar and yacht. The last spec home developed by the Alexander team at 3 Indian Creek sold for $47M in 2012, setting a record at the time.
Indian Creek Village is located in the enclave known to locals as Billionaire’s Bunker. The 35 homes have an average value of more than $21M and are owned by the likes of a business tycoon, hedge funder and supermodel.
The oceanfront condo known as 87 Park is scheduled for completion in 2018 with penthouses expected to sell for as much as $45M.
Pine Tree House is a brand new spec home with a two-story water slide attached to the house. The $34M property offers six bedrooms and 13,500 square feet with 100 feet of waterfrontage onto Indian Creek Canal.
Miami Beach’s 18-story Faena House was built last year and includes a penthouse for a record-setting $55M. The beachfront condo tower offers valet and concierge service, two pool and a spa and fitness center with ocean views.
One Thousand Museum is a 62-story luxury condo complex currently being designed in Miami’s Museum Park. The six-bedroom penthouse is priced at $50M and includes a private indoor pool and elevator. All residents will be able to use the rooftop helipad and top-floor lounge.
One River Point is the latest of the Miami River luxury developments. The penthouses are listing for over $14M with a 15,000 square-foot ‘œsky villa’ priced at over $35M.
Brickell Heights is another double-tower condo development in Miami’s financial district. Due for completion in 2017, it offers an Equinox gym, SoulCycle studio and community vegetable garden. A three-bedroom unit will cost a couple million.
A new contemporary mansion on Key Biscayne comes in just under $30M. The 10,000 square-foot, seven bedroom residence is complete with 100 feet of private sunset-facing beach and Miami skyline views.
If you would like more information about South Florida’s luxury real estate market, please contact Randy Ely and Nicholas Malinosky; the #1 Luxury Real Estate Team in the Beach Area.