Thanks to well-known architects and foreign entrepreneurs, Miami’s Luxury Real Estate Market is Heating up
That’s a wrap, everyone. Art Basel ended and was in full swing in Miami, but it wasn’t just last week that all eyes were on the city. Luxury high-rise developments have observed a growth over the past ten years, and it doesn’t look like this demand is slowing down. The biggest names in architecture are on the market. There is already the most expensive penthouse listed at $68 million at Renzo Piano’s building. The One Thousand Museum Residences designed by Zaha Hadid have starting prices at $5.8 million up to $21 million as well as Jean Nouvel bringing prices ranging from $1.7 million to $12 million at Monad Terrace.
Miami is the perfect combination between location and weather, which attracts high-net-worth individuals and inspires architects, while also being a city with available vertical space to accommodate these buildings.
“Miami is experiencing an architectural and design renaissance that is fueling major sales success in the luxury condominium market,” says Susan de França, president and CEO of Douglas Elliman Development Marketing. “As a truly global city rich in culture, that is home to Art Basel Miami Beach, one of the greatest art fairs in the world; it is only natural that the demand for architecturally significant homes become more and more germane to the story of Miami.”
The chart from the appraisal firm Miller Samuel shows Miami Beach’s prices rising as the number of sales has decreased; however, the prices have a sharper rate of increase than that of the decrease in the number of sales.
All this couldn’t happen without an influx of foreign buyers, some of them paying in cash or financing, and others using opportunities as the EB-5 visa to guarantee not only a new residence but a permanent stay in the United States. International entrepreneurs who invest a minimum of $500,000 in a U.S. project that will create at least ten long-term jobs can be a beneficiary. The visa was recently extended until December 21st.