Miami Luxury Real Estate- A First Class Place To Live With The Best Priced Properties
Miami Luxury Real Estate Is The Most Affordable In The World
For the second consecutive year Christies International Real Estate Report ranked Miami as a first-class place to live. The Report detailing the top 10 luxury properties in the world for 2013 names Miami as one of the ten most luxurious cities to live in along with cities/regions like: Cote d’Azur, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Sydney and Toronto.
According to many Miami stands out in this list because of its unique Miami Luxury Real Estate
Homebuyers get more for their money in the Miami Luxury Real Estate Market with prices per square foot so much lower than the other luxury markets, said Ron Shuffield, president and CEO of EWM Realty International. For example, the average square foot price for Miami luxury Real Estate was $559 in 2013 compared with $4,683 in London (the highest on the list) and $829 in San Francisco (the lowest of the ten markets profiled).
The Miami Luxury Real Estate Market
Luxury residential homes in Miami (defined in Christie’s report as starting at $1 million) sold at a faster pace in 2013 than in 2011 and 2012. Last year, EWM International sold a $1-million-plus condo or single-family home on average every 17 hours (totaling 532 properties), Mr. Shuffield said.
More and more people come and invest in Miami for other reasons than just the Sun and the Beaches, people now come to Miami for its Art, its attractive Tax Climate and the many International Companies establishing their headquarters for Latam in Miami. In 2011, such properties were on the market 213 days, 175 in 2012 and 130 in 2013. The people who are buying such luxurious housing are coming from Latin America as well as other parts of the US, Mr. Shuffield said, adding that people who can afford to live anywhere are coming to Miami. “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.” Mr. Shuffield pointed out that Florida is one of only seven US states that do not levy income taxes.
The future of Miami Luxury Real Estate
One of Christies Top Miami Brokers explains that it is highly likely that Miami will continue to be one of the world’s top luxury residential markets. Miami is still growing into its own and on the upswing with its increased culture. This trend will continue, especially as Miami is now on a radar as a luxury market on the coast rather than just a tourist destination. Many of David Siddons’ clients are investors with properties all over the world. They sometimes cannot believe what they can get for their money in Miami. For the same amount of 1 property in NYC they buy three in Miami. This affordability with Miami’s tax climate and increasingly active business climate will attract many investors in the future.
The only real threat at this moment, according to David Siddons, is the recent lack in inventory. Many owners know that prices are going up and dont want to sell at this moment. On the other hand, new properties are bought at a paste that has never been seen before. New Condos are being announced on a weekly basis and sold almost at the same speed.