Being a broker of Sunny Realty and providing one of the most used resource for Miami real estate (http://www.sunnyislesmiamirealestate.com/) I’m often asked: “how’s (Miami) real estate these day?”. Unfortunately I can’t just answer this question simply – “good” or “great” or “better”. When I start to explain that Miami basically has the best and worst real estate in the country, people think I’ve gone nuts and trying to sell them a story. However, here is The New York Post recent article By ANDY WANG.

Summer was hardly a vacation for those in the business of selling Miami condos.

“I didnt go to St. Tropez because of this”, says developer Gil Dezer, whose Sunny Isles Beach condo projects include the 384-unit Trump Royale and the three-building, 813-unit Trump Towers.
Dezer reports that he sold more than $100 million in Trump units during June, July and August ($50 million alone in August, including a $29 million, 34-unit bulk deal). He has closed more than $1 billion in Trump condos overall and has only about 75 units left.

Recent Trump Towers Condos sales

have been priced at about $525 per square foot. Thats significantly less than the $1,000-per-square-foot contracts buyers walked away from in 2009 after the financial crisis hit, but Dezer, whos paid off the construction loans for all four buildings, seems satisfied. (Donald Trump participated in a ceremonial Trump Royale condo mortgage-burning ritual, lighting the document on fire himself, in January.) The downturn made the job challenging, Dezer says. Every day was a battle. But when youre winning, its fun.

Winning could also be used to describe the situation at Icon Brickell. That nearly 1,800-unit downtown colossus, built by the Related Group with designs by Philippe Starck, seemed to be in peril not long ago, and two of its three towers were deeded back to its lenders in May 2010. But Icon Brickell Condos now nearly sold out, with more than 1,500 units closing for a total of more than $700 million. When you factor in units in contract, only about 30 condos remain.

I think the market has consumed the inventory in a much more rapid way than I and probably everybody thought, says Related Group chairman and CEO Jorge Perez, who adds that most buyers have been foreign. The Latin American economy has been strong.

The forecast was that we would sell all the units in three years at an average price of $350 per square foot, says Edgardo Defortuna, president of Fortune International Realty, which started selling Icon Brickell apartments in June 2010.

Less than a year and half later, Fortune is almost done and seeing prices at about $400 per square foot.

Demand has been so strong that Perez is now building another downtown development. The 192-unit MyBrickell is a couple years away from completion, but Relateds received over 60 reservations for condos before officially launching sales. Unlike Icon Brickell, MyBrickell isnt on the water, and Perez is passing on the cheaper construction costs and the deal we got on the land to offer units, with interiors by Karim Rashid, for about $300 per square foot.

Defortuna, meanwhile, is now selling downtowns Paramount Bay, a 346-unit building resurrected out of foreclosure by owners iStar Residential and ST Residential. Musician Lenny Kravitzs Kravitz Design firm is working on the building, where prices are about $400 per square foot.

South Beach real estate

with significantly pricier properties, is seeing lots of action, too. The summer was uncharacteristically busy, says Lana Bell, president of Sunny Realty, which has an office in South Beach and Sunny Isles Beach. We certainly didnt take a vacation.

According to Sunny Realty latest Miami market report, South Beach condos sold for an average of $515 per square foot during the third quarter. But this factors in distressed properties, including units bought out of foreclosure.

At the markets top end, the W South Beach Hotel & Residences has closed about $260 million in condos at an average of $1,700-plus per square foot, developer David Edelstein says. The W South Beach sold more than $50 million during the summer. One penthouse went for $7.7 million, north of $3,000 per square foot, Edelstein says.

As with much of Miami, foreign buyers have been key at the W. (Douglas Elliman translated its market report into Spanish and Portuguese to spur international interest.) From May through September, about 65 percent of Edelsteins purchasers were foreign, and about half of those were from Brazil.

The allure of the W has helped nearby condo buildings lure in buyers, including those from New York.

Fashion designer Irina Shabayeva, who won season six of Project Runway, owns a one-bedroom with a balcony at the 52-unit Boulan South Beach development just south of the W, but on the other side of Collins Avenue.

I like the Boulan because it was so new, really fresh and modern, says Shabayeva, who primarily lives in the East Village. And its across the street from the beach and the W.

Shabayeva says she enjoys the New Yorker-friendly amenities at the W, which include a Warren Tricomi salon and a Mr. Chow restaurant. And Edelstein says that the Dutch, an outpost of Andrew Carmellinis SoHo restaurant, will open in the W by Thanksgiving.

Boulan, which has sold 22 condos and has one-bedrooms on the market for upward of $600 per square foot, is busy filling its own retail spaces, as well. An art gallery should open in time for Decembers Art Basel festival. A Mexican/Asian fusion restaurant and a nightclub are also in the works.

Neighborhoods all over Miami are getting big residential and retail makeovers. The 56-acre Midtown Miami developments second phase, which will start next year, will include a boutique hotel, a movie theater and 100,000 square feet of retail.

Well definitely have a fashion component, says developer Jack Cayre.

And the nearby Design District is getting a Louis Vuitton store.

There was probably a point in time here someone said, Whats Chelsea? or Whats Meatpacking? and eventually, they became a place because New York was ready to have another place, says Greg Masin, senior director at commercial real estate firm Cushman & Wakefield. When we look at the Design District and at Midtown, what we see is the evolution of the next place in Miami.

Plus, the downtown Metropolitan Miami developments third phase will include rental apartments and a Whole Foods Market. Plans for downtowns eight-block Miami Worldcenter site include residences, restaurants and retailers. And the Genting Group, an Asian casino operator, has unveiled plans for its $3.8 billion Resorts World Miami mixed-use complex. But the scope of the latter two projects will depend on approval for casino gaming, something thats the object of much speculation and uncertainty all over Miami.

Dezer says he has been talking to major Las Vegas casino operators about land he owns in Sunny Isles (13/ acres on the beach and 6/ acres directly across the street that hits the intracoastal waterway) that could accommodate a gaming resort with more than 2,000 rooms and 3 million square feet.

They’re both good real estate, Masin says of the Genting and Dezer sites. If they both had a casino, theyd both be successful.

Whatever happens, Dezer has options.

We originally bought [the land] to build condos, he says. We could build five condo buildings.

That idea would have seemed ridiculous in 2009, but now its more plausible.

Defortuna has sold out the 256-unit Jade Beach condo building in Sunny Isles Beach and has just three apartments left (for about $700 per square foot) at its 252-unit Jade Ocean sister property.

In terms of quality inventory, oceanfront, he says, you can make a strong argument that you need to start building now.

Originally published by ANDY WANG.

(c) 2011 The New York Post. Provided by ProQuest LLC. All rights Reserved.

How’s Miami real estate prices per square foot compare to the rest of world?

Some economists and journalists may still say that Miami real estate is overpriced, but the truth of the matter is that the prices for real estate in Miami are way less expensive that the rest of the world.

The chart above was compiled by credit management system Credit Sesame and shows price per square foot in major cities all over the world. At an average of $1,068 per square foot, Manhattan homes seems cheap compared to Paris, which costs an average of $3,287 per square foot for a residence, according to Credit Sesame’s data.

Also more expensive than Manhattan are cities such as Oslo, Luxembourg, London, Hong Kong and Beirut. Living in Houston, Texas is much more affordable than living in Al Kut, Iraq, $54 per square foot compared to $262 per square foot respectively.

Miami homes for sale

comes in at an average of $182 per square foot, which is really cheap in comparison to Europe, South Africa, Russia and even Poland.

What makes real estate in Miami more attractive?

Buyers have always been attracted to the properties in Miami and South Florida as a result of the natural beauty of living right on the shores of the ocean as well as the close proximity to so many prestigious shops and dining venues. Combine this with the 21st century modern ultra-luxury construction on the ocean and one of the most sophisticated metropolitan cultural living and you will have an idea of what Miami has to offer. The truth of the matter is that this season is going to be one of the best times in recent history to make a purchase in Miami Beach which is most sought after area as a result of the number of bargains coming onto the market.

This trend is also backed by the amount of individuals who have long enjoyed renting properties in Miami in order to escape the icy winters up north and European travelers will now have the opportunity to enjoy even more about living in Miami. Currently Miami offers wide variety of properties available for sale and rent to prospective buyers who are looking to improve their life style and enjoy the warm weather and vibrant night life that Miami has to offer.

Buyers who are looking for a bargain will find that they will be able to purchase a far more luxurious property than they can in their country or city. Miami style residences typically offer larger square footage, great amount of amenities, convenience and magnificent ocean or bay views. Whether you plan to bring family with you, you are enjoying the single life or it is just the two of you, you will certainly be able to find an opulent residence that will suit your needs superbly.

There has never been a better time to consider investing into some of the most prestigious and sought after real estate in world – a Miami residence. For lower prices than you might have ever dreamed, you can now own an opulent residence with top-notch amenities including your own gym, spa, pool, 24-hour concierge, valet parking, on-site cafe, and much more located right on the ocean.

For more information please contact Lana Bell – expert Miami investments realtor today – 1.954.336.1016

South Florida real estate

news has been pointing to positive trends over the past two quarters. But, which areas are ripe for investment or purchase? When is the right time to buy? And, what types of properties are likely to see the best return on investment? While no one can precisely predict the future for the real estate market in Miami, certain trends and predictors do point to when properties should be bought or sold.

While a number of areas show promise for future property values, recent interest has shifted to North Miami Beach and Palm Beach areas. A condominium project shelved by Kolter Group, LLC during the recent economic downturn has recently seen some revitalization. A competitor recently made a bold move, potentially influencing Kolter’s decision to counter with a bold move of their own.

Related Group recently announced plans to construct a 506 unit, dual tower condominium project in the north end of West Palm Beach. Shortly following the Related Group’s announcement was news from Kolter that their North Palm Beach condo project was back underway.

Currently, the Kolter project is estimated to break ground in the fall of 2012, offering additional condo units and reduced pricing than the original plans. Unit pricing is expected to fall between $600,000 and $1.5 million, reduced from the original layout, which called exclusively for luxury units each priced in excess of $1 million. To recapture some of the expected losses due to the pricing reduction, the developer has reconfigured the space to include more units than the original plans called for. The project’s completion date is currently estimated to fall within the 2014 calendar year.
Whether the recent positive trends in the real estate market, or the announcement of a competitor’s project prompted the response from Kolter to re-engage plans to construct these luxury condos, the surrounding areas are excited to see renewed interest in development in general. Not only will these two projects offer additional housing opportunities for residents and investors to capitalize upon, but they will create much needed jobs for the area, fueling other economic sectors in the South Florida marketplace.

Both the Kolter and Related Group projects will feature luxury amenities, great condo views and strong pricing opportunities in which can be taken advantage of. While pre-construction plans and pricing have yet to be announced, interested parties should follow the news associated with each property so they can get in at the best prices possible. This advice is particularly true, as the speed of the market’s recovery in terms of property values is still anyone’s guess.

Similarly, there are several project on the way in Sunny Isles Beach. One of those new projects will be called The Porsche, located in the heart of Sunny Isles Beach and will be the new ultra luxury high-rise with 1 unit per floor, allowing you to even park your own car in your apartment. Stay tuned for more information as we’ll be blogging about new projects all over South Florida.

Most recent Miami real estate report

indicates that single family and condominium sales in Miami jumped 49 percent in the second quarter, with a total of 6,768 sales, according to the Miami Association of Realtors. “Miami sales have increased consistently for nearly three years,” said Jack Levine, chairman of the board of the Miami Association of Realtors. “Residential sales exceeded last year’s levels, which were boosted by the homebuyer tax credit. International buyers and investors continue to fuel the Miami real estate market unlike any other in the U.S.” The median sales price in Miami-Dade county fell to $178,800 in the first quarter, according to the report.

Miami Real Estate Prices are up 12.5% on Non-Distressed Sales

A review of the Miami-Dade County home prices in their entirety can be somewhat misleading. The County, like the remainder of the nation, has been facing a higher percentage of foreclosures than in prior years due to the downturn in the economy. While these home sales certainly contribute to the region’s bottom line sales figures, they are not representative of the overall health of the market.

When distressed properties are pulled out of the equation, home prices within Miami-Dade County are actually up 12.5% year-to-date, based upon a recent report published by CoreLogic, a real estate research firm. This significant growth rate makes the County one of the fastest to rebound in the nation.

What this suggests is that among typical home buyers and sellers, the market is strong. While this is certainly positive news for current homeowners in the area looking to preserve the value of their current properties, it is important to step back to review the entire picture.

To capture this more complete view of the real estate market in the area, all sales should be accounted for. When the foreclosure and other distressed sales are added back into the equation, the growth rate shrinks to just above 0.9 percent year-to-date.

What do these figures tell us about the overall area’s real estate market? Price declines have been heavily concentrated within the distressed market, while the remainder of the market has managed to maintain pricing levels, and in some cases, raised pricing levels. For those buyers seeking non-distressed properties to purchase, they will find a shrinking inventory and rapidly rising prices, according to Sunny Realty. Naturally, as supply decreases, demand increases which will be the primary driver of real estate prices.

Based upon a recent report from the Miami Association of Realtors, inventory in the Miami-Dade area is currently sitting near 30,000, down from over 45,000 from this time last year.

According to Lana Bell of Sunny Realty, “For buyers seeking luxury properties listed in a non-distressed state; now is the time to act.�

While a variety of non-distressed properties are currently available throughout the county, there are still a number of distressed properties listed, and more to come, appealing to investors domestically and internationally.

As we head into the third and fourth quarters of 2011, there still remains some uncertainty about the direction of the Miami-Dade real estate market due to the volatile macro-economic factors that affect such things as the local job market. Despite this uncertainty, based upon the data pointing to positive trends in the market, professionals like Lana Bell of Sunny Realty remain ‘bullish’ about the state of Miami-Dad real estate.

Like many projects that broker ground around 2008 when the mortgage market tightened, the Bellini Williams Island condo project to be build in Aventura was placed on hold. However, the stabilizing economy along with the rising strength of the South Florida real estate market (sales in Aventura alone are up nearly 27% year to date), the project is back underway!

The $100 million, 24-story condominium complex, is scheduled to house 70 luxury units. Each unit will come standard with water views, over-the-top amenities and even a private elevator. Unit pricing will start at $1 million, or $400 per square foot.

Who is an Avenura Luxury Condo Buyer?

While these units will certainly appeal to anyone seeking the best of the best in luxury condominiums in the Aventura areas, the developer believes that the community of buyers will comprised of a significant number of international buyers. This statement would be on point with the recent trend of international buyers calling South Florida a piece of home. While this area isn’t as well known as other South Florida hotspots, like it’s sister property – Bellini Bal Harbour, competitive pricing coupled with a strong market should be enough to get the draw this project is expecting. And while foreign buyers are expected to make their presence known in the area, real estate experts believe that a domestic presence will certainly be seen as well, particularly as inventory has been dropping in the area due to an increase in property sales.

Bellini Williams Island Project Funding……

While many of the units are expected to sell during the pre-construction phase, the builder is assuring buyers and the Miami real estate community that he will not be utilizing the deposit funds to pay for construction costs. In fact, an unnamed private funding source has been secured for the project, giving added confidence to interested buyers. It is important to note that in order to counterbalance some risk associated with pre-construction sales, buyers may be required to place a more substantial down payment deposit to hold their unit, than the 10-20% standard deposit during the pre-recession timeframe. While a common practice among many developers in the industry, financing a project of this magnitude solely in this fashion can present significant financial problems should the economy turn once again, placing stricter limitations on funding availability for developers.

While there is still some level of uncertainty in the marketplace, mostly due to the instability of the investment marketplace, the re-birth of this project which began nearly 3 years ago, is stirring up excitement within the surrounding communities.

For more information about Bellini Williams Island Condos For Sale please contact Lana Bell at 954.560.7802.

The Miami Association of Realtors just reported that the current inventory of pending home sales has increased nearly 15% from one year ago. While several attributing factors have been noted for the rise in activity, one prominent change has been the increase in foreign buyer interest in the area.

Total Contract Activity- May 2011

The total volume of pending sale listings increased in the month of May nearly 29% over the previous year. Increased pending sales are a strong indicator of future sales, as pending sales generally close within 1-2 months of initial contract signing. While Miami single-family homes are currently driving this increase, Miami condo sales have been holding their own.

Miami real estate experts

point to the dramatic increase in international buyers over the previous year for such promising gains. South Florida’s real estate market remains one of the strongest in the country. In addition to the Florida marketplace, foreign buyers are driving activity in California, Texas and Arizona.

International Buyer Activity

According to the National Association of Realtors, the surge of foreign money into the U.S. real estate market surged by $16 billion in 2011, representing a 24% increase over 2010. The U.S. continues to retain the strongest international real estate interest among buyers. While the U.S. has always seen strong foreign interest, the increased inventory and lowered prices have caused an increase in purchasing activity. Foreign buyers are also taking advantage of favorable exchange rates, allowing them to take advantage of even greater property savings. With reduced pricing and favorable monetary conversions, foreign buyers are getting nearly double the discount on their purchases.

In addition to permanent international residents purchasing properties, many executives working within the U.S. on a temporary basis have been opting to purchase properties over renting, traditionally done in the past, due to the current pricing making the option more affordable.

Another contributing factor to foreign investment in U.S. real estate is the influx of international students seeking a college education. Many foreign families are purchasing properties for their children during their attendance.

Miami real estate

as well as sales of existing condos in the Miami metropolitan area rose 46 percent in May, 2011 compared to the same period in 2010, according to data from the Miami Association of Realtors. There were a total of 1,420 condo sales last month, up from 972 in May 2010. Miami single family home sales also showed an increase, jumping 20 percent to a total of 875 sales last month.

Most of Miami condos

are purchased by International buyers who continued to dominate the Miami real estate market, with 60 percent of closed residential resales last month transacted by foreign buyers, who also bought a staggering 90 percent of new construction sales. “The current performance of the Miami market is exceeding expectations,” said Jack Levine, Chairman of the Board of the Miami Association of Realtors.

In fact, the volume of Miami home sales rose, continuing a record-setting pace. However prices are still on the decline, although there are signs of stabilization. This logic-defying housing market phenomenon continued to embrace interesting trend lines in May of 2011 — Miami condo sales soared, slashing down the inventory even further, but overall prices fell once again. Furthermore, local sales are increasing while the national market slumps, but local prices are falling faster than the national average.

Here is a full story from Miami Herald – http://www.miamiherald.com/2011/06/21/2277801_p2/south-florida-real-estate-paradox.html or you can read it below:

The region’s real estate narrative is also at odds with traditional market economics. The coexistence of shrinking supply, rising demand and falling prices has left analysts with a number of questions: How long can this frenzied sales pace —fueled by Latin American and cash investors’ appetite for discounted real estate — continue? With inventory shrinking rapidly, when will the strong sales activity translate into price stability and appreciation, as market economics dictate? How large is the “shadow inventory,� and how will those unlisted bank-owned homes affect the recovery?

In Miami-Dade, there were 875 sales of existing single-family homes and 1,420 condo sales, increases of 20 percent and 46 percent from last May, respectively. Compared to April, home sales were up 5.4 percent and condo sales were up 1.1 percent.

In Broward County, 1,142 single-family sales and 1,537 condo sales represented increases of 6 percent and 14 percent over last May, respectively.

In the first five months of the year, more than 23,000 homes and condos have traded hands in South Florida, one of the strongest five-month runs on record. Nationally, 2011 has been a poor year for sales, with double-digit declines nearly each month.

South Florida’s rapid sales pace has helped reduce the region’s housing inventory, which has gone from severely bloated to suddenly lean over the last couple of years.

There are now 31,659 homes and condos for sale in Miami area, down from 61,755 in May 2009.

The crucial “months-of-inventory� figure has slimmed to 7.2 months in Miami-Dade and 5.5 months in Broward, both down to a fraction of their peaks. Economists say that six months of housing inventory is indicative of a healthy market.

So why hasn’t the shrinking supply of homes led to price stabilization?

“We have a whole bunch of pent-up supply,� said William Hardin, professor of real estate and finance at Florida International University . “There’s a squeeze play going on because no one is going to sell a house in today’s market unless they have to.�

The majority of homes that are selling are under distressed circumstances —either a Miami foreclosure sale, or a short sale that doesn’t cover the cost of the mortgage. Those properties — popular among cash investors and foreign buyers — sell at deep discounts, dragging down overall prices in the market.

In the single-family market, May 2011 median prices fell 8 percent to $180,200 in Miami-Dade. Broward suffered a particularly large decrease, with single-family prices falling 17 percent to $188,500.

There are some signs that prices may be beginning to stabilize, specifically in the condo market, where sales have been the most rapid.

In Miami-Dade, median condo prices slipped just 1 percent, to $124,300. In Broward County’s condo market, there was a 9 percent year-over-year increase, with median prices reaching $80,400.

Year-to-date, median prices are up across the market: Miami-Dade condos (36.2 percent), Miami-Dade single-family homes (19.4 percent), Broward condos (16.5 percent) and Broward single-family homes (14.2 percent). While prices are up since January, the year-over-year figures provide a more reliable barometer of values, since they compare the same time periods in the region’s seasonally driven market. It’s too soon to say if sustained appreciation is here to stay, although industry insiders are pitching that message.

But even as South Florida’s market looks to rebound from its worst bust in history, a number of troubling issues threaten to drag out the recovery.

However, two of the factors that normally support a healthy housing industry — a strong job market and significant home equity — are painfully absent in South Florida. In Miami-Dade County, unemployment sits at record high 13.4 percent. Nearly half of all South Florida homeowners with mortgages owe more on their homes than the current value, one of the highest underwater rates in the country.

Stricter lending standards have made it difficult for many potential buyers to obtain a mortgage. In May 2011, 60 percent of home sales were completed without a mortgage as all-cash investors.

As of June 3rd, 2011, the number of foreclosed condos and homes in South Florida year-to-date is 11,551, down from 30,635 at the same time last year, based on the most recent data available from Broward, Miami-Dade and Palm Beach counties. Please see the graph above which shows foreclosure activity in these three counties.

South Florida real estate

is known for its boom and bust cycles. The current bust cycle, one of the worst in history, seems to have bottomed out and now on it’s way to recovery in a big way, judging by recent statistics. A rise in employment in the state and a great deal of foreign buyers are among the factors playing into what seems to be a quick climb in the desirability and the value of Miami real estate.

Of course, this is not a new phenomenon for Florida real estate. The state’s real estate market has historically gone through cycles such as this, when the value of homes declined and when it became a buyer’s market. The sales of homes have also gone up in much bigger ways than employment has gone down. Compared to 2010 figures, condo sales were up over 130%. The increase has also impacted single family homes, with an over 50% increase in those sales figures over last year.

Miami’s high-end rentals are also booming, led by Miami Beach rentals, which has seen its inventory practically vanish, led by New Yorkers looking to establish residency in South Florida. It seems right now people are establishing residency out of New York City and into South Florida, whether they’re buying or renting. We’re back to 2003 or 2004, where we have pocket listings, and things don’t need to go on the MLS to be rented. The high-end market follows the trend from downtown Miami and Brickell, which had a rental occupancy as high as 85 percent in February, according to the most recent report from the Downtown Development Authority. That was a 31% increase from 2009.

The US is slated for another round of quantitative easing, which will likely drop the value of the dollar further and which may make this market even more attractive to international buyers than it is already. Combined with an increasing rate of visitors and tourists in Miami where every year is a new record, it’s possible that the decline cycle has finally ended.

Click here to view all currently available <a href="foreclosure condos in Miami and foreclosure homes in Miami

In today’s Wall Street Journal I read a great article about International buyers all over the world. The Russians are buying luxury properties in London, Miami, New York, Silicon Valley. The Brazilians are buying condos in Miami and Chinese are buying in California. The biggest players in the residential-real-estate scene today often come from halfway around the world.

If you prefer you can read the article on Wall Street Journal site (the link is below) or here is the full article:

http://online.wsj.com/article/SB10001424052748703730804576317150261940990.html

This spring, Russian billionaire Yuri Milner paid $100 million for a French chateau-style mansion in Silicon Valley, setting a record for the highest price ever paid for a single-family home in the U.S. In January, Ukraine’s Rinat Akhmetov closed on two of London’s most expensive apartments ever for a combined $222.5 million. In Paris, a Gulf princess spent $96.9 million last year for a mansion with an inner courtyard, garden and private chapel on the Left Bank.

Some of the biggest residential real-estate buyers in many cities are emerging from halfway around the globe. In London, one report finds that 65% of buyers in the Miami luxury residences hail from abroad. According to the Miami Association of Realtors, nearly 60% of all sales last year throughout the city were to buyers from foreign countries. About half of the buyers in one new luxury condominium on Manhattan’s Fifth Avenue are from overseas.

While foreign purchasers make up about 7% of the U.S. residential real-estate market, their numbers have swelled: According to the National Association of Realtors, 18% of Realtors in the U.S. market reported selling a home to at least one international buyer in 2010, up from 12% in 2009.

The makeup of these buyers is changing, reflecting changes in the global economic scene. Buyers from Russia have returned, and the numbers are growing from Brazil, where the economy grew 7.5% last year. Australians are buying ski homes in Aspen. In Tampa, Fla., Venezuelan buyers are buying heavily discounted beach condos.

One of the biggest factors in many areas is the emergence of the Chinese. As housing costs on China’s mainland skyrocket—raising concerns of a property bubble there—monied buyers are heading abroad, moving into markets that look, in comparison, like a bargain.

In Orange County, California Chinese buyers now account for more than half of his showings in tony Newport Coast, up from a very small handful two or three years ago. Many Chinese buyers seek brand-new homes with more than 10,000 square feet to use either for vacations or as a place for their children to live when they attend college.

Amy Williamson, the vice president of sales for Prodigy Network, which markets condo buildings like Trump Soho Hotel Condominium in New York, visited Shanghai last month, meeting with local brokers and potential buyers there. Beverly Hills-based broker Joyce Rey traveled to Beijing in October, arranging a reception at an art gallery where photographs of homes priced between $10 million and $125 million were displayed around the room like artwork. Tim Swannie, the Valbonne, France, director of Home Hunts, says one of his agents is working with two Chinese clients who are looking for vineyards in the $5 million-to-$10 million range in the Bordeaux region.

In the U.S., many foreign buyers are taking advantage of the relatively weak dollar. In March, Pascale Saliou, a 44-year-old from Brittany, France, paid about $600,000 for studio in a building with a contemporary art-filled lobby in Manhattan’s Chelsea neighborhood. Ms. Saliou has been visiting the city regularly for more than 20 years and finally decided to buy a New York apartment because of the exchange rate. “We never imagined we could one day do this,” she says.

Not all foreign purchasers are shelling out millions (in the U.S., the median price paid for a home by an overseas buyer was just under $220,000, according to the National Association of Realtors). And not all are traveling thousands of miles. Canadians are the largest group of foreign buyers in the U.S. today, representing about 23% of foreign buyers, up from about 17.6% in 2009, according to the National Association of Realtors.

Global property buyers gravitate to a handful of highly specific locales: In London, Russians and people from the Middle East flock to central Knightsbridge, where blocks of sleek condos offer top-of-the-line amenities. In New York, newer condos packed with contemporary design attract foreign buyers. Here’s a look at some of the top global real-estate markets for foreign buyers.

Last month, Russian composer Igor Krutoy—who has recorded more than 100 songs in Russia and collaborated with many of the country’s music stars—made headlines when he and his wife, Olga, purchased a 6,000-square-foot 12th floor condo at the Plaza for $48 million. It was one of the highest prices ever paid for a condo in New York.

According to Jonathan Miller, CEO of appraisal and consulting firm Miller Samuel, foreign buyers make up 15% to 20% of all home sales in Manhattan. They’re particularly strong buyers of thoroughly renovated or newly built condos priced at several million dollars or more. Pamela Liebman, president and CEO of New York-based brokerage Corcoran Group, says that in the first quarter of this year, nearly 20% of new condo sales at Corcoran went to foreign buyers. One deal under way includes a group of Asian investors who are buying 13 apartments in a building, each priced between $1.5 million and $2.5 million.

Manhattan has long been one of the most popular markets in the world for international buyers. But the makeup of international buyers has shifted. Gone are the investors from Ireland who were snapping up condos amid the economic boom in their homeland, says Mr. Miller. Today, it’s buyers from China and Brazil. In the past 18 months, brokers say Russians—known during the boom years for making large real-estate purchases in opulent trophy buildings—have returned after sitting on the sidelines during the recession.

International buyers tend to gravitate to certain buildings. Luigi Rosabianca, a real-estate lawyer who works with international buyers, says the André Balasz-designed William Beaver House in the Financial District is popular with his Latin American clients. “Certain people are attracted to certain energy and aesthetics,” he says. At the Sheffield, a 582-unit condo building at Columbus Circle where 28% of sold units have gone to overseas buyers, sales staff now print marketing materials in Mandarin, French, Spanish and Italian.

At midtown’s Setai Fifth Avenue Residences, where apartments are priced from $1.2 million to $15 million, about half of the buyers have been from overseas. Giuseppe Rossi, the executive vice president of Bizzi & Partners Development, who is originally from Italy, notes that many Italians have purchased apartments there. “We’re Italian developers so there’s a certain appeal to Italian products and the way we built,” he says. Brazilian buyers have also made several purchases there, including Brazilian soccer star Kaka, who recently bought three apartments in the building which he plans to combine, says Mr. Rossi. (Kaka didn’t respond to requests for comment.)

Giorgio Castro, a 62-year-old Rome-based entrepreneur, says he dreamed of owning a place in Manhattan for decades. Last year, with the euro-dollar exchange rate giving him more than a 40% discount, he finally snagged a $1.3 million one-bedroom condo in a Wall Street building designed by David Rockwell.

“It was a good opportunity to buy something I longed for,” says Mr. Castro. “With the money I spent, I could not have bought something equivalent in Rome.”

The Paris real-estate market is booming, driven in part by the high prices foreigners are willing to pay. In the “Golden Triangle”—the tony area near the Champs-Élysées—apartment prices rose 38% in the last year, according to the Paris Notary Chamber. For Paris apartments costing over $2.8 million (€2 million), three foreigners buy into the market for every one foreign seller, says Charles-Marie Jottras, president of the Daniel Féau network of real-estate agencies.

Mr. Jottras just closed his first deal with a mainland Chinese buyer, an apartment on the luxurious Avenue George V for $14.2 million (€10 million). The six-bedroom apartment, down the street from the Chinese embassy, features a 2,150-square-foot living room. A new influx of Chinese buyers is also looking at the 16th arrondissement near the Trocadéro Place, where stately buildings appeal to foreign buyers. The Brazilian presence is also growing; Jean-Philippe Roux, manager of luxury real-estate agency John Taylor’s new Paris office, says he has nine Brazilians interested in the seventh and eighth arrondissements.

France’s neighbors Italy and Britain account for about a third of the international market. These buyers often seek apartments on the Left Bank, in the Saint-Germain neighborhood, as well as in the more bohemian Marais area because of the central location for train stations.

Russian and Middle Eastern buyers tend to concentrate in the “Golden Triangle,” where there are the most luxurious hotels and boutiques. A 1960s-era building at 12-18 Avenue Montaigne, near the Louis Vuitton and Chanel stores, is a big draw, as is the recently renovated building at number 51-53 on the opposite side of the street.

There are only a handful of mansions in Paris. Mr. Jottras’s record sale happened last year and was for the Hôtel de Bourbon-Condé, a mansion with an inner courtyard, garden and private chapel, in the seventh arrondissement on the Left Bank. For $96.9 million (€68 million), a Gulf princess had a new home.

China’s housing boom spilled over to Hong Kong, where property prices have surpassed previous historic highs and are now some of the highest in the world. According to property agency Savills, Hong Kong’s homes are 52% more expensive than London’s—and 111% more than New York’s.

In April 2011, a 5,636-square-foot condo at 39 Conduit Rd. in the Mid-Levels district sold for $46.4 million (HK$361 million). Local newspaper Ming Pao reported that it was bought by Shi Yuzhu, the Shanghai-based founder of online gaming company Giant Interactive. Forbes magazine reported his net worth at $1.6 billion.

Meanwhile, a house on 11 Headland Rd. in Hong Kong’s Repulse Bay neighborhood recently sold for $84.9 million (HK$660 million). Newspaper Ming Pao reported the buyer as Gao Yanming, chairman of Hebei-based shipping company Hosco Group. Henderson Land, the developer, confirmed the transaction but declined to comment as to the identity of the purchaser.

Mainland Chinese buyers are more concentrated in the new luxury sector of condos priced over $1.5 million (HK$12 million), like the Cullinan in West Kowloon. In this sector, they represented 28.8% of the deals during the last half of 2010. In the ultra-expensive range—$25.7 million (HK$200 million) and above—Joseph Tsang, managing director at Jones Lang Lasalle in Hong Kong, estimates that almost all the transactions involve buyers from China.

Mr. Tsang says Chinese buyers look for luxury finishes, ornate decorations and grand hotel-style lobbies. “They’re into glamour and bling,” he says. “In order to attract the Chinese buyer [from the mainland], you need to put out the most expensive stuff on display.”

In the past, the pricey homes along the southern coast of Hong Kong island were popular among well-heeled expatriate bankers from the U.K., Australia and the U.S. But the influx of Chinese buyers and the resulting spike in prices has even forced some members of this wealthy class out of their traditional stomping grounds.

The city’s largest brokers routinely organize bus tours for interested buyers from mainland China to visit new development sites.

Local brokerage firm Midland Realty recently organized three tours during the May 1 weekend, a public holiday. By the end of the weekend, the agency had 10 deals signed, starting at $643,000 (HK$5 million) for new condos. During a tour earlier this year, the agency says some buyers purchased units for $1.3 million (HK$10 million) on their first visit to Hong Kong.

“If you look at the new apartments [in West Kowloon], over 60% are mainland Chinese buyers, but if you count the lights at night, you won’t see many. It’s sold out, but it’s pitch dark,” Mr. Tsang says.

According to Liam Bailey, head of residential research at real-estate agent Knight Frank, London’s ratio of international to domestic buyers for prime real estate is the highest of any major city in the world. According to his report last month, 64% of buyers of central London homes priced over $8.1 million (£5 million) are foreign—”the highest of any major city, without a doubt”—and probably the highest it’s ever been, Mr. Bailey says.

The number of nationalities represented has also swelled; 61 nationalities purchased homes in London last year, up from 46 in 2009, with Russian, Chinese, Indian and Middle Eastern buyers seeing the biggest growth, according to Knight Frank.

For many, the U.K.’s steady political environment and stable economy make London a safe haven for wealth. Sterling’s decline against the dollar—around 20% since 2008—makes property even more enticing. But currency arbitrage and safe-haven status aside, different nationalities are drawn by different aspects.

For U.S. buyers, it’s London’s leafy Hampstead Village, according to Marcus Oliver, associate director at real-estate agent Chesterton Humbert’s Hampstead office. He said 80% of foreign buyers in Hampstead over the past three months have been from the U.S. “Americans are attracted to the quintessentially ‘London village’ feel of Hampstead, with its quaint Victorian houses and the rolling Heath. It matches up with the clichéd impression of London.”

Meanwhile, the status and bright lights of a pad in central Knightsbridge are luring the newly monied Eastern Europeans and Middle Eastern buyers, says Roarie Scarisbrick of HSBC-owned buying agent Property Vision. “Knightsbridge property is the ultimate status symbol for the new settlers of Eastern Europe with their newly amassed fortunes.” Properties like the Knightsbridge, One Hyde Park and the Lancasters, where residents enjoy 24-hour security and amenities ranging from golf simulators to private movie theaters, are attracting some of the world’s wealthiest oligarchs and sheiks.

One such buyer is Ukranian billionaire Rinat Akhmetov, who in January closed on two apartments in the Candy Brothers’ new One Hyde Park development in Knightsbridge for a reported $222.5 million (£136.6 million) to combine into a triplex penthouse. Mr. Akhmatov’s press secretary Olena Dovzhenko confirmed the property was purchased as investment through the oligarch’s company, SCM Capital Management.

In neighboring Kensington, with its proximity to museums and coffee shops, the typical buyer is French, Swiss or Italian, says independent search agent Charles McDowell. He recently found a home for 38-year-old Parisian Michelle Dellion, in South Kensington. The five-bedroom townhouse on Mulberry Walk cost $16.3 million (£10 million) and has 5,000 square feet of living space. “We had to be in London for my husband’s job. Kensington is near the Lycée [Français Charles de Gaulle] and the park—with our three children it was the best area for us,” said Ms. Dellion, a stay-at-home mom whose husband works in finance.

Mindful of this tendency to flock together, developers have launched targeted marketing drives. Within the last six months, luxury London developments The Heron, Bramah Chelsea, Wellington House and Neo Bankside have held marketing exhibitions in Singapore and Hong Kong. Last September, Bramah hosted a successful exhibition at the Mandarin Oriental hotel in Hong Kong. “We sold 50 apartments off plan over two weekends,” says sales executive Matt Shenton.

In the Greater Miami area, nearly 60% of all sales last year were to buyers from overseas, according to the Miami Association of Realtors. For sales of newly built condos downtown, like Icon Brickell that figure jumps to 90%, says the group.

Many of the buyers are from Brazil, which experienced an economic growth rate of 7.5% last year. Brazil’s currency, the real, has risen about 40% against the U.S. dollar in the last two years.

Property developer and marketer Fortune International focused heavily on Brazil to sell Jade Ocean, a 50-story building the company is marketing with infinity pools, a private movie theater and a children’s playroom decorated with Philippe Starck furniture. Its two-story penthouse loft apartments sold for between $3.5 million and $10 million. Nearly 85% of Jade Ocean’s sales have gone to overseas buyers.

Fortune’s principal developer Edgardo Defortuna says that last fall, he worked with American Airlines to invite a group of potential buyers and American Airlines contacts to a dinner party at a restaurant in Brasilia. “The Black Eyed Peas were having dinner in the next room,” he says. His company is also encouraging the airline to add new flights from different cities in Brazil to Miami, which American Airlines says is in the works. In an e-mail, an American Airlines spokeswoman said, “it makes business sense to promote Miami not only as a place to visit but a place to live.”

Russian buyers tend to cluster in northern, beachfront areas. Mr. Defortuna says he’s planning a trip to Moscow and St. Petersburg to pitch several of his Miami-area buildings. There, he hopes to throw a dinner party with Donald Trump Jr., an executive vice president with the Trump Organization.

Unlike Americans, who tend to look for single-family homes, overseas buyers favor condos. Italians have been drawn to the Capri South Beach, a condo building with downtown views and its own marina, says broker Nelson Gonzalez. The Icon Brickell Condo, a three-tower complex downtown, has a large number of British and Brazilian owners.

Venezuelans are also a growing presence, as are buyers from Italy, Spain and Switzerland.

Henrik Wiingaard-Madsen, a shoe-manufacturing company owner from Denmark, says he got a 30% discount in July for two apartments in the Icon Brickell Tower—$520,000 for a two-bedroom and $840,000 for a three-bedroom—plus a rebate. Icon “had so many units, they were kind of desperate at the time,” he says. “The price was so low compared to the quality.” Mr. Defortuna says his company took over marketing for the complex last June, and that the building “has filled in significantly since then.” So far, about 80% of the units have been sold.

The real estate market in Miami Florida

is seeing significant recovery of late and investors, as well as those simply looking for a new place to call home, are back in the market looking to buy. According to the Florida Realtors, there has been significant growth in different sectors of the market.

Condominiums in Miami

Miami luxury condominiums are some of the most distinctive features of the Miami real estate market. Popular as second homes and, increasingly, with those who want a luxurious place to call their primary home, these condominiums have been selling very well in recent months. In February, 2011, these properties jumped 29% in sales volume compared to the same month in 2010.

Sunny Isles Beach, in particular, a very popular hub for luxury condominiums. Developments such as Trump Towers, Trump Palace, Trump Royale constructed by the Trump Group and many others constitute some of the most desirable properties in the region. If you’re looking to get into one of these great homes, you’re not alone. This is the third consecutive year that the Miami Realtors have been able to report that the sales of these properties have increased over the previous year, boding well for the future of this real estate sector.

Miami Beach Home sales are also up. In 17 of the state’s metropolitan areas, increases in home sales were reported. There was a 13% increase in the sale of homes and there was an increase of more than 10,000 homes reported over a year ago: 12,164 in February 2010 versus 13,701 in February 2011.

This trend has been statewide and shows that the market is making a steady recovery after the crash. There are other factors that are driving this increase in sales, as well.

Mortgage Rates

The credit score requirements for taking out lending may be much higher than they were a few years ago, but the terms being offered are much more desirable. Interest rates are very low and this has made it apparent to those who can take out the lending that now is a good time to consider buying into the real estate market.

Because both homes and condominiums have been selling better compared to 2010, it’s an indication that the pickup is across the board, from those seeking to live next to the ocean in one of Florida’s famous high-rises to those seeking a simple single-family home in the city. There are fewer vacant homes statewide, as well, indicating that the worst of the real estate woes are past and that the future is looking up.

Sustained Improvement

This improvement in Miami home sales has been seen for the last two years, indicating that it is not a short-term trend. There has also been improvement over the prior month—January, 2011—which indicates that the upward curve has some welcome relief and some improvement that isn’t coming too slowly to be an advantage to homeowners.

Active Months

The month of April is always one of the most active for Florida realtors. This is the time of year when the snowbirds head home for the summer, but it is also the time of year when many of them decide that they want to buy a new or better property in Florida. With the traditionally slower months of January and February showing increases in sales, realtors are optimistic that the busy season will be better yet and that many more homeowners will be interested in getting new properties and that those who haven’t purchased a home in Miami as of yet will decide that now is the right time to go ahead and do it.

Commercial Real Estate in Miami

Miami commercial real estate has also been a big seller. Investors are flocking to the area to make purchases and much of their investment activity has been good for the state all around.

Shopping centers in Miami have been particularly popular with these investors. With the economy improving, these are fixing up to be hot properties in the near future. Currently, investors are buying up shopping centers that have become run down over the years and transforming them into destination spots for those who want a bit of retail fun. Because of the very low cost of borrowing money at present, it makes sense for them to be making this move right now.

Finding a good real estate deal has never been an easier proposition in Miami Florida and that, no doubt, is part of what’s driving the increase in sales. If you’ve been hesitating, you’re becoming part of a smaller number of people by the day. Today, the trend is to buy and that trend has been growing for the last couple of years. The current balance between investor interest and affordable investment properties makes it an ideal time to consider making your move and getting back into this historically very hot real estate market, whether you’re buying commercial or residential.

For more information please contact our office at 1.877.368.2318.