What Does $35 Million Get You in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 22nd, 2016

Regalia Penthouse For Sale

Sunny Isles Beach in Miami is one of the most beautiful and exclusive places to live in the country. A big part of that is due to the stunning condominium complexes in the area, which never fail to impress. One of the new condos recently unveiled is at the luxury oceanfront complex called Regalia – click this link to view the site – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Regalia/. One of the condo-penthouses in Regalia is up for sale for a record price of $35 million. Even though many of the homes in the Sunny Isles region are opulent and expensive, this one outdoes the others. Many of you are probably wondering just what that amount of money will get you. It gets you plenty, as you will see.

What Does the Home Offer?

This Regalia penthouse, called the Beach House, has 17,015 square feet of space, and it should be finished by the summer. It takes up the third and the fourth floors of the Regalia, which is a beautiful and impressive building in its own right.

It features six bedrooms, including two master bedrooms. Those who make the Beach House their home will also have six full baths and two half baths, as well as a pool bath. The ceiling in the great room is double-height to make the space even more impressive. The great room also has a floating cantilevered staircase that leads to the wraparound terrace, as well as the art gallery mezzanine.

On the third floor, there is a 360-degree balcony. The fourth floor also has a balcony, but doesn’t go quite all the way around – only 270 degrees. Both of the balconies have some gorgeous views though. It is possible to see the Atlantic Ocean, Miami Beach, and more. The Beach House has glass paneled pools on the balconies, as well as a fire pit, outdoor kitchen, and other amenities that will make entertaining easy.

Regalia Sunny Isles Penthouse

While the exterior of the home is stunning, the interior offers quite a bit to love as well. The game lounge measures 2,000 square feet and features a theater, a billiards table, an 85-inch surround sound television, and more. the home has a 600-bottle wine cellar, a champagne bar, a full spa and Jacuzzi, designer lighting, and smart controls for the shades. The owner can use these controls to change the music, temperature, television, and more.

The Beach House has quartz countertops, limestone floors, bronze cabinet bars, and so much more. This is truly a luxurious house. Even though it has a $35 million price tag, the features and amenities in the home and the building are all worth the price.

Other Expensive and Luxurious Condos in the Area

While Regalia’s Beach House is certainly one of the most impressive condos in the area, there are a number of other high-priced properties in Miami as well. Some of the most well-known include the $55 million Penthouse at Faena House, which offers 12,516 square feet, eight bedrooms and nine bathrooms. It also has a rooftop pool that’s 70’ long. For $53 million, you could choose the penthouse at SoFi Tower. It is 6,307 square feet, and offers four bedrooms, five bathrooms, and two half baths.

As you can see, there is no shortage of luxury in Miami. It’s a wonderful place to call home, especially when you start looking at all of the high-end condos.

A Healthy Slowdown For Southern Florida Real Estate

By Sunny Isles Real Estate Expert on July 19th, 2016

Flatiron Miami condo

Between the amazing weather, the beaches and the unique culture, it’s no wonder so many people from all over the world look to make Miami their new home every year. Of course, it doesn’t hurt that there are so many amazing luxury homes and condos here to choose from too. Miami doesn’t lack for many things: incredible ocean views, new modern luxury condominiums, warm climate and ocean all-year-round, vibrant night life and top-of-the-line restaurants.

For the past several years Miami’s real estate was fueled by foreign buyers, but due the strong US dollar and domestic economy, there are less foreign buyers now. However, there are more American buyers currently on the market than ever before. The same goes for the real estate developers – more and more enter the Miami market with the mega condo projects, thus creating too much supply.
At the moment, it looks as though Miami has more new properties for sale than the demand for them. The result has been a version of survival of the fittest that threatens to kill off many developments before they can reach fruition.

Brickell Flatiron

One example of this could be Brickell Flatiron – see the website here, though it should be noted that the development of this new building still appears to be underway. Construction only just commenced this past March, but the developer—an Italian named Ugo Colombo who has been active in South Florida real estate for over 30 years — has been selling units for two years now. These units cost between $500,000 and $2 million, which is actually quite reasonable by the area’s standards.
Colombo has said, though, he hasn’t had to reduce the prices on any units. According to a number of local experts, deals are definitely taking longer to make, but that wouldn’t necessarily mean developers are finding it necessary to offer discounts on high-end properties.

A Healthy Slowdown

Another thing Colombo recently said that is of interest is that he feels the current slowdown is healthy. For years, now, Miami has been abuzz with people looking to buy new homes and condos. It was a nice way of saying goodbye to the recession.

As we’ve mentioned, though, things have slowed down considerably. It’s not recession-bad, but it’s still a noticeable change of pace.
When you consider some of the elements that brought about the mortgage crisis, it’s easy to agree with Colombo. A slowdown could be viewed as a correction, letting the market catch up with the enthusiasm of developers before they overextend themselves.

Planned Developments Getting the Axe

Still, it’s impossible to ignore that this slowdown has made some major impacts to Southern Florida’s economy. Most noticeable is the number of planned projects that are no longer in development.
For example, Krystal Tower was going to be a 35-story condo complex in Miami. Gulfstream Park Tower would have stood 27 stories in Hallandale Beach; that’s no longer happening. Oceanbleau was a 17-story building meant for Hollywood; once again, it’s been shelved.

The list goes on and on. Since 2011, 414 towers have been built or are in the process in the tri-county region. That’s 50,230 new condos—many of which carry large price tags.
At the moment, that means that only the best possible projects will be allowed to move forward in Southern Florida. However, what the actual implications of this development will be has yet to be seen.

Panama Papers Show Secret Money Tied to Luxury Miami Real Estate

By Sunny Isles Real Estate Expert on June 23rd, 2016

Miami real estate

As you’re probably aware by now, at the beginning of April, the International Consortium of Investigative Journalists dropped a bombshell when they published leaked documents that have since become known as the Panama Papers. In total, there are some 11 million documents which allegedly make clear that worldwide corruption is happening thanks to a clandestine financial network that ensures large sums of money never get taxed.

Ties to Miami Real Estate

If some of the information is accurate, the network has fingerprints all over Miami. For years, it’s been well known that the luxury real estate market here is eyed by buyers all over the world, many of whom make purchases anonymously. This was seen as one of the driving forces behind the Miami luxury condo boom – click here to see the website.

Now, though, a much different picture is being brought to light—one that depicts these beautiful homes as simply hiding places for billions of dollars.

Shell Companies and Condos

The way it would allegedly work is that the law firm of Mossack Fonseca would set up foreign shell companies for the wealthy members of this network. This is the firm that the leak originated from and, as they’re based in Panama, that’s how the name started.

A client of Mossack Fonseca’s could then put money into one of these shell companies and that organization would then purchase a luxury unit somewhere in Miami—we’re definitely not lacking for options, after all.

This sort of transaction would effectively hide the money from governments looking to levy taxes on people like Paulo Octávio Alves Pereira, just one man who was allegedly a part of this scheme.

Paulo Octávio Alves Pereira

In Brazil, Paulo Octávio Alves Pereira is known as a politician who is under indictment on charges of corruption. However, prior to his political life, he made his fortune by developing shopping centers throughout his home country.

When his old boss had to step down as governor of Brasilia after being arrested for bribery, Paulo Octávio Alves Pereira stepped in. However, he was quickly slapped with the same charges.

At some point, Pereira took an interest in Miami real estate, though. He purchased a beautiful unit at the luxurious St. Regis Bal Harbour, where 24-hour room service is just one of many amenities available to residents.

However, this would make him just one of 19 foreign nationals named in the report who reportedly bought properties in Miami-Dade County. He also makes a much more exclusive list as being one of the eight who has been linked to some type of crime back in their home countries.

The U.S. Treasury Department’s Own Investigation

Keep in mind that the U.S. Treasury Department had launched its own investigation just a couple months ago into these shadowy dealings. They specifically took aim at the shell companies that were scooping up real estate for anonymous buyers and paying in cash.

Considering foreign nationals spent $6.1 billion in South Florida homes last year, the department certainly has its work cut out for them, though the Panama Papers definitely help.

Super Rich? Miami Is the 12th Top City for You

By Sunny Isles Real Estate Expert on May 31st, 2016

1000 Museum Miami Zaha Hadid

For those of us who live in or around Miami, it comes as no surprise that there is a lot of money here. Sure, there’s been a bit of a slowdown recently to our famous condo market, but that hasn’t done much to stop the ultra-wealthy from making Miami their home (or at least one of them). According to Knight Frank, though, our beautiful city is actually the 12th best place for the super rich to live.

Dropping Out of the Top 10

Knight Frank made these comments to the Real Deal last month. Although it’s definitely good news—wealthy people bring lots of money—there’s a bit of bad mixed in with it too.

As it turns out, Miami was actually ranked number six last year. This year, we fell out of the top 10 by a fair amount. Still, it’s not like we’re not in good company. Tokyo is right ahead of us. Furthermore, 12th place makes us second place for cities in the United States. New York City took the cake there.

Still, are you curious what caused us to slip?

A Dent in Foreign Currencies

Unfortunately, it’s mostly out of our control. Frank claims that weakening Latin American currencies are actually to blame.

On top of that, it doesn’t help that the U.S. dollar has been getting stronger. While it’s definitely good for the economy as a whole, a lot of foreign currencies simply don’t have the buying power they once did, meaning investors from other countries will look for other opportunities.

Frank even said that he regarded this drop in the rankings as nothing more than a “blip.”

For his part, he recommended keeping an eye on Coconut Grove and Miami Beach as the top neighborhoods in Miami for future investment opportunities.

The Top 10

As we mentioned above, we lost to Tokyo, which came in at number 11. The rest of the top 10 looks like this:

1. London
2. New York City
3. Singapore
4. Hong Kong
5. Dubai
6. Shanghai
7. Paris
8. Sydney
9. Beijing
10. Geneva

Making the List in 2017

Hopefully, Frank is right and Miami bounces back next year. Again, wealthy people represent money and opportunity for the rest of us.

That being said, there’s some reason to remain cautious with your optimism. The Financial Crimes Enforcement Network began requiring that title insurance companies essentially verify the identity of anyone who wishes to purchase property in Miami.

Why is this a big deal? Well, there are suspicions that much of the money that helped the condo market explode in the last few years is coming from foreign shell companies that operate as illegal tax havens.

While it’s good to ensure these investors aren’t breaking the law, cutting them off could hurt Miami’s economy.

At the end of the day, Miami is still an amazing place to live and people are going to continue trying to find a home in Miami to enjoy this incredible city. Still, here’s hoping our economy picks up again and we start making some progress on that list for next year.

Was the WSJ Right in Predicting a Condo Bust in Miami?

By Sunny Isles Real Estate Expert on May 15th, 2016

Miami real estate for sale

Back in March, Anthony M. Graziano, MAI, CRE was interviewed by the Wall Street Journal. As he is the Senior Managing Director of IRR Miami, it shouldn’t come as much of a surprise that the article was about real estate in South Florida. However, what surprised many was the headline that accompanied the actual piece: “Another Condo Bust Looms in Miami.”

Graziano Responds

Well, as it turns out, no one was more surprised by the headline than Mr. Graziano himself. In his own OpEd, Graziano responded, saying he was “shocked” at how “sensationalized” the headline was.

Until the reporter issues a reply, we’ll never know exactly what they were thinking. As Graziano points out in his OpEd, this definitely isn’t the first time there’s been some kind of disconnect between what a source said or meant and what the reporter put into their piece. Still, in this case, it would seem the latter wildly missed the mark.

It’s also worth noting here that reporters don’t always choose their own headlines, so an editor could actually be the one to blame.

So What’s the Truth?

As any realtor in Miami will tell you, the condo market has definitely slowed considerably. In fact, many projects have been shelved and stopped at various points in their development.
That’s hardly the same thing as predicting a bust in the condo market, though. If you look at the past 12 to 18 months of the market here, you’ll definitely see it slowing down, but there aren’t any sudden drops or any signs that one is just about to happen.

Plenty of Good News

Keep in mind, too, that this slowdown may actually be a good example of developers and investors reacting to the market instead of recklessly pressing forward. That’s how an actual bust could happen.

Instead, shelving certain projects may have had the intended effect of correcting the market’s over-enthusiasm for more condos.

Consider, for example, that 85% of condos currently under construction in the Greater Downtown area of Miami are slated to be finished in 2016 and are already sold.

Furthermore, 7,200 units that are under construction will be delivered over the course of the next three years. In 2006, before an actual bust really did occur, that number was 18,500. Click HERE to view Pre-construction condos in Miami

Over 80% of the condo sales that went through over the past three years were purchased entirely with cash. This speaks to the foreign interest that exists in buying condos here. However, this also means that there won’t be any foreclosures resulting in empty condos long after they’ve been taken off the market.

For his part, Graziano doesn’t see a bust waiting on the horizon. He did, however, advise people to exercise caution and carry out due diligence where new deals are concerned. This is good advice to take no matter what the market is doing.

Until more buyers enter the market, you can probably expect the slowdown to continue throughout Miami, but that’s hardly the same thing as ushering in the crash of an entire industry.

Art Dealer Larry Gagosian Buys Faena House Unit for $13M

By Sunny Isles Real Estate Expert on May 5th, 2016

Faena Condos For Sale

If you’re remotely familiar with Miami Beach real estate, Faena House needs no introduction. The luxurious condo complex is one of the nicest in the city. The closest thing you can get to an objective ruling on this happened in September of last year when a penthouse went for $60 million, a new Miami record. While the previous record for a condo in Miami-Dade County was $3,342 per square foot, this transaction beat it handily with $4,794. See all available Faena condos for sale HERE.

Therefore, to learn that art dealer Larry Gagosian recently purchased a condo in the building for $12.995 million is suddenly a lot easier to believe. Still, let’s take a look at the details.

Gagosian

For those who aren’t familiar with the man, Larry Gagosian is an Armenian American art dealer and collector. He owns the Gagosian Gallery art galleries which enjoy an international presence. You can find them here in the U.S., but also in Paris, London, Athens, Rome, Hong Kong and Geneva.

The Unit

Gagosian will be laying his head down in unit PH-C of the 18-story Faena House according to Miami-Dade County records. The unit—one of 42 in the entire building—has four bedrooms and six-and-a-half bathrooms.

It’s 4,730 square feet, so Gagosian dropped roughly $2,747 per square foot. He also got a beautiful terrace to take in the view. That’s another 1,516 square feet.

Other Occupants

The new resident will be in good company. As we mentioned above, the building is notable for having the most expensive unit—per square foot—in the entire county, which is saying a lot.
Ken Griffin, a hedge fund manager and billionaire, is the owner of that unit. Still, with an annual salary that’s believed to be about $1.7 billion, the amount actually wasn’t that much (you can bet he owns other properties too).

In fact, Griffin shocked people a second time when he put the penthouse—and another unit in the building he owned—right back on the market. He paid $60 million for both and then listed them for $73 million.

Other extremely wealthy neighbors Gagosian will be seeing in the lobby include British billionaire, industrialist and philanthropist Alex Blavatnik. Lloyd Blankfein, the Chairman and CEO of Goldman Sachs lives there too.

Craig Effron—another hedge fund manager—is also a resident, as well as Mark Rachesky, Chuck Khubani and Jose Fanjul Jr.

If you’re feeling left out, don’t worry. The developer, Alan Faena, has plans to build three more oceanfront towers packed with luxurious condos just like the ones Larry Gagosian bought. Right now, the address for the initial one is 3315 Collins Avenue if you want to get an idea about what $13 million can purchase.

Whether or not Gagosian actually stays in Faena House or if he’s simply another investor will take some time to find out. However, if Griffin’s confidence is anything to go by, the luxurious tower may represent a real money-making opportunity. Worst case scenario, you have a beautiful home in one of the most sought-after buildings in one of the most sought-after markets in the entire world.

Tips to Avoid the All-new LLC Disclosure Law

By Sunny Isles Real Estate Expert on April 15th, 2016

Miami Beach condos for sale

Thanks to the new federal disclosure requirements, which go into full effect in March, Manhattan and Miami luxury real estate (click here to view site) buyers are going to be thrust into the spotlight.

No longer is anonymity the name of the game, with this new requirement, these high-end buyers are going to have the shield of a limited liability corporation taken away. While this will not result in the complete end of anonymous buyers, it is going to limit their “hiding” quite a bit.

This new requirement is an effort that has been put forth to try and uncover any illicit funds that are being laundered through luxury real estate in New York and Miami. According to the U.S. Treasury, cash purchases made in Manhattan and Miami through shell companies are going to be tracked and will apply to deals that are $3 million and more in New York and $1 million and more in Miami. This means that title insurance companies will be required to disclose the identity of the buyer to the government regulators.

Some strategies that buyers can use to help overcome these new requirements can be found here. While they are not ideal for everyone, they can provide some effective steps in avoiding this new tracking requirement.

Utilize a Straw Buyer

Buyers can set up a “nominee agreement,” with their chauffeur, where the chauffeur is being named the owner of the LLC that is purchasing the upscale condo. Once complete, the buyer is able to purchase the LLC, rather than the condo, from the chauffer. This means the transaction is not on the books.

Set Up a Non-LLC, Partnership or Trust

While each member of an LLC has to be identified, there are other legal entities that only have to disclose an owner that holds over 25 percent of total ownership. If the shell company has 100 shares that are divided equally among 10 different people, they are able to remain anonymous.

Purchase Via Wire Transfer

The government regulators are only tracking buyers who are paying by certified bank check or cash. If you pay with a wire transfer, all this can be avoided. However, there are some tight banking regulations that will require the customer be identified, as part of the “Know Your Customer” requirement.

Opt Out of the Title Insurance

There is really no comparison to a $1 million lawsuit when you have just purchased a multi-million dollar condo. While this is a rare occurrence, buyers can opt out of the title insurance completely.

Wait about Six Months

This new requirement will be effective starting March 1st and will expire on August 27th. If you are really nervous, just wait six months to make the purchase.

Buy Commercial

While this may seem obvious, the fact is, the current order only applies to the residential purchases made in Manhattan and Miami. All commercial purchases have been excluded, which means that buyers are able to purchase properties for investment while retaining a relative amount of anonymity.

For more information on luxury condos in Miami Beach for sale please contact One Sotheby’s International Realty office at (305) 336-0457.

The Real Estate Cycle in Miami for 2016

By Sunny Isles Real Estate Expert on April 5th, 2016

Miami Beach condos for sale

Even though there is quite a bit of confidence among developers in Miami that the real estate market will not face much of a downturn during 2016, there are some experts who are still cautioning that the sales are going to continue to fall. This may result in some type of mild recession when December rolls around.

Prices are likely going to continue to go up – (see Miami Beach prices for condos for sale) and appreciate during the first portion of the year; however, at a rate that is much lower than usual. During the last portion of the fiscal year, the prices will likely flatten, due to an increase in inventory, as well as a slower demand from the buyers in Miami.

The Selling Trends in Miami

According to Ugo Colombo, the CEO of the CMC Group, when condo sales begin to move slower, it is a sign of a real estate market that is healthy. He also stated that this means that the market is able to level off at rates that make the progression sustainable. There is no realistic way to continue to sell 100 units each month. Currently, a healthy balance is present in the market regarding supply and demand.

Since the middle portion of 2014, the increase of foreign buyers helped to impact the condo boom. This began directly after the recession in 2008 but has now has begun to taper off because of the reduced value of foreign currency compared to the value of the U.S. dollar. However, Colombo stated that the real estate market in South Florida has gotten so diverse that it is able to successfully weather the economic issues in countries where a number of developers cull their buyers.

Foreign Investments Increasing

There are a number of people from the Middle East, Asia and Europe who are interested in buying who are new to the area, having never made a purchase in the past. The Brickell Flatiron condo project is also beginning to experience more steady sales from buyers that hail from the Caribbean, Mexico, Colombia and even domestic markets, such as New York.

The Melo Group’s Carlos Melo, which has currently developed condo and apartment projects in the Edgewater area, as well as the Arts & Entertainment District stated that there will be a consolidation seen in the South Florida real estate market for 2016.

Is an Overextension in the SoFla Condo Market Coming?

The most recent statistics that are available have indicated that the condo market in South Florida is starting to see the struggle associated with overextension. According to the report from the Association of Miami Realtors, there was a total of 14,770 condo transactions throughout November, which was down from the 17,142 that were seen in the same period the previous year.

With the sales slowing down, the total number of condo buildings that are planned or being constructed has continued to increase. There are plenty of condo towers being built currently and a number that are still in the planning and proposal phase, which means that they are likely to be developed and completed in the next few years.

Home Sales in Miami Breaking Records for 5th Year in a Row

By Sunny Isles Real Estate Expert on March 28th, 2016

Miami Beach homes for sale

Before December, the area of Miami was on track to break the all-time home sales record with almost 13,000 homes sold. For the past five years, the Miami-Dade area has put up a home sales record that it continues to beat, year after year.

When you take a look at the sales figures that were posted in November, there is no question that this area is on track to do it, yet again.

In the previous month alone (November) the Miami-Dade area saw a total of 907 single family homes sold – see website for recent Miami home sales. This brings the total for the year to an impressive 12,857 – just through the month of November.

Setting New Records

The record for the 2014 calendar year was 13,521, which means that it will not be impossible to reach and overcome. This actually equated to 21 homes sold each day, or one home per hour for the entire month of December.

This impressive sale momentum is not going to end anytime soon, either. This trend is expected to continue moving strong well into 2016, with more developments being offered and more homes coming available.

Also, the median sales price for the single family homes in the Miami-Dade area were $274,900 back in November, which was up a total of 12.2 percent from the previous year. For the condos, the prices increased by to an average cost of $203,000, which represents a seven percent increase when compared to the same period in the previous year.

Declines in some Real Estate Sectors

Even though they are nearing the record, the residential market for the Miami-Dade County is still seeing some declines. For example, the sales that were posted for November by the Miami Association of Realtors was down by 6.7 percent when compared to the year over year numbers for the single family homes in the area. However, the number of new listings being sold is still going up. In fact, the total number of new listed single family dwellings that were listed during November was up by 3.5 percent to 1,785 from the previous year’s listings from November of 1,725.

The Thriving Condo Market

However, there is another side. The condo market in Miami-Dade has sped up in the previous months and the sales are going up with more units available than ever before. The sales for the current condos for the month of November increased by 1.9 percent from last year and jumped from just 1,077 total closings to a total of 1,097 closings this year.

There is no question that the number of new listings for condos in the Miami-Dade area is going to continue to increase. There are at least 11 projects in the planning or construction phases, which equates to almost 4,000 new units, coming in the next five to 10 years. While the increase in condos from the previous month was only 12.2 percent, this is a trend that is going to continue for the foreseeable future. While these condos are coming in quickly, they are also highly sought after, which is helping to strengthen the economy.

Wealthy Brazilians Flocking to Miami Real Estate but Local Economy not Benefiting

By Sunny Isles Real Estate Expert on March 20th, 2016

South Beach real estate

There are many wealthy Brazilians that are attempting to escape an unstable economy at home by investing in an area they deem as safe: South Florida.

Many other people are doing this, as well, including the French, Turks, Venezuelans, Mexicans, Colombians and Argentinians – virtually anyone who has a bit of money to shelter are taking a direct flight to Miami.

The influx of cash has worked to drive the latest change in the ever-evolving transformation of Miami. No longer a 19th-century rail stop, but instead, a retiree and tourist hub that is also considered a haven for Cuban refugees and a harbor for global investors, the Miami lifestyle has changed drastically. The fact is, there is no skyline in the US that has experienced a more dramatic change due to foreign investment in the past 10 years than Miami. What was once empty, worn-down lots are now filled with swanky retail shops and Miami luxury condo towers. Developers have no expectations that this high demand will end anytime soon.

The Problem for Miami Residents

However, the Miami people as a whole have not really benefited from all this glitz and the influx of money. Since the area is catering to wealthy investors from all over the world, they often jet off, which means there are a number of highly visible investments but not the broader income gains that would benefit the majority of residents.

The fact is, wages have actually fallen for workers in Miami in the previous year. The unemployment rate is over the national average. The Miami area has the largest number of renters in the country who have devoted more than 30 percent of their total pay for housing, which is a level that the government sees as “burdensome.” According to data from the census bureau, high rents are a burden to 66 percent of tenants in Miami, compared to 52 percent around the nation.

The benefits of this income are not being seen in the local economy. Due to the higher rent costs, local businesses are being impacted and the number of opportunities to offer year-round housing for workers is being minimized. Instead of staying, they are moving out.

While it is easy to access and considered a glamorous locale, Miami real estate is offering an asset that is appreciating during a time when other types of investments have been reduced or turned volatile.

The Growing Construction Projects

There are no less than 126 residential towers that are planned for construction in the South Florida area. One of the signs that indicate the influx of wealth from around the world is that most foreign purchases are being funded with cash, rather than debt.

In the previous year, people from around the world spent $6.1 million in real estate in Miami, which accounts for 36 percent of the total investments in real estate in Miami.

Miami is also an appealing destination for investors from around the world due to the lower tax rate that is present. While this is leading to more development, the local economy has yet to see the benefit, which could prove troublesome in the near future.

CLICK HERE to check out Miami Beach real estate properties for sale