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 isn’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 that still has 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 earnest money and that’s where the EB-5 visas come in. Foreign entrepreneurs who invest a minimum of $500,000 in a U.S. project that will create at least 10 long-term jobs can receive a visa and green card as long as the project becomes successful. Not only does pre-purchasing a condo before a building is built count as investing in the project, but it also helps secure construction financing for the remainder of the cost since the developer can show the bank a certain percentage of the units already have a buyer.

 

 

from BRG International - Feed https://ift.tt/2ULB6G7
via Beyond Realty Group