Cote d’Azur, Hong Kong, Paris… Miami. Those are a few of the cities on the latest Christie’s International Real Estate report listing the world’s best luxury locales. And with values climbing and major closings happening every week, South Florida is looking like a bargain for ultra-rich investors.
Here’s an example. The price for one square foot of luxury property in Miami was $850 in 2021, according to Josh Stein. In London, the highest-priced city, a single square foot of comparable property will cost you $4,683. Toss in the beaches and constantly perfect weather, and it’s easy to see why Miami waterfront home is a steal.
“The buyers who buy these Miami luxury homes and listings can afford to live anywhere in the world,” says Josh Stein. “But as an investment and as a lifestyle choice, the choice to buy in Miami is obvious.”
World’s Deepest Pockets Plunking Millions in Miami Luxury Real Estate
The world’s richest people know where to put their money: Miami, Florida. These days, South Florida’s booming luxury RE market is a safer bet for foreign billionaires than cash or equities in weaker economies. An investment firm CEO, told Bloomberg News that there’s been “huge growth at the high end Miami luxury homes for sale” in South Florida.
Recent monster deals bear out the trend. A massive 18,000 Sq.Ft. waterfront home on Star Island that was listed for $42 million, just found a buyer and closed for $39 million. This sale sets the record for one of the highest price ever paid for a home in Miami Beach.
Another massive Miami sale was the penthouse at Continuum in South Beach, which sold for $35 million in April 2021. The penthouse has more than 11,000 square feet of interior and exterior space on two stories, a massive terrace that wraps around the condo, and a private pool on the roof.
“The average citizens in the U.S. are looking at this stuff like it’s happening on another planet,” said a luxury appraiser. Well, not quite. Just Miami.
Sales just started on the tallest new residential condo to hit Downtown Miami, FL in the current building boom. Rising more than 1,000 feet, the 100-story Waldorf Astoria Miami Hotel and Residences, designed by the world-famous architect Carlos Ott, is going to forever change the Miami skyline when construction is complete in 2025, according to new renderings and details posted on Josh’s website.
The bayfront tower also boasts a 5-star hotel operated by Waldorf Astoria and will feature all of the latest residential technology and luxury services. The building will feature condos ranging from studios to 4 bedrooms and prices start at around $1 million.
How Far Does $1M Go In Miami Beach Now?
I’m from Cleveland, Ohio, where you can buy a beautiful, historic mansion in the most exclusive neighborhood for around $700,000. I’m talking about five bedrooms, five bathrooms, and over 5,000 square feet on sprawling acreage in the best part of the city.
But how far can that kind of money go in Miami Beach, FL? You may need to sacrifice a couple of bedrooms, but there are still great deals are out there.
A few weeks ago, some clients visited from Canada who planned to move here full time. So everything was important to them: size, neighborhood, schools. We looked at everything available for under $1 million, including condos and a few single-family homes.
Of everything we saw, a few of the best deals I found was a 2 bedroom condo at Mosaic in Miami Beach. Here, you can get a really nice oceanfront two bedroom/ two bath condo with ocean views and great amenities for about $999,000.
And among single-family homes for sale, we found a fully renovated house with an asking price of $985,000. It was beautiful — with a pool, tropical landscaping, and three bedrooms. It was located on Alton Road and in a great neighborhood and nearly perfect in every way. In fact, I could see myself living there. Unfortunately, this house has already been sold, but there are others available for sale.
Josh Stein is a Miami Beach Realtor with 20 years of experience selling luxury properties throughout South Florida. As a Miami Beach agent, Josh has sold properties in some of the best buildings in Miami. He works with both buyers and sellers and is a great source of information available to his clients.
Is Miami Real Estate a Good Investment?
Miami, FL real estate has proven to be a good investment year after year due in part to the city’s great weather and beautiful beaches. As is everywhere, real estate is all about location. Recent information shows that Miami Beach luxury homes and condos have seen record price appreciation in 2020 and 2021.
What is The Most Expensive House in Miami?
The most expensive luxury home in Miami is located in Coral Gables with an asking price of $54,900,000. The Miami luxury home features 8 bedrooms, 8 bathrooms, and nearly 20,000 Sq.Ft. of interior living space. Other most expensive Miami luxury homes for sale including a $35 million luxury home on Pine Tree Drive in Miami Beach, FL.
Why is Miami Real Estate So Expensive?
Real estate in Miami, FL is less expensive than other world-class cities, however, Miami Beach luxury homes are quite expensive, due to the cost of land and scarcity of prime locations. In Miami Dade County, Miami Beach, FL, Fisher Island and Coral Gables, FL boasts some of the most expensive property listings with large estates and spectacular Miami luxury homes for sale in the United States.
Are Real Estate Prices Going Down in Miami?
Real estate prices in Miami are not going down, however, there are always exceptions to the rule. Prime Miami luxury locations such as Miami Beach, FL, Bal Harbour, and Sunny Isles Beach have seen record breaking sales the past 6 months. However, in less popular parts of Miami prices have fallen, due to lack of job growth and rising living costs. Property types, neighborhoods, and the area all play a major role in real estate listings prices.