Miami’s status as one of the country’s most popular real estate hotbeds is well known to most people. From its numerous beachfront condos to its luxury communities celebrities, well-known public figures, and foreign investors continue to choose Miami and its neighbors like Miami Beach as the place to call home or a lucrative investment.
A recent report by Christie’s shows that Miami inched its way up among the top luxury properties in the world last year to seventh place after placing ninth back in 2013 and 2014. Miami’s placement was helped by the $55 million Faena House penthouse sale in Miami Beach, resulting in a record sale. The sale was largely responsible for offsetting overseas and cash buyer declines.
The term ‘luxury’ tends to carry a different meaning around the world in terms of what falls under the category of luxury. For example, Miami homes that cost at least $2 million are considered luxury homes while that number jumps to $5 million in New York, $7 million in Los Angeles and London, and $10 million in Monaco.
With the number of upcoming projects set to be built in Miami by the end of 2016, there’s a good chance the city will remain firmly within the top ten.
This update is brought to you by Miami Beach waterfront rentals, spearheaded by Miami Beach real estate agent and broker Julian Johnston. We provide information on homes and condos throughout the barrier island including the Miami Beach Islands, and you can easily customize your rental search by price and the dates you’ll be staying. Call 786-408-0322 for more information on rental properties in Miami Beach and beyond.