Miami Luxury Prices Soar as Billionaires Move In
RE investors are building more $50M-plus condos in S. Fla. as demand grows from an uptick of rich Americans who are relocating to be close to other rich Americans.
MIAMI – Condo prices in and around Miami are climbing into the atmosphere, as the area welcomes a parade of new full-time residents with billion-dollar pockets. The migration trend, which has brought Amazon founder Jeff Bezos and other high-profile names to South Florida, promises to elevate the local condo market to new heights.
A niche for $50 million-plus units appears to be taking shape, with one Brickell penthouse asking $60 million, and another in Miami Beach hoping to fetch $54.5 million. One on Fisher Island, listed at $90 million, is under contract – although the sale price has not been disclosed – and several more luxury buildings are in the pipeline.
“There is more demand for that type of inventory than one would think,” suggests Alicia Cervera Lamadrid of Cervera Real Estate, which has the $60 million Brickell listing.
Douglas Elliman broker Miltiadis Kastanis even thinks it possible for condo prices to approach $100 million in the next couple of years.
The prospect is not too far-fetched for real estate agent Melissa Hoff of Compass.
“People are continuing to move to South Florida in record numbers, and there have been lots of celebrities and ultra-wealthy people wanting to call South Florida home,” she says. “I expect that we’re going to see a lot more of this in the future.”
Source: Wall Street Journal (11/08/23) Paynter, Sarah
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