Miami Beach is so much more than a tourist destination with great beaches and an active nightlife. Anyone who lives in a Miami Beach condo can tell you that this buzzing little island offers a unique lifestyle. Miami as a whole is such an important global city for so many reasons. In fact, Miami recently ranked as the seventh top global city for wealthy people based on economic activity, quality of life, political influence and power, and its number of ultra-high net worth individuals. Miami even edged out Paris, Beijing, and Dubai. New York was the only other city in the United States to make the list of top ten, coming in at number two after London.
This ranking certainly explains why South Florida’s luxury real estate market has been so hot lately. Many of Miami’s second home buyers are wealthy investors from abroad looking for a luxury vacation home and seeking to add prime beach real estate to their investment portfolios. Most luxury properties offer impressive waterfront views, expansive indoor and outdoor living space, and amazing amenities, reminiscent of a resort. There are still luxury condo projects sprouting up all along the coastline with most investors putting down deposits of fifty percent or more to snatch up one of these gems, and the current buyers are primarily paying with cash. Although many of these high-end condos have pretty hefty price tags, the prices are still quite a bargain when compared to real estate in the top two cities, London and New York. Bienvenido a Miami!