Luxury Real Estate
Over the past year Russia’s ruble lost 46 percent of its value against the US dollar, which is causing anxiety among South Florida luxury real estate developers who were banking heavily on foreign buyers to fill vacancies during the planning process. During the past few weeks these expected international investors were hit with even more troublesome news when central bank mishaps in Western Europe caused the value of the euro to nosedive, prompting Standard & Poor rating agency to demote Russia’s foreign-currency sovereign credit ranking even further. Now, as construction gets underway here in South Florida the anticipated Russian buyers are suffering financial woes that may cause them to tighten their purse strings, leaving these luxury real estate developers wondering who will pick up the slack once these buildings are complete. This recent recession across the Atlantic has caused a lot of stress to developers in South Florida, who had been banking Russian investors to be eager to purchase these extravagant condos given the recent international appeal of Miami. With Russia’s market now on the decline the focus has shifted to other parts of the world in search of foreign buyers who are faring a bit better economically. Given both the geographic proximity and the mounting appeal of Miami as a business center it would not be at all surprising if these clients ended up being from South and Central America, particularly due to the rising interest in South Florida’s luxury real estate.
Western Europe’s economic troubles are not likely to affect the sale of these condominiums in a major way, however, given the massive influx in demand both internationally and within the US. South Florida luxury real estate has been a hot ticket item recently, with properties selling quickly and often close to the original list price. Now is the time to invest, so if you are interested in Miami luxury real estate then don’t hesitate and contact a RE/MAX agent today!