Multi-millionaires from all over the world have recently set their sights on Miami as the new, hot city for the rich and famous, which means big business for the Miami luxury real estate market here in South Florida. This is not necessarily a new phenomena, there has long since been a correlation between Miami and extravagance, however recent events such as Art Basel have helped to reinvent the city as no longer just a quiet place to escape to during the cold, winter months. According to billionaire businessman Richard LeFrak, who himself owns a Miami Beach condo, “Art Basel had a tremendous influence on bringing very high net-worth people to Miami Beach, people who probably remember Miami Beach as where their grandmothers went. They realized the city had become somewhat different. And as a result, they had fun for three days, liked the beach, liked the restaurants, and saw that there is an art scene. And it’s America- if you need a cardiologist, you can get it. The best description is it’s an exotic city in a first world country.” This newfound allure of the city as a cultural hotspot has drawn the likes of LeFrak to invest in South Florida property, which then in turn has served to boost the area’s appeal and further rejuvenate its growing economy. The effect has been an elevation in the standard of living in Miami, as the city attracts more and more of the rich and famous, which in turn has had a predictably profitable influence on the Miami luxury real estate market.
Miami Luxury Real Estate Market
With Miami quickly becoming synonymous for more than just beautiful beaches, the demand for Miami luxury Real Estate has risen dramatically. People are flocking to the area and expecting accommodations on par with their extravagant lifestyles, meaning that listings are selling furiously, often before construction of the building has even been completed. If you are interested in the Miami luxury real estate market here in South Florida, then don’t hesitate and contact a RE/MAX agent today!