There is no denying that Miami has some amazing luxury real estate. Amazing views, spacious areas, and desirable amenities give these homes the luxurious, sought after feel. Recently, Christie’s International Real Estate gave a list of the world’s top luxury real estate market. After 2015, Miami received its highest ranking yet. According to Christie’s, the Miami luxury real estate market is the seventh best in the world, in front of both Paris and San Francisco.
According to the Miami New Times, Christie’s uses a “luxury index” to make their list. The factors contributing include average luxury price per square foot, the total number of real estate sales made over $1 million, the percentage of total listings over $1 million, the average home price, the percentage of international and non-local buyers, recent market record sale price, and percentage of secondary homes.
Miami clearly does well in many of those categories. However recently, one single giant sale really helped Miami rank higher. The purchase was the 13th most expensive residential real estate purchase in the world last year.
“Miami achieved a local record sale ($55 million for a new-build penthouse), which offset declines in overseas and cash buyers, ensuring a solid performance in the Luxury Index,” reports Christies according to the Miami New Times article.
While Miami luxury real estate will always be top-notch, the city’s ranking might go down next year.
“New luxury stock and slowing buyer demand evidenced in late 2015 and early 2016 however, is likely to move it down in next year’s rankings,” finds the report.
However, the quality of Miami real estate will never dwindle. At RE/MAX Paradise, we can help you find your dream home in many luxury buildings in the city. For example, 1000 Museum, will be incredibly stunning and unique.
Of course, Miami is an amazing place for all types of residential homes, whether they be luxury or not, and we have a variety of diverse, beautiful homes.