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Ultra Wealthy Foreign Buyers Looking to Scoop Up Luxury Real Estate in South Florida

February 8, 2018

According to a report from Beauchamp Estates in association with Leslie J. Garfield & Co., ultra-wealthy international buyers are looking to buy luxury real estate in the United States; particularly in South Florida, New York and Los Angeles. According to the managing director at Beauchamp Estates, Gary Hersham, "Miami is a leading hub for overseas buyers investing in U.S. luxury real estate." Miami is a very popular destination for wealthy buyers from South America (Columbia, Brazil, Argentina), Great Britian and the Philippines.

So, why are so many high-net-worth individuals looking to own in South Florida? For anyone wh already lives there, the answers are clear. Life on the water is the perfect Miami experience. Waterfront and oceanfront properties command a substantial premium. Many locations up and down the South Florida coastline offer ultra-prime real estate, along with gorgeous sunshine, inviting seabreezes and the glamour that has come to epitomise this destination. Island locations, such as Fisher Island offer high levels of seclusion for those wealthy individuals seeking privacy, and cities like Miami Beach, Bal Harbour, Sunny Isles, Fort Lauderdale, Boca Raton, and Palm Beach (to name a few) are highly sought-after locales for those looking for the best in Sough Florida waterfront living.

According to the US Ultra Prime Real Estate report released last month, 26 percent of ultra-luxury properties in the United States sold to foreigners were in Miami. By comparison, Los Angeles came in second placewith 9 percent sales, and Manhattan ranked third with 3 percent. These buyers are overwhelmingly paying in cash too. Approximately 95% of all ultra-prime real estate here is purchased in cash. Thinking about selling? Award-winning broker, Niki Higgins is a certified Douglas Elliman/Knight Frank International agent and can place your home in front of a vast local and International network of potential buyers. Contact us today.

Source: Curbed Miami

 

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