Luxury homes fuel Miami’s latest real estate boom

Miami, April 8 (IANS/EFE) Miami is entering a new real estate “boom”, fed mainly by the investments of Latin Americans which have transformed the face of the city and, with its luxury homes, become one of its greatest draws.

Miami and its surroundings, according to the latest report on the luxury real estate market by Christie’s, in 2012 burst into the group of the world’s main markets of this type, thanks to the general recovery in demand and low prices.

“The foreign buyers have been buying luxury properties in Miami as a result of the uncertainty about their currencies, which often have become devalued with respect to the dollar,” Ron Shuffield, of Esslinger Wooten Maxwell Realtors, said.

Christie’s, however, calculates that 55 percent of the luxury real estate purchases made between October 2011 and September 2012, inclusive, were made by Miami residents and were investments in primary residences, many of them in relatively central parts of the city.

“I’ve never been a supporter of people moving farther and farther from the city. I think they should get back to the downtown area so that they can do everything by walking, like in Chicago, New York and London,” developer Jorge Perez said.

Perez, the president of The Related Group, said in an interview with EFE that his company has a key responsibility for the design that is beginning to characterize Miami, thanks to the many huge apartment buildings where the penthouses are normally luxuriously appointed and designed for wealthy owners who want privacy and good views, but in central parts of the city.

“We’re getting there: A good bit of density has been created in the last 10 years. Before, on the street, you saw two or three taxis, and now you see a lot and the urban transport service is developing and improving,” Perez said.

Calculations are that Miami at the end of last year had more than 2,000 residences with prices above $1 million, half of what New York has despite the fact that the population of the Miami metropolitan area does not have even one quarter the people of the Big Apple.



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