Miami is a gold-digger's favorite spot, so to speak. Others even dubbed it as the "home of the fabulously beautiful and fabulously wealthy."
In fact, many foreign buyers, anonymous or not, have invested in Miami's real estate for years, as per The Real Deal. This is true as high-caliber architects like Zaha Hadid, Rafael Viñoly, and Renzo Piano themselves see the Miami property game, contributing into making the city's skyline a home to postmodern towers. For example, in Miami, there are mansions priced at more than $20 million, spec houses with wild extras, and condos with private rooftop pools.
According to RealtyTrac, South Florida's real estate deals have made 114,002 single-family home and condo sales, a hit record in 2015. Oren Alexander of Douglas Elliman, luxury real estate broker, who's also known for listing high-end properties in New York and Miami, even said via Business Insider that South Florida is a buyer's market.
"There's no bigger transfer of wealth than from New York to Miami right now. Market fluctuations don't change the fact that for many, the convenience and benefits of the Miami area just can't be beat," Alexander said.
Moreover, the continued development and constant sales in the city are brought about by celebrities and hedge funders who have been always interested to invest a property, TRD added.
The properties in this stretch of Florida coast are indeed high-end, ranging from luxury condo developments to celebrity-owned properties; namely, Ritz-Carlton Residences, 52-story tower, the Residences by Armani Casa, a 60-floor tower, 252 Bal Bay Drive, an independent residence, 87 Park, an oceanfront condo complex, and Pine Tree House, a brand-new spec home with a two-story water slide attached to the house, among others.
Meanwhile, speculations about softening markets in New York and Miami have spread out. According to Realty Fact, a slower influx of foreign capital has taken place. Stricter regulations on all-cash purchases, including the anonymous ones which are mostly done by foreign investors, have been neutralized, even monitored thoroughly, which might affect the cities' boom anytime soon.
