Mega-Rich Foreigners Bring the Heat to Miami's Luxury Condo Market


Here, Hertzberg said buyers are looking for prime marquee addresses, unbelievable views and a little style in extravagant turn-key condos.

"We see that often people come in and they just bring their toothbrush," Hertzberg said.

These homes are stocked with hand-crafted spiral staircases, infinity pools, German marble and French faucet handles. Hertzberg said one three-floor, three-bedroom, furnished condo overlooking the Atlantic in the southern tip of Miami Beach listed at $19.5 million was considered a "really good value."

So is this just a repeat of what happened during the 2008 housing crash, only on an accelerated level? Jonathan Miller, the president and CEO of Miller Samuel, a real estate appraising and consulting firm, said that's not the case because luxury condos only make up a "tiny sliver" of the entire housing market.

"It's a fraction of a percent and it's disconnected from the market in general," he said. "Any time you have a pick-up in activity in real estate, you're influencing the local economy, from goods and services to taxes being paid, it's a win for the local economy."

  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
You Might Also Like...