The ‘Sunshine State’ has long attracted buyers from all over the world with the jewel in the crown inevitably being sophisticated Miami. In recent years, its real estate market has propelled the city into the most in-demand and exclusive destination for luxury buyers as it continues to attract billionaire buyers from across the globe. Demand is high but, there is one limitation to Miami’s rising skyline, oceanfront land is scarce which potentially limits future development. Realtors BRG International sells high-end homes in Southern Florida’s choicest spots such as Brickell, Coconut Grove and Sunny Isles but CEO Matias Alem fears a dearth of future prime development. He explains,
“The lack of vacant parcels to build in prime coastline areas, illustrates the demand for waterfront, and more specifically oceanfront property in Miami and what wealthy buyers will have to pay for a premier location, and exclusivity.”
Silvio Pagliani, president of LuxuryEstate.com says that 35% of searches are for Miami, followed by 12% for Coral Gables and 9% for Fort Lauderdale.
“Investors from all over the world are drawn to Florida’s warm weather and relaxed lifestyle,”
he says. Inventory is becoming scarce but, according to the National Association of Realtors, last year’s dollar volume of international sales in Florida was $23.7 billion. Prime real estate buyers included Canadians, Chinese buyers, and Europeans, mainly attracted to waterside condos in areas such as Bal Harbour, Sunny Isles and South Beach.
Miami has firmly positioned itself as a ‘safe haven’ for HNWIs, currently ranked as 7th top global city according to the Wealth Report, and strengthening its position as an economic powerhouse. After New York, Miami is the nation’s second leading financial centre and it also ranks as the third most visited US destination and most popular city for international buyers. But it’s not all business. Miami has also grown a reputation for a thriving communications, cultural and art appeal that is widely becoming a distinctive part of an affluent aspirational lifestyle. Along with numerous music, film, fashion and entertainment events, Art Basel Miami Beach, is a record-breaking multi-billion dollar fair attracting the artistic community and cash-buying power and influence of wealthy foreigners who flock to the city for the yearly event. Artistic influences And lovers of fine art can’t fail to be attracted by the newest development in one of the city’s most prime spots. Oceana Bal Harbour’s sleek 28-storey glass tower runs parallel to the Atlantic coast, with unobstructed views of Biscayne Bay on one side and the crystal blue seas of the Atlantic on the other. With vistas of infamous Miami Beach and the luscious Oleta River State Park, the development sits on 5.53 acres, with 400 metres of pristine beach directly on its doorstep. Residents will enjoy an abundance of luxury amenities that include underground parking, a private poolside restaurant, lap pool and leisure pools, cinema, outdoor Jacuzzis, a playroom, a fitness centre and spa, 24-hour concierge services, two tennis courts plus wine cellar. Tony Imbesi of developers Consultatio says that facilities are first-class but the scarcity of plots like this is the main appeal.
“It’s the last site in Bal Harbour and is a very social project with an extremely special location.”
Oceana Bal Harbour has tapped into Miami’s creative link with the installation of two Jeff Koons’ sculptures ‘Pluto and Proserpina’ and ‘Ballerina’ set between two pools on the building’s east side. In 2013 Koons became the most valued living American artist after one of his infamous ‘Balloon Dogs’ sold for $58.4 million. The building’s contemporary take on the Art Deco architecture – now synonymous with the skyline of downtown Miami – helps it to blend into its surroundings thanks to architect, Bernardo Fort-Brescia. Almost 70% of the development has already sold to a mix of nationalities including British and European buyers.
“Most of our buyers so far have been from New York,”
explains Mr Imbesi,
“but we anticipate strong interest from British buyers which is why we’ve come to the UK to launch the penthouses.”
BRG’s Matias Alum agrees,
“It’s a good opportunity for the British market who have an understanding about Florida’s real estate. This is the best location in Miami.”
Infrastructure improvements too are adding to the Sunshine State’s appeal. Thanks to the expansion of the Panama Canal, the Port of Miami will be able to accommodate colossal mega-ships, solidifying its position as the cruise capital of the world. Now is a great time to invest in the state says The Foremost Currency Group’s Alastair Archbold.
“Property prices in Florida have been steadily rising for the last three years and we have seen an increase in clients purchasing US Dollars to invest there. However, while exchange rates remain above $1.50 to the Pound for the moment, the rate has been steadily dropping over the last three months. It’s expected that this trend will continue as it’s expected that the US Federal Reserve will start raising interest rates, and that’s making the USD more expensive to purchase.”
Foreign Currency Direct’s Josh Privett believes that growing demand from international buyers reflects how well the US is recovering relative to other economies.
“They are seen as safe, long-term investments once more, but the other effect of a robust US economy is an expensive Dollar to purchase in order to complete on a property,”
says Mr Privett, offering this advice for this year.
“The US is in a very strong position at the moment, but seems set to stagnate or wane, presenting fantastic opportunities for buyers as the year progresses. With favour set to finally shift towards Dollar buyers during 2016, a well-timed transfer could save you five figure sums depending on the volume of your US Dollar purchase.”
Villa Tranquilla, Palm Bay
Built in 1923 and completely refurbished in 2013, this villa includes eight bedrooms providing spacious accommodation while the well-proportioned reception areas feature high ceilings and large windows. Multiple terraces offer uninterrupted views of the ocean while a large swimming pool is positioned at the centre of a classic styled courtyard.
£28m / €38.6m / $42m Sotheby’s International Realty +1 973 407 8010
The Portofino Penthouse, Miami Beach
This state-of-the-art sky home covers nearly 6,000 square feet and includes five bathrooms and four bedrooms over three levels. It also has two parking spaces, a rooftop pool, private elevator, security system and floor to ceiling height windows. Every finish, fixture, appliance and electronic system is custom and brand new. Soaring high above, this residence offers exceptional 360 degree views of the ocean, South Beach and Miami skyline.
£12.64m / €9.17m / $13.75m ONE Sotheby’s International Realty +1 877 630 8155
Boca Raton, Palm Beach
This gated estate is one of the area’s largest and most extravagant deepwater properties. Spanning around 430 feet of waterfront, its shoreline has spectacular south, east and north views of the Intracoastal Waterway. It includes a fully powered and equipped marble dock capable of accommodating various mega yachts. Architecturally designed, the property’s 17,032 square feet provides distinctive and elegant living and entertaining. It includes an elegant formal dining room that easily seats 18, a grand living room, full bar, floating family room and billiard lounge area along with a state-of-the-art home theatre. The bedrooms include a grand master suite with water views, sitting room and huge wrap around terrace, plus four large en suite bedrooms with private terraces. The property also has a fully equipped fitness centre and two garages for up to eight vehicles. It is being sold fully furnished including all exquisite, custom made furnishings, artwork and electronics.
£10.7m / €14.7m / $16m JSM Realty Services +1 561 488 3241
[email protected]
Four Seasons, Miami
With stunning panoramic vistas and superb resort amenities, this mansion is high in the sky on the 54th floor. The 8,911 square foot residence features floor-to-ceiling glass walls, two private elevators, magnificent corner living and dining rooms, a restaurant-grade chef’s kitchen, soundproof home theatre, spa, billiards room, three balconies, climate controlled wine storage for 1,800 bottles, Crestron smart home technology, a housekeeper’s suite and five deeded parking spaces. Residents may bask in the services and amenities the Four Seasons Hotel Miami offers, including spa treatments, a well-equipped fitness centre, a pool and concierge services.
£12m / €16.5m / $17.92m +1 305 695 6300
LuxuryEstate.com
Penthouse apartment, Oceana Bal Harbour Miami
The development’s penthouse, with its floor-to-ceiling windows and wrap-around terraces accentuate its 270 degree views that include the Miami Bay area, Atlantic Ocean and one of America’s most spectacular cities. The apartment has four bedrooms, a gym, massage room, sauna, office and expansive living space in an open-plan dining/living room and kitchen/breakfast room. Each apartment in the development features interior design by Piero Lissoni, a world-renowned Italian architect and designer.
From £1.3m / €1.84m / $2m – £20m €27.6m / $30m Oceana Bal Harbour +1 (786) 414 2929
Harbour Point, Key Biscayne
Breathtaking views of Biscayne Bay to downtown Miami can be enjoyed from this tropical vernacular home. Within a quiet area of Miami, this property features direct beach access, an infinity pool and even occasional dolphin watching. The eight-bedroom home was designed by renowned architect Cesar Molina and features custom handcrafted woodwork, impact glass, integrated terrazzo, fine wood and marble flooring throughout.
£14.3 m / €19.8m / $21.5m One Sotheby’s International Realty +1 877 630 8155
