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Miami Is The Top U.S. Market For Foreigners Buying Ultra-Luxury Real Estate

Miami Is The Top U.S. Market For Foreigners Buying Ultra-Luxury Real Estate

Overseas buyers of luxury real estate in America choose Miami more than any other city – by far.

According to the US Ultra Prime Real Estate report released last month, 26 percent of American ultra-luxury properties sold to foreigners were in Miami. By comparison, Los Angeles placed second with 9 percent of U.S. sales, and Manhattan was third at three percent.

Ultra-luxury is defined as costing above $2,700 per square foot. 95 percent of such sales in Miami were done in cash.

Overall, 80 percent of Miami’s property market was sold to foreigners, with the remaining 20 percent to domestic buyers.

Lifestyle is cited as the number one deciding factor for ultra-high net worth individuals in choosing a place to live.

 

 

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8 Comments on "Miami Is The Top U.S. Market For Foreigners Buying Ultra-Luxury Real Estate"

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Anonymous
Anonymous

Two words: tax shelter.

Anonymous
Anonymous

The Miami lifestyle wins.

Anonymous
Anonymous

Yet, Miamians lose from their terrible driving and the lack of transit alternatives.

Jesus
Jesus

I’m stationed out here in California right now and I can tell you that while California is beautiful with the mountains and hills, it is expensive and also too crowded by far. Miami is also crowded but somehow traffic is even worse here. Even with no accidents, traffic stops in the middle of the day. L.A. does have a better economy but it’s declining as the city has gotten so expensive that middle class here is making 100,000 a year if you live alone. Never mind if you want a family.

Miami Hurricane
Miami Hurricane

95% IN CASH.

Marc306
Marc306

And the sky is blue…