International Real Estate in South Florida
June 10, 2015
The City of Miami is considered one of the most connected cities in our nation; A city where the entire economy has its focus on the next big banking deal, real-estate deal, and general consumerism. Miami-Dade is very internationally driven so it made sense when South Florida real estate brokers went on a mission to make grand deals for our South Florida cities. Several South Florida realtors and brokers traveled to Beijing last month with hopes to develop interest with wealthy Chinese buyers. The goal was to get them to invest in luxury property and land in South Florida. Presently the luxury real estate market is growing exponentially.
However, with prices at luxury levels the local residents are not able to afford these properties. Developers and brokers are casting their fishing line in other waters. Countries in Europe and the nation of China are taking great interest in investment opportunities in Miami, and South Florida is absolutely dependent on the foreign cash flow as it is presently the driving force for Miami’s real estate market.
An example of this would be last year’s purchase of a 2.4 Acre site in Brickell by a Chinese investor who paid a whopping $74.7 million for the site. South Florida has been ahead of the pack when it comes to international real estate sales, with purchases like the one mentioned. Particularly Chinese investors come from the world’s most populated country. Therefore, they understand smart ecofriendly design that drives economy; this understanding will further increase Miami real estate sales and development which can enrich our city.
Presently there is a clean-up movement alongside the Miami River. Seaside views are limited in our city and that stretch by the Miami River provides land with waterside that is much needed. The promise of international development has ensured the Miami River clean up and furthers city growth. The international market promises development, economy, and prosperity for South Florida. However, it does leave you wondering… Will the locals reap any of these benefits?