Ultra-wealthy foreign buyers looking to scoop up some U.S. luxury real estate are turning to Miami, New York and L.A., according to a new report from Beauchamp Estates in association with Leslie J Garfield & Co — and Miami is leading the way.
“Miami is a leading hub for overseas buyers investing in U.S. luxury real estate,” managing director at Beauchamp Estates Gary Hersham told Robb Report. “Miami is extremely popular with high-net-worth buyers from South America—Colombians, Brazilians and Argentinians—with other key overseas buyers being the British and investors from the Philippines.”
What do these high net-worth buyers look for when it comes to Miami luxury? Living on the waterfront is key (naturally). Here’s how the report breaks it down:
Traditonal locations such as North Bay Road in Miami Beach offer the deluxe of ultra-prime real estate, along with the sun, sea and glamour that epitomizes this destination. Island locations, such as Fisher Island and Bay Point offer high levels of seclusion for those seeking privacy, while in mainland Miami, Edgewater and Coconut Grove are highly sought-after by those looking to purchase a main home.
These buyers are overwhelmingly paying in cash too. ““Virtually all ultra-prime real estate here is purchased in cash (95%), with the city viewed as a financial safe haven for its predominantly South American purchasers,” the report reads.
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This article was written by Adele Chapin, and was originally published on Curbed Miami.