When it comes to the opulent homes for sale flanking the Miami coast, Russian millionaires are starting to take the lead. The rich Russians dominate the market for mega-mansions and Latin Americans are also great contributors to the recovery of the Miami real-estate market.
A Russian bought this summer the most expensive house ever sold in Miami. The home was located on Indian Creek Island and it was worth $47 million. Another home situated on Star Island has been recently sold to Roustam Tariko, Russian vodka king, for $25 million. A millionaire from Ukraine bought a whole floor of the St. Regis Bal Harbour, paying $20 million for it.
Based on what the National Association of Realtors says, it looks like Russians spent last year more than $12 billion on abroad real estate. This represents $1 billion more than those from the United States. The precise numbers for Florida are not known yet, but it seems that the state is the first on the list of foreign sales, having sold more than one in four houses to foreign buyers. Miami’s nightlife, cultural scene and ocean breezes are very attractive for rich people, especially for millionaires close to Latin America. They represent 70% of homebuyers in the Miami area.
Miami is the best location to invest in your first, second or even third house. Even though the city cannot be compared with the South of France, Manhattan or Monte Carlo, it is still a worldwide destination where everyone adores the South Beach. Rich Russians are particularly attracted by the biggest Miami condos and mansions. The weather here represents a nice getaway from the freezing Moscow. Another aspect that obsesses Russian millionaires is their security. But this is not a problem, since a great collection of private islands and gated communities with private police forces can easily be found in Miami.
Purchasing condos or mansions in Miami also involves limited expose. This is an advantage for Russians because they hate giving too much information about their business backgrounds and finances. Usually, they check only for two aspects in Miami: if the buyer has the funds and if he is not a criminal. In case these two requirements are accomplished, he can purchase the property.
Super-brokers in Miami implemented a strategy to attract more rich Russian buyers. They opened business offices in Russia and focused on studying their culture in order to know exactly how to behave and what to offer to their clients. For example, Russian buyers hate using local banks or lawyers, so they search for lenders or attorneys that are more sociable and less intrusive. What remains now to be seen is whether a Russian will purchase the biggest prize of Miami: the Versace mansion, which is worth $125 million and is situated on the South Beach.
For more information about Miami Beach Residences & Properties call Allan Kleer @ 305 748 2058. The Kleer Team represents many first time buyers of Miami Beach Luxury Real Estate. Schedule an appointment for a personal interview.
