Miami is officially a first-class place to live now that it was named for the second consecutive year in Christie’s International Real Estate report detailing the top 10 luxury properties in the world for 2013.
And the company this city keeps is certainly impressive, featured along with Cote d’Azur, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Sydney and Toronto.
Yet realtors say Miami stands out on this list because its luxury properties have attributes second to none.
Homebuyers get more for their money in Miami with prices per square foot so much lower than the other luxury markets, said Ron Shuffield, president and CEO of EWM Realty International.
For example, Miami’s average square foot price for luxury homes was $559 in 2013 compared with $4,683 in London (the highest on the list) and $829 in San Francisco (the lowest of the ten markets profiled).
Several things distinguish Miami from the other markets: our cultural offerings, the beautiful weather and the values we offer.
Luxury properties – defined by most Miami realtors at $2 million and higher – are aligned in value similar to fine art and high-end collectibles as opposed to the general housing market, he said.
Miami is a multi-cultural community on a gorgeous coastline with beautiful weather year-round. It is home to the best nightlife, beaches, sport teams and restaurants in the world, and we have no state income taxes. These factors appeal to individuals to live here and companies to headquarter here.
Luxury residential homes in Miami solld at a faster pace in 2013 than in 2011 and 2012.
The people who are buying such luxurious housing are coming from Latin America as well as other parts of the US. There are a growing number of people who want to be here because of our lifestyle, economic uncertainty in their countries and the strength of our currency and educational system.
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