An international playground for the world’s wealthy, South Florida is attracting serious capital from around the world.
According to Ken Gorin, president and chief executive of The Collection in Coral Gables, which sells more Maseratis, McLarens and Porsches, combined, than any other dealership in the United States, “Miami has really become the American Riviera. It’s where people want to be.”
Miami ranked ninth among the top 10 international luxury markets in a 2014 Christie’s International Real Estate report: Luxury Defined: An Insight Into the Luxury Residential Property Market. The other U.S. cities included were New York, Los Angeles and San Francisco.
According to the report, Cote d’Azur, London and Miami are the world’s most popular second-home markets. In Miami, second-home buyers accounted for 45 percent of luxury sales, defined as $1 million, plus in 2013; Christie’s local affiliate, EWM Realty International, sold a $1 million-plus home on average every 17 hours. Half of luxury sales in Miami were to foreign buyers, with the other half going to domestic buyers, the report showed.
Read more of the Miami Herald article by Ina Paiva Cordle.