Miami's luxury condo market is on fire. There are currently 50 condos listed in the city with prices over $15 million, and 300 units topping $5 million reports Realtor.com's Kristine Hansen. She spoke to Kevin Venger, a luxury building developer in Miami, to see who these buyers really are. Hansen writes:
Venger couldn’t pinpoint a single age group snapping up these units. Instead, he says buyers range from multi-generation families to young couples or single adults. However, the developer has seen intriguing international trends at the two developments. “1000 Museum draws from the Middle East due to Hadid, while Central American and Mexico [buyers] are more popular at Regalia,” says Venger. Reinforcing South Florida immigration trends, “both [buildings] pull [buyers] from South America.” As for domestic dwellers, residents of New York, California, and Texas are buyers at both of these posh addresses. Another reason for high-net-worth individuals to purchase in South Florida? To meet favorable tax residency requirements by spending more time in the state.