Europeans continue Miami shopping spree

Interest in South Florida’s real estate from across the Atlantic hasn’t waned. Europeans looking for a safe place to hide their millions from the ongoing sovereign debt crisis are continuing to buy in Miami, according to Miami Today. Despite ambitious pricing on certain high-end properties, such as the Versace estate, home prices in South Florida remain relatively affordable compared to cities such as Paris and London. In turn, these buyers are supporting Miami’s housing recovery, at least on the luxury end of the market. Most European buyers are spending at least $1 million on their properties, with around 87 percent paying in cash, according to Frank Jewett, broker and district sales manager at the Keyes Company in Miami Beach.

“Most [Europeans] are buying properties they feel will increase in value or at least hold value,” said Jewett. “As result, prices in that market have increased significantly.” [Miami Today] – Christopher Cameron