The Real Deal Miami

Russians lift Miami high-end market

August 03, 2011 07:56AM

In April, Russian mogul Roustam Tariko, who owns Russian Standard Bank
and Russian Standard Vodka, paid $25.5. million for a Star Island home,
and he’s not alone among wealthy Russians looking to purchase such homes
in Miami. “In Russia, it’s a status thing now,” said Jorge Uribe, an
associate with One Sotheby’s International Realty in Coral Gables. “If
you’re wealthy and you say you have a place in Miami, it’s like saying
back in the old days, ‘I own a place in Ibiza or Monaco.’ It’s a
cocktail conversation thing.” [Bloomberg]