Miami ranks in top 10 global cities for prime RE: Christie’s report

Highest price psf for a luxury home in Miami last year was $4,760

Apr.April 30, 2015 05:00 PM

Miami skyline

In Miami, foreign buyers purchasing second homes represented 40 percent of luxury sales in Miami last year — compared to 44 percent in London.

That’s according to a Christie’s International Real Estate report released Thursday, which states that Miami is among the top 10 global cities for prime real estate.

The highest price per square foot achieved for a luxury home in Miami last year was $4,760, according to the report. Cote d’Azur recorded the most expensive at $22,577 per square foot. In Miami Beach, 30 Star Island sold for $28.14 million in April 2014, and 12 Indian Creek sold for $28 million, according to MLS data.

“More than ever before, we are focusing on the purchasing patterns of ultra-affluent individuals — as well as what’s driving their investments across the globe — and why the acquisition of luxury real estate has become increasingly important to their portfolios,” Dan Conn, CEO of Christie’s International Real Estate, said in a press release. “Whether for safe storage of wealth, lifestyle upgrades or the pure passion of the investment, the intrinsic recognition of the sheer value of prime property ownership could not be stronger among these consumers.”

Earlier this month, Miami was listed among the world’s top 10 cities for the super rich through at least 2025. Miami came in sixth — following London, New York, Hong Kong, Singapore and Shanghai — in Knight Frank’s Wealth Report 2015.

Toronto saw the fastest increase in year-over-year luxury home sales, at 37 percent, according to Christie’s report. Luxury home sales are defined at $1 million and up, and $100 million “is now firmly established as the billionaire benchmark for ultra-prime property,” Christie’s said.

It took an average of 145 days on the market to sell a luxury home in Miami last year, compared to 31 days in Toronto. — Katherine Kallergis

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