Here is a fun fact: 80% of properties above $1,00,000 in Miami is owned by a non-US citizen. This is a stark contrast from other prime areas such as New York where 63% of them are owned by Americans. Back in to 2017, the foreign buyers has invested almost $7.5 billion on properties all across the United States.
In Miami, most of the foreign buyers purchases their house with cash even for properties that are costing more than $3 million. Most of these ultra-rich buyers snatch up properties on areas such as Miami Beach, Palm Beach and North Bay Road. The average size for this luxury residences are around 13,107 sqft and Miami is selling it at $2,749/sqft.
In the South of Fifth area located in Miami Beach, the Apogee is selling on average $6,382/sqft, the Continuum Condo North is selling at $2,849/sqft and the ICON South Beach is selling at $1,361/sqft. Another luxury condominium, Fendi Chateau Ocean condo is selling at $1,871.