$1.5BN OF THE WORLD’S BEST HOMES

A WORLD CITY
Now enjoying an incredible renaissance after some turbulent
years, Miami has not only covered up lost ground,
it has emerged as a genuine world city. Whilst not quite
competing with New York and London, the city has
benefited from an influx of investor money – often from
Latin America, though increasingly from around the
world. Russian, European and Asian buyers have realised
that not only is Miami an exciting and vibrant city
with an increasingly large financial services industry, it
also offers an excellent quality of life – in terms of climate,
leisure pursuits and – with world class art galleries
and the emergence of Art Basel Miami as a key destination
on the social calendar – as a cultural hub. With
direct flights from China to Florida expected in 2016,
the surge in new developments which cause many to
worry about another property crash, may well represent
a step change in Miami's fortunes and a recognition that
this is one of the best mid-size cities in the world.
DEVELOPMENT BOOM
Although Gil Dezer's project is certainly unique in Miami,
it is not alone in striving to reach the pinnacle of
ultra prime living. A swathe of new apartment blocks
are both under construction and awaiting approval
in an environment which even a few years ago would
have seemed unthinkable. Investors, hedge funds and
developers are all pouring huge amounts of money in
to a thriving real estate market, which unnervingly, feels
like it will only go up. This however could genuinely be
the beginning of a new era for the city. Mayi de la Vega,
CEO of One Sotheby's Realty, Miami commented:
'Last year’s resurgence in new residential developments
has resulted in a real estate market that’s hotter
than ever. This is partly due to “starchitects” such as
Piero Lissoni at the Ritz-Carlton Residences and Zaha
Hadid at One Thousand Museum bringing Miami to the
attention of global media. The area hasn’t seen this level
of creativity and attention to detail since its Art Deco
and Mid-century Modern heyday.'
Having shaken off much of its seedy reputation some
years ago, Miami now has a plethora of cultural events
which would make many great cities around the world
envious. Coupled with a warm climate, generous local
income tax laws, ongoing wealth generation in Latin
America and an awareness globally that it is a place to
do business (Miami is a thriving financial centre with
a large concentration of local and international banks
together with hedge funds, private equity and venture
capital), Miami is a city on the up
Porsche Design Tower – Due for completion in 2016
Ritz-Carlton
Residences, Miami –
a Piero Lissoni project.
Penthouses from
$25m.
TheResidencesMiamiBeach.com
ultraprimus.com
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