$1.5BN OF THE WORLD’S BEST HOMES
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A WORLD CITY<br />
Now enjoying an incredible renaissance after some turbulent<br />
years, Miami has not only covered up lost ground,<br />
it has emerged as a genuine world city. Whilst not quite<br />
competing with New York and London, the city has<br />
benefited from an influx of investor money – often from<br />
Latin America, though increasingly from around the<br />
world. Russian, European and Asian buyers have realised<br />
that not only is Miami an exciting and vibrant city<br />
with an increasingly large financial services industry, it<br />
also offers an excellent quality of life – in terms of climate,<br />
leisure pursuits and – with world class art galleries<br />
and the emergence of Art Basel Miami as a key destination<br />
on the social calendar – as a cultural hub. With<br />
direct flights from China to Florida expected in 2016,<br />
the surge in new developments which cause many to<br />
worry about another property crash, may well represent<br />
a step change in Miami's fortunes and a recognition that<br />
this is one of the best mid-size cities in the world.<br />
DEVELOPMENT BOOM<br />
Although Gil Dezer's project is certainly unique in Miami,<br />
it is not alone in striving to reach the pinnacle of<br />
ultra prime living. A swathe of new apartment blocks<br />
are both under construction and awaiting approval<br />
in an environment which even a few years ago would<br />
have seemed unthinkable. Investors, hedge funds and<br />
developers are all pouring huge amounts of money in<br />
to a thriving real estate market, which unnervingly, feels<br />
like it will only go up. This however could genuinely be<br />
the beginning of a new era for the city. Mayi de la Vega,<br />
CEO of One Sotheby's Realty, Miami commented:<br />
'Last year’s resurgence in new residential developments<br />
has resulted in a real estate market that’s hotter<br />
than ever. This is partly due to “starchitects” such as<br />
Piero Lissoni at the Ritz-Carlton Residences and Zaha<br />
Hadid at One Thousand Museum bringing Miami to the<br />
attention of global media. The area hasn’t seen this level<br />
of creativity and attention to detail since its Art Deco<br />
and Mid-century Modern heyday.'<br />
Having shaken off much of its seedy reputation some<br />
years ago, Miami now has a plethora of cultural events<br />
which would make many great cities around the world<br />
envious. Coupled with a warm climate, generous local<br />
income tax laws, ongoing wealth generation in Latin<br />
America and an awareness globally that it is a place to<br />
do business (Miami is a thriving financial centre with<br />
a large concentration of local and international banks<br />
together with hedge funds, private equity and venture<br />
capital), Miami is a city on the up<br />
Porsche Design Tower – Due for completion in 2016<br />
Ritz-Carlton<br />
Residences, Miami –<br />
a Piero Lissoni project.<br />
Penthouses from<br />
$25m.<br />
TheResidencesMiamiBeach.com<br />
ultraprimus.com<br />
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