- The real estate market in South Florida, particularly in Palm Beach, is experiencing a surge in home prices thanks to the presence of billionaires.
- These billionaires are migrating to the area as they aim to escape high-tax states such as New York and California.
- Wealthy individuals looking to purchase luxury properties in South Florida should use safe modes of money transfer when making payments.
The real estate market in South Florida is experiencing a surge in home prices, and international ultra-high net-worth individuals are at the forefront of this trend as they seek waterfront properties.
Adding to the demand is the fact that these ultra-wealthy buyers typically pay cash for their real estate, making them less affected by soaring mortgage rates.
According to Chris Leavitt, a leading Palm Beach broker, the prices being paid for these luxury homes are astronomical – the high demand and limited supply have created a competitive market, with affluent buyers vying for oceanfront or lakefront properties.
With a limited inventory, particularly for waterfront properties, prices have increased – the average price per square foot in Palm Beach now stands at $4,554, which is more than double compared to prices in Manhattan.
International high net-worth individuals (HNWIs) looking to move to South Florida should research the best international money transfer options when purchasing a property.
Recent sales have seen waterfront homes increase in value, with one property selling for as much as $50m. Fashion designer Tommy Hilfiger has sold a mansion for $41.4m, making a profit of almost $5m in just six months. Similarly, a 1.6-acre oceanfront mansion sold for $170m to luxury car dealer Michael Cantanucci broke several sales records.
Miami Beach has become a hotspot for wealthy buyers, particularly billionaires, who are driving up prices in the real estate market. Despite a 3% decrease in the number of sales, according to Leavitt, the value of sales has increased by 62% due to more high-ticket transactions.
According to leading brokers Douglas Elliman and Miller Samuel, the price of luxury real estate in Miami Beach stands at an average of $25m, which demonstrates that the luxury housing market in Miami Beach is thriving, seemingly unaffected by economic fluctuations and mortgage rates.
Billionaires such as Eric Schmidt, Ken Griffin and Jeff Bezos have recently bought luxury real estate in the area. With the purchase of homes and expansive estates, HNWIs are able to access luxury architecture, entertainment and amenities market in South Florida.
For HNWIs seeking luxury and exclusivity in these prestigious properties, reading money transfer reviews will help when transferring funds.
Wealthy international buyers can use our online money transfer comparison tool to find the best transfer options.
