Here’s Where the World’s Billionaires Are Buying Homes in Miami – Ocean DriveJanuary 24, 2018
Billion-dollar buildings, million-dollar cars, nine-figure hedge funds, mesmerizing penthouses, priceless works of art… Why the wealth of the world is buying into Miami.
Life is grand in Miami. Opulence, elegance and wealth flow from the sprawling oceanfront penthouses through the veins of its sun-kissed owners to the bottles of Champagne being popped on mega yachts in the city’s many beautiful harbors. It’s paradise for the rich and famous, and with new residential towers on the rise, high-end amenities being added and billionaires moving to town, Miami is quickly becoming the year-round stomping ground for America’s elite.
According to Forbes, there are 51 billionaires living in Florida, with most of them residing in South Florida. Carnival’s Micky Arison, U.S. Secretary of Commerce Wilbur Ross Jr. and H. Wayne Huizenga are some of the household names, while hedge fund wizard David Tepper recently moved his Appaloosa Management down from New Jersey to call Miami Beach home. Why do these folks live where you vacation?
“We have more amenities, more restaurants and just more options geared towards the locals—that coaxes the clients to stay longer,” says Dan Hechtkopf, director of luxury sales at Douglas Elliman, who recently helped sell $80 million in property between Park Grove and Arbor in Coconut Grove alone. “Over the past 10 years Miami has really changed from being primarily for vacationers to now being more of an actual place to live full-year round.”
Park Grove has a $14 million penthouse in a building that is reshaping Coconut Grove from a laid-back locale to the newest hot spot, but all over town there are grand residences fit for America’s largest earners. Whether it’s the $65 million Mediterranean-style mansion on Star Island, the $55 million Faena penthouse, the $39 million Regalia penthouse in Sunny Isles Beach or even Tommy Hilfiger’s $27.5 Golden Beach estate that recently hit the market, there is competition in all neighborhoods for the big buyers. Luckily, there’s plenty to go around both on the buying and selling side.
Location has always been the big seller when it comes to real estate, but Miami developers are sweetening the pot with amenities that you won’t find anywhere else south of Manhattan. There are rooftops with helipads like at the Zaha Hadiddesigned One Thousand Museum downtown (why drive to your private jet when you can take a chopper?) and a car elevator at the Porsche Design Tower in Sunny Isles, where you can park your car right in your living room. The four-story penthouse at Porsche holds up to 11 cars and is yours for just $32 million.
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