Buyers from all over the globe aren't just buying Miami Real Estate, they are also heavily influencing the way builders design and build new luxury Miami condos for sale. As out of town purchasers flock to South Florida, they aren't just buying for investment, rather, they are looking for larger and more luxurious properties to purchase with all the bells and whistles.
The new luxury demands are from Latin American buyers who have been a strong force behind Miami's most recent real estate boom and wealthy Americans who see South Florida as more than just a vacation spot. Many developers are also concentrating on Asian buyers by incorporating "feng shui" into their design.
From large out door family areas to live-in or guest quarters, security, outdoor bbq grills and all sorts of amenities; Tom Murphy, co-president of Coastal Construction in South Florida said, "Developers are building to meet their buyer's demands. Coastal Construction is developing several luxury condo projects in South Florida.
For developers, building for high-end users is far less risky than building for investors. Buildings that cater mostly to foreign investors are subject to foreign currency fluctuations. If the currency drops, builders run the risk of these buyers not being able to close which can lead to a repeat of building projects going under or developers being forced to slash prices. Read the full article here..