Miami property prices took a steep
dip in 2007 and 2008 and many experts agree they are now highly undervalued—an exceptional situa- tion considering Miami made the Christie’s International Real Estate Index of top 10 cities in 2013. ‘When you compare the prices here with the other top 10 cities in that document, such as New York and London, it’s a real eye-opener for people,’ points out Ron Shuffield from EWM Realtors (00 1 305 674 4000;
www.ewm.com). Prices for prime projects start at
$650 (£388) per sq ft, although in some of the new top-notch projects, buyers pay more than $2,500 (£1,495) per sq ft. Apartments (which make up the majority of properties in the city) are selling fast and not just to investors looking for a profit. ‘Back in 2007, buyers were putting down a 3% deposit on a project—not enough to miss—and lots of projects were put on hold,’ relates local agent, Savills partner and expatriate Briton Kelly Charles (020–7016 3740; www.
savills.co.uk). ‘Now, buyers have to put in up to 50% of their own money
www.countrylife.co.uk/international
in the early stages and many are pay- ing cash.’ Much like in London, it’s over-
whelmingly the international buyer making the running. ‘Buyers come from Canada, Brazil, Vene-zuela and the eastern seaboard in the USA as ever, but we’re seeing increasing interest from Europe, including France, the UK, Russia and Ger- many,’ adds Paulie Hankin from Cervera Real Estate (00 1 786 385 4450;
paulierealtor@gmail.com). A city that has been characterised
by great highs and lows, Miami never suffers for long. In the last property slump, it was the first to feel the pain, but it was also the first to recover. ‘Miami will always bounce back, no matter what happens,’ believes Claudine Letz, a French national who has lived there for 20 years and works with UK agent Winkworth. ‘We have the beach, we have the people and the culture; we have the restaurants and the galleries and we have the sunshine; people are always going to want to come here.’
;/, 40(40 :,(:65
January Art Deco Weekend sees a festival of events to cele- brate the Art Deco heritage of the city with tours, talks and parties (
www.mdpl.org)
February The Miami International Boat Show is based at the convention centre and the main marinas. The Sunset Celebration is always a spectacle
March BritWeek has now come to Miami and spotlights British innovation, tech- nology, education, creativity, international trade and culture (
www.britweek. org/britweek-visits-miami)
August Lots of restaurants offer discounts during Miami Spice, which takes place
➢
in a quiet time in the sea- son, so look out for special deals at names such as Nobu and Zuma (August 1–September 30, 2014,
www.ilovemiamispice. com)
October The Columbus Day Regatta sees 200 sail- boats race on Biscayne Bay, off Coconut Grove (October 10–12, 2014, http://columbusdayregatta. net)
December Art Basel Miami Beach, Design Miami and Art Miami take over the city during the first weekend of December, when the town explodes with an army of journalists, design- ers, artists and architects (December 4–7, 2014,
www.artbasel.com)
Country Life International, Spring 2014 59
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