Report: Billionaires are buying up 'trophy homes' in Miami
'Miami is the most popular second-home location in the US, and globally, with a total of 13,211 UHNW second-home owners,' according to Altrata's report, Residential Real Estate 2025: Spotlight on the World's Leading Markets for the Wealthy. Notably, the Billionaire Buyers in London mid-year 2025 survey conducted by Beauchamp Estates found that over 70 percent of wealthy sellers are ditching their second homes in the UK capital and heading to cities such as Miami. Miami real estate agents told the Daily Mail they have worked with numerous international clients buying trophy homes in their city.
'We've seen some interest from London-based buyers recently, many of whom are reallocating funds from the UK market into Miami, diversifying their holdings,' said Maria Kuzina, owner of Miami Luxury Real Estate . 'London buyers currently represent, I would say, around three to five percent of all international buyers in the luxury market.' Jay Batra of the Batra Real Estate Group said: 'Miami continues to attract a diverse range of international buyers. Colombians, Brazilians, Russians, and Canadians are among the largest groups of foreign nationals investing in second homes here, drawn by the city's vibrant lifestyle and unique real estate opportunities.
'Miami Beach has historically seen 70 to 75 percent of its homes owned as second or third properties by buyers from across the US and around the globe.' He said driving factors bringing the ultra-rich to The Magic City include the warm weather, sandy beaches and low taxes. 'Miami has experienced strong growth of its wealthy second-home population over the past five years,' Altrata's report said. 'The city has long been a popular location for wealthy buyers seeking an additional residence, attracted by Florida's favorable tax regime, warm climate and coastal setting.' Kuzina said her clients are drawn to Miami because 'it strikes a perfect balance between lifestyle and investment opportunities'.
'Miami remains a top choice for international buyers due to its year-round sunshine, tax advantages, waterfront lifestyle, and its growing status as a global luxury hub,' she added. 'Today's buyers seek high-end, move-in-ready properties with privacy, premium amenities, and architectural distinction. Branded residences are particularly appealing as they offer world-class design, luxury services, and strong resale value.' Batra explained that his international clients are looking for properties on the water with ritzy amenities.
'Condo buyers are drawn to the stunning water views, prime locations, and vibrant lifestyle that Miami and Miami Beach offer, paired with the convenience of being steps from the beach,' he said. Miami at been at the epicenter of a condo crisis after the 2021 collapse of a condo building in Surfside led to a new law that requires condo buildings to undergo structural inspections and shore up reserves. This has meant that many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, which has reduced demand for condos.
'In Brickell, the allure lies in luxurious high-rises with breathtaking views and top-tier amenities like pools, gyms, and more - all within close proximity to workplaces.' He added that buyers searching for houses rather than condos tend to look for properties with a type of longevity. 'For those searching for houses, priorities shift to spacious yards, waterfront properties, private pools, and a sense of privacy. Buyers also focus on neighborhoods with strong potential for long-term value and appreciation,' Batra said. 'Additionally, flexibility is key; they often seek homes that can be easily rented out for a few months to a year if needed.' Batra admitted that some buyers are wary of Florida's turbulent housing market due to soaring HOA fees, skyrocketing insurance costs, and in some cases, hefty special assessments imposed by homeowners' associations.
'Buyers, both local and international, are increasingly concerned about rising costs. High insurance premiums and common charges are climbing across the board, adding to the burden already posed by elevated interest rates,' Batra said. 'These combined expenses are making it more challenging to purchase and maintain homes.' He noted that some of his clients have opted to purchase their homes in all-cash to escape these burdens. 'However, I've observed a growing trend among cash buyers, who are stepping in to offset these monthly costs,' he said. 'In fact, the most recent transaction involved an all-cash buyer, reflecting the strong demand in this segment.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
9 minutes ago
- Reuters
Trump hopes China will quickly quadruple its US soybean orders
Aug 10 (Reuters) - U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil.
Reuters
39 minutes ago
- Reuters
Exclusive: USPS blocks shipping of illicit vapes in boost for Big Tobacco
LONDON, Aug 11 (Reuters) - The U.S. Postal Service has cracked down on distributors of unregulated vapes using its services for business shipments, letters reviewed by Reuters show, in a blow to a multi-billion dollar industry that has dented Big Tobacco's sales. The letters, previously unreported, show that USPS wrote to major New York-based distributor Demand Vape, blocking it from using its services after New York City's Law Department, which represents the city's government and officials in legal matters, provided evidence that its shipments broke laws. USPS' action stands to benefit tobacco giants including Altria (MO.N), opens new tab and British American Tobacco (BATS.L), opens new tab, which have for years battled against unregulated vapes, mostly from China. Unregulated vapes lack the authorisation from the U.S. Food and Drug Administration that is required for them to be legally sold in the United States, the world's largest market for smoking alternatives. USPS revoked Demand Vape's mailing exception last month after it received evidence the company shipped vapes lacking FDA authorisation and that violated a local flavour ban, a letter from USPS to the company, dated July 15, showed. "Your local Buffalo BME Office will not accept any packages from... Demand Vape that contain ENDS products," the letter read, referring to electronic nicotine delivery systems, another term for vapes. Demand Vape said it complied with relevant laws and was contesting the revocation, adding the industry operates in a "regulatory grey zone" with only a small number of FDA-authorised products that do not meet consumer demand. "We reject any characterisation that paints Demand Vape as anything other than a transparent, lawful and reputable business," it said in a statement. USPS did not respond to a request for comment. So far, the U.S. Food and Drug Administration has authorised only 39 e-cigarette products. But unauthorised devices are widely available as authorities struggle to contain them. Under a 2021 law, USPS is restricted from mailing vapes directly to consumers, internationally and in most other circumstances. The limited exceptions include domestic shipments between businesses, which need a "mailing exception" and their shipments must comply with relevant laws. Some other large carriers, including FedEx, refuse to ship vapes. DHL only offers carriage for business shipments with prior approval. USPS has provided NYC's Law Department with a list of other vape firms it has granted mailing exceptions so it can assess whether they should be challenged, in line with legal requirements, Eric Proshansky, deputy chief of the city's division of affirmative litigation, told Reuters. This could further limit the number of carriers available to the unauthorised vape industry. Other options, such as using smaller carriers or handling freight directly, tend to be more costly. BAT estimated the unauthorised vape market was worth around 6 billion pounds ($8.05 billion) last year. It is, however, increasingly under pressure. This year's U.S. import tariffs and seizures at ports have reduced unauthorised vape imports. The FDA also wrote letters to 24 U.S.-based middlemen, including distributors that are crucial to the unauthorised vape market, as part of a crackdown in May. This has led to empty shelves in vape stores, said Tony Abboud, executive director of the Vapor Technology Association, which represents firms including Demand Vape. USPS revocations will further damage U.S. vape businesses, he said. One of the largest U.S. e-cigarette distributors, Demand Vape sells to some 5,000 retailers in 49 states, according to 2024 filings in a NYC lawsuit against the company. The evidence city attorneys provided to USPS included copies of invoices showing Demand Vape's sales of unauthorised e-cigarettes. Brands the FDA has specifically flagged as illegal to sell were among them, a separate letter reviewed by Reuters showed. ($1 = 0.7452 pounds)
Reuters
an hour ago
- Reuters
Morning Bid: Nikkei looks to rejoin the all-time high club
A look at the day ahead in European and global markets from Wayne Cole. It's been a quiet start to the week, what with Japan on holiday and President Trump busy playing golf. Notably Nikkei futures traded in Chicago are just a whisker from all-time highs, suggesting the cash index could well reach it this week. The Nikkei still only has a PE of 19, compared with 22 for the S&P 500 and almost 33 for Nasdaq, which is essentially a premium for AI. It would seem to be negative news, then, that Nvidia (NVDA.O), opens new tab and AMD (AMD.O), opens new tab have agreed to give the U.S. government 15% of revenue from sales to China of AI chips in return for export licenses. That would be an extraordinarily unusual deal, especially as the U.S. had initially blocked the sales for national security reasons. Is this a tax? A fee? Where will the money go? How would it be administered? So many unknowns. For the dollar and bonds, the main economic event will be U.S. consumer prices on Tuesday, where the impact of tariffs could nudge the core up 0.3% to an annual pace of 3.0% and further away from the Federal Reserve's target of 2%. Forecasts range from 2.9% to 3.2%, suggesting some upside risk, which would test market wagers for a September rate cut. Analysts assume it would have to be a real shocker to move the dial much given the recent downward lurch in payrolls is now dominating the policy outlook. Also on Tuesday is the supposed deadline for a U.S. trade deal with China. While everyone assumes it will be extended, there's yet to be any word on it for either side. Chaos appears to be more a feature than a bug. Take COMEX gold futures, which surged last week after U.S. customs indicated the most widely traded bullion bars - produced mainly by Switzerland - would be slapped with tariffs. The White House assured the market on Friday that this was "misinformation" and would be clarified, but again no more has been heard. Copper markets went through similar tariff-induced convulsions the week before. Last week, Japan's trade team had to hotfoot it to Washington to correct the double-taxation of its exports. Japan assumes that was fixed, but there's still nothing in writing. Now, oil prices have slipped just in case the talks between Trump and Russian leader Putin due this Friday actually make progress on Ukraine. Progress seems unlikely, however, given the White House has been floating the idea of a land swap which Ukraine would never agree to. There are also reports from Europe that Trump envoy Steve Witkoff misunderstood what Putin was proposing at a meeting last week, suggesting some risk the entire Alaska adventure might be called off ahead of time. Key developments that could influence markets on Monday: - No major data due
