In the fifteen years that I've been representing both Buyer's and Sellers in Miami Beach's luxury real estate market- especially for condos in the South of Fifth Street Neighborhood, International clientele have always been a large part of the Buyer demand for Miami Beach luxury condos. Here are a few key points to keep in mind when working with International Buyers looking to purchase Miami Beach condos:
When negotiating, the real estate agent has to have a common language and cultural background in common to deal with prospective buyers. One of the main challenges for a Miami Beach-based real estate agent working with international customers is advising on the transfer of assets necessary to close a real estate transaction. One of the value-added services that we provide our International clientele is access to experienced legal and financial specialists. This is done in the LOCAL country of the Buyer's origin, where we can assist with the clearing and wiring of funds. These days, a high net worth foreign buyer has to be aware not only of local currency controls & tax implication with local authorities, but also potentially violating USA laws on limiting foreign currency transfers. These laws are meant to protect against International money laundering and assorted Terrorism Laws enacted since 9/11.
A major problem currently facing the Miami Beach real estate market (again, especially for waterfront condos in South Beach) is having limited inventory. Approximately 53% of international buyers to Greater Miami are from South American countries, including Venezuela, Brazil, Argentina and Colombia. Since 2009, residents of Brazil, Canada, France and Italy also represent a large number of international buyers to the waterfront condo buildings South of Fifth- such as The Continuum, Murano at Portofino, and Apogee South Beach. These particular foreign buyers tend to buy residences at the highest end (ultra-luxury) segment Miami Beach's condos market. The number of buyers from Brazil is increasing significantly, these buyers pay about 85% in cash and only need financing for the remaining 15%. Due to the relatively high property taxes in Brazil, these Buyers are not intimidated by the prevailing tax codes in Miami-Dade County nor the maintenance dues associated with owning an ultra-luxury condo in Miami Beach.
In South Florida, particularly in the luxury real estate market of Miami Beach, foreign buyers are buying up property as second homes and investments. Homes are being sold at bargain prices in some areas, while commanding high prices in "prime locations". With the dwindling inventory of prime waterfront homes and condos, property values in these specific waterfront island communities contribute to the strength, and continuing price recovery, of Miami Beach's real estate market.
The Past Ninety Days Closed Sales for Miami Beach Luxury Condos (South Beach Zip Codes Only):
| Sale Date | Miami Beach Condo | South Beach Condo | Living Area | Sales Price | SP$/SqFt |
| 10/27/2011 | 300 S POINTE DR # 805 | Portofino | 2,340 | $ 1,225,000 | $ 524 |
| 10/27/2011 | 800 S POINTE DR # 1603 | Apogee | 2,756 | $ 6,000,000 | $ 2,177 |
| 10/25/2011 | 100 S POINTE DR # 705 | CONTINUUM | 1,869 | $ 1,750,000 | $ 936 |
| 10/24/2011 | 1491 Lincoln Terrace # A103 | Capri South Beach | 1,889 | $ 1,088,000 | $ 576 |
| 10/19/2011 | 101 20 ST # 2805 | THE SETAI | 821 | $ 1,010,000 | $ 1,230 |
| 10/18/2011 | 1455 OCEAN DR # 1506 | IL VILLAGGIO | 1,780 | $ 1,850,000 | $ 1,039 |
| 10/14/2011 | 1000 S POINTE DR # 2104 | MURANO AT PORTOFINO | 2,190 | $ 2,250,000 | $ 1,027 |
| 10/14/2011 | 1500 OCEAN DR # UPH-3 | 1500 OCEAN DRIVE | 1,740 | $ 1,625,000 | $ 934 |
| 10/11/2011 | 2201 Collins Ave # 1414 | W South Beach Residences | 1,151 | $ 1,850,000 | $ 1,607 |
| 10/10/2011 | 100 S POINTE DR # 3004 | CONTINUUM ON SOUTH BEACH | 2,508 | $ 3,495,000 | $ 1,394 |
| 10/7/2011 | 50 S POINTE DR # 1907 | CONTINUUM NORTH TOWER | 1,486 | $ 1,700,000 | $ 1,144 |
| 10/7/2011 | 1445 16 ST # B101 | CAPRI SOUTH BEACH | 1,699 | $ 1,088,000 | $ 640 |
| 9/30/2011 | 101 20 ST # 2001 | Setai | 1,198 | $ 1,105,000 | $ 922 |
| 9/29/2011 | 400 ALTON RD # 2206 | Murano Grande | 2,024 | $ 1,418,000 | $ 701 |
| 9/29/2011 | 50 S POINTE DR # 1606 | Continuum North | 1,698 | $ 1,500,000 | $ 883 |
| 9/27/2011 | 2201 COLLINS AV # 514 | W South Beach Residence | 1,151 | $ 1,590,000 | $ 1,381 |
| 9/27/2011 | 50 S POINTE DR # 2205 | Continuum North Tower | 1,862 | $ 2,300,000 | $ 1,235 |
| 9/26/2011 | 101 20 ST # 2007 | Setai | 1,279 | $ 2,300,000 | $ 1,798 |
| 9/17/2011 | 800 S POINTE DR # 2101 | APOGEE | 4,154 | $ 7,500,000 | $ 1,805 |
| 9/14/2011 | 50 S POINTE DR # 2302 | CONTINUUM ON SOUTH BEACH | 3,017 | $ 5,000,000 | $ 1,657 |
| 9/12/2011 | 100 S POINTE DR # 701 | Continuum, South Tower | 1,591 | $ 1,500,000 | $ 943 |
| 8/26/2011 | 800 S Pointe # 1001 | Apogee | 4,154 | $ 6,800,000 | $ 1,637 |
| 8/11/2011 | 2201 Collins Ave # UPH 3 | W South Beach | 2,428 | $ 5,200,000 | $ 2,142 |
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