Wealthy Russians Love Miami Real Estate

Aerial View or Miami Beach, condo units and art deco buildings with ocean view.
Aerial View or Miami Beach, condo units and art deco buildings with ocean view.

With the U.S. dollar remaining stable as other global currencies have depreciated, international buyers are flocking to the comfort of American real estate investments. Among them? Russian and Ukrainian buyers, ranking fifth and sixth respectively on the list of top buyers in the Miami market according to current real estate trends.

Who’s the boss?
Shepherding these primarily Russian high net worth individuals (HNWIs) is leading real estate firm Miami Luxury Real Estate LLC (MLRE). Specializing in HNW international buyers, MLRE’s is known for its extensive websites featuring over 200 existing and pre-construction homes in areas from Miami’s South Beach to Fort Lauderdale, Sunny Isles, Bal Harbour, and the ultra-exclusive Fisher Island.

A discrete purchase of a high profile property
One of prestigious MLRE’s most recent sales involved an anonymous buyer in the purchase of South Beach area’s Penthouse 3, a 5,640 square foot unit on four levels with an additional 1,825 square feet on two terraces. The penthouse property held the much sought after distinction of being the highest penthouse unit in the entire Portofino, South Beach area with the best views. Formerly owned by NHL hall of famer Sergey Federov, who for a short time also shared the property with Anna Kurnikova, the unit sold for a record breaking $11,000,000 or $2,000 per square foot.

Not the end of the road
MLRE anticipates many additional purchases from Russian and other international buyers in the coming year. According to Daniel Pansky of the firm, clients purchase primarily in the $1-$50 million range, and MLRE is currently working with several Russian HNWIs looking to procure a penthouse in Miami in the $10-50 million range.

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