Foreigners flock to florida's luxury homes
Photo: Facebook 1000 Museum
Foreign buyers have flocked to a luxury development in Florida designed by Zaha Hadid. Work is starting on the high-end development soon, but more than a third have already been bought by overseas buyers.
The six star residential tower, which boasts 83 units, was designed by starchitect Zaha Hadid, her first tower in the Western hemisphere.
Mayi De La Vega, founder and CEO of One Sotheby’s International Realty in South Florida, which is the exclusive sales agency, tells OPP Connect: "Closing on the land at One Thousand Museum is incredibly exciting. Work can now start in earnest on the site to create this one-off development.
"This is the first residential tower in Miami designed by an architect of Hadid’s international standing with the level of amenities this extraordinary building will provide. Iconic architecture, stunning skyline and ocean views, and close proximity to Miami’s finest cultural quarter, will position One Thousand Museum as one of the world’s most coveted residential towers."
Buyers of units in the tower came from a range of countries, including Latin America, Europe, the Middle East and Asia.
The flood of foreign capital to Florida, though, is now being led by Canadians, according to the Florida Association of Reators.
Canadians spent $2.2 billion on Florida real estate in 2014, reports The Financial Post, making up 31.6 per cent of all international transactions, far ahead of the second most active nation: the UK, which accounts for 7 per cent of international sales.
Half of all Canadian buyers spent less than $200,000 on property, with just 16 per cent of Canadians spending more than $400,000.
Demand continues to drive up sales prices, despite inventory increasing in the Sunshine State. The average sales price for single-family existing homes last month was $180,000, up 2.9 per cent from the previous year. The statewide median price for townhouse-condo properties in August was $136,000, up 4.6 per cent over the year-ago figure. This is the 33rd month of price growth in both property types in a row.