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Big Money in Miami: Housing Boom From Russian Billionaires

Wednesday, November 28, 2012 12:24 am - by Everest
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I bet a lot of you out there have had a Scarface type fantasy at least once in your life. The money, the power, the mansions, the tiger: everything you could want. Yep, besides the whole dying thing and the weird thing with his sister, the guy had it all. Miami has always had this air of extravagance around it, and it still hovers in lavish hotel lobbies and the private islands like coconuts hang from the palms. Today, the once floundering way-too-gigantic mansion market is picking up again in this swarthy city and the buyers are foreign, primarily from Russia and South America. The Russians love Miami for the weather (obviously beats the winter back home), the culture and the privacy. According to this CNBC article, these Russian millionaires are “paranoid” about security and find solace in the city’s abundance of gated communities and security services. Undoubtedly, moving mansions is a tough sell (20+million is a lot to drop on anything) and the fact that hundreds of millions of dollars worth of property has been sold this year by just the company featured in this article is comforting. The idea of a Tuscon-esque villa on a private island without an eccentric accented man in some manor of sweat suit is like PB with out the J. To learn more about Miami’s massive mansion market, click the link below.

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