New York’s “Billionaire Via dos Billionaires” describes a now infamous region of Manhattan, just south of Central Park, which has emerged in the last 15 years and houses some of the highest residential skyscrapers in the world. Populated by celebrities, financiers and foreign tycoons, the eight and nine digits apartments at Billionaire’s Row offer the super rich views of the park-while casting literal shadow on more modest nearby residences.
Recently, however, the rich and powerful are heading south in search of refuge on Florida beaches, which do not have income tax and inheritance tax. This led Miami to create her own version of the UltraLuxurous residential track, nicknamed Real Estate Agents and local developers by Billionaire’s Beach. The South Beach stretch-which runs from 14th to 21st street along Collins Avenue-is receiving about $ 2.5 billion in investments, including brands such as Rosewood Hotels and Ritz-Carlton.
It is a kind of rebirth for the area, which became a popular destination for the first time in the 1930s, according to Fredrik Eklund, a Douglas Ellim broker, who was a real estate agent in New York for 20 years before moving to Miami. He states that the new rich want the same things that Manhattan buyers had wanted for 15 or 20 years: to be close to the action, but with unobstructed views. And at Billionaire’s Beach that is exactly what they are getting, although with ocean windows instead of Central Park.
“This is really the height of privacy and the convenience of being on the beach,” adds Daysi Kanavos, co -founder and president of flag Luxury Group, a real estate development company.
Construction in this part of Miami includes properties with. Buyers are not waiting for visits: even before construction starts, a coverage at Shore Club, currently under renovation by Auberge Resorts Collection and expected to reopen in 2027, was sold for an impressive $ 120 million. Shore Club’s “reinvention” – an art -decade -style hotel in the 1940s and architectural framework – also includes the construction of the first single -built single -built house in Miami Beach.
The views are an easy attractive. Even more attractive in South Beach homes: In a place like Ritz-Carlton, buyers have the “best of both worlds,” says Eklund. They have access to the hotel and all their amenities, but they can withdraw to the privacy of the residential tower, where a private elevator has direct entry in most homes and there are only 29 other units. Buyers can spend their days with their feet in the sand and then ask for food prepared by chef José Andrés and his team at the hotel before they withdraw into a short home walk.
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“Many people don’t want to deal with all this headache, maintenance, team and safety,” says Eklund.
And the appreciation of Miami’s rich history in projects is a great point of sale, says Eklund. Buyers, accustomed to new and elegant glass towers in New York, will feel more connected to the old Miami in the newly remedied Art Deco Historical District.
Billionaire’s Beach will also include the first Bulgari Hotel in America, located on a restored seaside property of the 1950s. Another elite enclave is nearby: the so-called Indian Creek Island Bunker is home to figures like Jeff Bezos, as well as Ivanka Trump and Jared Kushner.
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A throughout South Beach is another step in the rise of Miami as the favorite playground of the ultra-rich. Although they can keep their homes and apartments in cities such as New York and Los Angeles, Kanavos states that the great migration of the rich to the southern coastal city is just beginning. CEOs, art collectors and luxury buyers of all types have settled there in recent years.
Of course, not everything is sunny days in Miami. Prices are in the highest – perhaps exaggerated – and there is the ever -present risk of a disaster caused by climate change (not to mention the increase in insurance price).
“Every property buyer cares about it, but for apartment buyers in new ventures, this is not a problem,” Eklund said about climate change concerns. “These high end buildings are true fortifications and are often elevated more than two meters above the beach, equipped with stormy glass and all the latest technology. That’s why the apartment market in new enterprises is doing so well. ”
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But for now, the new addresses that are emerging throughout South Beach seem ready to attract even more buyers in search of New York’s design quality, climate and Miami amenities, the privacy of a luxury hotel – and the Florida Tax Code.
Miami “already has an extraordinary art scene, amazing sports teams and a much more diverse economic base,” says Kanavos. “And this trend is not decreasing. This is not a passing fashion. It’s something that is here to stay. ”
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