Miami Developers Influenced by Out-of-Town Buyers' Desire for Luxury
Out-of-town buyers continue to be drawn to Miami’s prime real estate and increasingly influence the way developers build. These house hunters are now looking to settle down in Miami as opposed to simply buying investment properties in the city's rental market. As a result, the buyers are asking for bigger, better and more expensive designs including quarters for live-in help and guest suites for visitors. A large influx of buyers from Latin America has fueled some of the requests and developers are adapting. Large outdoor terraces and elaborate rooftops for entertaining are becoming the norm for high-end developments. Domestic buyers have also had an effect, causing some developers to focus on semi-urban projects similar to those in other big American cities. Developers hoping to lure Chinese buyers have gone as far as to turn to ‘feng shui’ consultants in a bid to lure shoppers with the eastern art of balanced design. [MIA]
