Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And equally important many Miami (city/metro) residents, long time or newbie, are benefitting from this importation of wealth via increased and higher quality amenities—restaurants, arts, even more retail, etc—that wealthy property owners demand and attract.
Article is a year old but still relevant. Heck, NYC’s Major Food Group (Carbone) is expanding into real estate and will have several restaurants in their new proposed Brickell condo project. London’s Sexy Fish just opened their first US venture here the other wee.
This is not to take away from the wealthy enclaves in NYC, CA and elsewhere but Miami has been discovered by more, especially the wealthy US market, in recent years and is no longer (as) undervalued relative to other prime coastal cities.
I've said it before here and I'll say it again, South Florida is by far the largest tropical urban beach environment in the entire first world. Singapore and Honolulu are literally the only other large ones and the vibes etc are so different there in so many different ways that it actually might make South Florida the most unique city on the planet.
Add in that massive connection with the greatest city in the world NYC and all of South America too, and all the changes that we've seen with Covid and this was all just inevitable. South Florida has been accelerating for many years now, all this stuff just time warped it 10 years into the future.
What's even more incredible is most people are actually choosing to live there based on the unique lifestyle alone, compared to many cities that people moved to for work related reasons or that have grown their wealth over the years from people having to live in that area for work. WFH has evened the playing field a bit more and will continue to do so as technology continues to improve in the next couple of decades. There's no going back now.
Let's not read too much into this folks. South Florida is a paradisaical setting on the US mainland relatively close to the power centers of the Northeast and is the major destination of Latin America super rich AND a major destination for jet setters from Europe, AND, Miami is evolving as a finance and tech hub, so that's a recipe for major growth in ultra high end real estate sales, which South Florida already is a top 3 US Market for, along with NYC and Southern California. Kudos Miami!
Just remember these numbers represent a very small number of the overall housing market, and many folks who could afford these trophy homes might not actually want to spend that much...
1 I was reading about Austin in this thread. Yes it's booming, but dont get it twisted, Austin is nowhere near Dallas or Houston when it comes to the concentration of wealth in Texas, not even close.
2 I think the reason why so many submarkets are separated is because they have such distinct identities to realtors and buyers that it makes sense to separate the Hamptons from Manhattan, idk, just a guess.
3 I really didnt know the Bay Area had that many sales in that price category. I would have never guessed more than 50 such sales a year---goes to show I dont know the market as well as I used to. Oh well.
4 Mountain towns in the West are often overlooked because they are more rugged and not as fluffy, but CLEARLY they are a major destination of this crowd. Aspen, Lake Tahoe, Jackson Hole, Telluride, Vail, etc. amazing numbers from that group of towns.
Anyhow, to illustrate how the data from the OP compares to the total number of residences of the wealthy overall:
Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021:
1 New York 182,395
2 Los Angeles 103,345
3 San Francisco 75,560
4 Dallas 62,195
5 Atlanta 55,070
6 Boston 51,715
7 Washington DC 46,655
8 Miami 45,545
9 San Jose 40,740
10 Seattle 37,160
Ultra High Net Worth($30M+) Individuals With a Primary
or Secondary Home by US MSA and Canadian CMA, 2021:
1 New York 24,660
2 Los Angeles 16,295
6 San Francisco 6,740
7 Chicago 6,085
8 Miami 5,615
10 Washington DC 4,905
11 Dallas 4,890
13 Houston 4,435
16 Toronto 3,080
17 Naples, FL 3,035
18 Greenwich, CT 2,910
20 San Jose 2,790
Let's not read too much into this folks. South Florida is a paradisaical setting on the US mainland relatively close to the power centers of the Northeast and is the major destination of Latin America super rich AND a major destination for jet setters from Europe, AND, Miami is evolving as a finance and tech hub, so that's a recipe for major growth in ultra high end real estate sales, which South Florida already is a top 3 US Market for, along with NYC and Southern California. Kudos Miami!
Just remember these numbers represent a very small number of the overall housing market, and many folks who could afford these trophy homes might not actually want to spend that much...
1 I was reading about Austin in this thread. Yes it's booming, but dont get it twisted, Austin is nowhere near Dallas or Houston when it comes to the concentration of wealth in Texas, not even close.
2 I think the reason why so many submarkets are separated is because they have such distinct identities to realtors and buyers that it makes sense to separate the Hamptons from Manhattan, idk, just a guess.
3 I really didnt know the Bay Area had that many sales in that price category. I would have never guessed more than 50 such sales a year---goes to show I dont know the market as well as I used to. Oh well.
4 Mountain towns in the West are often overlooked because they are more rugged and not as fluffy, but CLEARLY they are a major destination of this crowd. Aspen, Lake Tahoe, Jackson Hole, Telluride, Vail, etc. amazing numbers from that group of towns.
Anyhow, to illustrate how the data from the OP compares to the total number of residences of the wealthy overall:
Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021:
1 New York 182,395
2 Los Angeles 103,345
3 San Francisco 75,560
4 Dallas 62,195
5 Atlanta 55,070
6 Boston 51,715
7 Washington DC 46,655
8 Miami 45,545
9 San Jose 40,740
10 Seattle 37,160
Ultra High Net Worth($30M+) Individuals With a Primary
or Secondary Home by US MSA and Canadian CMA, 2021:
1 New York 24,660
2 Los Angeles 16,295
6 San Francisco 6,740
7 Chicago 6,085
8 Miami 5,615
10 Washington DC 4,905
11 Dallas 4,890
13 Houston 4,435
16 Toronto 3,080
17 Naples, FL 3,035
18 Greenwich, CT 2,910
20 San Jose 2,790
You make some good points. To your #2 point, though, it makes complete sense to separate the Hamptons from NYC. It’s a 2-3 hour drive away. It doesn’t make as much sense to separate Fort Lauderdale from Palm Beach and Miami though. You make a good point re: realtors, since they clearly don’t work off of solely MSA or CSA, or not nearly as much as we do here.
I've said it before here and I'll say it again, South Florida is by far the largest tropical urban beach environment in the entire first world. Singapore and Honolulu are literally the only other large ones and the vibes etc are so different there in so many different ways that it actually might make South Florida the most unique city on the planet.
Add in that massive connection with the greatest city in the world NYC and all of South America too, and all the changes that we've seen with Covid and this was all just inevitable. South Florida has been accelerating for many years now, all this stuff just time warped it 10 years into the future.
What's even more incredible is most people are actually choosing to live there based on the unique lifestyle alone, compared to many cities that people moved to for work related reasons or that have grown their wealth over the years from people having to live in that area for work. WFH has evened the playing field a bit more and will only continue to do so as technology continues to improve in the next couple of decades. There's no going back now.
Compared to South Florida? Singapore is 95% Asian and Honolulu is a small, super isolated city with totally different vibes too. Those two reasons out of the more than 100 I could name off the top of my head are enough by themselves right?
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,553,115 times
Reputation: 6685
Numbers below would not take into account luxury real estate purchases made under a shell corporation whose purpose is to provide anonymity….I am going to assume the data in the OP’s link did, going off of just sale price. Such purchases did warrant attention of the US Treasury Department a few years ago; not sure if their FCEN Division is still requiring identity disclosures on significant all cash purchases.
Quote:
Originally Posted by 18Montclair
Anyhow, to illustrate how the data from the OP compares to the total number of residences of the wealthy overall:
Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021:
1 New York 182,395
2 Los Angeles 103,345
3 San Francisco 75,560
4 Dallas 62,195
5 Atlanta 55,070
6 Boston 51,715
7 Washington DC 46,655
8 Miami 45,545
9 San Jose 40,740
10 Seattle 37,160
Ultra High Net Worth($30M+) Individuals With a Primary
or Secondary Home by US MSA and Canadian CMA, 2021:
1 New York 24,660
2 Los Angeles 16,295
6 San Francisco 6,740
7 Chicago 6,085
8 Miami 5,615
10 Washington DC 4,905
11 Dallas 4,890
13 Houston 4,435
16 Toronto 3,080
17 Naples, FL 3,035
18 Greenwich, CT 2,910
20 San Jose 2,790
You make some good points. To your #2 point, though, it makes complete sense to separate the Hamptons from NYC. It’s a 2-3 hour drive away. It doesn’t make as much sense to separate Fort Lauderdale from Palm Beach and Miami though. You make a good point re: realtors, since they clearly don’t work off of solely MSA or CSA, or not nearly as much as we do here.
Sure, but an ultra high net worth person probably has a city place, a winter place, and a summer place. The city places are concentrated in a short list of the most affluent urban areas. The winter place and summer places are much more widely distributed.
Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021:
1 New York 182,395
2 Los Angeles 103,345
3 San Francisco 75,560
4 Dallas 62,195
5 Atlanta 55,070
6 Boston 51,715
7 Washington DC 46,655
8 Miami 45,545
9 San Jose 40,740
10 Seattle 37,160
Ultra High Net Worth($30M+) Individuals With a Primary
or Secondary Home by US MSA and Canadian CMA, 2021:
1 New York 24,660
2 Los Angeles 16,295
6 San Francisco 6,740
7 Chicago 6,085
8 Miami 5,615
10 Washington DC 4,905
11 Dallas 4,890
13 Houston 4,435
16 Toronto 3,080
17 Naples, FL 3,035
18 Greenwich, CT 2,910
20 San Jose 2,790
Well if you were to somehow add in all the wealth that people who visit South Florida from NYC, Europe, South America etc have, but don't actually own a home there, I think South Florida would distance itself by a pretty large margin from many of these metros. It absolutely destroys many of these metros in tourism done by the wealthy and famous, especially these days.
Plus your numbers are from December 2020. Isn't that the exact month when the mayor of Miami made that famous tweet and a bunch of people started piling on exponentially (crypto also started blowing up that exact month) and well now here we are aren't we. I'm much more interested in what the numbers are now since the tide has turned toward South Florida even more since then for countless reasons.
I mean Miami is going through its largest building boom in history right now, with 22 towers over 500 feet and dozens more under 500 feet under construction. What other cities are doing anything remotely close to that? (outside NYC) Those are all gorgeous inside and out very high-priced super modern units too. South Florida is blowing up like never before, and the main reason is actually from the incredible unique to the first world lifestyle it offers, not because your workplace is located there.
South Florida has done so amazingly well in such a short period of time that I can only imagine what it would look/be like if most other cities didn't have such a head start on it. Well hey at least that means it's the most modern.
The 22 Tallest Towers Under Construction In Miami In 2022
Sure, but an ultra high net worth person probably has a city place, a winter place, and a summer place. The city places are concentrated in a short list of the most affluent urban areas. The winter place and summer places are much more widely distributed.
I’m not sure what that has to do with grouping home sales by MSA or individual cities for ranking purposes, though.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
