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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.
I love your enthusiasm and hometown pride, it's after my own heart, but visiting and actually buying property are 2 different things.
You have to also keep in mind that while Miami attracts out-of-towners and foreign oligarchs, other cities actually have way more homegrown wealth. Dallas and Atlanta are enormous corporate hubs and have excellent amenities all their own.
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Plus your numbers are from December 2020. I'm much more interested in what they are now since the tide has turned toward South Florida since then even more.
Yeah no, this isnt a number that is going to fluctate that must, and Dec 2020 is the latest data available.
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.
Well I suppose it's based on Wealth-Xs research and public records so you are probably correct but these stealth purchases are not enough to change much as far as rankings.
Well I suppose it's based on Wealth-Xs research and public records so you are probably correct but these stealth purchases are not enough to change much as far as rankings.
I did just read that a record 18% of homes were purchased by “investment” [shell] companies in Q4 2021, so I’d be willing to bet it may.
I love your enthusiasm and hometown pride, it's after my own heart, but visiting and actually buying property are 2 different things.
You have to also keep in mind that while Miami attracts out-of-towners and foreign oligarchs, other cities actually have way more homegrown wealth. Dallas and Atlanta are enormous corporate hubs and have excellent amenities all their own.
Yeah no, this isnt a number that is going to fluctate that must, and Dec 2020 is the latest data available.
One last thing. From your link I was surprised that the Los Angeles metro has almost the same ratio of secondary/primary homes for UHNW individuals as South Florida. Sydney too. London was actually more. Was just surprising to even me that it was so close and many people probably also thought the same. My question is does South Florida have its secondary homes filled up much more than other cities since people actually stay there for 5 months at a time every single year?
There's no room at all left to build in South Florida except upwards and many of those secondary homes are getting filled up year-round now anyways with this current boom going on. Should be a good decade.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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I would think NYC, Miami (both cities were subject to investigation by FinCEN) and likely LA—maybe one or two more but not all cities; it might narrow but not necessarily change the overall rankings. I would presume a good percentage of shell companies shielding their identities are foreign real estate investors with above cities accounting for larger than average percentages.
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Originally Posted by 18Montclair
Right so we can assume that every city's number is actually 18% bigger, not just Miami.
Last edited by elchevere; 02-14-2022 at 12:54 PM..
Right so we can assume that every city's number is actually 18% bigger, not just Miami.
Eh, not every city. Los Angeles, Miami, Manhattan, San Francisco regularly log the amount of shell properties to be in the 30%+ range of total real estate. That makes sense, since where these cities hold a huge percentage of the nation’s luxury market. Austin, Chicago, Boston, DC and Atlanta are probably well below that 18% skewed by the big four above.
When the federal government began cracking down under the Trump administration, Miami took one of the biggest hits.
Eh, not every city. Los Angeles, Miami, Manhattan, San Francisco regularly log the amount of shell properties to be in the 30%+ range of total real estate. That makes sense, since where these cities hold a huge percentage of the nation’s luxury market. Austin, Chicago, Boston, DC and Atlanta are probably well below that 18% skewed by the big four above.
When the federal government began cracking down under the Trump administration, Miami took one of the biggest hits.
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