Miami Luxury Condos are Surprisingly Inexpensive by Comparison

Compared to New York, London, Monaco, Hong Kong and Singapore, ultra-luxury condos in Miami are surprisingly inexpensive.

Worldwide Prices are Absolutely Bonkers

In New York, you have 432 Park Avenue selling at $6,750 per square foot on average, One57 and 56 Leonard selling at $6,000 per square foot on average and One Madison selling at $5,000 per square foot on average. In London, One Hyde Park is selling at a whopping $9,900 per square foot and South Bank Tower at $3,300 average price per square foot. Then you have Opus Hong Kong in Hong Kong selling for a crazy-high amount of $10,740 average price per square foot, Tour Odéon in Monaco selling at $8,900 per square foot and Clermont Residence in Singapore at $2,360 per square foot.

The Value of Miami Luxury Condos

One Thousand Museum, in Downtown Miami, is one of the most luxurious new construction projects in Miami. Designed by starchitect Zaha Hadid and offering a luxurious 6-star lifestyle to its residents, condos at One Thousand Museum are currently selling for $1,500 per square foot on average. Compare this to Porsche Design Tower in Sunny Isles Beach which is selling at approximately $1,500 per square foot on average and is home to more billionaires than any other condo in Miami-Dade County. And, Park Grove in Coconut Grove which is selling at an average of $1,100 per square foot. Now, compare these luxury Miami condos to the crazy, ridiculously-expensive prices per square foot in New York, London, Monaco, Hong Kong and Singapore.

Why the Huge Difference?

Compare One Thousand Museum, Porsche Design Tower and Park Grove prices to One Hyde Park or Opus Hong Kong….the price differences are astronomical! What do these luxury condos around the world have that the luxury condos in Miami don’t? Nothing that I can think of. I mean, besides the fact that Miami has the most beautiful beaches in the world, vibrant culture and art and amazing restaurants and shopping, Porsche Design Tower even has a car elevator that literally takes your car up to your condo and One Thousand Museum has an exclusive helicopter pad on the roof!

Smart investors should see the Miami luxury condo market as a smart investment, especially when they can purchase a luxury property at far less than 50% of what they would spend in certain worldwide destinations.

If you, or someone you know, are interested in purchasing a luxury condo in Miami, please contact your Miami condo specialist, Michael Light. You may reach me on my cell at (786) 566-1700, directly at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com.

Disclaimer: The information contained herein is for informative purposes only, may not be accurate and should not be relied upon as the sole determining factor for an investment.