Globalization: The Universal Language of Art & Real Estate in Miami
While art may be all about interpretation, there is one thing about Miami that needs no translation: beauty abounds.
Jill Hertzberg of the #1 Coldwell Banker team worldwide The Jills®, frames it best when she says, “The people are as interesting as the art.” With sky-high heels for the ladies, the softest leather loafers for men and a bold rainbow of colored fashion for both, the halls of the Miami Convention Center where Art Basel Miami 2014 takes place, screams artful living. While art may be all about interpretation, there is one thing about Miami that needs no translation: beauty abounds. With perfect weather, heart-stoppingly gorgeous people and drool-worthy homes, “it’s a beautiful market with beautiful buyers,” boasts Jill Eber, the other half of The Jills.
As the art scene becomes more and more global, so too does the pool of potential home buyers. This globalization is never more apparent than in Miami. In fact, in 2004 the United Nations Development Program (UNDP) reported that Miami had the highest proportion of foreign-born residents of any major city worldwide at 59%.
“We often call ourselves the foot soldiers on the front,” Hertzberg said, because the activity in foreign markets, particularly in South America, directly affects the Miami real estate market. Danny Hertzberg, Jill’s son and a member of the leading luxury real estate team The Jills, also echoed this sentiment when he spoke about South American buyers seeing Miami as a stable investment. With a skyline that has exploded over the past 10 years, Miami’s building boom has much to do with an influx of foreign dollars.
Home inventory on offer in Miami varies from modern to Mediterranean, but buyers are looking for many of the same things: new construction, soaring ceilings, plenty of glass, and fabulous views. According to Jill Eber, buyers want “an oasis in the heart of South Beach within walking distance to the best restaurants and culture.” Which, evidenced by the explosion of culture on the Beach during Art Basel weekend, is more than plentiful.
A perfect example of one such “urban oasis” on the market, listed by The Jills at $37 million, is situated on an estate-sized lot on Upper North Bay Road. This residence paints the perfect picture of Miami luxe living: a brand new modern masterpiece boasting Downtown and bay views, 186 feet of sparkling waterfront and the most luxurious amenities available.