Luxury Real Estate Market Summary

Miami Real Estate – Good News, The Wealthy Are Spending Again!

Two articles in today’s Business Monday add more evidence that South Florida is starting to pull out of the recession and, though we fell farther and therefore have further to go to actually feel that the recession is over, there are positive signs in South Florida’s economy.

The first article, Brazilian buyers put the luxe in real estate, describes the influence that wealthy Brazilians are having on high end real estate as well as on design and furniture stores.

Dophin Mall has gone from bust to boom, the second article, describes how this mall has turned its sales performance around 180 degrees by catering to the luxury consumer and recognizing the importance of the tourist.

These articles emphasize the importance of the wealthy tourist to South Florida’s economy.  These tourists are going to help excel our recovery by spending large amounts of  money, which will eventually trickle down throughout the economy.  The only problem I see with this is that it is the start of another boom cycle that, unless we find industries in addition to real estate and tourism, will eventually bust in Florida’s typical fashion.