Forget Bitcoin, Apparently Miami Real Estate Is the Hot New Alternative Currency
If you're some libertarian geek you might be interested in Bitcoin as your new form of alternative currency. If you're a jet-setting billionaire then you probably prefer Miami luxury condos.
Yes, Jonathan Miller, president and CEO of Miller Samuel Inc., says the world's wealthy elite are pretty much using Miami real estate as currency.
"We're seen as the safest of all markets," [Miller] said.
Investors have "an opportunity to place their money not only in a safe location but one where they can come visit," and "have a reasonable expectation of appreciation," said Philip Spiegelman, whose ISG World specializes in luxury condo sales.
So we're basically a high-end bank with a beach. I mean, why stash your cash in gold locked away in security deposit banks? They aren't serving mojitos at the Wells Fargo, and last time we checked their aren't any high-end nightclubs in the New York Stock Exchange. And, as we suspect, many of the foreigners investing in Miami real estate aren't necessarily on the straight and narrow.
So those fancy, starchitect-designed luxury high rises popping up over might as well be piles of dollars stacked halfway to the moon.
Which is all great news, for someone, we're sure. Unless you're the kind of person who barely has enough real currency, let alone real estate currency, and are seeing your rent rise and your formerly affordable neighborhood being overtaken by towers because of this latest boom.