D.C.’s Luxury Condo Market Gaining Favor With Foreign Buyers
“Many of our residents from Miami, they like coming to D.C. because of the history and all of the things that you can do here,” Shuffield said. “I don’t think it’s unreasonable that people from Miami could get a condo in D.C., especially if they rent it for part of the year, that’s an option maybe they didn’t have just a few years ago.” Miami’s luxury condo market has been a much larger target of foreign buyers for decades, but Shuffield said that has recently begun to decline. Three years ago, he said 42% of $1M-plus Miami condo sales went to international buyers, but this year he said that was down to 32%. He said that drop has pulled down overall demand in the market, and prices have begun to dip sharply.