More and more tech elites and entrepreneurs are purchasing real estate in South Florida. In fact, it was speculated that Miami would become the next Silicon Valley and Wall Street, as so many companies are moving or expanding to the area. Recently, another tech entrepreneur joined the trend. The biotech entrepreneur and his wife purchased a Key Biscayne penthouse for $18 million.
Furthermore, the couple’s new home is the PH1S unit at 360 Ocean Drive in Key Biscayne. Christoph Westphal is the co-founder of a Boston-based venture capital firm that invests in healthcare companies. The luxury penthouse he purchased in Miami sold for $2,270 per square foot after 302 days on the market. In addition, it is two stories and has a private elevator entry, an infinity pool, and terraces with ocean views.
Miami Real Estate Prices Rise As Business Elites Relocate
At the beginning of the Covid19 pandemic, many people decided to move to Miami. Silicone Valley elites and Wall Street titans were no exception. What might’ve begun as a temporary stay has turned into a permanent move. As a result, the overall interest in Miami real estate has caused the market to boom. Prices in Miami real estate rose about 29%, according to a report by the New York Times.
Many high profile tech and business executives have purchased multi-million-dollar homes in Miami in the past few months. Last year, tech billionaire Peter Thiel purchased an $18 million Miami compound. Similarly, Shutterstock billionaire Jon Oringer bought a $42 million Miami Beach mansion. As a result of many elites relocating, several tech companies, hedge funds, and law firms are opening up offices in Miami. Major companies like Microsoft, Citadel, Baker McKenzie, Elliott Management, Icahn Enterprises, and Blackstone are all reportedly following this trend. Kelly Smallridge, the head of Palm Beach County’s Business Development Board, recently told the Business Insider that she’s never seen a greater influx of financial firms to the region in her 32 years on the job.
Miami offers amazing opportunities for people wanting to relocate. Many appoint the popularity to its quality of life and tax benefits.
About AMG Realty
AMG International Realty is a full service luxury brokerage firm in South Florida. We also sell luxury homes in Central Florida. If you are interested in buying or selling real estate in the Sunshine State, please contact us today.