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Russian Billionaires & Other Foreign Buyers Take Advantage Of Exclusive U.S Estates Over $20 Million

4 August 2011

A Russian billionaire named Roustam Tariko has just made a new milestone in Miami’s real estate market since 2006. Tariko, the owner of Russian Standard Vodka, and as well as Russian Standard Bank, has recently purchased a glamorous real estate property on Star Island. April was a very good year for Miami Beach, as this real estate property costs around $25.5 million dollars!

A lot of people know that Star Island is a rich and beautiful neighborhood. But little did they know that Tariko also has a Russian billionaire neighbor who is Vladislav Doronin, who is a wealthy and known chairman of the Moscow-based Capital Group – a real estate developer. Doronin purchased NBA legend Shaquille O’Neal’s breathtaking home property for $16 million dollars.

A lot of investors are also taking their eyes on Miami’s steadying real estate market. Because of the weakening US dollar and several housing slumps, these foreign investors and buyers are setting the sights on the best properties the real estate market in the United States can offer.

Three of the finest real estate markets in the country that feature home properties of up to $30 million are New Jersey, Florida, and California – and most of these properties are being purchased with great haste, as we speak. In Manhattan alone, seven home properties appraised at $20 million have been sold just this year alone!

In Los Angeles, over 42 houses were sold at $20 million just this year – which makes it 10x better than the sales racked up last year. The biggest transaction made in California is by far the $85 million Holmby Hills estate of previous owner, Aaron Spelling.

In Miami Beach, the biggest purchase made by far is Tariko’s exclusive and fabulous home which is around $27 million in total – and that was the best they had in a long time (since 2006). But it is still a good sign that there are more buyers to come in the near future. Only time will definitely tell.

To sum it all up, most of the real estate purchases made this year is mostly done by foreign buyers and investors. While the real estate market is looking up, recession is still taking its toll to the lesser fortunate ones. Most of the purchasers come from Brazil, India, China and Russia. Why is that possible? Because there is currently more money found in the overseas than in the United States.

Quentin Battle

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