clock menu more-arrow no yes mobile

Filed under:

Turkish buyers eye Miami, "looking for stable investments"

Biscayne Beach unit sells for $8.6M

In a recent article in the Wall Street Journal about wealthy Turkish buyers targeting Miami condos, it was revealed Biscayne Beach’s upper penthouse sold for $8.6 million, for what appears to be a record for Edgewater.

The buyer did make a few customizations, per the WSJ:

The penthouse comes with a private rooftop pool and the buyer added a wine fridge and replicated the master bath to create a second master suite, Mr. Boren says. "The Turkish buyers’ level of sophistication is extremely high."

Aptly named Biscayne Beach, the development offers a unique feature: an actual beach on its amenity deck. It’s expected to be completed in December.

The piece also states some of the reasons Turkish buyers are turning towards Miami is because they’re "looking for stable investments" in addition to acquiring residency in the United States, with an EB-5 visa requirement being "an investment of at least $500,000," which "eventually allows them to acquire permanent U.S. residency."