Danny's Blog

Danny Hertzberg Lends His Expertise to CNN Money

Friday, January 2, 2015
Tags:   Miami Beach Waterfront Homes, Miami Beach Listings

Danny Hertzberg is one of South Florida’s most prominent specialists on high-end Miami Beach Listings. The rising star of luxury real estate offers a level of knowledge and experience that few Realtors can match up to – hence why CNN Money sought out his expertise regarding the changing dynamic of Russian homebuyers of Miami properties.

Investors and homebuyers from Russia have long been one of the biggest drivers of luxury real estate sales throughout the U.S. east coast, especially in globally popular markets like New York City.

As the article notes – and Danny Hertzberg is quoted confirming – Miami was no exception to this trend, as several record-breaking closing were attributable to Russian buyers. Among them were the sale of a $47 million Indian Creek mansion to an anonymous Russian buyer, and the purchase of Donald Trump’s Palm Beach estate for $95 million by Dmitry Rybolovlev, one of Russia’s richest people.

But geopolitical events last spring – normally irrelevant to the Miami Beach real estate market – have drastically shown their impact. A cooling of relations between Russia and the U.S., followed by economic sanctions and subsequent financial troubles, has caused many Russian buyers to temper their enthusiasm for American real estate.

An arguably bigger factor, as once again pointed out by Danny, is the Russian government's tightening of currency regulation, which is making it harder for its nationals to move a lot of money outside the country.

Even with all these challenges, however, seasoned experts like Danny remain confident that Russians will continue to be first-rate clients of some of the world’s finest real estate:

But Hertzberg notes, the Russian buyers play another role, too. Like many other foreign clients, they were much more bullish on the U.S. real estate market during the housing bust than Americans were.

"Russians were willing to go well beyond what others would pay for trophy properties," said Hertzberg.

He thinks the rich Russian buyers will come back quickly if they can find a way to extract their wealth from the mother country.

"I hear from some Russian clients that the decline of the ruble has made them even more eager to buy here," he said.

No matter where you are coming from or what you are seeking, Danny Hertzberg has the resources, connections, and credentials to make it happen. From penthouse suites, to Miami Beach Waterfront Homes, he has what it takes to make your real estate dreams come true even in the most challenging times. Call 305-505-1950 to learn more.

 
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