What $50 Million Gets You

As brokers court foreign buyers (first Russians, now Chinese, who next?), Miami’s luxe condo market has roared back.

Shahab Karmely of KAR Properties in New York says it’s a place where developers can build and sell “a world-class condo for less than in San Paulo or Rio, or a third of what you would have to spend in New York and a fifth of London, Paris, Moscow, Shanghai, or Tokyo.”