We staff nationally
Miami Luxury Real Estate with Oliver Ruiz
Guest
Kayla Navarro
Miami realtor Oliver Ruiz joins Ben W for his take on the city’s luxury real estate market, ahead of his 30th year selling.
A past president of the Miami Association of Realtors, based in Brickell, Oliver has watched the city transform since 1996. Here he shares how the high-end buyer has changed and where the market is heading.
- Understand how Miami’s luxury market has changed, and who is buying at the top.
- See how ultra-wealthy owners actually run and staff their Miami homes.
- Learn where the market is heading and where a buyer might put their money.
Spotify
Youtube
Oliver traces Miami’s rise, from a Coral Gables home he flipped in the nineties to today’s hundred-story branded towers.
He explains why buyers come from all over the world, why Brickell became the financial district, and how owners keep their homes running while they travel.
He also gives a candid look at what separates a professional from the rest.
Key Takeaways
- Today’s Miami buyer is global, highly informed, and lifestyle driven, arriving already knowing the building, the developer, and the resale history.
- Brickell has gone from one building and one restaurant to Miami’s financial district, powered by firms like Citadel relocating in.
- Branded residences, from Dolce & Gabbana to the Waldorf Astoria and Aston Martin, sell fast because buyers want the brand and its services.
- Ultra-wealthy owners usually run their homes with their own team, and some buy separate condos to house that staff.
- Miami is a year-round safe haven for international wealth, especially from Latin America and Europe, and demand keeps pushing prices up.
Full Transcript:
Transcript
Introduction
Ben W
Welcome to the Morgan & Mallet Luxury Staffing Podcast. Today we have Oliver Ruiz, a luxury realtor about to start his 30th year selling in Miami. Oliver, what has changed most about the high-end buyer since you started in 1996?
Oliver
Back then Miami was far cheaper. It is an expensive city now. Today’s buyer is more global, highly informed, and lifestyle driven. In 1996 buyers focused on square footage, location, and return. Today they walk in already knowing the building, the developer, the floor plans, and the resale history, because the internet gives them more information than ever. I sell mostly condos, and also waterfront homes in Coconut Grove and Coral Gables.
The Home That Started a Career
Ben W
You owned a historic home in Coral Gables. Is that what got you into real estate?
Oliver
Yes. I bought a historic Coral Gables home in 1990 for 550,000 dollars and sold it a few years later for 1.2 million. That was my start, and real estate became my second career from 1996. Coral Gables today is like Beverly Hills, a fantastic place to live.
Brickell and Downtown Today
Ben W
For listeners who do not know Miami, paint the picture of luxury Brickell and downtown. Who lives there, and what draws them?
Oliver
First, let me be clear, Miami is a very safe city. I have been here 66 years and never been robbed. It gets bad publicity it does not deserve. When I started in Brickell in 2002 there was one building and one restaurant. Now there are 50 restaurants, shopping, and clubs. When Citadel relocated from Chicago, it brought a lot of money in, and Brickell became Miami’s financial district.
Ben W
Is it the tax advantages that draw them, and the lifestyle?
Oliver
Taxes first. Florida has lower taxes than most states. Brickell is walk-only, very centralized, and young, because so many are in finance. I take the elevator down and my wife and I can eat, shop, and walk everywhere. They are building hundred-story towers now, and the buildings that sell fastest carry brands like Dolce & Gabbana, Cipriani, and Baccarat, because people want the brand and the services it provides.
Who Buys at the Top
Ben W
At the very top, the Waldorf Astoria or Aston Martin residences, who is that buyer?
Oliver
The new Waldorf Astoria is designed like stacked cubes, a hundred stories tall, and the cheapest studio with no view is 800,000 dollars. The buyers come from everywhere, people with a lot of cash who want the Miami lifestyle. Downtown is following Brickell, becoming walkable with everything close by. I have a condo for sale next to the Waldorf, and the Delano is going up beside it.
Ben W
Is there a predominant nationality among the international buyers?
Oliver
It depends on the building. We get buyers from Great Britain, Spain, Italy, plus many Ukrainians and Russians, all coming with a lot of money. And a great deal from Latin America. When those countries have problems, people move their money out and buy in Miami. It is seen as a safe haven, a safe investment where prices keep rising.
Second Homes and a Year-Round City
Ben W
How much of your business is primary residences versus second or third homes?
Oliver
Miami used to be seasonal, but now it is a year-round city. New Yorkers, Chicagoans, and Bostonians still come for the winter warmth, but most of my buyers are buying a second or third home. Miami is the hub to Latin America and the world, a short flight, and there is so much to do, from Formula 1 to the boat show to Art Basel, which draws the wealthiest people from everywhere.
Running a Home From Afar
Ben W
Many of your buyers own homes elsewhere too. How do they run the Miami property when they are away?
Oliver
They come with an entire team. They bring everybody, people who take care of this, people who take care of that, and who looks after the yachts. They are well prepared. They rarely hire locally, they bring their own. I help where I can, and I point them to trusted people.
Ben W
How does that team work and live in the US? Do they sort the paperwork in advance?
Oliver
Yes, and the interesting part is they buy places for the team to live in. I represent a yacht captain for a wealthy Colombian banker, and the banker bought the captain a condo. They keep trust in the people they have. When they do ask me, I give them a list of responsible, professional people who can help.
Ben W
What surprises you most about the ultra high net worth buyer?
Oliver
They are never surprised by the price tag. Bezos, Zuckerberg, and others are buying waterfront homes, with their yachts nearby and their own private security, even a water patrol around the island. But you need a hundred million dollars to spend. They study a property, they are clever, and they have lawyers, so my job is to be a strong negotiator and give them the experience they rely on.
Language, Professionalism and Referrals
Ben W
Your bio says bilingual English and Spanish is core to your business. How important are language skills?
Oliver
Extremely important. Brazilian buyers usually want a Brazilian realtor, Russian and Ukrainian buyers want their own, and so on. My advantage is that clients from Colombia, Peru, Ecuador, Chile, and Argentina call me directly. I speak with many of my Argentinian clients daily. They are tough and hard to please, but experience wins their trust.
Ben W
You said the market has a lot of less professional realtors. How do you decide who is good enough to refer?
Oliver
Miami has too many people doing poor service, some only in it for the money, not the client. To earn a spot on my referral list, they have to be top of the line. When I refer someone, my client can rest assured they are responsible, will get the job done, and will actually show up, because too many here take ten jobs at once and cannot be in ten places.
A Favorite Recent Deal
Ben W
Walk us through a recent deal where your experience made the difference.
Oliver
A gentleman born in Spain, now in crypto with his own bank in Monaco, comes to Miami purely to relax, boat, shop, and eat. I sold him a fully furnished penthouse in Brickell. We brought in an inspection team so everything was in prime condition, because he wanted to arrive and not lift a finger. He came knowing exactly what he wanted to pay, and I got it for him, even lower than his budget.
Where Miami Is Heading
Ben W
Looking ahead five years, where is Miami’s luxury market heading? And if you were buying today, where would you put your money?
Oliver
It is going to blow everything else off the water. The big brands treat Miami as a test market, so these are exceptional properties. Downtown is the next hotspot, where values rose 31 percent last year, and what is being built there is all luxury. For a zillionaire, Sunny Isles, Surfside, and Bal Harbour, right on the beach. For a regular buyer, downtown Miami. The amenities are incredible. In some buildings you live like a king, and can even be shuttled to a private beach for the day.
Closing
Ben W
Thank you, Oliver. Anything you would like listeners to know?
Oliver
Just that Miami is a very safe city, a great place to live and enjoy. If you are looking for real estate here, reach out to me through my Miami real estate website, and I am happy to help. I am a 24/7 realtor, I always return a call, wherever in the world it comes from.
Ben W
Thank you, Oliver, a real star. For household staff, visit householdstaff.agency to hire a housekeeper, butler, or any role, or head to householdstaff.agency/jobs if you are looking for work. Subscribe on Spotify, YouTube, and Apple Podcasts. Thanks for listening.
Oliver
And so have you. Thank you so much for your time.