Not Asking Where the Money Came From

I still think Thomas Wolfe’s newest book, “Back to Blood,” is a bit of a bust.

But, at least according to an article I just skimmed, Wolfe was right about the city having a growing Russian presence.

Russian One-Percenters

Specifically, area Realtors are taking note of “Russian One-Percenters” descending on the city in search of trophy properties.

The city’s attraction(s)?

A very un-Moscow-life tropical climate; a real estate market that doesn’t ask too many questions about where the Buyers’ money is coming from; and the anonymity and personal security the city affords them (lots of gated communities, etc.).

Which begs the question, “security from what?

Apparently, demand from said Russian big hitters is driving the price of Miami-area trophy properties sky-high.

No indication (yet) that Russian moguls are becoming big arts patrons in the city (a key plot line in “Back to Blood” has a Russian oligarch getting his name on a modern art museum (“Miami Basel”) after he donates $70 million of works to it).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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