![\"Elevate](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/12\/234A3093.jpg\")
<\/a>This was the first topic tackled on the first day of Elevate,<\/a> a first-of-its-kind event held in Miami<\/a> this week \u2014 an exclusive gathering of the most influential players in the luxury high-rise market. The event was put on by Zonda<\/a> and Livabl<\/a>, as well as partnered with ARCHITECT<\/a> and Multifamily Executive<\/a> magazines.<\/p>\n\n\n\n Kimberly Byrum, managing principal, multifamily of Zonda Advisory<\/a> opened the day and moderated the panel. David Diestel, CEO of FirstService Residential, Peggy Olin, CEO of OneWorld Properties, and Nelson Stabile, the principal and co-founder of Integra Projects, discussed the specifics of the various markets.<\/p>\n\n\n\n Who\u2019s on top in Miami?<\/strong><\/p>\n\n\n\n Byrum began by asking about the luxury high-rise market in Miami<\/a> and what makes it unique. Peggy Olin explained that there\u2019s a difference between the Miami<\/a> luxury high-rise market and the rest of the United States.<\/p>\n\n\n\n \u201cOne year, it could be the Brazilians reigning [in the Miami<\/a> market]; the next year it could be Colombia or Mexico. It all depends on what is happening in their respective countries and Miami<\/a> benefits.\u201d<\/p>\n\n\n\n \u201cWe also benefit from the increasing U.S. demographic,\u201d Olin said. \u201cWhen we look back at 2018 or 2019, approximately 95 percent of our buyers were from international destinations. Today, that number has dropped to 75 percent because 25 percent are now from the United States.\u201d<\/p>\n\n\n\n Nelson Stabile confirmed that his firm was experiencing similar trends.<\/p>\n\n\n\n \u201cWe have a project in the presale stage right now called the St. Regis Miami,\u201d Stabile said. \u201c10 years ago, it would have predominately been foreign buyers and investors looking in the downtown market for second homes. Now, what we\u2019re experiencing is a change in percentages. We\u2019re seeing north of 60 percent of sales to domestic buyers. We would have seen 20 to 25 percent purchasing for primary residence purposes in the past. Now, 75 percent are buying these homes as primary residences, and only 25 percent are purchasing a secondary home.\u201d<\/p>\n\n\n\n