Industry News

Ultrawealthy come in all shapes and sizes

Working the high-end real estate scene

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MIAMI -- Some billionaires fly low in ripped jeans and graphic tees. Others fly high with flashy suits and international lifestyles, traveling with an elite entourage of carefully chosen associates. The group is diverse, unpredictable and rapidly growing. Some estimates put the number of millionaires in the United States today at 1 in 100 people. The distinctions are critical when working with these wealthy individuals to broker multimillion-dollar real estate deals. And agents trying to sell some of these elite listings also need to do some homework when these potential buyers contact them, according to professionals in the high-end market who spoke during Inman News' Connect High Net conference in Miami this week. A lot of wealth going into U.S. real estate today is coming from European and Russian buyers, according to Richard Ferrari, senior vice president of Prudential Douglas Elliman in Manhattan. "Europeans are buying in New York quite a bit right now," he said. "Things have ch...