Russian buyers are fleeing Sunny Isles Beach, investors from New York and Los Angeles are flocking to Miami to buy luxury homes.

Russians have disappeared from Sunny Isles right around the time the United States imposed economic sanctions on Russia over its actions in the Ukraine, Russian sales dropped off the cliff. As a result of the sanctions, the Russian stock market has dropped 25 percent since February.

Nevertheless, Miami is attracting a large number of domestic buyers from New York and Los Angeles, as well as continued interest from South American buyers. Mexicans have discovered Miami in a big way too. High net worth individuals from California and New York are fueling the demand for new mansions in Miami Beach due to the fact of the favorable tax set up in South Florida.

There is significant interest from the Chinese community seeking to buy Miami real estate. Once this area opens up, it will prove to be strong and will quickly change the landscape of real estate in Miami - both residential and commercial.