Russian buyers are beginning to flip real estate contracts in South Florida accorded to a prominent real estate attorney. The collapse of the ruble has reduced total capital of Russia's richest and is causing selling of preconstruction contracts at a loss. According to sources with the New York Observer, vacation apartments, such as those in Miami are becoming less of a priority.

Economic uncertainty has led to a number of investors in Europe investing less in South Florida. While Russian investors are still considering South Florida, the higher priced oceanfront residences are not being favored for inland residences. Sunny Isles Beach is one of the largest Russian populations in South Florida and much of the investment here is based on the health of the Ruble. Check back in here for more updates!