Miami Beach Waterfront Homes Blog

According to a recent study released by the National Association of Realtors, approximately 25% of all international purchases in the United States are occurring in the state of Florida, which represents a significant target market for anyone interested in selling in today’s buyers market environment.  Especially in the Miami Beach area (particularly in South Beach), which is a top tourist destination for Europeans and South Americans, this represents a great target market for today’s sellers.  We have a multi-platform and mixed media international marketing programs focused on targeting these foreign buyers.  I also have been attending real estate trade expos and have built an extensive brokerage & sales network covering major European & South American markets.

I’m also personally working with average of two new foreign buyers every week, with the ALL of them looking to take advantage of the still advantageous Dollar to Euro Exchange rate.  However, it’s important to note that these are also savvy buyers and ALL are looking for a “deal”, looking to take advantage of the extensively reported South Florida housing slump.

One of the key sales strategies that I constantly emphasize to my team is the necessity of educating these foreign buyers, and setting realistic expectations for a “great deal”.  For example, purchasing at the Continuum South Beach for just under $1,000/S.F. today is a “great deal”, but in downtown Miami a buyer can get a “deal” for around $325-$350/S.F.   We just sold a spectacular direct oceanfront two bedroom condo in the South Tower of Canyon Ranch (#S1705) for $667/S.F. using the above referenced sales & marketing strategy.

My unofficial Top 10 Miami Beach foreign buyers for 2008:

1.    Canadians
2.    Mexicans
3.    British
4.    Germans
5.    Italians
6.    Russians
7.    Brazilians
8.    French
9.    Venezuelans
10.  Argentinians

A joint venture of New York City-based ING Clarion LLC and locally based Flagstone Property Group plans to begin construction in summer 2008 on Island Gardens. The $600-million, mixed-use project is rising on Watson Island in Biscayne Bay. The project is slated for completion in 2010.

The project, located on 10.5 acres of previously undeveloped land, will feature a 43-story building with the 150-room Shangri-La Hotel and fractional ownership homes, called the Residences at Island Gardens, atop the hotel. It will also feature a 29-story business hotel/resort and the 50-slip Super-Yacht Harbour; CHI, the Spa at Shangri-La; and 221,000 sf of retail and restaurant space. Watson Island is situated between Downtown Miami and South Beach and is accessible by automobile via MacArthur Causeway (Interstate 395, the extension of Interstate 95 to South Beach.)

Flagstone Property Group chairman and CEO Mehmet Bayraktar tells GlobeSt.com that marketing efforts for the fractional units have started with prices ranging from $175,000 to $750,000 for a one-eighth interest. Final discussions are under way with the operator of the hotel/resort in the 29-story tower (announced at Art Basel as the Shangri-La Hotel Group).

Bayraktar adds that the retail space is not within the towers, but in separate structures alongside the retail avenue that runs between the two towers. Marketing efforts for the retail and dining space have recently commenced and several letters of intent have been received from restaurateurs and retailers. The positioning of the retail will be high-end luxury goods.

The project, located within minutes of Downtown Miami and Miami Beach, will feature unobstructed views of Biscayne Bay and the Miami skyline. â¬SWith its potential to transform the Miami skyline, we expect the complex to become one of the premiere leisure and hospitality addresses in the city,⬝ says ING Clarion managing director Edward Rotter, in a released statement.

The Super Yacht Harbor will be the only marina in North America to be able to accommodate mega-yachts up to 300 feet in length. A 100-foot, set-back landscaped promenade will extend along the 1,000 foot length of the sea wall. The project is being designed by London-based Eric Kuhne & Associates with interiors by Italy-based Piero Lissoni.

Hello Friends:

I would like to share an interesting and accurate story that aired throughout the day Monday on FOX News and explains that Florida is #1 of all the states in the U.S. in foreign buyers now with 26% of the market followed by California & Texas. The story specifically sites Downtown Miami & South Beach as areas attracting these buyers.

I am personally witnessing this myself as I currently have several pending deals with foreign buyers using Euros. I strongly believe that now is the time for educated buyers to come in and get some great deals on properties in PRIME waterfront locations.

Click on the picture below to have a look.