MCZ Takes Advantage of Weak U.S. Dollar to Sell its Florida Properties to International Buyers
- Jul 08, 2008
By Anuradha Kher, Online News EditorMiami, Fla.–MCZ Development Corp. is betting on the weak U.S dollar to sell its remaining units in Florida to overseas buyers. “The South Americans have been interested in this market for nearly a decade now,” Michael Lerner, president of MCZ, tells MHN. “In recent years, we have seen a lot of interest from Europeans, the British, Italians and French, in particular.”International buyers, says Lerner, are mostly interested in Florida, in specific in South Beach, Aventura, Orlando and Sarasota. “They either want it as an investment or as a holiday home in many cases,” says Lerner.To tap into this demand, MCZ markets its properties at shows and conferences in Europe, South America and Asia. “The biggest challenges are getting the international buyer to the U.S. and getting the financing for them,” says Lerner.The company has 3,000 active units in the state of Florida, of which 20 percent have been sold to international buyers already. European buyers comprise just under 5 percent. This number, he says, has been rising in the current market conditions, with prices dropping and the dollar getting weaker.Among MCZ’s Florida projects that currently have unsold units is the Flamingo South Beach (pictured), a three-building, 16.5 acre community on the bay. One-bedroom condos start at $299,900. There are 44 unsold units. Others include Parc Central East in Aventura, The Palms Club and Mirabella in Orlando and Serenata in Sarasota.“Florida has become cheaper to invest in and is perceived to have great value right now,” adds Lerner.