Miami Condo Project Targets International Buyers
- Jul 06, 2011
Miami–Condo sales have notoriously slumped in the United States in recent years, but some developers aren’t taking the cratering of domestic demand for condos lying down. Rather, they’ve expanded their marketing efforts around the world, taking advantage of a weak dollar and affluent buyers who still want a piece of America to call their own.
The 292-unit Marquis Residences, a downtown Miami condominium developed by Africa-Israel USA, is seeking to be a magnet for international buyers, and so far the strategy seems to be working. Currently 70 percent of the units have been sold, including all of the one- and four-bedroom units, leaving just two- and three-bedrooms available for purchase. Two-bedroom, two-and-a-half baths start at $590,000. Three-bedroom, two-and-a-half baths start at $860,900.
The property has owners from Brazil, Venezuela, Mexico, Ecuador and Columbia–a strong Latin American contingent, which might be expected considering Marquis’ Miami location. But there are also owners from Russia, China, Greece, the United Kingdom, Switzerland, Italy, Spain, Turkey, South Africa, Iran and Singapore.
“Working with local brokers that have brokerage relationships in South American and European cities has proven effective,” Lori Levine Ordover, managing member of the Ordover Group, a consultant for Africa-Israel USA, tells MHN. “We also have an app for the iPad that allows international buyers to easily see the views from the condo they choose, as well as Marquis amenities, from anywhere in the world.”
The marketing effort has also involved reaching out in person to countries with possible buyers. “We attended SIMA real estate expo in Spain and co-hosted a luxury event in Madrid,” Alicia Cervera Jr. of Cervera Real Estate, Marquis’ sales agent, tells MHN.
It also helps that Americor Mortgage provides buyers with a fast-approval process, since that company is handling all loans directly for sales at Marquis. Closings through Americor can happen in 12 to 14 days rather than the industry average of about 45 days.