Art Basel is coming to town and those who sell Miami real estate know it’s time to hustle. Besides the numerous events going on throughout the week, competition starts for real estate developers to catch the attention of all the wealthy potential buyers flying into town. The New York Post put the spotlight on big buyers swooping in for Art Basel parties and how brokers all over the city are busy planning exclusive parties. For example, Canyon Ranch Miami Beach will host a breakfast for collectors from three galleries and The Related Group’s new MyBrickell condo will host a lunch reception with designer Karim Rashid.
To read the full New York Post article and see a list of events click here.
Also, check out Bal Harbour Shops for all your fashion necessities for the week of Art Basel.
Congratulations to LYND for its purchase of $49 million in distressed notes secured by three apartment buildings in Florida. LYND has been one of the most active players in the distressed commercial real estate market having purchased $400 million in notes since January 1. President and COO A. David Lynd talks about the company’s latest deal with Globestreet.
Condo sales in Miami were up 134 percent in January year-over-year, according to the Miami Association of Realtors. That’s not a typo.
Canyon Ranch Living Miami Beach was featured in a CNBC TV segment and article for its recent sales surge and its lavish party that just passed on March 10, 2011. The sales team, Pordes Residential Sales & Marketing, threw a party for potential investors, complete with massage therapists, a climbing wall and a yoga team to greet you at the door.
What once was a glut of luxury condominiums on the South Florida market – from South Beach and Miami Beach to Brickell Avenue north to the Palm Beaches – today is a market in healthy transition and bullish recovery.
Condo buyers from Latin America, New York and the Northeast are finding remarkable deals across the marketplace, especially as lenders rework their portfolios to reposition product and relaunch them for sale this season.
In fact, lenders and developers are aggressively working the assets in their portfolios to take advantage of new-found – and high-profile – product awareness.
Many lenders are looking now to keep what they have and go into a retail sales mode. Over the past few larger sales, lenders have brought in skilled, fresh sales and marketing organizations to retool and reposition their assets in hopes of maximizing the recapture of their investments.
In fact, Canyon Ranch is an ideal example of this strategy. Taken over by the lender that originally financed the deal, that lender decided to reposition the property and sell individual units – as opposed to bulk sell the property. Pordes Residential Sales & Marketing orchestrated the deal and continues to work closely with the lender. The results have been remarkable. The Wall Street Journal in February profiled success at Canyon Ranch Miami Beach [ insert link ].
Other examples of this strategy include the Icon and Viceroy. Both were on the market for a period, only to have the lender realize it was more advantageous to go to market at the retail level. The lender brought in new sales and marketing management, repositioned the property, and began a revived sales initiative.
The Dizengoff-Trading Group, a Boardroom Communications client, is featured in today’s Palm Beach Post for the bulk purchase of 115 units at the Courtney Park condominium in Lake Worth, FL.
Click on the following link to get the full story…
Art Basel is coming to town and those who sell Miami real estate know it’s time to hustle. Besides the numerous events going on throughout the week, competition starts for real estate developers to catch the attention of all the wealthy potential buyers flying into town. The New York Post put the spotlight on big buyers swooping in for Art Basel parties and how brokers all over the city are busy planning exclusive parties. For example, Canyon Ranch Miami Beach will host a breakfast for collectors from three galleries and The Related Group’s new MyBrickell condo will host a lunch reception with designer Karim Rashid.
