Asians Buying Miami
An increasing number of Asians are joining the forces of foreign investors buying Florida real estate, according to a recent study conducted by the National Association of Realtors in cooperation with Florida Realtors.
Point in case, in past weeks, a Japanese real estate broker who represented 10 buyers facilitated the sale of 10 units at Nine, an under construction project in Mary Brickell Village. The Japanese broker stated he was planning to come back with more buyers within a month. Edgardo Defortuna, Nine’s marketer stated that a Chinese visitor recently signed up for a pre-construction unit at the Jade Signature condominium in Sunny Isles Beach. The architect on that project, Herzog & De Meuron, is well known in China, since the firm also did the National Stadium for the Beijing 2008 Olympics.
Along with Defortuna and Stephen Owens president of Swire Properties many experts agree that Miami is now on Asia’s radar since the awareness of Miami as an international gateway has grown. The U.S. unit of Hong Kong-based Swire Properties Ltd. is building Brickell CityCentre, a $1 billion undertaking that combines shopping, living, entertainment and work space that is expected to transform downtown Miami’s look and feel. Swire recently doubled down on its Miami bet with its purchase of the 700 Brickell building, where it plans to develop another nearly $1 billion investment, an 80-story, mixed-use tower as phase two of the downtown overhaul.
Institutional projects such as Swire’s and Malaysian giant Genting’s not only influence but also promote and will draw more corporate and individual Asian investors to the region. Asians investors are also being drawn to Miami thanks to the efforts of the Association of Realtors that is working to promote Miami real estate to potential Asian buyers. In fact, the association recently signed a trade mission to market to Singapore and Hong Kong. The group is also planning to host a promotional TV program to be filmed by a Chinese TV crew and aired on GDTV, a popular real estate channel that reaches over 40 million viewers in the Guangdong province.
Asia and particularly China is still minor player but we have learned not to despise the small beginnings of the Asians. They simply know how to make it big in most fields of life. * Notes taken from Miami Herald.
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