HOW A MIAMI REALTOR IS RIDING THE INTERNATIONAL WAVE
By Patricia Rotsztain
The real-estate market in Miami has definitely recovered, and this time around with a very particular twist: ultra-luxury properties are at the peak of the wave. Estates that sell for $40 million dollars still make the news but are less and less of a surprise. A surge of new condominium construction is taking over every available piece of oceanfront land. There are some notable differences with the way new developments were sold in the past, when buyers used to give a 20 or 30% deposit at contract and the rest was financed by a bank. Nowadays, buyers have to come up with the full amount in cash throughout the construction so that by the time the building is complete, the unit is paid in full. This has not deterred buyers. Property values in Europe are still much higher than in Miami and the political and economic circumstances in many Latin American countries make affluent buyers look at properties in Miami as a viable alternative to park their capital. Sunny Isles Beach alone has seven new construction projects in the $1,000 per foot range, going from almost $4 million to $50 million per unit and offering unusual features such as elevators that take your car up into your unit and private pools in the sky (Porsche Design Tower), Fendi finishes and Rolls Royce pick-up for residents (Mansions at Acqualina) and one unit per floor with panoramic views (Regalia). The media refers to Sunny Isles Beach as “the local French Riviera” and the “US version of Dubai”.
Two blocks South of Bal Harbor Shops, a project called 95th on the Ocean offers seven unique town homes on the beach with private elevators, over 4,000 interior feet plus large terraces with private pools, with prices going from $3 million to over $6 million. “The buyers for the multi-million dollar market are very sophisticated and require an outstanding level of service and knowledge”, says Gabriel Markovich, managing partner of Decorus Realty, a luxury real-estate firm in Sunny Isles and who exclusively market this project. Due to the sudden growth of the luxury market, Decorus opened jaw-dropping Steven G decorated offices. Gabriel Markovich was previously the in-house broker of St Regis in Bal Harbour, and his partner, Decorus broker David Koster, is the past sales director of Trump Hollywood and founder of PenthouseLife.com, showcasing penthouses around the world. They are an example of the international appeal of Miami real-estate, and thus have created the perfect environment for high-end international clients, handpicking “la crème de la crème” from the realtor community to serve their sophisticated clients’ needs. “We have over 100 agents speaking Spanish, Portuguese, Russian, Italian, French, German, and Chinese, and they have impressive backgrounds that include MBA’s, banking, interior design, law, and other college and graduate degrees”, says Koster.
Decorus has even opened an in-house commercial department versed in land acquisition, hotels, multifamily, office buildings, shopping centers and other investment properties. The firm also provides an array of necessary satellite services through independent professionals including attorneys, CPA’s, lenders, appraisers and interior designers, including the aforementioned Steven G. This comprehensive approach is crucial to the vast majority of clients, which today come from as close as Venezuela to as far as China, and who need a deeper level of support. They usually need a team that can cover all angles and use technology to work remotely, while clients are in their home countries, and onsite.
Patricia Rotsztain, Director of Operations says “from the moment clients walk in, they realize this is not the usual real-estate company. The same level of detail and thought they encounter in the physical environment is what they receive throughout the transaction.”
With companies such as Decorus and a handful of others that cater to the buoying international real-estate market, and the many new projects on the horizon, Miami is bound once again for real-estate greatness.