Jorge Perez and his Related Group are behind the 10-story, 50-unit Fisher Island project that boasts a sell-out price of $1.2 billion.
Perez said initial buyers hail from Brazil, New York, Canada, Mexico and Israel. He said he is seeing far more domestic interest than in the past, as Miami had traditionally been a haven for foreign investors. That appears to be echoing all over the city."Miami is an international-focused market – 80-90% international – but it flipped during pandemic," said Danny Hertzberg, a luxury real estate agent with Coldwell Banker and the Jills Zeder Group.
"But the one thing to keep in mind in terms of Miami is that inventory is down 60% since pre-pandemic, so what's different is inventory is extremely limited," noted Jonathan Miller, CEO of the firm."That throws out a lot of conventional wisdom on pricing." Hertzberg said Perez's new building"checks a lot of boxes" for wealthier buyers who have a new mentality since the start of the pandemic.
He also noted that instant admission to the golf club for residents is a huge draw. He said there is a five- to seven-year waitlist in greater Miami to join a golf club.
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