The Master Brokers Forum event this past Wednesday took place at Downtown Miami’s Vizcayne condo at 244 Biscayne Boulevard (formerly known as Everglades on the Bay) before it was bought out by the current developer.
Tour of Dwayne Wade’s Vizcayne Condo…
The event started with a walk-through of Dwayne Wade’s magnificent 3-story Penthouse in the building. His unit features spectacular skyline views and he can literally zip line down the the American Airlines Arena below. Afterward the Master Brokers Forum gathered at the Club Room on the 8th floor to hear a presentation by the Vizcayne Condo project’s head of sales and Alyce Robertson from the Miami Downtown Development Authority.
3 Things we Learned from the Vizcayne Condo developer…
1) Downtown Miami condo market statistics…
In 2005, there were 62,000 new condo units proposed for Downtown Miami.
This statistic was picked up by the media and went viral around the world. However, it was not an accurate representation of the actual supply.
Only 17,500 of these were actually built.
Only 10,000 of these were for sale.
Today, there are less than 2,000 condo units for sale in Downtown Miami and they are selling below replacement value.
His point is that now is the perfect time to buy Vizcayne or other downtown Miami condos.
2) Who is buying Downtown Miami condos?
Latin investors are buying Downtown Miami condos.
He said that Americans are renting from the Latin investors and he believes Americans will be buying from these Latin investors in 3 years.
France is the only European country that is buying in Vizcayne.
Canadians are also buying in Downtown Miami condos.
Again, he said that all of these units sold for less than replacement value. He stressed that there is no way to go wrong if one is buying below replacement value.
3) Vizcayne condo facts…
He shared some fascinating statistics on the Vizcayne as well as Downtown Miami condo market…
Vizcayne Condo has 850 units.
There are only 200 left.
They are trading at $400/sq foot (less than replacement value)
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