Miami Beaches annual Art Basil brought the world’s wealthiest individuals into town looking to buy art and take advantage of the sun, and luxury South Beach has to offer.
A select few real estate brokers saw the opportunity to get in front of potential buyers with access to cash and a desire for high-end properties.
It all happened via a private party hosted by The Royal Bank of Canada on Fishers Island, Miami’s most exclusive and wealthy areas.
Four brokers were on hand to converse with the 70 attendees and direct them to one of three designer residences currently for sale. At least half asked for private tours.
Although the art festival is the first draw, most foreign visitors use their time here to search out property. Many brokers count on this period of the year to put their listings on the map. It is a tightening time with sales of luxury properties on the downside by around 20%.
Several factors might be playing into the downturn. Many cite the devaluing of foreign currencies, the current election season, international economic and political distress, to name a few. The recent Treasury Departments spotlight on the area as being a hotbed for real estate money laundering certainly does not help the market either.
Although the attendance at this year’s event seemed to be smaller than usual, many high-end developers in the area have used cutting edge design and world renown architects to lure foreign buyers.
For a few real estate teams focusing in on the Art Basel, sales were ahead of forecast. A sign that times are changing? Too soon to say.