Brickell City Centre Condos Are 80 Percent Foreign Owned

About 80 percent of buyers at Brickell City Centre are not U.S. citizens, according to Fortune International Realty’s Walter DeFortuna in an interview in Forbes.

Many of the units sit empty most of the year, with about half of units occupied year-round. DeFortuna said that is changing though, with more year-round residents and “constant traffic” in and out of Brickell City Centre.

Fortune is part of the team handling sales at the project.

On May 15, developer Swire Properties told shareholders that 356 of 390 units had been sold at the Reach condo building, with 188 of 390 units sold at Rise. Since then, just two deeds have been recorded in county records.

 

 

 

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Marc306

I’m all for growth, but these projects and international buyers price out the average life-long Miami resident. The projects are almost exclusively luxury properties aimed at all-cash foreign buyers, who stash their money here as their own economies collapse. The average miamian can’t compete in this all cash market, and thus the rental prices keep increasing.

Anonymous

Plus it’s a huge waste of resources

Anonymous

Since the US runs huge trade deficits (aka “money is being handed to foreigners”), slow repossession of America by the citizens of surplus countries is an inevitability. That’s the only way to recycle those dollars back into the USA.

Anonymous

So that’s how Trump will MAGA?

Anonymous

Trump is trying to reform something that is fundamentally unreformable. He’ll most likely fail.

Pat

The benefits of absentee foreign buyers FAR outweigh any pitfalls. 40% of the property taxes from every single unit goes to LOCAL schools…and EVERY year, the rest of those taxes go to parks for locals, police/fire/services for locals, etc.
You say “stash their money”, I say “invest in our community”.

Maybe average Miamians cant compete in Brickell, maybe average Miamians are priced out of BRICKELL, but Brickell isnt an average neighborhood.

Brickell isnt the only neighborhood in Miami…but the taxes this one little neighborhood donates to the rest of the county is a real blessing! Bring us your weak, tired, and your flight capital.

aceraroja

And half of the citizens are probably duals from the same countries. Even the rest, likely people who live in NY, have the same effect as someone from Venezuela or Argentina. In other words, Miamians don’t benefit from this project and weren’t meant to and it doesn’t matter where the buyers are from because it’s the PRICE POINTS that matter. Anyway, Colombia and Israel aren’t “collapsing” and they represent a decent amount of buyers in this city.

Jaime Izarriaga

and what’s the point? I’ve sold to some locals in this project and others in 33131

Anonymous

I’m sure more of these units will sell once investors see how poorly Brickell Heights turned out compared to the price.

Anonymous

Bingo. And then another wave once 1BCC breaks ground.

Suomynona

What’s wrong with Brickell heights?

Anonymous

Quality isn’t commensurate with price – like plastering with paper mache and calling it luxury materials

Smith

Most of the Related Projects are that quality. They are known on South America for that

Anonymous

These look so much nicer than the post yesterday of Brickell Heights – WOW – what a difference! Who would’ve known?

Anonymous

Is this a good or bad thing?

Anonymous

Brickell City Centre is an amazing place to live AND work. Bravo to Swire.

Anonymous

I agree. I love spending 100% of my $10/hour retail on rent.

Lperxa

Luck is when preparation meets opportunity…. 8 years ago I was making the same…. Now i own 2 investment properties, thanks to hard work only

Marc305

Very true indeed, the international reach in Brickell is very important, one more reason why I am glad my company is becoming RE/MAX.

Anonymous

Guys do you want to live in N. Korea?
This is the price we pay for a capitalist society.
Learn to cope and stop complaining

Anonymous

potemkin village

aceraroja

If only the “for show” part meant things looked good. They’re fake AND ugly.