Real Estate Industry Courting Buyers During Miami Art Week
As Miami Art Week approaches, the real estate industry is eagerly preparing to welcome wealthy visitors. With a plethora of prospective residential buyers attending the event, sales galleries and luxury homes are in high demand. Art Basel, Art Miami, and various other art fairs are attracting attention, providing an excellent opportunity for developers and brokerage firms to showcase their properties.
Partnerships and Sponsorships in the Art World
This year, Coconut Grove-based Sotheby’s International Realty is sponsoring Art Basel Miami Beach, taking over from Douglas Elliman. The multi-year deal with the art show allows the brokerage to present new developments and luxury homes inside the Collectors’ Lounge. Lena Johnson, One Sotheby’s International Realty’s new chief marketing officer, highlights the importance of the partnership and its connection to the art world through the Sotheby’s auction house.
However, not all firms are sponsoring fairs this year, such as Cervera Real Estate and Elliman. Nonetheless, top agents and firms continue to host private dinners, networking events, and even boat tours to make the most of the affluent clientele visiting the city.
Capitalizing on the Art Week Buzz
Although prospective buyers are primarily in town for art-related events, real estate brokers will typically feel the effects weeks later. Despite this, brokers are taking advantage of capturing their attention. Dora Puig, owner and broker of Luxe Living Realty, mentioned that clients had been booking appointments months in advance for in-person showings of waterfront homes on the Venetian Islands, North Bay Road in Miami Beach, and Fisher Island.
One Sotheby’s agent, Carla Christenson, is hosting a networking event on an evening cruise, while others are planning private brunches or open houses to showcase their listings. The brokerage will also host an event for over 250 affiliates at the St. Regis Residences, Miami sales center in the Brickell neighborhood.
Developers Showcasing Fresh Art Installations
Developers will also have fresh art installations to display, especially in neighborhoods like the Miami Design District. Some, like Craig Robins and Jorge Pérez, will showcase art from their personal collections. Robins’ collection, titled “A Train of Thoughts,” is visible at his company Dacra’s headquarters in the Design District. Dacra has spearheaded the development of the area into a luxury retail destination and has several projects planned.
Pérez, owner of Miami-based Related Group, the largest condo developer in South Florida, unveiled a new exhibit at his private gallery, El Espacio 23 in Allapattah, in early November.
New Listings Hitting the Market
As the high season in South Florida real estate begins, new listings are hitting the market. Developer Todd Glaser and his partners brought the waterfront island estate called Tarpon Isle back on the market at a reduced price, asking $187.5 million with Suzanne Frisbie of the Corcoran Group.
“Art Week has really become the ‘it’ cultural moment,” said Johnson of One Sotheby’s. With so much excitement surrounding the event, the real estate industry is poised to benefit from the influx of wealthy visitors looking to invest in Miami’s luxury properties.
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