April 19, 2013
As overseas buyers continue to purchase second homes in the United States, developers are increasingly customizing their projects to appeal to the global audience. In 2012, international buyers purchased 82.5 billion dollars’ worth of residential real estate in the U.S., up from 53.4 billion dollars in 2010. With no slowdown in sight, developers are finding ways to tailor the interiors of residential units to suit the tastes of buyers from different countries.
In Florida, 26% of 2012 home sales went to foreign buyers. In Miami, overseas buyers accounted for an impressive 60% of residential sales in the same year. Due to the large South American-influence, Miami developers and designers are focused on creating modern interiors and balconies large enough to accommodate extended families.
At Vizcayne in Downtown Miami, marketers created different model units decorated by interior designers from 5 different countries. Before the models were created, 653 of the 849 residences were unsold. Today, only 150 units remain. According to the marketing team, the project was all about making subtle changes to appeal to different foreign buyers.
At Faena House, new construction in Miami Beach with luxury condos priced from 2.3 million dollars to 50 million dollars, developers are referring to the units’ sprawling balconies as “aleros”, a Spanish word for patio. Also, because security is less of a concern in Miami, many Brazilians often purchase and keep their luxury cars stateside. As a result, many of the newer and proposed residential buildings offer elaborate private garages and services, such as auto elevators and a “car concierge” at the Porsche Design Tower in Sunny Isles Beach.
Source: The Wall Street Journal
