Miami Beach - Worldwide Development Services announced that Optibase Real Estate Miami, a wholly-owned subsidiary of an Israeli-based real estate investment firm, paid cash to purchase 21 luxury condominium units at the Marquis Residences, 1100 Biscayne Blvd. in downtown Miami, for $8.6 million. The seller was Leviev Boymelgreen Marquis Developers, LLC.
Eddy Martinez, Worldwide’s broker and CEO, said international investor interest in luxury South Florida properties continues to be strong. He said the client plans to hold the units for investment purposes as it has with similar real estate investments in Europe and other key North American markets.
“The spike in international investor activity that began in the middle of last year continues,” Martinez said. “The current market conditions are incredibly appealing to strategic global buyers who are looking to invest in sound and well-located luxury properties. South Florida is proving to be an extremely desirable location for these investors from overseas, and many of them are paying cash in order to get the best value for their investment dollars.”
Echoing Martinez’s comment regarding cash purchases, a recent Zillow.com analysis, cited by The Wall Street Journal, said the Miami-Fort Lauderdale market leads the nation in cash residential real estate transactions. According to the study, more than 54% of the purchases in 2010 were cash deals from both domestic and international buyers, significantly higher than the national average of 28% reported by National Association of Realtors research. The South Florida figure also represents a significant increase in cash purchases over the fourth-quarter 2006 statistic of 13%.
In addition to Optibase, Worldwide recently worked with a Brazilian investor to successfully close cash bulk condominium deals worth $5.2 million involving 15 units at two Miami condominiums, and with W Capital Group, another Israeli group, that closed on an $8.7 million cash note sale in which the note was secured by 32 residential and eight retail units in a Coral Gables mixed-use building.