MIAMI—The Miami Association of Realtors reports Colombia holds the top spot on the list of countries looking for homes in South Florida. But could we do better by these foreign investors? GlobeSt.com caught up with Josh Cunningham, vice president of Sales for Investorist, to get his thoughts in this exclusive interview.
GlobeSt.com: What types of demographics are searching for luxury property in South Florida on Investorist?
Cunningham: For the South Florida market we are seeing Latin America—particularly Colombia, Mexico, Brazil, Argentina—in addition to Europe and the Middle East. We have recently seen some Asian buyers but they are in short supply when it comes to the luxury market.
From our conversations with agents, the luxury market is more of a lifestyle choice. The ones seeking luxury property are more interested in purchasing a holiday home, intrigued by the warmer weather or simply wanting to indulge in all of what South Florida has to offer from a cosmopolitan standpoint.
GlobeSt.com: You're putting together a Colombia Connection event in April similar to your past China Connection events. What type of demand for Miami real estate is there with Colombian buyers?
Cunningham: We started our Latin America expedition and operations in Colombia because we knew that there was demand. Colombian buyers have consistently been the number one demographic interested in Miami real estate for the last several years.
But what we found when going into this market was brokers were often being neglected. They had buyers interested in the Miami property but limited supply or connection to Miami property, so it became easier to sell Colombian new development.
We have now changed that, giving Colombian brokers access to more inventory and a direct connection to the salesperson—making it quicker and easier to get transactions done, for both sides. Adding the events is only going to grow our reach and results in this location. This week alone we have seen two units be put on hold and brokers registering over five buyers on projects in the South Florida area.
GlobeSt.com: I know Investorist is a B2B platform, but can you share some recent sales that can directly be traced back to Investorist?
Cunningham: In December, our connections would have achieved between $7 million to $10 million in new development sales where the prices were from 200,000 to $1 million. This week we have had two units—over $1 million each—on hold and four registered buyers. It is a little early to see whether those deals go through but the signs are promising.
GlobeSt.com: How much of your current inventory is Miami real estate?
Cunningham: A large portion of our US inventory—60%—is from Miami because this was the first US city we launched and where our headquarters are.
(This marketing tactic won't do well with Chinese buyers. Get the inside scoop. And check out What it Takes for US Developers to Succeed in China, The Real Reason So Many Chinese Buyers Use Agents, Dos and Don'ts of Marketing to Chinese Buyers, and Why The Time Is Literally Ripe To Sell To Chinese Investors.)
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