The Miami market where the investment math still works for broker clients
Gilberto Iragorri (pictured top), sales director at The William Residences in North Miami Beach, said his project’s summer sales activity tells a different story than most of the broader Miami market, largely because the area is more affordable than other parts of Miami.
“Before, in July, sales galleries were selling two, maximum three units,” Iragorri told Mortgage Professional America. “Now you’re seeing reports of 8, 10, 12 sold. It’s just incredible. And happy to be here in North Miami Beach because it’s an easy sell. The numbers work because the mortgage and HOAs and everything — your rent can actually pay for it. In other locations it’s so expensive that the numbers don’t work as well.”
Who is buying and why
The World Cup’s presence in South Florida earlier this year brought an additional wave of international visitors who converted into buyers, and Iragorri said the summer selling season, typically dry in Florida, has been unusually active.
He said demand at the project is coming from two distinct directions, with Latin American buyers historically the backbone of the South Florida market now joined by a growing domestic contingent.
Argentina and Colombia are both producing strong buyer pools, with the Colombian peso recently hitting a record 3,000 pesos per dollar, pushing Colombian investors toward dollar-denominated assets like Miami condominiums.
