Aston Martin Residences rendering
Foreign buyers of South Florida condos may be more familiar with such brands as Porsche and Armani than a building’s developer or its address.
Real estate developers put luxury brands on their buildings in other metropolitan areas, but nowhere is the practice more fashionable than in South Florida, where five branded condominiums are expected to open by 2021.
The large international segment of the condo market in South Florida is one reason why developers there are forming partnerships with luxury brands for automobiles and apparel.
Branding is especially important to international buyers in the Miami area, who often are more familiar with a condo project?s brand than its developer or its address, according to Jon Paul Perez, vice president of Related Group, the leading condo developer in South Florida. The Miami Association of Realtors reported that foreign nationals bought 15,400 residences in Miami last year, a 41.3 percent increase from 10,900 residences in 2016.
The developer of a branded condominium usually pays the brand two percent to five percent of the proceeds when the sale of each condo unit is closed, according to Edgardo Defortuna, president and CEO of Fortune International Group.
Porsche Design Tower on Sunny Isles Beach is one of the best-known branded condominium developments in South Florida. The 60-story building has gained notoriety because of its automobile elevator, which shuttles condo owners and their vehicles ...