During a break between panels at The Real Deal South Florida’s Forum & Showcase, TRD New York’s managing web editor Hiten Samtani caught up with Edgardo DeFortuna, president and CEO of Fortune International Group, to talk about what he thinks attracts buyers to Miami.
The developer, whose firm is working on projects like the Ritz-Carlton Residences Sunny Isles Beach and Jade Signature, said his buyer pool is attracted to “luxury and brands.”
“A lot of the buyers today, because it’s a second or third home, are looking for service,” he said.
He also said there’s been a strong shift in demographics because of the global economy: Europeans, and especially Russians, have almost disappeared from the market, while domestic buyers from the Northeast have grown to represent more than 35 percent of his sales.
TRD’s showcase was held Oct. 15 at the Moore Building in Miami’s Design District. More than 4,000 real estate industry members packed the building and perused through four floors of development displays, and sat down to hear the latest market info from the event’s three panels: breaking down Miami’s hottest neighborhoods, New Yorkers planting a flag in South Florida, and developers predicting the future of Miami real estate. — Sean Stewart-Muniz