01-21-2011 09:24 PM CET - Industry, Real Estate & Construction
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WORLDWIDE DEVELOPMENT SERVICES ANNOUNCES $5.2 MILLION BULK PURCHASES FOR 15 SOUTH FLORIDA CONDO RESIDENCES

Press release from: The Murry Agency
PR Agency: The Murry Agency
MIAMI BEACH, FL – Worldwide Development Services, a Miami Beach-based real estate brokerage specializing in international investor representation, announced today the successful closings of two bulk condominium deals on behalf of the same international investor. The cash purchases involved a total of 15 units at two Miami condominiums and represented a combined price of $5.2 million.

The purchases included nine units at Infinity Brickell at a total purchase price of $2.2 million and another six units at Epic for $3 million. The deals closed within four days of each other last month and included seven, one-bedroom and two, two-bedroom units at Infinity and three, one-bedroom and three, two-bedroom units at Epic.

Eddy Martinez, Worldwide’s broker, said the Brazilian investor was attracted to Miami’s luxury condominium properties and the value represented by the current real estate market.

“We are definitely seeing an upward trend in international investor activity right now,” Martinez said. “The commonality among these investors is that they are attracted to the value represented by the current market conditions and are looking for investments in luxury properties in strategic locations. For many international investors there is no U.S. location more strategic than South Florida.”

In addition to the two bulk deals for the Brazilian investor, Worldwide recently worked with an Israeli group that closed on an $8.7 million note sale in which the note was secured by 32 residential and eight retail units in a Coral Gables mixed-use building.

A recent survey and analysis by the National Association of Realtors substantiates the growing trend of foreign real estate buyers. According to the report, “While there are a number of factors that have contributed to the decline in sales nationally and in Florida specifically, one significant countervailing force has been the growing importance of foreign home buyers. Foreign buyers recognize U.S. real estate as a desirable, profitable and secure investment. In addition, the weak dollar has made U.S. real estate an even more attractive investment for foreign buyers.”

Specific to the Florida market, the report said, “…the single most important factor influencing the purchase of a home is that Florida is viewed by a majority of foreign buyers (69 percent) as a desirable location. Florida real estate is viewed as a profitable investment by 21 percent of foreign buyers. Other (survey) respondents mentioned favorable exchange rates as a reason for international clients purchasing real estate in Florida.”

Of the major metropolitan centers in Florida, the report cited the Miami and Orlando as the overwhelming choice of buyers from Latin America. Thirty-four percent purchased in Miami, followed by 31 percent who purchased in the Orlando area.

“In Miami, the revitalization of downtown and the Brickell corridor as a vibrant live-work-play neighborhood has brought with it an influx of young, professional residents, a significant number of whom are renters,” Martinez said. “This steady stream of renters adds to the area’s appeal for an investor who is able to wait out the economy for a turnaround in the real estate market.”

Worldwide Development Services is a Miami Beach-based, full-service real estate firm specializing in luxury condominium development sales as well as commercial transactions with a particular emphasis on condo bulk sales opportunities and note sales. The company also has a property management division, Worldwide Properties, Inc., which offers turnkey solutions for absentee owners holding single condo units and institutional investors holding large real estate portfolios. Founded by J. Eddy Martinez and Roland Ortiz in 2008, Worldwide Development Services continuously channels buyers into the South Florida market through its vast international network of contacts. For more information, visit www.worldwideds.com or call (305) 531-3100.

Worldwide Development Services, a Miami Beach-based real estate brokerage specializing in international investor representation, announced today the successful closings of two bulk condominium deals on behalf of the same international investor.

The Murry Agency
1130 Washington Avenue
Miami Beach, FL 33139

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