Real estate industry prepares for Art Basel

Art Basel week in Miami has real estate developers and brokers salivating, as wealthy people flock to the city to take in the art show that starts Thursday. According to the New York Post, the industry’s elite are using the show to sell property to the rich in town for the week.

“There’s no other week in Miami where there are so many high net-worth individuals,” said Oren Alexander of Prudential Douglas Elliman. “No other city in the world can compete with the level of sophistication and class during this time.”

Therefore, it’s no coincidence that the Related Group will celebrate the launch of MyBrickell during the week, with a lunch reception with designer Karim Rashid. Similarly, a unit at Paramount Bay will be home to the Elle Decor Miami Showhouse, which is a satellite exhibit of the Design Miami fair. [Post]