From the fall issue: The days of red carpet parties for new condominium developments, with seemingly limitless budgets and endless guest lists, are gone. Amid decreasing demand — particularly from foreign buyers — several notable South Florida projects are being postponed or are missing key milestones.
In this tougher business climate, the marketing firms that represent new condo developments are competing even more fiercely for business. “It’s going to take knocking on a lot more doors to sell units,” said Andres Asion of Miami Real Estate Group. “Buyers are not buying the same day or the same week.”
The Real Deal’s second ranking of new development marketing firms didn’t hold any surprises at the top. The three largest firms, ranked by the number of preconstruction units that they represent, reclaimed their top spots: Fortune International Group remained on top, followed by Cervera Real Estate and Related Realty. [more]