Though they’ve yet to become as much of a force as Latin Americans in Miami’s real estate market, the city’s developers are already trying to court investment dollars from across the Pacific Ocean.
Gil Dezer, president of Dezer Development, was doing exactly that last month when he attended The Real Deal’s second annual U.S. Real Estate Showcase & Forum in Shanghai.
Dezer stopped to catch up with TRD’s Managing Web Editor Hiten Samtani to explain why he believes Chinese buyers should be taking more of an interest in his stomping ground, Miami.
Mainly, he said, Miami’s prices are at a heavy discount compared to other major markets like New York. Condos at Dezer’s Hyde Midtown project are asking roughly $550 per square foot, and his oceanfront product is selling for $1,300 per foot — half the price of what can be found in New York, he said.
“With worldwide properties and the values they are, we are a bargain compared to everybody else,” he said.
Thousands of real estate players traveled to Shanghai in November to network with Chinese wealth managers, investors, buyers and realtors as part of TRD’s event. The two-day showcase featured eight discussion panels and workshops that delved into topics like the EB-5 visa program, the health of property investment in the U.S. and managing real estate overseas.