International students are ditching dorms for luxury Miami condos

Realtors report increase in parents buying luxury condos for their university students in SoFla, New York, and Boston

Miami /
Sep.September 07, 2017 03:00 PM

Enrollment of international students in American universities spiked 7.1 percent in the 2015-2016 academic year, according to a recent report. And where will their families stay during parents weekend? In luxury condos, of course.

In Miami, New York, and Boston, developers of luxury properties have reported increased interest from international university students and their families, according to Mansion Global. The report revealed that students from China, India, and Saudi Arabia now represent 53 percent of international enrollment in American universities.

“Most students live in one-bedroom units, but we’ve had scenarios where parents have bought a two-bedroom to accommodate family members who visit,” Douglas Elliman broker Donald Schiraldo said in reference to sales in Manhattan’s Hell’s Kitchen neighborhood. “Or, for a better investment, the son or daughter will live in one bedroom, and rent out the second one to a roommate.”

Miami’s trendy Brickell City Center houses international students from University of Miami, Miami-Dade Community College, and Florida International University. Swire Properties’ broker Maile Aguila told Mansion Global that about 70 to 75 percent of City Centre residents are from Latin American countries, and “typically, the students’ families purchase one- or two-bedroom units, which range in price from $650,000 to $1.5 million.”

In August, Global City Development, a Miami-based company, announced plans to build a 20-story luxury condo tower across from FIU. University Bride Residences would feature 429 condo units geared toward students for prices starting at $190,000 and running north of $600,000. [Mansion Global] -Grace Guarnieri


Related Articles

arrow_forward_ios
(Getty)
Active agents in Miami drop 36% in a year, as market cools
Active agents in Miami drop 36% in a year, as market cools
Miami-Dade County mayor Daniella Levine Cava, Citadel's Ken Griffin
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Homes
South Florida home sales plunge, prices in flux in the fourth quarter
South Florida home sales plunge, prices in flux in the fourth quarter
From left: Taylor Collins and Jon Paul Perez with Rivage
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
From left: Charles Kushner, Laurent Morali, David Arditi, and Nicole Kushner Meyer along with renderings of 1900-2000 Biscayne (left) and 2222 Brickell Avenue (right) (Getty, Kushner Companies, Aria Development Group)
Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building
Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building
From left: Edgardo Defortuna, Dan Catalfumo, and Carlos Rosso with The Ritz-Carlton Residences
Inside South Florida’s branded condo tower boom
Inside South Florida’s branded condo tower boom
Chain's Deepak Thapliyal with 8955 Collins Avenue (Chain via Twitter, Google Maps, Getty)
Arte Surfside PH purchased with crypto sells at a loss for $18M
Arte Surfside PH purchased with crypto sells at a loss for $18M
Kolter Urban’s Bob Vail with rendering of Selene Oceanfront Residences (Kolter Urban)
Kolter nabs $240M construction loan for Fort Lauderdale condo towers
Kolter nabs $240M construction loan for Fort Lauderdale condo towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...