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
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Inset: Jay Philip Parker, Alicia Cervera Lamadrid, Edgardo Defortuna
Real estate developers, brokers court Art Basel Miami Beach attendees
Real estate developers, brokers court Art Basel Miami Beach attendees
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
Edgardo Defortuna and Kasim Badak with renderings of the tower (Okan Tower)
Okan Tower is back: Developer relaunches sales of downtown Miami tower
Okan Tower is back: Developer relaunches sales of downtown Miami tower
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
arrow_forward_ios

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

Loading...