Israeli Investor Buys 21 Luxury South Florida Condos
Optibase Real Estate Miami, which is a wholly-owned subsidiary of an Israeli-based real estate investment firm, has paid cash to purchase 21 luxury condo units at the Marquis Residences on Biscayne Blvd. In downtown Miami, for $8.6 million. International investor interest in luxury South Florida condos has continued to be strong. In this case, the buyer plans to hold the units for investment purposes as it has with similar investments in Europe and North America.
The current market conditions are very appealing to strategic global buyers who are looking to invest in well-located luxury properties, and many of them are paying cash to get the best value. The Miami-Fort Lauderdale area leads the nation in cash residential real estate transactions, with more than 54% of the purchases in 2010 being cash deals from domestic and foreign buyers.