Edgardo Defortuna Chats About the Miami Condo Market
Edgardo Defortuna is one of the forces behind the ultra successful Fortune International Realty who have been shaping the residential condo landscape in Miami since 1983. Edgardo took time out to answer some questions about what’s on the horizon for the company, how condos in Miami vary by area and to give an analysis of the constantly evolving Brickell area.Q: What is on the horizon for Fortune International in terms of new developments or expansions in the condo market?A: We are always thinking ahead and looking for the next development opportunity. The key component today will be to purchase the right parcel and be able to contain construction financing for condominiums which we believe is going to be more available in the next coming month. Our next project will be on the ocean and we hope to start sales within the next 12 months.Q: How do condos in Miami vary from luxury to mid-grade?A: Miami condos vary in terms of location, size, finishes and amenities. Today, the high-end buyer is looking for water and properties with hotel-like services and full amenities that increase the lifestyle experience when you are home. In the downtown area the units are smaller in size and the emphasis is on convenience and amenities such as restaurant and spa to support the business atmosphere.
Q: How are the condos fitting into the changing landscape of Brickell?A: Condominiums are the ideal residential product for Brickell Avenue. They are perfect for the business executive and for the Latin American family that spends considerable time in Miami. The luxury products that have been incorporated recently into the Brickell landscape take the area to a higher level. In addition, the retail and restaurant component present in some of the new product makes the area a lot livelier.Q: What about in other areas of Miami like in Aventura and on Miami Beach, even Key Biscayne? What’s new in these areas?A: Other areas of Miami have also significantly benefited from condominium living. Many of the foreign buyers are more attracted to condo living because of the convenience and their ability to feel totally secure and worry free. Also, it is ideal for the owner that travels frequently because they can lock up and go and not worry about the upkeep because it is taken care of by the condo association.The designs and configuration of some of these condo units are like residences in the sky with very large spaces and luxurious kitchens and bathrooms that create the feeling of a vertical house.
