Observations on South Florida business
At a recent business event in Miami, Brazilian developer Marcelo Kingston asked his audience to guess the nationality of the first buyer at 57 Ocean, the ultra-luxury condo tower under construction in Miami Beach.
This is an important question if you’re involved in real estate in South Florida. Kingston is managing partner of Brazil-based Multiplan Real Estate Asset Management and 57 Ocean is one of the region’s most high-profile luxury residential projects.
Developers such as Kingston face a challenge selling luxury condos now that the wave of South American buyers has ebbed, stung by struggling economies at home and the strength of the U.S. dollar. The greenback’s strength relative to other currencies has spooked Europeans and Canadians, too.
But any entrepreneur can draw lessons here. Fact is, your customers may change over time, whether you’re selling clothes or technical services. Finding them in times of economic stress will help you manage any downturn.
The audience attending the South Florida Business & Wealth event in Miami recently shouted their answers while Kingston shook his head. Brazil? No. Colombia? No. Russia? No. None of the usual suspects.
Then Kingston revealed the nationality of his first buyer: Romanian.
Kingston’s guessing game with his audience illustrated his point that it’s going to be a lot harder to find customers for luxury residences in South Florida. But there’s hope that they’re out there — and they may come from unexpected places such as Romania.
Blogging for entrepreneurs in Southwest Florida (SoWeFlo)