I am now on my way to Moscow for 10 days to meet with some of my repeat client base looking to purchase additional properties in Miami as well as the top Russian developer, Mirax Corporation whom I represent exclusively for all their real estate transactions in the United States.
Mirax purchased 13 waterfront townhouses at Aqua on Alison Island as raw units. They subsequently hired renowned interior designers Rene Gonzales and Sam Robin to complete several of the projects and they in turn have repackaged them and resold them as turn key units, down to the linens and silverware back to the elite Russian community for top dollar amounts.
Two units have sold as record breaking sales in Aqua in July, with the top sale reaching over $8m. Now with nine homes left to sell, with the most expensive current unit being $5.9m an interesting equity play arises. Someone can now come in and purchase any of the townhouses for under $6m and have a closed sale comp for $8m, in essence creating $2m in equity.
I will also be meeting with our Sotheby’s real estate affiliate who says his largest buying group has been purchasing in Miami and New York. It is my opinion that the Russian investor who is not chasing the bottom of the market will end up being the winner when the dust settles. They are purchasing quality pieces of real estate in a downward market at a “fair” or “exceptional” price and having the staying power to turn a great profit.
The senior executives of Sotheby’s Auction House/Moscow; UBS Russia and HSBC are also on my schedule to discuss synergies they wish to pursue in this market.
Stay tuned for more information when I get back from this trip on the 13th.
Thanks again!
Michael Valdes
Senior Vice President
SOL Sotheby’s International Realty
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