Fortune International Realty is turning things around in the depressed condominium market in Miami, says the company chairman. In just four months, the firm has sold all of the remaining 340 units at 1060 Brickell, a luxury twin-tower development with 570 units in the heart of the upscale and trendy Brickell neighborhood.
“When a product is priced right with the right sales team on board and the right strategy, a substantial amount of sales can be produced even in this difficult market,” says Walter Defortuna, chairman of Fortune International Realty, the exclusive sales agents for the property. “We knew that the price and location would sell well at 1060.”
The units at 1060 Brickell, developed by New York-based Extell Development Company, originally sold out at approximately $400 a square foot. But out of the 570 units, 340 didn’t close. Of the 340 units Fortune International Realty has sold since getting the assignment on May 1, 2009, 295 have closed and 45 remain under contract at an average price of $220 a square foot, says Defortuna.
“We believe this building has established the market price in the area,” says Defortuna. “The developer wanted to achieve fast sales and we began selling at what we perceived was market price today.”
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Fortune International Realty has been in business since 1983 and has established relationships with brokers from all over the world. Defortuna engaged his network of international brokers to aggressively market the project alongside his local team.
According to Defortuna, nearly half of the sales at 1060 were done by Fortune’s in-house sales associates. The buyers were a mix of international and national clients. The vast majority were individual purchases, aside from one Colombian who purchased 31 units, explains Defortuna, who doesn’t consider this a bulk sale because the investor paid list prices and not wholesale prices.
As of today, Defortuna says he is optimistic that the 45 remaining units will close in the next few weeks.
Fortune International Realty was established in 1983 by the Defortuna family. Since then, the company has expanded to include brokerage activities, property management, financing, new development sales and property development. Currently Fortune International Realty has 17 offices with more than 950 associates.
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