The Miami Art Week has attracted a flood of affluent visitors, prompting heightened vigilance in the real estate industry. Numerous potential homebuyers have already scheduled visits to sales galleries and opulent residences, while others plan to explore properties while participating in Art Basel, Art Miami, and various affiliated art fairs scheduled for the week. Developers and real estate firms are actively supporting these events, with some scaling back their involvement this year. Nevertheless, prominent agents and firms are organizing private dinners, networking events, and even boat tours to capitalize on the presence of wealthy clients.
This year, Sotheby’s International Realty, based in Coconut Grove, is the sponsor for Art Basel Miami Beach at the Miami Beach Convention Center, taking over from Douglas Elliman. Under the umbrella of Anywhere Real Estate, Sotheby’s International Realty secured a multi-year deal with the art show, intending to showcase new developments and luxury homes within the Collectors’ Lounge. While firms like Cervera Real Estate and Elliman are not sponsoring fairs this year, prospective buyers primarily attend art-related events, and the impact on real estate brokers is typically felt weeks later. Nevertheless, brokers proactively seize the opportunity to capture their attention. It’s noted that real estate agency clients are scheduling appointments well in advance for in-person showings of homes on the Venetian Islands, along North Bay Road in Miami Beach, and on Fisher Island. Several Miami real estate agents are organizing networking events, private brunches, and open houses during Miami Art Week to showcase their portfolio.
Additionally, various developers are unveiling new art installations, especially in neighborhoods like the Miami Design District, with figures like Craig Robins and Jorge Pérez showcasing art from their personal collections. Pérez, the owner of Miami-based Related Group, the largest condo developer in South Florida, revealed a new exhibit at his private gallery, El Espacio 23, in Allapattah in early November. As the high season for South Florida real estate kicks off, new listings are emerging on the market, including the waterfront island estate Tarpon Isle in Palm Beach, reintroduced by developer Todd Glaser and partners at a reduced price of $187.5 million with Suzanne Frisbie of the Corcoran Group. “One Sotheby’s Lena Johnson described Art Week as the ‘it’ cultural moment,” emphasizing its growing significance in the cultural calendar.
Source: The Real Deal