Fueled by overseas buyers, South Florida condo sales soar
Nicola Schon, an Italian restaurateur with homes in Monte Carlo, Milan and New York, wanted the perfect pied-รก-terre in Miami, with plenty of space, water views and amenities such as a spa, concierge and room service.
So he bought a $1.8 million condo at Epic in downtown Miami — and persuaded 19 friends from Italy to buy there, too.
“The building is half-Italian now,” joked Schon, who owns eateries Quattro and Sosta in Miami Beach. “We should put an Italian flag on the roof!”
International buyers are quickly converting their currency into real estate in South Florida, snatching up property at floor-sweeping prices. At high-end Epic, Schon paid about 25 percent less than he would have at pre-construction prices a few years ago.