October, 29 2013

MIami, FL: Change is coming to Brickell Fabio Faerman and other real estate professional stalk to Miami Today about it
Brickell’s real estate boom is continuing to change the face of the financial hub, with more aging structures in line for demolition to make way for new towers, investors reaching deep into their pockets for a slice of the action and existing office buildings pouring millions into upgrades. Fortune International Realty commercial director Fabio Faerman said celebrities, financial managers, professionals with MBA degrees, families with children and more workers are moving to the area. He said this new demographic, and tourists, are coming to Brickell to live, work and play. Mr. Faerman said buyers are willing to pay high prices for land in Brickell if the numbers make sense and the property aligns with their objectives. Last year, Mr. Faerman put together a 49,950-square-foot assemblage for an international investor that included the 100-year-old Tobacco Road at 626 S Miami Ave., River Seafood & Oyster Bar at 650 S Miami Ave. and six parcels along Southwest Seventh Street. The properties sold for $12.45 million, or about $250 a square foot. With prices on the rise, Mr. Faerman said, that parcel would be worth at least double today. Read the full story here (Miami Today. October 24th, 2013):
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