“It's unique, that's for sure,” Juan Pablo Verdiquio in a CBS news article. “It is beyond crazy. Beyond crazy. But it's a boy's toy."
Verdiquio dropped nearly $4 million on the luxury condo unit and didn’t even think twice, something that many from Argentina, and other parts of South America, are doing these days, according to figures from the Miami Association of Realtors.
Brazil has typically led the charge for thirsty investors looking to cash in on the next big thing in the luxury market and the Porsche Design Tower is one of those investments.
Traditionally, a 1,290-square-foot condo in South Florida costs nearly $150,000 on average. A unit of similar size would cost $960,840 in London, $776,280 in Hong Kong and $1.6 million in New York.
Among foreign buyers in South Florida, investors spend the most, paying an average of $495,000, compared to $444,000 for all international buyers, according to the association’s report.
Still, the new tower is giving foreign investors a peek at the high life. The freight elevator, which will haul your car to your floor, weighs in at 40,000 pounds, going up 800 feet per square feet.
According to the website, units start at $4 million while penthouses can run the buyer up to $30 million. Of the 132 units in the Porsche tower, only eight remain unsold as the developer, Gil Dezer, believes the elevator feature has helped to bring in foreign investors, not only from South America, but Europe, Canada and parts of Asia as well.
But not everyone is happy about the new luxury condo. Some feel that the exorbitant building is driving up prices, and creating a greater divide between the wealthy and middle-class buyers, while others feel that key property on the beach belongs strictly to the wealthy buyers, to whom these types of developments are catering.
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When a shoe manufacturer from Buenos Aires heard about the Porsche design tower in Miami and its elevator large enough to carry your car to your floor, he knew he had to get the unit right away before construction even started.