Selling Condos? "The DJ's Got To Be Really Good"
It would seem the Miami condo craze may be reaching it's zenith with stories like this NYTimes piece. "You could salsa with dancers in fringed hot pants at Aqua, hear a drag queen D.J. at Cynergi or watch stunt men ricochet off a trampoline at Soleil. Nightclubs? No. Carnival acts? Not quite. These were launch parties for condominium projects, one of the stranger forms of nightlife in a city obsessed with real estate."
"Deep-pocketed developers, forced to be ever more creative in the pursuit of buyers for condos still years from being built, pay for these lavish affairs. Builders need early deposits to get construction loans, so they work hard to entice the buyers they covet, image-conscious people, many from Latin America and Europe, with money to burn on a second home, a speculative investment or a status symbol."
"The bait includes small initial down payments, slick marketing, and parties. Usually held just before a project begins selling units, the events are meant to create buzz among brokers, who make up the bulk of invitees."
"Jon Graney, who owns two condos in South Beach and is looking to buy more, said launch parties were beginning to rival clubs. He added, however, that he would probably not buy at Vitri because the building was too low. 'If I spend six hundred grand, I want to go high.'"