Tracking the Funds: How South Florida Developers and Brokers Attract Clients in the Summer

Howard Lorber, a prominent real estate magnate, organized a cocktail party at the Bridge Golf Club in Bridgehampton, New York, to promote the Rivage at Bal Harbour luxury condo development. The project, a collaboration between Related Group, Two Roads Development, and Rockpoint, offers oceanfront condos ranging from $8 million to $65 million for the penthouse. However, the challenge is that wealthy buyers who invest in ultra-luxury properties tend to be away from South Florida during the summer, residing in exclusive enclaves like the Hamptons, Nantucket, Aspen, and European destinations. These high-end buyers follow strict seasonal schedules, migrating between different wealthy hubs.

South Florida players like Nick Bienstock, CEO of Savanna, and Jon Paul Pérez, president of Related Group, closely monitor this elite group’s movements. They aim to engage with these buyers during their summer vacations, strategically holding events and parties in locations like the Hamptons. For instance, Related partnered with Lorber to host a cocktail party, a luncheon, and a dinner to promote their projects. Savanna also hosted an event in West Palm at the Topping Rose House.

These events are carefully curated, focusing on luxury brands, exquisite locations, and premium drinks and food. The goal is to build relationships with potential buyers and showcase the lifestyle associated with these high-end properties. The efforts are paying off, with attendees showing strong interest in purchasing units.

Developers and brokers emphasize that the demand from affluent buyers drives their presence in these elite summer destinations—most buyers for projects like Rivage and Six Fisher Island hail from New York and the tri-state area. Agents like Ruthie Assouline and Samantha Curry of Douglas Elliman use these summer opportunities to network, connect with clients, and build relationships with other luxury brokers. Such connections often lead to off-market deals and long-term business relationships.

In essence, the strategy revolves around being where the clients are, creating an atmosphere of luxury and exclusivity to attract potential buyers to these high-end summer destinations.