The Sofi Group - the extraordinary in real estate

The Real Estate Comeback

LIPE MEDEIROS AND ANCA MIRESCU, THE SOFI PROPERTY GROUP

Tell me about some of your company’s hottest deals, past and present.

Anca Mirescu: In May of 2009, we were able to secure a unit at the Continuum for one of our clients for $2 million below what the seller had paid for it, and almost $2.6 million below the original asking price of $5.5 million. Right now, there’s a unit at Il Villaggio for between $1.5 and $2 million less than what all the other available, comparable units are listed for.

Is it still very hard to get a mortgage?

Lipe Medeiros: Absolutely. The change from two years ago is huge. One used to be able to get a $1 million property with 10 percent down. Today, there’s much more scrutiny over which buildings banks will finance. In some cases, the condo associations are experiencing trouble collecting their dues due to foreclosures and short sales inherited from the flipping years. But even when it comes to something harder to get financing for, banks will still consider it with a bigger down payment: That’s where the best deals are.

What is the most sought-after building in town?

AM: Apogee, because it affords its owners the highest level of privacy of any building in South Beach. There are only 67 units in the building: four units per floor, and each has its own elevator foyer. The corner units are 4,154 square feet with 2,400 square feet of terrace, while the middle units are 3,103 with 1,000 square feet of terrace. No Apogee condo has ever sold for less than $1,000 per square foot.

Who are today’s buyers?

LM: We’ve seen a surge in interest from Brazilians and Italians. With the price correction of the past year—and the current weakness of the dollar versus other currencies— this is the perfect time for international clients to purchase homes here. These are generally cash buyers who had been sitting on the sidelines, waiting for the right moment. That moment has arrived.