Welcome to another episode of our serious SOT meetups by Super Lock Street Group, where we connect with some of the most interesting players in the luxury market. My name is Alvaro, and today we'll be having with us a very special guest. His name is Eduardo Cofresi, and he's a Luxury Real Estate Broker and VP of Sales at the iconic buildings of Armani Casa and Porsche Design Tower. Eduardo shares with us the current trends we're experiencing in Miami and the exciting projects that are coming into place.
He will also talk about what it's like to run a family business, the Cofresi Group and all the opportunities that come with it. It's going to be a fantastic conversation with insights on the incredible Armani Casa building and what Miami has to offer. I hope you enjoy it. Welcome, ladies and gentlemen, to another SLG meetup.
Today we have with us Eduardo Cofresi. He's the Vice President of Sales at the one exclusive building of Armani Casa and Porsche Design building here in San Diego. He's also the head of the team of the Cofresi Group, which is a family-owned business where he's going to be discussing today with us the current trends here in Miami with the highest demand that we're having and also the newest projects that are coming to this Magic City. So welcome and thank you.
Thank you very much for the invitation. It's a pleasure to be here with you today. Well, tell me a little bit Eduardo about this magnificent building because we are right now at Armani Casa and you're here the Vice President of Sales, right? Yes, and the residence by Armani Casa is a work of art and a labor of love both.
This project is unique in the sense that this is the only Armani branded project in the United States and also the architecture is by Cesar Pelli, one of the great architects of all times. So the collaboration between these two superstars of design, which was your man and architecture with Pelli has resulted in a product that is unlike any other. And we're very pleased with the product and so our owners are buyers and we are here to tell you a little bit more about it. This is beautiful.
I like it because we are matching. Yes, so we have no plans. No plans. That's why I love it.
Even the beer. I mean, I'm telling a little bit broader. The negative and the positive. No, but the building itself is beautiful.
We're going to be doing a tour after. But since we're doing this conversation today, tell us a little bit about the uniqueness about this building and what's currently so exciting about Miami that everybody is coming here. So what's special about this building is the uniqueness, okay? The unique factor that it has, like I said before with the brand and the design and all that.
Also the location. We are located in Sonja's Beach, which is by all means the hardest beach in all of Miami beaches for now. A lot of things going on. We come from Selena Porti Santar, where there are branded condos here left and right.
So it's very, very interesting. And I think that the buyers that we're seeing right now, a lot of them from the north east, the majority of them from New York City, it's a very sophisticated buyer. They are used to buying real estate, you know the business inside out and have great taste. And also, you have a lot of great architects and the competition spheres.
So we share that with that city when it comes to design and building real estate. So they appreciate coming here and looking at these spectacular views that we're going to be showing you later. And when they see the prices, they are almost like you kidding me. It's just compared to the prices that they are commanding in the city when you come here.
You really appreciate this. And also, let's not forget that this time these people are not buying just for buying a vacation home, somebody can come there in the wintertime. These people are actually relocating to Miami. So they now have even more credit, and they're looking at the product in detail and making big decisions, these are big ticket items, and they're looking at it carefully.
So right now, we're here in Armani Casa. Where do the prices range from? So our prices right now range from, I want to say 2.5 million dollars to 5, 6 million dollars depending on the units. But the good thing about it is that the inventory that we have available right now is good inventory.
It's not that we're sending you the lowest floors or the units we know use, which by the way, no unit here has no views. Because of the design from the architect and the positioning of the tower, all the units have amazing views. Myself, when I came here and you were showing me around, I'm very impressed with the amenities that the building has to offer and all the details that it has to offer. But one thing that I wanted to know more about is, you said that demand is coming mostly from the northeast of the country, but now with a lot of individuals from Europe starting to see this continuous lockdown.
I mean, I start to see people from the UK coming in here and trying to escape all these places where they can no longer be. So what do you see in this 2021 going when it comes to demand? I think that you nailed it. Honestly, the last week I saw to European buyers.
It's not that we don't see these people. I'm saying I'm talking about Europeans that are actually leaving Europe, not Europeans that are in New York City or in other cities. So I think that that is a good point that you support these people are also interested in buying in Miami and they have the, by the way, we have Italians, we have Germans in the building. This is not the first time that they come here and they buy from us.
But now COVID has accelerated all these processes and we have more and more people coming. Also, we've seen people from the west coast, which is unbelievable. I've never seen people from California buying the numbers that we've seen there right now. And also, not just North East, we have people from Texas or Chicago even.
So this is a phenomenon that is not just the North East is national. We have people from different parts of the country and also from Europe. And let's not forget, this is Miami. So we have a lot of South American buyers.
These people are not even able to come here right now. The airports are closed. You're not allowed to travel. Some of them come in the private jets and they are able to come fly and buy.
But a lot of people, as soon as they open the doors, they're going to be coming to Miami. And Miami's already seen an incredible boom and I think it's going to be taken to the next level when these people can come, fly and see us and buy too. That's, you really said it right there. One thing that I wanted to go over is when we started to see this pandemic, we saw a huge demand when we came to single family homes.
But now we started to see a higher demand even for condos. So tell me a little bit why will somebody choose to be in a condo versus a single family home? Where condos are very convenient, especially if you have more homes around the world. Which a lot of these people do.
But some people prefer homes and some people prefer condos. But also, if you're buying and you're coming here for the first time, it's a very good idea to invest in a condo. It's a much easier, you know, easy, easy, easy to stay to own and to maintain. And if you're traveling and you're going around the world for businesses or vacation or what have you, when you close the door of your apartment and you leave, everything is taking care of for you.
So also that buildings, the way that they are being designed nowadays, they focus a lot on the privacy of the residents and more and more with seeing people that used to living homes, you know, checking out the condos, let's not forget the maintenance and all that. It's a lot easier. The maintenance and the cost of maintenance in a condo that it is in a home. So that's really, that's really powerful.
That's good. That's good that you're saying that. And there's one thing that you know, I always ask when we have these conversations because obviously our money is one of the iconic brands that right now is making an impact here in Miami. It's a beautifully designed building.
Like every little furniture or detail that you see, it's mind blowing. So the word luxury, you know, I always like to ask it. Why is it really luxury to you? Luxury is a term that's been wildly overused.
But maybe no mistakes are, no luxury. And when they come in, they see the difference. And what is luxury to me, Luxury is to create a product that is unique as well as it is functional and the quality has to be there. And you cannot fool these buyers.
They know what they want. They know the materials, they know the finishes and they are looking at everything. Quality and functionality. Those are two terms that I really like to use them with the word luxury.
That's very good. When we were discussing about the difference between single family homes and the condos, the functionality of actually having a nice piece of real estate that you can be on whenever you need. It's on demand. You're here, you can use it, you leave, you close, you don't need to have the headache.
But it's very also the convenience of the location, you know, where you are located. So with that being said, I mean, it's been a really rough year. I will suggest that a little bit. But we start seeing a huge demand.
So this is also helping to pick up the pace when it comes to real estate in Miami. I think we're one of the lucky cities that it's seen the advantage in it. But what is something that you, the confresse group have been doing to really maintain the pace of the sales going up. We reach out to our buyers, but you know, funny enough, I mean, the times are wild and crazy and it's not the buyers that are reaching out to us.
Because the urgency that these people have to leave these spaces where they leave, like if you live in New York City, you know, you probably have a main scene of farming no doubt and you leave in one of the best neighborhoods of that city. But it's called, you barely see the sun, everything's closed. And when you come downstairs, you know, there's a lot of, you know, other things like crime and things that are happening, unfortunately, in New York City and all the places. So these people are literally calling us and telling us, you know, I'm going to be there next week and then we're coming to buy.
So what do you have for us? So we start doing the research for them and trying to, you know, put them in the property that they seek. When they come and see our buildings, it's super easy. When you come here to see these views, you see the design and it's just, you know, they love it.
It's just going to see the city. That's good. Yeah. So it's great.
I mean, you were talking about also the new project because I think that this is the city that all the top brands are looking into, you know, whether they're trying to tap into when it comes to restaurants or right now, you know, more residents. Buildings like Armani Casa are an inspiration for other brands to actually put the brand out here. And you said that you're going to be also working with one of the iconic brands of Bailey. Well, that's, that's for the future.
And there's not much I can say about that right now because that's in the works. But that's, you know, that's something that will eventually happen. And I can tell you that working with the Armani Casa group has been amazing. The attention to quality and detail is phenomenal.
The design. I mean, these people did an amazing job here and we were excited. So with everything that we're facing, what are some things that you and your team have developed to really keep up with the demand, with the challenges, something that you can share with the audience that are either in real estate or that kind of fight to their own businesses? What are some takeaways that you will share?
You know, from a sales point of view, right? Yes. Service. So, you know, you need to be there when the client is ready.
Very exciting to see also what the upcoming projects are bringing us here to Miami because I think that this is, you know, the phone terminology, you know, fear of missing out. Right now everybody's looking towards Miami as the hotspot on either to live or to invest or a mix of both. Big companies are trying to bring their companies down here, even from, you know, the west all the way here. Amazing.
Mayor of Miami doing phenomenal job on bringing these companies in here. So I believe that the only way that we'll see Miami moving forward is positively. Absolutely. And for real estate is great because we start seeing, you know, such neighborhoods that before didn't have anything transforming themselves into something very unique and very luxurious with top brands that are betting in the city.
What are some of the things that you will say that keep you so positive and enlightened? That's really good point that you bring the best book I've ever read in my life. The best sales book I've ever read in my life is called The Greatest Salesman in the World by Pablo Guero. And if I, if you can take anything from that book, which is a very simple, very entertaining book to read, is that you have to love your clients.
You have to love your customers and you have to let them know that you love them. And they will feel that, you know, they will feel that you are genuinely trying to help them that you will genuinely care for them. And you know, they're just to make a quick connection. You're there to service them and, you know, make possible the dream that they have.
You've got to love your job with the good and the bad. And as you said before, about pick up the phone. You know, if you are bothered by the sound of your phone, this is not the business for you. If you're bothered by working, you know, we can, this is not the job for you.
If you want to have, you know, an easy life where you go on vacation anytime you want, yeah, you can do that. Obviously, we don't need to break, but you cannot be leaving on vacation all the time. You have to be focused on what you're doing. You have to be there for your clients.
In our case, you know, a lot of our clients are brokers because we work in these buildings. So we service our brokers like they are our clients and we respect them. We treat them with, you know, we obviously get them to service, but also, you know, with integrity and we make them feel comfortable working with us. And that's when you work in an in-house project.
If you're working out there as a general sales, a resale broker, it's basically the same thing with this time you're dealing directly with the clients. So it's all about, you know, letting people know that you care and being there for them when they need you, no matter when the time is ready. Ready or done. That's beautiful.
And that's so true. I think those are the key elements to have a successful journey. And if not, look at her and your family, your wife, your son. I mean, let me just say today.
I am so blessed. I work with my family. My son, which is here. My wife, which is amazing.
I always tell everybody, she's my secret web. She is amazing. And you guys will probably meet her next time. We'll do something about the post-hour.
But it's a blessing to work with your family, with my family in this case. It's a transformation. And this is why I wanted to close out this conversation, talking about it because when people look at you and at least when I look at you, I mean, I see somebody that I'm like, oh, my God, like, this is a great life. Like he's done it right, you know, he has beautiful family working with him.
They're only in harmony. I'm sure there will be some fights, too. But it's like a really fun environment working in some of the most incredible buildings with the top brands, incredible clients. And really, what you said, when you do it with all your passion, because you love it and you're actually growing and making a beautiful living out of it, come on.
It shows. It shows. I think that's a key element. But again, it's a pleasure having you here.
Thank you for the opportunity. And I'm really pleased. And we're going to do it. He's the guy.
I'm still the brown beard. It takes me a few years to get to the level. He's me 25 years ago. Well, I mean, there is a good connection.
But we're going to be doing a little tour about the unit so that you guys can see how it looks it. And yeah, I mean, again, thank you. If you have questions, always drop it in the comments or let us know. Happy to get in touch.
And we'll talk about it. Let's do it. And thanks again for everybody tuning in today. We hope you enjoyed it.
And remember, embrace it's beautiful success in life. My name is Alvaro and I'll see you next time.