Art Basel jumpstarts residential sales activity in Miami Beach

Art Basel jumpstarts residential sales activity in Miami Beach

The curators and artists are on their way back to their galleries, but a number of attendees could be returning to ink deals on homes after a highly active Art Basel Miami Beach this past weekend.

Brokers say this year’s Art Basel — the art showcase that began its Miami iteration in 2002 — was one of the best in years for the Miami Beach market, following a couple of slow ones during the downturn.

“It was amazing — great for business,” said Miami-Beach-based broker. “It came exactly at the right point — where the dollar is really low, and the market has kind of stabilized now.”

There tend to be few direct sales during the days of the event, brokers say, but would-be buyers who look at homes and condos during the weekend have a history of eventually buying something in the area.

Typically, deals are not immediately inked on this trip but the interest, especially in the high-end condos on Miami Beach was incredible, which is the kind of product that Art Baselers buy.

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