The Miami luxury real estate market is looking to woo buyers from China. Asian buyers have injected billions of dollars into the American economy in cities like New York and Los Angeles, and Miami is going in that direction. In an attempt to impress Chinese buyers, Miami luxury realtors are doing everything from Feng Shui layouts and wok kitchens, to using lucky numbers and colors. But how are the Chinese responding?
Throughout the United States there have been many high end sales in the last year attributed to Asian buyers. Last month, a Chinese couple paid $34.5 million for a Beverly Hills mansion. A Hong Kong businessman laid down approximately $28 million for a place nearby. Manhattan is seeing full-floor apartments of the One 57 high-rise being snatched up at roughly $50 million apiece. Many of these have gone to Chinese buyers.
A new phenomenon of real estate tourism is sweeping Asia – with couples combining a vacation to the West with a chance to buy multiple luxury properties for what they deem as a solid investment and means to safeguard their wealth. Not one to miss out on an opportunity to tap into the Asian market, Miami is also catering to this new demographic. This requires learning as much as possible about their new guests.
Eight is seen as a lucky number in China, while four is considered unlucky, so it is not uncommon to find superstitious builders remove the number four from its elevators. They also number an address with as many eights as possible, and include several eights in the asking price. $8.88 million is a Miami luxury realtors preferred number, as it shows both respect and understanding to the sensibilities of the Chinese buyer.
The preferred colors of the Chinese are gold and red. They are also considered lucky, and it is no coincidence that Miami luxury realtors use these colors in their communications with clients, as well as in the interior paint and flower choices that adorn the rooms of show suites. White, on the other hand sounds like death, so it is to be avoided as much as possible. Many of the Chinese superstitions come from wordplay, sounds of letters, and how similar one character looks like another. While it may seem almost trivial to a Western mind – these are things that a Chinese buyer will take very seriously. A Miami luxury realtor that is cognizant of these differences is more likely to win the attention of an overseas investor on holiday.
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