Real Estate Business Accomplishments & Acknowledgements

Setting Up Residence on the American Riviera
By Kareem Tabsch

With celebrities such as Rosie O’Donnel, Oprah Winfrey, Gloria Estefan, Ricky Martin, and Enrique Iglesias enjoying trendy South Beach addresses, it is no surprise that the local real estate market is booming. Condominiums are sold before they are finished going up, and an area that was once just a place to come and play in is quickly becoming the place to call home.

The interest in the area doesn’t surprise Thania Vernon, a broker with Fortune International Realty, perhaps South Florida’s most respected real estate firm. Vernon is such a believer in the market that along with fellow broker Gerri O’Hara, she is opening a South Beach office in mid-November. “We plan to make our operation very service-oriented,” says Vernon, whose husband, Robert, is also a broker who works with Fortune-Key Biscayne. “We envision a staff of 10 to 12 associates who can service this specialty market,” she adds.

Vernon first joined Fortune in 1990 and has focused mainly on the areas of Key Biscayne and Coconut Grove. “I recall showing a listing in the mid 1990s at the Portofino and thinking ‘my gosh, there is nothing here.’ Shortly afterwards, an Italian client called and was looking for something at the Il Villagio, and I knew that this was an area that had a lot of promise and would flourish with time,” she says. Having worked tirelessly selling the Grand Bay Towers and Mutiny Park. Both have kept a watchful eye on South Beach. With available property scarce on the island, she has directed her efforts to the area of the Beach referred to as “South of Fifth,” which compromises the properties surrounding Smith and Wollensky, Joe’s Stone Crab, and the Beach’s tallest buildings, the Portofino Towers.

O’Hara characterizes the vicinity’s appeal to potential buyers as being “high-end oceanfront property amidst the allure of South Beach without the traffic jams.” She goes on to say that the historical aspects and beautification programs that are under way make the area very attractive.

According to Vernon, the buyers break down into two demographic types: the investor, who is essentially a snowbird searching for a small place to retreat to and looking to spend around $300,000, and the very wealthy buyer who wants a million-dollar-and-up luxury property. “The charm of South of Fifth is that you have a mix between the expensive high rises and places in smaller buildings, like the Brooklyn Hotel that can start at under $200k” says Vernon.

With about half of the properties sold serving as second residences for buyers, Vernon assures that overgrowth is not a concern. “Just like Key Biscayne, you have an area that is surrounded by water at two sides; there is just so much land to develop.”

Being an Argentine-owned company, Fortune International Realty has numerous offices across South America and notes that the majority of its customers in the Brickell and Key Biscayne markets are Latin. As they delve into South Beach, Vernon asserts their interest in bringing in more of a European clientele.

Fortune is very supportive and gives full backing to Vernon and O’Hara.  O’Hara has been with the company for 14 years. Owner and principal broker Edgardo Defortuna is very excited about the new South Beach office. Fortune, whose success is unparalleled, recently became exclusive agents of the Jade on Brickell as well as the Akoya, Casa Blanca Villas, and “M” on Miami Beach as well as many other developments. Fortune’s labors in South Beach are sure to help make the South of Fifth neighborhood the hottest residential property on Miami Beach.

Living in the age of technology, both ladies agree that “because of the Internet, you have better educated buyers, ones that know what they want and have done their homework on the area.”

Vernon is particularly excited about The Continuum, a 12-acre gated community that will host a 40-story building, with a second one 34 stories high, as well as tennis courts, pools, and all the top amenities. Its interior decorators are the same ones who did Sun City in South Africa.

South Beach’s growth has not been an overnight occurrence. Its current trendy status has been 25 years in the making. The current South Beach dates back to 1979 when Barbara Baer Capitman founded the Miami Design Preservation League and fought to protect the Art Deco District, which is best exemplified by the hotels and buildings of Ocean Drive. By the mid 1980s, the decaying buildings of Miami Beach between Fifth Street and 23rd Street were seeing a major face lift, and suddenly a spark of interest arose in this neglected area. Soon people flocked to Miami Beach, and with the success of shows such as Miami Vice and The Golden Girls, both set in South Florida, the doors were open for club owners such as Chris Paciello and Ingrid Casares to create a nightlife that would be admired the world over. Celebrities such as Madonna and Sylvester Stallone became regular visitors to Miami, and eventually residents. Or, in the case of Stallone, a resident who returned!

O’Hara sees the area of South of Fifth becoming another Key Biscayne but with the never-ending whirlwind of things to do, the possibilities for the area are endless.

Brokers and developers alike are excited about the area’s future and are not swayed by competition from neighboring communities. “I believe they compliment each other,” says Vernon. Continuum developer Bruce Eichner is very sure of the area’s future success. He remarked in a recent interview to The Miami Herald’s Barbara de Lollis, “The closest thing to competition are Il Villagio resales and Fisher Island, though island life’s not for everyone: The good news is the ferry. The bad news is the ferry.’’

With their dedication to meeting customer needs, Fortune South Beach Realty is sure to shake up the market with its vision of the ultimate luxury residential community for South of Fifth.