Foreign buyer’s money is still playing the main role of the Brickell’s condo market, because the foreign buyers are aggressively competing with local investors and buyers of the units. Oliver Ruiz, managing broker of Fortune International Realty office in Brickell, said that 70% of apartment buyers of Brickell today are foreigners, with the local quota of about 30%. Venezuelan, some Italians, Peruvians and Mexicans are among the most active international groups. Most people are buying for investment purposes to sell for profit at a later year later, when the values of homes on the market rise further. For some condo towers, it’s the foreign buyer segment that contributes to their sale.

At Icon Brickell Towers 1 and 2, where the Fortunes are in the charge of sales, about 75% of the apartments have been sold to international buyers, with locals and out-state buyers representing the remaining 25%. At Jade Residences in Brickell Bay, home buyers from 22 countries, where foreigners stand for 70% of buyers. The purchase of aggressive countries, Oliver Ruiz said, also include Argentina, Brazil, Colombia and Venezuela. To market the property, Fortune is working with 700 sales associates, affiliated offices and a network of international agents to invite international buyers for the condo of Brickell.

Although reasons as to why they buy differ for local and international buyers, they seem to agree on why they choose Brickell against other desirable neighborhoods. Many foreigners buying condos in Brickell use part-time, while others choose to rent for a few years until they could profitably resell. It is a mixture of foreign residents and local tenants, which define Brickell as a melting pot of cultures and a playground for adults with the expansion of its restaurants and lounges.

Randy Olen, president of the Brickell area, says that in the past members of the association discussed how Brickell is becoming the 24-hour society many visualized. Residents also await the arrival of a trolley system in the works, which should provide a service of Key Biscayne is the entrance of the Omni area.

Today, Brickell has received the brand recognition, Mr. Olen said. “It is one of the most exciting places to live, work and play right now with all condo sales and leasing.”