Luxury real estate listings broker Sotheby’s International Realty Affiliates LLC is entering the Puerto Rico market looking to draw affluent buyers looking for properties in a setting that combines “weather, infrastructure, political and economical stability.”
The company is investing $1 million to open an office in the Condado sector of San Juan, with which it will strengthen its presence in the Caribbean, company officials said.
“The addition of Puerto Rico Sotheby’s International Realty builds on the momentum we are experiencing throughout the Caribbean region, where we most recently expanded into Aruba and the U.S. Virgin Islands last year,” said Michael R. Good, chief executive officer of Sotheby’s International Realty Affiliates LLC.
Margaret Pena Juvelier, who served as senior vice president Sotheby’s International Realty-East Side Manhattan Brokerage in New York since 1986, owns the local office. Her strategic plan foresees servicing Puerto Rico, Vieques and Culebra during the first year and the opening of three to five additional new offices by 2015.
The combination of Puerto Rico’s tax incentives packages for real estate, the island’s strategic location and year-round warm weather combined with Sotheby’s marketing worldwide expertise is what the organization is banking on to achieve $50M in sales during the first year.
“We have a professional infrastructure and sales agents with strong local knowledge,” she said. “The luxury real-estate market in San Juan and throughout Puerto Rico is on the rise and the demand is high in this tropical region of the Caribbean.”
Sotheby’s will focus on representing properties in Old San Juan and exclusive areas like San Patricio, San Francisco and Santa María, Dorado and Río Grande.
“The current market climate is perfect and attractive to sophisticated buyers who will recognize the great opportunity Puerto Rico has to offer to potential owners that can maximize their investment with even more competitive pricing while benefiting from the breathtaking views and unique features our local properties have to offer,” said Juvelier.
Her international client base consists of affluent customers and investors from China, Brazil, all of South America, Russia and Europe.