Russian based company Verzasca Group recently entered into the US real estate market this past 
December when they purchased a 15-unit Bay Harbor Island condo tower called Pearl House. Now they are on to their second project in South Florida, as they have just recently been approved for a nearby project called Le Jardin, which will be a 30-unit boutique condo building also located in Bay Harbor Island. Tim Lobanov, Gennady Barksy, and former New York Ranger hockey player Darius Kasparaitis formed Verzasca late last year after gaining real estate experience through building residential communities and public infrastructure projects in their native Russia. Lobanov, who is the company’s managing director, said that the men immediately saw South Florida as an ideal location for their US real estate venture; “Even before our group was created, we had our eyes on Bay Harbor Island. We felt it was greatly overlooked, undervalued and had great potential”. The planned condos will average $400 per square foot, and units will range in price with some going for around $500,000 while others priced closer to $1 million.
Verzasca is far from the only foreign company to see the profit in investing in South Florida. Recently many international companies have set their sights on the sunshine state, as this interest has only sparked more developers to turn their attention toward the area. With the real estate market in high demand now is the time to capitalize on available property, whether commercial or residential. If you are interested in learning more about South Florida listings then feel free to contact a RE/MAX agent today!