Two prominent New York businessmen recently spent $8.28 million on Miami Beach hotel SoBe, which
is just one example of the recent increased investment in South Florida real estate from the Big Apple. The SoBe Hostel is located at 235 Washington Avenue, stands at two-stories tall, houses 48 rooms total and was just bought by a company called 235 Sobe Hospitality. That company is managed by Jack Avid and Steven Oved, who both have built names for themselves as developing real estate moguls in the New York area over the past ten years or so and are now setting their sights on South Florida. This past July Avid purchased a different South Beach hotel, the Princess Ann, for $10 million. The Princess Ann is very similar in size to the SoBe, with 48 rooms total, and according to reports this is the type of smaller hotel building that theses men are typically drawn to and familiar with. Therefore, given the similarities of these two buildings it appears that Avid is taking his business South and buying up hotels that fit the style of his New York properties down in the Miami area.
This trend of New York investors coming down to South Florida to expand their real estate holdings here has been becoming more and more commonplace over the past few years, as a response to the rapidly developing market and rising property values in this area. The recent purchase of this Miami-Dade hotel is just one example of this emerging movement, which has been drawing attention over the past few months. It makes sense from a customer service standpoint, as most of these companies’ New York based clients also are looking for a vacation home too so having properties in South Florida allows them to accommodate them in both locations. If you are interesting in property in the Miami area for sale or to rent, then feel free to contact a RE/MAX agent today and they would be happy to assist you with all your real estate needs.