Yesterday, 450 people from the real estate world gathered for the Greater Miami Chamber of Commerce’s South Florida Real Estate Summit at Miami’s Jungle Island. The experts there asserted that the South Florida Real estate market is not headed in a negative direction, despite slower growth. Biz Journals compiled five important lessons from this Miami real estate summit.
1) Retail has good investment potential.
Right now, South Florida has about 6 million square feet of retail under construction or proposed, wrote Biz Journals. Beth Azor, principal of Azor Advisory Services, said that many new retail tenants want to be in Miami. She said that restaurants are taking up more space than before, along with increases in health and fitness locations.
2) Displaced tenants should go to new areas
There are up and coming neighborhoods in Miami, like Little River, that are more affordable for displaced tenants.
3) The middle market is quick and important
CEO of Miami Association of Realtors Teresa King Kinney highlighted at the Miami real estate summit that mid-priced single family homes (those priced $250,000-$400,000) increased 18.3 percent in January. Condos priced $150,000 to $300,000 grew 25.1 percent.
4) Condo buyers are selective
“There’s been a redefinition of condo living from a cookie-cutter box to delivering a lifestyle the market has not had before Apogee [South Beach],” Jay Parker, CEO of Douglas Elliman’s Florida brokerage said. “We are not relying as much as we used to on investment buyers. We are catering to end-users today or second-home buyers. Projects today have amenities you would never dream of.”
5) All Aboard Florida will create big (good) changes
All Aboard Florida/Brightline will connect Miami, Fort Lauderdale and West Palm Beach in 2017, eventually reaching to Orlando, too.
“Transportation has been the game-changer,” Lissette Calderon,president of international and strategic projects for Related Group said. “You can work in downtown Miami, but have the option to live in West Palm Beach. And Uber has changed the way people move within cities …. We can’t build for the way people live today. We have to build for how they will live in the future.”
These Miami experts have good faith in the future of Miami real estate. Clearly, South Florida has great things coming in terms of real estate. Get involved today: whether you are falling in love with a Miami home, or ready to sell yours, contact a RE/MAX Paradise agent today!