How Miami’s world-class assets boost the long-term prospects of its real estate market
Carlos Rosso President of Condominium Development – The Related Group
What strategies have developers employed to adapt to a more challenging real estate market?
Identifying and tapping into new markets is very important to us. We travel to different countries to connect with potential buyerswho have the means and desires to live in and purchase in Miami. We are paying close attention to the Mexican market aswell as several smaller wealth centers such as Bolivia’s Santa Cruz de la Sierra.
Strong North American economies mean we can continue to source new buyers from the U.S. and Canada, and we continue to offer the best in design, amenities and locations to attract local buyers.
We are also about to launch new micro unit developments to appeal to Downtown Miami’s new younger demographic.
Bottom line, successful developers are those capable of adapting to market conditions quicker than others.
In what areas is Related looking to direct its e orts and investments?
We are looking at possible development sites in the neighborhoods of Wynwood and Edgewater and continuing projects in Coconut Grove and Sunny Isles. We are also focusing on developing the market for smaller apartments as we’ve noticed a large audience for them. There is a high demand for these units from local buyers because of the lower prices. At the same time, we are also looking at sites in Miami-Dade to develop luxury condominiums at $575 per square foot and $700 per square foot.
What challenges must urgently be addressed for Miami-Dade to continue on its growth trajectory?
The good news is that, compared to international cities like Los Angeles and New York, Miami offers the best value for real estate and is growing faster than any other city. Part of the allure is that more than a dozen world-renowned architects are living and working in Miami, attracting international buyers searching for a different look not found anywhere else in the world. They are looking for the best, and Miami is offering it. In fact, last year, we saw buyers of nearly 300 different nationalities, solidifying Miami’s reputation as a premier real estate destination. The biggest challenge now is to create a larger salary base that can support the real estate we’re building. The more cultural offerings there are in South Florida, the more the area will attract intelligent people to live and work here. Miami sells itself on its natural beauty, as the beaches and the weather are popular reasons people come to Miami. However, we also need to portray ourselves as a world-class city, whose identity is not so much rooted in having a good time or being retired, as much as it is in being a professional center attracting the best in nance, banking and innovation.