With beaches closed, shops shuttered, and coronavirus threatening everyone from the mayor to the employees at Publix, Miami is facing a novel threat. The tourism-fueled economy is struggling as hotels have been shut down except for housing essential workers and restaurants are limited to take-out and delivery. And the residential sector may be hit hard. Many rents are due today as a debate still rages among landlords and lenders around dealing with a potential wave of missed payments.
Last week, total condo sales volume dropped in Miami. But even as agents are limited to virtual house tours and Zoom meetings, TRD has reported on several big buys, including David and Victoria Beckham’s $24 million purchase of a condo at One Thousand Museum on Tuesday. That same day, a former mortgage exec snapped up a $7 million waterfront home in Boca, and just today, apartment developer AMLI announced that it is launching pre-leasing in its Midtown project.
Later today, get the insider perspective on South Florida’s residential market from three of its top brokerage execs. Mike Pappas, CEO of The Keyes Company; Jay Parker, CEO of Douglas Elliman Florida; and Beth Butler, Director of New Development for Compass’ Southeast region, will join TRD‘s Katherine Kallergis to talk through the strategies they’re using while staying home.