The Real Deal’s Residential Bureau Chief Katherine Kallergis brought together leading developers, agents, advisors, and lenders for a panel discussion about the red-hot South Florida residential real estate market. The panel, which featured Juan Carlos Tovar, Owner and Developer at DevTov, Michael Martinez, Vice President at ONE Sotheby’s International Realty, Piero Siveroni, Managing Director at ACP Capital Management, and Daniel Vitulli, National Partner-in-Charge of Marcum LLP’s Real Estate Group, was hosted at one of DevTov’s exquisite new construction homes in Pinecrest and focused on trends in South Florida residential development and purchasing, largely by out-of-staters moving south in search of a sunnier lifestyle.
“Everyone is coming from New York, New Jersey, the northeast, because it’s paradise,” said Vitulli. With more firms relocating their headquarters to business-friendly Miami and others allowing more workers to do their jobs remotely, moving to South Florida is no longer a retirement plan, it’s a career move.
In terms of the type of housing that’s seeing the most demand, Tovar honed in on high-end turnkey-ready properties in good school districts. “The new wave is a lot of high-profile executives,” said Tovar, who mentioned that his firm was developing more houses like the one in which the event was being hosted. “This type of property is perfect for these people.”
Siveroni added, “It’s really important to mention the financial advantages of living regionally, like Florida, where you have tax advantages, which are very important for people coming from very expensive states.” In addition to being a great career move, relocating to Miami can be a cost-saving measure.
It’s not all sunshine, of course. Martinez dug into the paradoxes that come with moving from a state with high taxes to one with a low tax burden during a time where interest rates are rising and markets are correcting; as prices fall in states like New York, it puts potential buyers in a bind. “We actually just heard this of a family who was here six months ago, during the summer,” he said. “Because their New York condo has not sold, they decided to wait another whole year to move to South Florida.”
The panel discussion concluded with a brief Q&A before the audience toured the beautiful Pinecrest home.
For more information about this exciting new development or to schedule a showing please contact Michael Martinez.
This article was produced by The Real Deal’s Brand Studio Team in conjunction with DevTov, One Sotheby’s, ACP Capital Management, and Marcum LLP’s Real Estate Group. For more information about working with our Brand Studio Team please click here.