Miami has matured from a seasonal haven to a thriving luxury resi hub, and with that growth comes competition. In today’s Miami, if you’re not leveling up, you’re falling behind.
In April, BSH and The Real Deal brought the best of Miami’s real estate community together to discuss how they’re adapting to new money in today’s crowded market. The panel featured Bernardo Fort-Brescia, Co-founder of Miami’s near-ubiquitous Arquitectonica, Ryan Shear, Principal at the Property Markets Group, and Veronica Cervera Goeseke, CEO of Cervera Real Estate.
One sign that Miami has arrived on the global scene, said Fort-Brescia, is that international buyers now want buildings that are distinctly Miami.
“When they say they want a Miami building, it means, ‘I’m on vacation in the place where I work and in the city where I live normally,’” explained the architect. “It’s sort of an urban resort.”
This “urban resort” lifestyle has attracted a widening audience in recent years. Leading broker Cervera Goeseke explained how, in addition to steady interest from buyers in countries including Mexico and Brazil, high net worth individuals from other states have begun to move to Miami in waves.
“The Americans have finally discovered Miami,” said Cervera Goeseke.
Shear cautioned developers to not forget the fundamentals even in a booming market defined by ultra-luxury.
“Some things remain true,” he said, explaining how “kitchens and bathrooms” sell more units than amenities like spas, which tend to drive up HOA fees and ultimately prove to be too expensive to maintain: “Most of the time, spas are losers. They’re expensive, they don’t work, and then you’re left with 10,000 vacant feet.”
Head over to the Appliance Innovation Hub to see more thought leadership and market insights from BSH and TRD, and be sure to join BSH and TRD for the next Building Luxury event in Washington, DC on June 17. If you’d like to apply to be a speaker at a future event, reach out to remy.williams@therealdeal.com for more information.
BSH is proud to host conversations that bring together leaders from across the industry. The perspectives shared belong to the speakers and do not necessarily reflect the views or positions of BSH.