The Real Deal caught up with Jay Parker, CEO of Douglas Elliman’s Florida Brokerage, on the floor of the South Florida Real Estate Showcase to get his take on how his market has evolved in the last few years as well as where he sees it going in the future. Between the meteoric growth of the residential market, the shift in the type of person looking to buy a home in South Florida, and the evolution in development styles and strategies, “it’s really fascinating to see this market evolve,” says Parker. “I think the market has a long way to go.”
Parker noted that today’s South Florida homebuyer is less likely to be in the market for a third home or an investment property and more likely to be moving to the area for work. “The evolution of those products has resulted in more permanent residences, larger floor plans, and, in many cases, MORE INTIMATE buildings,” says Parker. “The amenities that we ARE PROGRAMMING are for the end-user to enjoy and use, and much less about saleability.” This trend in residential towers fits with Elliman’s push to position vertical residences as a real alternative to traditional suburban development.
When it comes to the larger effects of these changes on life in the Miami area, Parker is positively enthusiastic. “Everything has been given an opportunity to truly evolve,” he says, pointing out that the quality of restaurants, hospitals, educational and cultural institutions have grown into world-class experiences. “Every single aspect of living today has been greatly enhanced.”
Looking forward, Parker is optimistic about the direction of real estate and life in general in South Florida. Between sinking inflation, a soaring stock market, and more developments coming online, Parker is “predicting a strong fourth quarter, and a really strong 2023.”