As Travel Restrictions Lift, Miami’s Real Estate Market Is Poised to Get Even Hotter
The Covid-19 pandemic has been a game-changer for Miami real estate, as the city’s luxurious lifestyle, warm weather, and vibrant culture have attracted high net worth people from New York, California, and other areas interested in making Miami their permanent home. Many millionaires and billionaires saw their wealth grow during the pandemic, and as they look to the future, they want to benefit from Florida’s tax and inheritance laws.
Pablo Alfaro, one of South Florida’s top residential and commercial brokers, makes a point of staying on top of market conditions. Despite the pandemic, he heard from many clients who have made lifestyle changes and now want to work remotely from South Florida. Miami’s location in the Eastern Time Zone appeals to buyers, as does the city’s reputation as a business hub. Alfaro explains, “Miami is a very important center for commerce and finance, and it’s geographically beautifully situated where you can be on the East Coast quickly, you can be in Latin America quickly, or you can be in the Caribbean.
As global travel reopens, Miami will experience even more physical connectivity. Emirates Airlines recently added four new direct flights between Miami and Dubai every week. Alfaro has worked in the real estate industry for decades, focused on Miami and New York, and he predicts further growth ahead. “As of November 8, the borders open up to basically everyone who’s vaccinated, and I think we’re going to see a wave of Middle Easterners, Europeans, and other people who haven’t been able to come to the United States. We’re getting phone calls from everywhere, and I think these international buyers are going to have an active role in our marketplace.”
Not only are more clients looking to buy in Miami, what they’re looking for is changing. Today, people are especially interested in newer construction, because they want full-service buildings. “The last 18 months have redefined our workspaces and our lifestyle spaces,” Alfaro says, “The number one thing on everybody’s wish list is good broadband alongside health and wellbeing.”
Another top priority: a well-designed floor plan. Space is limited in Miami, and for many years, local developers focused on smaller floor plans with one or two bedrooms. Alfaro says, “I think Covid made everyone reassess their square footage and also their lifestyle. The home office is here to stay, and couples want dual offices. They don’t want to share an office, because they want privacy to be on Zoom calls.” we are calling their second homes their “CO primary Homes ” especially for people from the northeast.
He notes that even clients 65+ are looking for 5000 square foot units. “A lot of older clients don’t want to speak about it, but they want two masters. They need their own space, especially after the pandemic.”
The kind of inventory clients are looking for is limited, which makes Pablo Alfaro’s experience, knowledge, and service more valuable than ever. He says, “My high-end clients know that I have my ears on the ground and that I know what’s going on in the marketplace.” Alfaro works with big names, ranging from leaders in business, finance, fashion and contemporary art, to music and entertainment celebrities. While he speaks candidly about how the market is changing, he avoids mentioning any clients by name, because he respects their privacy — and that’s yet another reason they value working with him.
Like most successful real estate brokers, Alfaro has an Instagram, but he doesn’t use social media as a showcase for his high-profile sales. “Maybe that gives me an edge,” he says. “People know they can welcome me into their house, and I’m not going to post about their private lives.”
Instead, he uses Instagram to post about his personal interests, which include architecture, art, and design. These are passions many of his clients share, which gives him another way to relate to them. On a recent Zoom call with a European client, Alfaro saw a painting in the background, and asked, “Is that a Rembrandt?” It was a Rembrandt, and Alfaro’s question sparked a conversation about the art world, strengthening his relationship with the client. He says, “It opens things up, and they look at you differently.”
Pablo Alfaro is known for bringing off-market investment properties to buyers, “My Market knowledge is not on GOOGLE “he has secured over 1.5 billion in closed residential and commercial sales.
Interested in benefiting from his expertise as you explore real estate opportunities in Florida? Contact Pablo today!