Miles Nadal has seen a lot of ups and downs in his 43 years in the real estate industry. “As the expression goes, ‘This too shall pass,’” says the Peerage Capital Group Founder & Global Executive Chairman in his latest video for The Real Deal. “Be patient and ride out the uncertainty, and understand that most people have created huge value in the face of that adversity.”
It’s this steady hand that’s allowed Nadal and Peerage to build a robust investment platform designed to weather market fluctuations. The firm’s ability to make smart moves during dips in the market puts it in the perfect position to capitalize when things are good.
“This is a time where we can add the most value organically,” says Nadal.
This year, Peerage is betting big on luxury markets around the continent, from Florida to Texas to Southern California and all the way north to Canada. “We believe that the affluent continue to get more affluent,” explains Nadal, “and that they are a more stable purchaser and demographic than the generic demographic of all across America.
With the market still in flux, Peerage’s luxury business is already paying off. “We are seeing that stability translate into more growth in both unit volume and pricing,” says Nadal. “Not near the high yet, but better than it was six months ago. And it will be better six months from now than it is today.
Part of this success is due to Peerage’s strong partnerships across the luxury real estate vertical, including with big name brokers under the Sotheby’s and Christie’s brands. By allying themselves with other luxury brands, Peerage is putting themselves in a strong position going into what Nadal expects to be a big year for the firm.
“We think that in 2024, we’ll see about a 10 to 15% increase in volume, maybe as much as 20%,” he says. “Pricing is stable and increasing marginally.” Nadal has confidence that we’ve seen the worst that we’re going to see, and that Peerage is poised for a banner year.