When Miami’s real estate market was hit by the 2008 recession, few could have imagined that by 2014 it would be back and stronger than ever.
But this is exactly how those working in Miami’s market view the current landscape. Miami is booming, with expensive, luxurious condo projects designed by world renowned architects like Zaha Hadid and Bjarke Ingels being planned and built across the city.
It’s long been a destination for those from colder climes during winter months, but now Miami is truly becoming an international city.
David Pulley, a Miami-based agent with Opulence International Realty, began selling real estate in the city when the market was at its lowest point following the 2008 crisis. He’s seen things at their worst and can confidently say that the market’s strength is unlike anything he’s ever seen in the city.
First, he won’t say that the market ever “crashed” in the same way it did in other cities in Florida and the US.
“In Miami, we have a real problem with supply,” he said in an interview with BuzzBuzzHome News. “If someone wants to be in South Beach, that’s only 23 blocks, so there’s only so much land that’s available in that space. So after 2008, prices dropped 15 per cent, maybe 20 per cent, during that time, but they didn’t get cut in half like in other parts of the state and the country.”
To say the market’s outlook has improved would be an understatement. Miami is going through a renaissance, which is, of course, very exciting to Pulley.
“It’s becoming an international city and a year-round community,” he said. “I’ve heard people say that Miami is like the new Monaco.”
The number of buyers who are coming from outside the US to buy in Miami is on the rise. Canadians have long been very active in the South Florida market, but now buyers are coming from cities across South America and Europe to purchase vacation homes in Miami.
As a result, the new construction market is booming and developers are taking things to the next level when it comes to suite sizes, architecture, interiors and amenities.
“What’s happening in all these new developments is there’s fewer units,” Pulley said. “People want a more exclusive way of living and exclusive can mean larger and more expensive units and more luxurious amenities.”
With only 10 residences spread over 18 floors, Pulley said that GLASS is being built to one of the highest standards of construction quality that he’s ever seen. To give you an idea of the price point, remaining units at GLASS start at $7.9 million.
While Miami’s fledgling status as a global city is bringing in buyers from around the world, Pulley said Canadians still make up a large part of the sales he handles through Opulence.
“The business that I do personally is probably 30 per cent Canadian,” he said. “Canadians are number three international buyer for South Florida, so they really have a lot of weight down here.”
Check out what David and his team at Opulence International Realty are working on for resale and new construction in Miami here.