Over the last twenty-something years I’ve seen the landscape of the great city of Miami shift dramatically in terms of economic activity, cultural influence, and quality of life.
In 2014 we are seeing the highest median sales price for Miami real estate, up by 19 percent in comparison to a year ago, the highest since 2008. With almost one third of those transactions being done in cash or with favorable mortgage rates, the boom has spawned a sustainable dynamic in which the Miami real estate market has little to no chance of another market fall.
Miami’s remarkable housing rebound is propelled by the increasing demand for ultra-luxury condominiums and up-scale urban living. In the first quarter of the year, Miami was ranked ahead of Dubai, Paris, and Beijing in the 2014 wealth report published by Knight Frank (London-based real estate consulting firm).
Having worked for numerous high-end developments, I have seen first hand how these high net worth individuals from around the world are constantly seeking luxury real estate in Miami’s various affluent enclaves. Miami offers them refined living, sophisticated infrastructures, and an abundance of cultural amenities.
Just across our downtown offices we can see PAMM, the Perez Art Museum of Miami, an incubator of international art and educational programs with dramatic views of the bay and downtown. And if you want to talk about shopping, more than 100 brands will have stores in the newly reborn Miami Design District; all coming in 2015. Miami’s design district has now been established as one of the most important international design and fashion hubs showcasing stunning new storefronts housing the most luxurious names such as Cartier, Céline, Emilio Pucci, Fendi, Hermés, Margiela , Poltrona Frau, Tom Ford to name a few.
Miami’s urbanization has also played a major role in this enormous transportation. The ‘All Aboard Florida’ passenger train will be offering rail service between Miami, Ft. Lauderdale, and Orlando starting in 2018. In addition The Port of Miami Tunnel project, will alleviate much of the downtown congestion and substantially improve traffic in and around the city.
Although Miami has consistently been the international and luxury gateway to the Americas, more recently the major demand is being driven by 3rd party influencers from the northeast seeking a lower tax climate while enjoying the exhilarating lifestyle of this subtropical Manhattan.