Yesterday, the “Miami Power Brokers” panel at the Haute Residence 2020 Luxury Miami Real Estate Summit closed the daylong study and dialogue about the real estate market in Miami and the broader South Florida area that includes Miami-Dade, Broward, and Palm Beach Counties.
The Summit had already featured two other, separate panels with a “who’s who” in the real estate market: developers, and international brokers. The local brokers brought it home to a successful and informative talk.
The panelists joined Moderator Alex Vidal, President of RelatedISG International Realty in a capacity-filled event space within the luxurious Residences by Armani/Casa (18975 Collins Avenue, Sunny Isles Beach, Florida), developed by Dezer Development.
They spoke about the current state of the real estate market in Miami-Dade and close communities in Broward and Palm Beach counties that are a quick drive up I-95 and enjoy the same South Florida weather yearlong. Other topics included: What makes Miami and South Florida such an active destination for many around the country and the world, contrasts between the renting and buying markets, the ins and outs of searching and asking for proof of funds from potential buyers, the impact of brand names on a project, and more.
When asked about the state of the market, Maria Eugenia Alvarez Vitale, Head of Sales of G&G Business Developments, said, “The market is good.” She is currently focused on sales of Aston Martin Residences in Downtown Miami, an area that she has gotten to know even more through her involvement with the British carmaker’s namesake building. "We are over 50% sold in Aston Martin Residences. The downtown area is booming," she added.
Photo Credit: Romain Maurice
Phil Gutman, President of Brown Harris Miami, opined from the brokerage point of view, comparing the high- and middle-priced homes in the luxury market. “The upper part of the market has been doing well; the middle not so much.”
Palm Beach County real estate expert Steve Solomon, Senior Director of Luxury Sales at Douglas Elliman Real Estate based in Boca Raton, said, "In Boca Raton and Delray Beach, the market is very good. There are many buyers in the market. It's an active season for the $1-3 million range."
Vidal asked, “Besides the weather and tax incentives, what drives people to move to Miami?” Crista Ryan answered, "The wonderful security. We ride our bicycles and feel safe in our communities." She is based in Palm Beach County, where she acts as President of Tina Fanjul Associates. New York native Gutman added, “The quality of life. I grew up walking NY's streets, hearing taxis screech on the road. Here it's more laid back, but we have a lot of companies' headquarters in the area."
Participating as part of the “home team”, Senior Vice President of Dezer Development Sebastian Tettamanti spoke about renting versus buying. "The rental market is very active. The buyer is taking a bit longer,” he said. “Now that there is so much product, agents take clients to more locations. However, the product is moving and we are making sales."
Christian Martinez, Regional Vice President of Florida at Compass, said, "Higher listings take longer, but we see them moving. It also depends on the market. Certainly in Miami, Coral Gables and Coconut Grove have an active market” as he remarked on famous sections of the Greater Miami Area. He added, “Overall, New York money continues to flow into Broward and Palm Beach counties."
Partner and Private Office Advisor of Engel & Völkers Miami Lourdes Alatriste emphasized how members of the luxury real estate market need to research potential buyers for proof of funds. “At that level of luxury properties, you should know who they are."
Photo Credit: Romain Maurice
Fox Business Network Anchor Cheryl Casone was present with her FBN:AM film crew to cover the Summit.
Once the panel ended, Haute Living’s Seth Semilof closed the day by thanking all panelists, Vidal, those in attendance and Residences by Armani/Casa for what was the real estate event of the season.