2012 has seen an incredible recovery in the local real estate market. Prices are up on average 20% , inventory is down to a 5 months’ supply which indicates a booming seller’s market, and the new pre-construction condo towers are 80% sold!
The annual MBCC and Miami Realtors Association Real Estate Luncheon, which took place at the W South Beach Hotel, was appropriately themed “Anchored in Concrete – Miami leading the Way,” illuminating the positive real estate climate we are experiencing in the city. Miami has had one of the strongest recoveries in the country and, if we continue to make sound decisions, we can expect the trend to last as international demand is strong for Miami.
The real estate luncheons over the last three years have focused on highlighting the dominant trends in the Miami real estate market. We selected the perfect panel of experts to shed light on the segments that have improved, the properties that are seeing the greatest demand and whether THEY perceived our real estate recovery to be sustainable and “anchored” in tangible value: ONE Sotheby’s International Realty’s President, Beth Butler; Alyce Robertson, Executive Director of Miami’s Downtown Development Authority; David Martin, President and Chief Operating Officer of Terra Group; Jeff Cohen, EWM; and Carlos Rosso, President of the condo division of the Related Group were all among the experts that spoke to the enthusiastic room of more than 250 local brokers and business people. The overall tone of the event was one of optimism and confidence for what’s to come.
Miami’s transformation into a “New Global City” keeps making it an attractive destination for people from all over the world. It’s recently been recognized by Forbes in the “Top 10 Most Sizzling Real Estate Markets” and it has also been ranked among the best cities for ‘Quality of Life Worldwide by High Net Worth Individuals.’ Large scale cultural events such as Art Basel, the South Beach Wine and Food Festival, as well as countless Film Festivals and popular sports teams keep the city vibrant year-round. As Miami continues to embark on this new real estate journey, we look forward to celebrating even more accomplishments at next year’s Real Estate luncheon.
Madeleine Romanello, Broker-Associate at ONE Sotheby’s International Realty, also serves as the Chamber’s Real Estate Council Chair.