The Miami New Construction Show ran for its second year last month (October 22-25) and attracted 25,000 visitors and 300 exhibitors. The presentations were informative in that they highlighted the mass of glorious possibilities available in the real estate industry in Miami.
A lot of interest in the region sparked the show. Indeed, industry news reported that in the month leading up to the event, the organization’s website attracted more than 20,000 visitors a day!
For the condo industry in Miami Beach, the show picked a critical moment to make its debut. As foreign currencies in key countries such as Brazil, Venezuela and Russia tottered against the U.S. dollar, the pace of sales had weakened. That makes it more costly to buy real estate in the U.S., but the economic instability in those nations still drives foreign investors to look abroad. Central investors with high net worth are unfazed.
One of the developments going on in construction in Miami is that developers are going into luxurious helium houses.
By the 1990s, the city had imposed height restrictions. Trump had famously challenged and barely succeeded in building his 100-story hotel-casino with residences in the neighborhood South of Fifth. Height regulations have since come into effect and urban developers have had to rethink their grandiose plans to build high-rise condos.
Tall towers such as the Continuum, the Apogee, and the Setai are news from yesterday. Competitive projects such as Norman Foster’s Faena House, Ian Schrager’s Edition, and One Ocean were shown at the Miami New Construction Show, hauling in their own double or triple digit million deals. This magic is worked by developers and their sales teams by laser-targeting people of high-net worth and creating co-ops in New York style. Many of these developers are themselves New Yorkers, who regularly produce condo buildings for the clubby elite, such as Manhattan’s 15 Central Park West and One57 dens.
For example, Michael Stern, founder of JDS Development Group in New York, with Howard Lorber’s New Valley Realty, is developing a new luxury condo in South Beach. The French architect, Jean Nouvel, is planning it. The Faena House of Norman Forster is reportedly selling for a record $60 million. One bedroom at another luxury condo, Renzo Piano, starts at $1.6 million, and four bedrooms start at $10 million. Russell Galbut managed to obtain approval to construct his 445 rental apartments in five, seven and 10-story buildings with 60,000-square-feet of retail space. In 2017, he expects to complete them.
Others such as Stern and Lorber, aim to create elite country club types. And there were spectacular bay views paraded by the Miami Show that many seem to prefer to giddy ocean views.
Instead of moving high above it, they prefer to crawl on the sand and advertise their goods with lures of peaceful meditation and massive shrubbery or powder sand. Savvy marketers are working to purchase homes for demolition and build grandiose projects in their place.
One result of all of this construction is that developers are filling new applications with their spreadsheet and databases. There are 111 condo towers waiting for approval, Cranes potters reported. In eastern South Florida, 101 condo towers have been approved, 193 are in pre-sales and another 117 are under construction. Most of the buildings require 50 per cent deposits, although when the building is almost sold out some developers allow a lower amount.
For real estate investors, what does this mean?
Most of these investors who can afford to buy are individuals with high net worth. For the rest, forget about it. Due to the recent recession, banks are profoundly reluctant to lend, and paying out of pocket is almost impossible because prices are nauseating. Check more information here https://www.miamicondofinder.com/condos-for-sale/.