Sunny Isles Beach, FL, March 06, 2014 --(PR.com
)-- Approximately 200 people from diverse business and real estate sectors gathered for the third annual University of Miami Real Estate Impact Conference in mid-February.
The conference attendees included Jorge Perez, The Related Group CEO; Stuart Miller, Lennar Corp CEO; Steven Witkoff, Witkoff Group CEO; Howard Lorber Vector Group CEO; along with many other developers and investors. The event highlighted South Florida as a trending hot market.
According to the Miami Herald's report, South Florida’s commercial and residential real estate markets are ideal for international investors. Even local homeowners are moving from suburbs to downtown hubs.
Barry Sternlicht, Starwood Capital Group CEO, commented on South Florida's hotel-room rates and occupancies, as well as big-draw events like this month’s Miami International Boat Show and South Beach Wine and Food Festival, as reasons he’s “extremely optimistic” on the city’s long-term prospects.
Florida’s lack of income tax is particularly attractive to companies and wealthy individuals.
Perez, CEO of Related Group, says that Miami has no problem attracting international money and even though international investments are good, Miami needs more local buyers. “Rising construction costs also have had an impact on residential markets.” Perez continued to say “contractor prices, not raw-material costs, have seen the most dramatic increases since the recession.”
According to Keith Oden, Camden Property Trust President, South Florida’s rental market also remains strong. Oden’s trust owns 70,000 apartment units in 15 U.S. Markets. He views South Florida as the fifth-best-performing market, behind Atlanta and three markets in Texas. Camden is adding new units in Boca Raton and Plantation this year, projecting about a 5 percent growth rate in the trust’s South Florida portfolio. Oden said, “we think there is a lot of underlying strength here, and 2014 looks to be another strong year.”
Moreover, Oden and Miller noted a trend in homeowners moving from suburban neighborhoods to downtown cores, a phenomenon Miller called a “change in appetite” of people wanting to live in urban areas, since “today’s younger generations have been more inclined to postpone marriage and having children; instead, there is a desire to live inside the city, have less dependence on an automobile, and be more able to walk, shop and attend the central events that they want.”
Sternlicht said in his closing thoughts: “A mix of high-rent, downtown high-rises and affordable single-family suburban homes will continue to drive the market in the foreseeable future.”
To learn more about Miami’s latest information on residential and commercial Real Estate, contact Amity Realty at 786-220-2512 or by email: firstname.lastname@example.org
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