5 Things We Love about Miami

The 14th Annual International Real Estate Congress at the Biltmore Hotel last week garnered some good news on the real estate front – at long last.  For a town where the city bird was once jokingly referred to as “the Crane,” but now a very different skyline due to multiple empty buildings being very dark at night, it was very hopeful to hear the experts tell us that things are finally on the move again and that inventory is shrinking.

All made better by several things that make our home town a real joy: 

1. Realtor Association of Miami and the Beaches. They really know how to throw an event.  Great speakers, interesting topics, fabulous food and real value from the content.
2. Our local experts plus Lawrence Yun Chief Economist from the National Association of Realtors. A smart group that really knows the market and shares that news with an eager group of 200 professional attendees of both the residential and commercial sectors.
3. Condo and single family homes are staging a rally. A long last, some absorption of inventory with the next step being stabilization of prices.
4. The International Market discussed in a decidedly international city. We live in the center of the Hemisphere and attract a wealth of interesting folks to our shores, many of whom attended the meeting from as far as Brazil and Oceania.
5. The Biltmore Hotel. Ah, that Merrick. What a place to experience a ‘think tank’. Good for the soul.

In a panel discussion led by Matt Haggman of the Miami Herald a most interesting moment had CondoVultures.com founder  Peter Zalewski telling the audience he couldn’t get any real traction here because the developers were lowering prices enough to make sales to consumers.  Oliver Ruiz, GM of Fortune International Realty, confirmed this with his office reporting 200 unit sales since April with only about 100 remaining at 1060 Brickell. The panel noted that single family sales for April are up 98% year over year with condo sales up 70%.

So turn on the lights, South Florida.  As Yogi Berra once said, its déjà vu all over again and we’re real happy to be back in the game.

By: Sandy Carrier