A group of local real estate professionals met to discuss the future of Miami real estate development at a luncheon held by the Miami Beach Chamber of Commerce and the Miami Association of Realtors earlier this week. The event drew great numbers as invested parties listened to a panel of five industry leaders talk about the next hot spots for the Miami-area. According to a recent article from The Real Deal, beachfront communities will continue to see growth, but urban locations in or near downtown Miami will also experience an uptick.
The lack of beachfront property available to develop was mentioned, leading to a discussion on the future of inland developments. Founder, chairman and CEO of Newgard Development Group, Harvey Hernandez, claimed that the hottest market at the moment is the downtown area. Chris Leavitt, director of luxury sales for Douglas Elliman Real Estate agreed, commenting on the Brickell Avenue corridor and all of the mixed-use development that is happening there. He believes that the area just south of downtown is becoming “its own chic little city.”
Eloy Carmenate, another panelist, stated that he predicts development to heat up in the Surfside and the North Beach area of Miami Beach. “I think it’s the next big area,” said the executive director of sales at Douglas Elliman Real Estate.
Several of the panelists agreed that the decline in the dollar value of many foreign currencies is making real estate in the Miami area more expensive for potential buyers. On the flip side, with currency weakness in many countries, investors are still seeking safety and security in the United States, specifically Miami, where real estate is still generally affordable.
“The smart money always goes to safety, stability and security,” Birdman added. And New York real estate prices have “gotten very top heavy…Miami clearly is the best value.”