Miami’s real estate market has long been a magnet for foreign investors. But developers now report that out-of-town buyers, both foreign and domestic, are seeking homes they can live it, rather than just park money into. The influx of these buyers is having a noticeable impact on how apartments, condos, and townhouses are designed, especially at the luxury end of the market.
The Miami Herald reports on several new multifamily projects whose homes include maid’s rooms, larger terraces, boutique-size closets, and guest suites.
The article points specifically to Paramount Miami Worldcenter, a $1.7 billion mixed-use complex that will blanket 27 acres of Overtown and downtown Miami, as an example of this trend. About 80 of its 513 apartments will include 250- to 280-sf studios with their own bathrooms and bedrooms, which could house a maid, a nanny, or a guest.
Another such project is the 12-apartment Louver House in South Beach, whose 2,400-sf units will include 700-sf terraces that allow residents to enjoy the outdoors more.
In an interview with The Real Deal, Camilo Miguel, CEO of Mast Capital, Louver House’s developer, says that five of the 12 apartments have been sold, at prices averaging about $1,300 per square foot. “We have a mixed group of buyers including a couple of New Yorkers looking to make it a permanent residence. There’s an owner from South America who bought here, an individual from the Apogee. They’re not investors, really. They’re end-users.”
The number of luxury homebuyers in Miami-Dade with New York addresses was up 20% in the first six months of 2015, according to the Herald. Developers are appealing to those buyers and renters who want that semi-urban experience by emphasizing their buildings’ proximity to mass transit. At least one developer, Property Market Groups, is also building smaller, more urban-like units: its 464-unit luxury rental at 300 Biscayne Blvd. called Vice will include studios at 530 sf for about $1,650 per month and one-bedrooms at 600 sf for about $1,800 per month, as well as larger units.
Miami’s attractiveness to out-of-towners continues to be the relative inexpensiveness of its housing, compared to other global cities. Quoting statistics from EWM Realty International, the Herald reports that prices in Miami Beach average $760 per sf, versus $2,204 in New York, $2,948 in London, and $2,331 in Hong Kong. (While Chinese investors account for a minuscule number of residential real estate buyers in Miami, they are seen as a growth market for whom housing units need to be tailored.)
Latin Americans accounted for 68% of all foreign buyers in Miami and Broward counties last year, according to the Miami Association of Realtors. However, number of foreign buyers has been slowing as currency crises rattle economies in Latin America and Europe. Cash sales, which often indicate international buyers, were down 12% in Miami-Dade in June 2015 compared with June 2014.
Related Stories
Mixed-Use | Oct 18, 2022
Mixed-use San Diego tower inspired by coastal experience and luxury travel
The new 525 Olive mixed use San Diego tower was inspired by the coastal experience and luxury travel.
University Buildings | Oct 18, 2022
A carbon-neutral-ready university campus opens in Hong Kong
In early September, the Hong Kong University of Science and Technology (HKUST) officially opened its new, KPF-designed campus in Nansha, Guangzhou (GZ).
Market Data | Oct 17, 2022
Calling all AEC professionals! BD+C editors need your expertise for our 2023 market forecast survey
The BD+C editorial team needs your help with an important research project. We are conducting research to understand the current state of the U.S. design and construction industry.
Codes and Standards | Oct 17, 2022
Ambitious state EV adoption goals put pressure on multifamily owners to provide chargers
California’s recently announced ban on the sale of new gas-powered vehicles starting in 2035—and New York’s recent decision to follow suit—are putting pressure on multifamily property owners to install charging stations for tenants.
Justice Facilities | Oct 17, 2022
San Antonio’s new courthouse aims to provide safety and security while also welcoming the public
The San Antonio Federal Courthouse, which opened earlier this year, replaces a courthouse that had been constructed as a pavilion for the 1968 World’s Fair.
Market Data | Oct 14, 2022
ABC’s Construction Backlog Indicator Jumps in September; Contractor Confidence Remains Steady
Associated Builders and Contractors reports today that its Construction Backlog Indicator increased to 9.0 months in September, according to an ABC member survey conducted Sept. 20 to Oct. 5.
| Oct 13, 2022
Boston’s proposed net-zero emissions code has developers concerned
Developers have raised serious concerns over a proposed new energy code by the City of Boston that would require newly constructed buildings over 20,000 sf to immediately hit net-zero emissions goals.
Education Facilities | Oct 13, 2022
A 44-acre campus serves as a professional retreat for public-school educators in Texas
A first-of-its-kind facility for public schools in Texas, the Holdsworth Center serves as a retreat for public educators, supporting reflection and dialogue.
Building Team | Oct 12, 2022
Real estate development practices worsened impact of Hurricane Ian
A century ago, the southwest Florida coast was mostly swamps and shoals, prone to frequent flooding and almost impossible to navigate by boat.
Market Data | Oct 12, 2022
ABC: Construction Input Prices Inched Down in September; Up 41% Since February 2020
Construction input prices dipped 0.1% in September compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released today.
