Letter from Miami: riding the residential real estate boom in 2017
When it comes to Miami, the real estate quip about ‘location, location, location’ might well be appended with unreasonably sunny weather and easy access to the sea. This trifecta helps explains, we think, the residential real estate boom currently sweeping through the city.
From South Miami Avenue and Edgewater to Midtown, the hoardings are coming down to reveal sparkling luxury condominiums and mixed-used developments, a great many designed by blue-chip studios like OMA, Lissoni Associati and Zaha Hadid Architects.
‘Miami’s rapid growth is leading to a significant influx of new residents who might have previously opted for cities like NYC or LA,’ says Carlos Rosso, president of The Related Group’s Condominium Development Division, which is behind a sweep of new developments including Park Grove, SLS LUX and The Paraiso District. ‘This is, in turn, leading to more and more high-paying employers, hotels, cultural institutions, and world-class culinary options.’
A bedroom at Arquitectonica’s 450-unit SLS Lux with interiors by Yabu Pushelberg and views across Biscayne Bay
Each of the city’s different neighbourhoods, he adds, ‘has developed a truly unique personality, which resonates with different groups of people and residents. Someone who is interested in a slower, more village-like experience might gravitate towards Coconut Grove, whereas someone looking for a live/work/play lifestyle might be more interested in South Miami Avenue or Midtown. There is more diversity and choice than ever before.’
Camilo Miguel Jr, CEO of Mast Capital which just completed Louver House is equally bullish about Miami’s real estate boom. ‘Though this is a young city compared to other US metropolises, it has long been considered the gateway to Latin America, but we’re seeing this reputation evolve into something new. The growth of arts and culture in the local community is attracting buyers from new and unexpected international markets, so this is creating an exciting opportunity to create and shape the identity of emerging and even established neighbourhoods.’
Herewith, our pick of the choice residential addresses to consider moving into.