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- 🤩 Real Estate Shift, Sheriff Election & Student Condos
🤩 Real Estate Shift, Sheriff Election & Student Condos
Check out how Miami's wealth, culture, industry, and real estate is booming this week...
Joe Biscaha
November 01, 2024
Happy Friday, Miami!
In this week’s update:
🏙️ Real Estate Dynamic Shift: Miami’s real estate market is gearing up for a dynamic shift over the next year, driven by falling interest rates, strong economic growth, and continued positive demographic trends.
🦛 Miami's Own Pigmy Hippo: Leaning into Moo Deng mania, the zoo posted baby pics of "Aubie" on Instagram a few weeks back, prompting an outpouring of online love.
🎖️ Miami-Dade to elect sheriff after 60-year hiatus: More than 1 million residents in unincorporated Miami-Dade County, from Miami Gardens in the north to Florida City in the south, may be in for some changes as Miami-Dade prepares to elect a sheriff for the first time in nearly 60 years
In case you missed it
🎥 Should You Buy a Condo For Your Miami Student Vs. Renting?
Thinking of buying a condo in Miami for your college student? This video guides you through the process, covering market insights, financing options, legal considerations, and tips for finding the ideal location near campuses. Invest wisely in your student's education and future.
🔑 Why Miami’s real estate market is poised for opportunity in 2025 and 2026
Driving the news: Miami’s real estate market is on the brink of a dynamic shift, fueled by falling interest rates, robust economic growth, and steady population gains. As borrowing becomes more affordable and construction costs stabilize, investor interest is reigniting. The market is set for a promising year ahead with significant dry powder waiting to be deployed.
Details:
Economic & Population Growth: South Florida continues to see impressive population, job, and wage increases, making it a hotspot for real estate investment. Miami, in particular, stands out with the highest private-sector job growth in Florida, adding 33,300 jobs in August 2024. The Brickell area, known for high-earning households, remains a desirable economic hub.
Commercial & Office Market: Demand for prime office spaces in Miami is surging. Vacancy rates for Class A offices have dropped, and lease rates in Brickell have risen to nearly $100 per square foot. Key projects like the 830 Brickell building and major investments from JP Morgan and Paul Singer highlight Miami’s growing appeal to institutional investors.
Multifamily & Development Trends: Miami’s multifamily market is becoming increasingly attractive as new construction slows. Effective rents in downtown areas are high, and occupancy rates are strong. With limited new multifamily projects underway, particularly in high-demand areas like Brickell, current and upcoming developments are poised to outperform.
Why it matters: The combination of strong demographic trends, stabilizing construction costs, and high investor interest positions Miami as a prime location for real estate investments. As the multifamily sector remains undersupplied and office spaces become more sought after, opportunities abound for those eyeing premium urban locations.
The big picture: Miami’s real estate market draws global attention, benefiting from its strategic economic ties to Latin America and tax advantages that lure businesses and individuals. The sustained influx of funds and new residents solidifies its long-term potential.
What’s next: Empira Group, along with other major investors, is preparing to break ground on new Class A multifamily projects, betting on continued rental growth by 2026. With fewer new developments on the horizon, Miami’s existing assets are likely to see even greater demand, setting the stage for a competitive investment landscape.
The bottom line: Miami’s real estate market is thriving, supported by economic strength, global connections, and strategic investments. As the city continues to grow, opportunities for investors and developers are ripe, promising a bright and resilient future.
Real Estate Insights
What to do this weekend
🏀 Kings at Heat (Nov 4) – The Miami Heat will face off against the Sacramento Kings this weekend on November 4, 2024, at 8:15 PM EST. The game will take place at the Kaseya Center in Miami.
🎤 Say Anything - Is A Real Boy 20th Anniversary Tour (Nov 1) – Say Anything will be performing at Revolution Live on Friday, November 1st. This event is for All Ages. Doors open at 7:00 PM. Show starts at 7:30 PM.
🛍️ Sundays at The Wynwood Marketplace (Nov 3) – Enjoy local food vendors, art displays, and live music at this vibrant marketplace. It's a perfect way to spend a relaxed Sunday afternoon.
🎃 Halloween Weekend Parties (Nov 1 - 3) – Many clubs and bars will continue Halloween celebrations with themed parties and events. Popular spots like LIV and E11EVEN will host special events featuring costume contests and live DJs.
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Have a great weekend!!
-Joe