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Investors have understood very well that with everything that’s happening today in Miami, it’s time to position themselves now.
We had the market Before, During, and After Covid. Prices rose since Covid since we had all the buyers from the Delaware area… Delaware is everything around New York.
New Yorkers, for a long time were stuck in New York and managed to survive winters with blizzards right at home.
And so today, Miami is very interesting. Nothing like it was in the subprime era. Today, we have cultural level, we have interesting lives which may now interest New Yorkers who for a long time shunned Miami.
They came en massively during Covid and eventually made prices take off.
Since they had the reflex to say to themselves, since they have significantly greater purchasing power than what we have locally: with this budget, we can have much better, much bigger. So much so that when they came to Miami, we started seeing them in Brickell. They somewhat mimicked the lifestyle they had in New York, in the big towers. We started to see them there.
And it’s funny because we saw them with budgets above a million, although there were interesting listings that were cheaper. So they tackled with that.
Today they are scattered quit everywhere. They have skyrocketed prices.
Nevertheless, although prices have increased in Miami, we remain much lower than all the other large American megacities. If we compare for example, with Los Angeles, Seattle, Chicago, New York, Washington, we are way much cheaper than their home towns with absolutely remarkable assets, at least in Miami and suburbs.
Today Miami has all the assets to develop.
Investors have understood that the idea is to position themselves before the market starts to rise again.
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