MIAMI—From Millennials to luxury buyers, Chris Adeleke has his finger on the pulse of Miami's residential market. Formerly a top producing agent with Cervera Real Estate, he closed hundreds of transactions from 2011-2017 in the Downtown Miami and Beaches area.
Now Adeleke has shifted allegiances to Douglas Elliman, serving as the firm's newest sales executive and leading penthouse sales for 1 Hotel & Homes South Beach. GlobeSt.com caught up with him to get some predictions about the residential market in 2018 in part one of this exclusive interview.
GlobeSt.com: What are your predictions on the top Miami neighborhoods for Millennials?
Adeleke: Brickell continues to be a sought after neighborhood for Millennials due to its live-work-play lifestyle. From my experience, I see many Millennials working from home, and recently, developers have started including dens in their floor plans which offers their residents the extra space to use as a home office or a crash pad for a friends and families to visit for a few days.
South Miami is wildly popular with starter families. The City of South Miami is much more affordable than Coral Gables. I have also noticed a lot of popular dining destinations that are in located in Downtown Miami area opening other locations here. Plus, there is a major revamp happening with the retail in the area.
Shenandoah and Silver Bluff are charming Miami neighborhoods that are close commute to Millennials that work in Brickell and Downtown. Miami Shores-Shorecrest and the Upper East Side are also noteworthy. Recently, I have noticed a trend in my friends and clients looking to move out of their somewhat costly rentals in Brickell and Midtown and moving a bit north in these areas. It is still very central—about a 15-minunite drive to Downtown Miami and Miami Beach.
GlobeSt.com: What are your predictions on the top Miami neighborhoods for luxury buyers?
Adeleke: Miami Beach is one. Waterfront properties are high in demand, whether it's for primary residence or second home. Luxury buyers are looking for single-family homes where they can dock their boat in their backyard or a luxury condo building that offers hotel amenities and services like the 1 Hotels & Homes in South Beach.
(Florida's fastest-growing city is attracting new commercial real estate investors.)
Downtown Miami is another. This area offers a variety of ultra-luxurious high-rises catered to many buyers' taste. There are a number of aesthetically appealing buildings that will be delivered that will transform Miami's Skyline like Aston Martin Residences, One Thousand Museum, and Brickell Flatiron.
Brickell has become synonymous as a Miami destination with businesses and a hot spot for visitors, often deeming it “Wall Street of the South.”
GlobeSt.com: How can it remain on the map and what factors do you see contributing to its popularity?
Adeleke: Visitors are seeing Miami for more than just a place of “beaches and nightlife” and more of a world class cultural destination with the Perez Art Museum Miami, Frost Museum of Science, Adrienne Arsht Center for the Performing Arts plus Brickell offers a variety of culinary destinations that rivals any major city in the world.
Will Chinese condo buyers continue flooding the market in 2018? Here's one take.
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