Developed by CIM Group in partnership with Falcone Group, the tower marks the latest addition to the $2 billion mixed-use project.
MIAMI—From hurricane outfall to Chinese buyers to Millennials rising, there are plenty of dynamics to consider in Miami's condo market. Will 2018 be a buyer's or seller's market?
GlobeSt.com caught up with Christopher Adeleke, Douglas Elliman's newest luxury sales executive and Cervera's former top producer since 2011, to get some answers in part two of this exclusive interview. You can still read part one: What to Expect in Miami's Condo Market in 2018.
GlobeSt.com: We've had an active Hurricane season this year, making national headlines with damage caused particularly by Irma. How do you think that will impact real estate investment in 2018?
Adeleke: Hurricane Irma was an eye-opening experience for a lot of people. I believe moving forward, buyers will have questions regarding potential properties or neighborhoods will do in the case another major storm. Consideration factors include impact glass or hurricane shutters, whether the property is in a flood zone, if the power lines above or underground, and the extent of insurance coverage.
GlobeSt.com: Do you think 2018 will be a buyer's market or seller's market in Miami?
Adeleke: It's more of Buyer's market, in the sense that interest rates are still low, giving buyers a better incentive to make a purchase plus in certain areas, there are more inventory than usual. Sellers that are realistic in pricing are finding an easier time in moving their properties.
GlobeSt.com: Miami is full of outrageous amenities particularly in new condo developments. What are some new, desirable amenities and trends you see driving investment in 2018?
Adeleke: Everyone wants to feel special, so in the high-end luxury market we are seeing a higher standard of concierge services for their residents—transforming everyday living into extraordinary experiences which can include scheduling of transportation to the airport, grooming of pets, or scheduling of massage after a workout, and more.
From a Millennial standpoint, some of the sought-after amenities is a nice pool decks with space to entertain, such as cabanas and summer kitchens. Also, there are a number of Millennials that work from home so having the convenience of an on-site business centers to work out of is important.
There's no question that online shopping is now a part of our everyday life. Millennials rely a lot of sites like Amazon to make big or small purchases, so it's important that buildings offer secure and efficient methods to receive these packages for their residents.
(Florida's fastest-growing city is attracting new commercial real estate investors.)
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