Can you please give us an introduction to Miami Association of Realtors and it’s role in the real estate industry of Miami?

The Miami Association of Realtors is a prominent organization dedicated to serving real estate professionals in the Miami-Dade area. It plays a pivotal role in Miami’s real estate landscape by providing invaluable resources, support, and networking opportunities for real estate agents, brokers, and industry stakeholders. Through advocacy, education, and access to comprehensive market data, the association fosters professionalism, expertise, and ethical practices within Miami’s real estate community. Additionally, it serves as a bridge between professionals, policymakers, and the community, contributing significantly to the growth and development of the real estate sector in Miami.

What sets apart the Miami-Dade real estate market from the rest of South Florida?

In terms of single-family homes, the primary opportunity lies in non-FHA 5% financeable condos. We’re actively lobbying for better affordability in that market segment to ensure broader accessibility for the general public. I anticipate a significant upturn in that lower-end, nonfinanceable condo sector over the next few years.

For individuals eyeing personal residences, especially those relocating from places like New York, South Florida presents compelling reasons to move. Over the last decade, property appreciation has been consistently strong. Coupled with low interest rates, this creates an excellent opportunity to find your dream home and settle there for the long term. When we look at appreciation over the last 10 years, it has been strong but steady. Add that to low interest rates and there is a great opportunity to find the house of your dreams and live there for the next 10 to 15 years.

Regarding warehouses, the world has changed. Amazon and delivery services are booming and that is evident in the prices and lack of inventory in that sector.

How do you assess the Miami-Dade market?

I find stability in the market from January to February 2020 less appealing. I thrive in markets with fluctuation because that’s where the significant opportunities and profits lie. In a stable market, the scope for unique opportunities diminishes, leading to heightened competition and limited potential for growth. Recently, in the multifamily sector, we witnessed diminished returns due to an influx of capital, which reduced the opportunities available.

What do you anticipate as the aftermath of the COVID-19 pandemic in your operating market?

Presently, due to the interest rates, there’s a tremendous window of opportunity for buyers to lock in advantageous deals. Despite the pandemic, potential buyers are reaching out, willing to take risks to secure their dream homes, while realtors are navigating health risks for their commissions.

The market’s future depends on demand. Conversations with brokers indicate a surge in interest, with some New Yorkers making purchases sight unseen, indicating a pent-up demand. People are browsing homes online comfortably in their pajamas, securing loans, and making deals, underscoring a resilient market demand.