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Miami: An original real estate market

Perspective

10/01/2019

Our meeting with Élisabeth Gazay was nothing but sweet rays of Miami sunshine. The Associate Director of BARNES Miami, she enthusiastically revealed some surprising details about the Miami real estate market.

Following a period of constant growth in prices, the market has finally stabilized. Today, one can say that it has transformed into a buyer’s market, Élisabeth tells us. With a diverse variety of real estate, Miami proves to be as rich in assets and attractive as ever.

Miami is a coveted destination, for its dynamism and wonderful year-round weather. A vast urbanscape, the city prides itself on accommodating an array of lifestyles. For this reason, the team at BARNES Miami has a lot of experience in, as well as expert knowledge of, the different areas. By assessing each client’s profile - expectations, profession, family constraints (schools, extracurricular activities, commutes, etc.) - with care, the team presents a selection of ideal properties. In order to find this rare gem for our clients, one that’s in line with their lifestyles, we introduce our buyers to different areas of the city at large: Miami Beach, Downtown Miami, Brickell, Midtown, Coconut Grove, Coral Gables (for International Schools), Pinecrest, South Miami (for space), Key Biscayne (for a unique island charm), not to mention North Miami, Aventura, etc. “Our primary concern is that they make the right choice and are satisfied with it every day.”

What are the most in-demand properties in Miami?

This is a difficult question because expectations can change depending on the client.

Luxury waterfront homes in Miami Beach or on an island in the heart of the city - the Venetians or Key Biscayne for example - is the ultimate dream for many. Europeans especially love the causal “natural” lifestyle of Coconut Grove, with its prestigious gated communities like Cocoplum and Gables Estates.

Miami has a reputation for exceptionally lavish houses, designed in various architectural styles. Here’s a little inside scoop: Last summer, 3 villas were sold in Miami Beach for more than 20 million dollars. High-end modern villas and architectural wonders regularly find buyers (often international) with a budget of 10 to 15 million dollars. But Élisabeth Gazay assures us that you can find very beautiful properties on the market at a much more affordable price point.

Some of our clients prefer the ultra-luxurious services of condominiums, equipped with incredible views of the ocean or bay. Their residential buildings often feature the following amenities: beach clubs, swimming pools, tennis courts, spas, gyms, bowling alleys, billiards, concierge services, and valet parking. There is no shortage of condos in Miami, as many new real estate developments continue to break ground and thrive throughout the city. For this type of property, the most popular neighborhoods are South Pointe (Miami Beach), Brickell, Midtown, Edgewater, Coconut Grove, and Bal Habour.

For a house with more than 3 bedrooms in a prime residential area, a minimum budget of $800,000 to $1.3 million is required. Anything lower is reserved for apartment acquisitions. Investors, in particular, are very attracted to apartments near the shore, ideally located in the heart of Miami or Miami Beach. While the internationally renowned Art-Deco buildings just steps away from the beach are a staple of the Miami tourism industry. They are ideal “pieds-a-terre” that can be purchased between $200,000 and $300,000.

Who’s buying these residences in Miami?

BARNES benefits from an international reputation, with 85 offices around the world and a diversified clientele: investors, families in search of new projects, entrepreneurs interested in conquering new markets, those looking for a second home to spend the winter under the sun … Many French-speaking clients who live in other American states and countries around the world - France, Belgium, Switzerland, and Canada to name a few - are interested in investing in real estate in Miami, and trust to manage their assets. Some of our investors buy multiple properties, rent them, and use them as secondary residences whenever they wish.

Our team is comprised of 15 expert consultants with one goal: Provide a comprehensive service that ensures long-term satisfaction to all of our buyers and sellers. To do this, we often work as a team in order to optimize our schedules and collective skills. We accompany our clients throughout the entire buying or selling process, bringing them added value beyond the fundamentals of negotiation and expertise of the sector. We provide a detailed explanation of all formalities. Though buying or selling property in a different country or region may seem like a challenge, our team strives to make the experience as simple and smooth as possible. It’s also our job to suggest partners, if need be, that specialize in law, accounting, inspections, construction, decor, etc.

We asked Élisabeth Gazay to play our little game: Define Miami in one word. Her response was instant: Energy.

It’s true, there’s an incredible amount of energy igniting Miami. The limitless sunshine is one for starters. But what’s most obvious to us is that the BARNES Miami team carries this same light, a sign of beautiful energy.

Contact the BARNES Miami real estate agency for your real estate project.