At this time three years ago, real estate analysts were preparing a post mortem on high-density living amid the shock of the pandemic. Now, luxury condo development—and demand for it—is very much alive and well, but not without some lessons learned.
The latest batch of high-end projects from Sydney to Miami were conceived and designed taking into consideration people’s new ways of working and living since the pandemic started. Take The Clay Yard in London’s West Hampstead neighborhood, where the building is focused on wellness and access to greenery—there’s even a winter garden. In New York, a limestone building called The Harper, rising on the Upper East Side, created a rooftop terrace for all residents and larger floor plans. In fact, most of the projects we highlighted in this season’s new development roundup include outdoor space in some way, whether a shared courtyard, landscaped gardens or private terraces.
The Miami-area real estate market is poised to launch a new round of super-luxury condo developments on the heels of a boom in Florida home sales.
“Covid certainly changed our market forever,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, which is based in Coral Gables. “We have many more people here on a permanent basis. We still have a lot of second-home buyers but many more who are becoming permanent residents.”
“So many big companies, like Citadel, are moving here,” he added. “That is bringing a lot of wealth to South Florida. As trite as it is, the South Florida weather is still a real draw for people.”
Low inventory is no longer the concern that it was two years ago, at the height of pandemic-related buying, Mr. Shuffield said. “Overall we’re back up to five or six months of supply. At one point, we were down to a month and a half.”
Six to nine months of supply, in all categories, is a good balance and benchmark for the Miami-Dade market, he said. “We had so many new projects announced in the last two years. We definitely have enough inventory coming.”
Overall, prices have held steady. The median price for a single-family home increased 4.8% year-over-year to $545,000 in January, the 134th consecutive month—equating to more than 11 years—that prices have risen in Miami-Dade County, according to a recent report from the Miami Association of Realtors. Existing-condo median prices increased 11.1%
year-over-year, from $360,000 to $400,000 in January.
Among the new spring launches is Shoreclub, a forthcoming resort that includes the Robert A.M. Stern-led rebirth of the iconic Shore Club building, a 1940s example of Miami Modernism, on the sands of South Beach. Let’s take a look at the landmark and four other projects that are drawing headlines.
Bottom Line
According to the experts, while we may see slight depreciation this year, home prices are expected to grow over the next five years. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) are projected to grow. Lets connect! We can work together to prioritize your list and move forward together.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Source: Mansion Global. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Mansion Global. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.