WITH MANY OF THE COUNTRY’S REAL ESTATE MARKETS ON FINANCIAL LIFE SUPPORT, BUSINESS IN MIAMI DOESN’T SEEM TO SKIP A BEAT.
By Consuelo Vilar and Ivette Toledano
During the last decade, people from around the world watched as the real estate market in the United States grew faster—and more expensive—than anyone had seen in history. Suddenly, at the tail end of 2008, the bubble burst and, with it, the country’s financial epicenter collapsed and the real estate boom seized. With business unraveling, locals had cause for concern not only with regards to potential investors but also interest in the remaining residential inventory. Fast-forward several years to a still shaky but recovering economy and you’ll find a city packed with vacant apartments that have either been repossessed by financial institutions or relinquished by sellers. Eager buyers have staked claim on a large number of units but there is still a surplus of real estate—from commercial properties to residential condominiums and beyond—that is still available, and at an all time low.
With so much capitalize on, many real estate firms have swept in to both exploit and encourage the opportunities presently available. World Realty Of South Florida, Inc., a 21-year-old company founded by Consuelo Vilar, is among those staking their claim. The company, which was founded on Vilar’s desire to create a “one stop shop” for local and international customers, seeks to provide clients with a service that focuses on the specific needs of real estate buyers. In the last year Vilar joined forces with Ivette Toledano, one of World Realty of South Florida, Inc.’s top sellers. The women endeavored to source a team of knowledgeable brokers fit to address the specific needs of today’s buyer. Consequently, carve a niche for themselves in the current market sector.
For those looking for a solid deal, lower costs translate into one of the best buying opportunities available in any real estate market in the United States. Experts agree that South Florida is one, if not the number one undervalued market in the country today. With economies around the world in a state of flux, South Florida provides one of the most stable and safe economic environments for investments and earnings growth potential.
Each of the city’s unique neighborhoods offers its own distinct opportunities for clients. From single-family homes to luxury resorts, South Florida’s real estate offerings abound. A glimpse at the market as it stands today features:
DOWNTOWN MIAMI: The catalyst for the area’s growth has been, in part, the projected convention center resort casino on Biscayne Boulevard and 15th street, nearest the Miami Herald building. The estimated $700 million project will be carried out by the Genting Group of Malaysia. Also generating buzz are new condo ventures ready to hit the market for presale this fall.
WYNWOOD ARTS DISTRICT: With the Omni area just to the east, the once sleepy, artists and warehouse-laden part of town has experienced a huge spike in value. Prices are going up but inventory is quickly being depleted.
DESIGN DISTRICT: Sectioned off by 36th street and Biscayne Boulevard, The District is the city’s newest affluent enclave. Christian Louboutin has moved in, and soon so will Cartier and Hermes. The question is, will you?
BRICKELL CORRIDOR: Swire properties announced they’d be moving forward with the development of the new Brickell CitiCentre, and thus interest in the area followed. The project, which spans two city blocks, will include a hotel, office space, shopping and more. AIRPORT WEST: The area surrounding the city of Doral has been among the most desirable for years. Now, following talks of bankruptcy, Donald Trump’s rumored acquisition of the Doral Resort has only heightened the area’s potential. SOUTH BEACH/LINCOLN ROAD: This area has always been and continues to be nothing short of booming. From giant retail chains to restaurants, Lincoln Road still holds one of the highest occupancy rates in the country.
BAL HARBOUR/SUNNY ISLES: With the opening of the St. Regis Bal Harbour Resort underway, interest in Bal Harbour has doubled.
AVENTURA/HALLANDALE/HOLLYWOOD The condo market in this area remains strong but, with few new developments in the work, resales reign.
While some may decide to wait for even lower interest rates or for home values to plummet further, the Vilar-Toledano team can assure you there is no better time to take the plunge. “Home values continue to improve, but now is the right time to capitalize on the South Florida’s all-time best real estate market for buyers,” says Toledano. As further proof, a bill has just been put before the U.S. Congress that may grant international buyers purchasing a home worth more than $500.000 a residential visa in the United States. “Opportunities for buyers truly abound.”