MIAMI—With slower sales in 2016, some condo developers are rethinking their strategies. Do boutique condo concepts hold a key to closings?

GlobeSt.com caught up with Oscar Rodriguez, principal developer of ROVR Development, to get some insights. His firm is developing The Fairchild Coconut Grove, a luxury residential enclave set to rise in Coconut Grove.

GlobeSt.com: What is the outlook for the future of South Florida real estate?

Rodriguez: In general, the future of South Florida real estate is strong. Miami is always strong in the long run and has a proven track record of growth. While there is clearly an oversupply of million dollar-plus condominiums in Miami-Dade at the moment, especially in very dense urban areas with a higher number of product to compete with, niche markets such as Coconut Grove have not been nearly as negatively impacted. (Will foreign investors keep favoring Miami? Here's one view.)

Sales were flat in 2016 due to the uncertainty with the election, among other factors. However, 2017 has seen an uptick and with the new tax cut on the horizon it provides a great opportunity to free up a significant amount of money for people to make sound real estate investments. With Florida's advantageous tax structure, we're poised to benefit from an influx of buyers from major cities such as New York and Chicago, as well as slightly improving international currency exchange rates which are also impacting our market.

GlobeSt.com: What new and different trends, if any, are developers experiencing? Are you finding that boutique buildings are at an advantage in this current cycle?

Rodriguez: The current cycle has pushed developers and architects to create more vibrant, compelling and unique products in order to stand out amongst the competition. This in turn has increased innovation with unique amenities and architectural features and has truly elevated Miami onto a global stage, all of course to the benefit of the buyer.

We are finding that boutique buildings are at an advantage in this current market especially as it relates to local buyers looking to move from their existing single-family homes. The Fairchild Coconut Grove offers buyers the best of both worlds—all the amenities of a very luxurious condominium, without sacrificing privacy. From our boat slips to a hammam and holistic wellness spa and even a rooftop outdoor movie theater, buyers are appreciating the progressive offerings incorporated in the design.

MIAMI—With slower sales in 2016, some condo developers are rethinking their strategies. Do boutique condo concepts hold a key to closings?

GlobeSt.com: What is the outlook for the future of South Florida real estate?

GlobeSt.com: What new and different trends, if any, are developers experiencing? Are you finding that boutique buildings are at an advantage in this current cycle?

Instant Insights /

Are Boutique Condos At A Sudden Advantage?

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