MIAMI—In October, over 25,000 people will flock to the Miami New Construction Show, a buyer-direct real estate forum. The event brings together buyers and key stakeholders from Florida's commercial real estate industry to create a marketplace where purchasers meet sellers directly.
In the meantime, GlobeSt.com caught up with Anita Funtek, CEO of Miami New Construction Show, to get her thoughts on how the foreign currency slide will affect Miami's commercial real estate market, how buyer demographics have changed and more in part two of this exclusive interview. You can still read part one: Why 25,000 Are Flocking to This Event.
GlobeSt.com: How do you think the foreign currency slide will affect Miami's foreign buyers?
Funtek: The strong dollar is affecting everything from car buying to travel booking to real estate. However, many ultra-luxe international buyers often have businesses established in the US and use US currency, so they're not affected.
GlobeSt.com: Has the demographic of buyers changed?
Funtek: International and foreign buyers used to account for a large chunk of sales, but the buyer profile has shifted, as we're seeing an influx of buyers coming from Northeastern areas like New York and Boston. To them, after London, Miami is an interesting destination, providing a second home during the winter months.
GlobeSt.com: What are the most trending amenities and design elements you're seeing?
Funtek: It depends. There are two concepts. If a buyer if buying for themselves, they'll mainly be looking for designer-ready units that they can customize and make their own, like Oceania. Amenities aren't as important to them.
If a buyer is purchasing an investment property—to flip or rent—and they'll be looking for designer turn-key units or a condo hotel program, like Melia Costa Hollywood Beach Resort. In this case, amenities are extremely important as they can influence the rental fee. Everything from biometrics to square feet to the number of bedrooms to the location of the development to a jellyfish aquarium—like the one in Park Towers—to a car lift like Porsche Towers.
GlobeSt.com: Where do you see Miami's real estate market in five years when all of the pre-construction projects are completed?
Funtek: A new wave of resales is definitely approaching. It's already starting at Regalia. And I've already heard chatter from developments like Chateau and Acqualina—which, unlike Regalia, aren't yet done with construction—but have already started resales from units purchased by the developer.
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