MIAMI—From foreign investors to retiring Baby Boomers to Northeasterners that are tried of paying high taxes (and of course locals), it seems there's no lack of interest in South Florida's multifamily market. And those are just some of the demographic drivers.
GlobeSt.com caught up with Jeronimo Hirschfield, CEO of developer One Real Estate, to get his take on the other big picture drivers. We also asked him where he sees the biggest opportunities for multifamily development in part one of this exclusive interview.
GlobeSt.com: What are the major drivers behind the multifamily deals in South Florida?
Hirschfield: There are many drivers behind the deals in today's market, but as a developer I have to say a central one is the future growth to come. There is no doubt that as the years go by, further growth will be evident and future developments will have evolved. That is why developers are trying to acquire properties while prices are still accessible in 'up and coming' neighborhoods.
GlobeSt.com: Where are the biggest opportunities in multifamily development today?
Hirschfield: There are plenty of opportunities in today's market. Here again, I see the biggest opportunities in 'up and coming' neighborhoods such as Wynwood.
Developers can purchase these attractively located properties at the right price and then create value. Opportunities are always out there. It's a matter of finding and then having access to them.
GlobeSt.com: Are buyers and sellers, lenders and borrowers, on the same page?
Hirschfield: Deals are being made so we know the economy is moving. Because interest rates remain low, investments are being made and commercial institutions are lending. But it doesn't necessarily mean that we are moving in the right direction.
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