Trump won the election, what does that mean for South Florida & Miami real estate? Journalist Brian Bandel asked me that question the day after the election. And this is what I told the South Florida Business Journal: “Given the team that he has assembled, most notably Elon Musk, I believe that a Trump presidency will be aligned with entrepreneurs and creators,” Bozovic said. “Since South Florida is attracting tax payers and creators, our housing market will be further super charged by an administration that fosters entrepreneurship.” And I stand by every word of that. Furthermore, I feel that a subconscious pause has been lifted in the aftermath of the election. The next wave forward is about to commence. And note: I am compiling October numbers. As per my thesis, the SFH market continues to hit all time highs. End user product within proximity of the urban core is a strong play.
Miami Hotel Market – where are the opportunities?
Part One: Long Term Miami Hotel Market Trends - watch here >
The Miami hotel market is one of the best in the nation.
The Miami hotel market has shown strong and steady growth. It has reached new highs in all key metrics while the city-wide condo market has yet to reach previous median and average price highs.
So where are the opportunities?
Update, October 2, 2017:
Knight Frank just identified Miami as one of the to five up and coming neighborhoods across global cities.
1. MIA International Airport achieved 7 years of consecutive passenger growth in 2016.
In 2016 MIA added 10 new airlines and 6 new nonstop international routes. MIA now services more nonstop routes than any other airport in the United States.
2016 experienced less growth previous years, however we need to keep in mind that Zika was a real deterrent in 2016.
Strong airport traffic is an obvious boon to airport hotels. Airport hotel occupancy rates were 88.3% in 2016.
2. Excellent zoning in the central business district (Downtown Miami), allows developing in line with major trends.
Miami’s CBD (central business district) has excellent zoning.
In 2013 Miami adopted overlay districts allowing for extra density in specific areas.
In the CBD zone, you can now develop:
- 1,000 residential units per acre
- 2,000 hotel units per acre
- min hotel room size: 200 sq ft
- mixed use allowed, very flexible
Development trends this allows you to take advantage of:
- micro hotel models
- WeWork and WeLive style, co-living and co-working applications
- Mixed use micro hotel & micro apartment configurations
- Forward thinking parking concessions – recent projects, such as Yotel, were approved without any parking.
The recent downturn in the condo market presents an excellent opportunity to acquire lots. Competition from condo projects will be at a minimum.
Contact me for: off-market hotel deals, land deals and hotel marketing.
I have one of the largest private databases on Miami hotel transactions.
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