Just released! My 2024 annual Miami Dade real estate report is now live! Uncover Miami's hottest real estate trends & opportunities. Highlights: --> New product at prime locations continues to shine: we actually don’t have enough. Both condo and SFH transaction volume was up YOY past $1K / sq ft. SFH past $1K /sq ft hit an all time high and is up a remarkable 631% vs. 2019 (pre Covid) --> Despite fake, alarmist press headlines: Miami Dade overall inventory levels remain below 2019 (pre Covid) levels --> Speaking of inventory levels, this is truly shocking: Miami Dade SFH active listings below $500K are down 800% vs. 2019 pre covid. There are now only about 600 active SFH listings sub $500K in all of Miami Dade County. Pre Covid in 2019, there were over 3,500. I think the implications of this are obvious. And far reaching.
2M+ ft² of office coming to Brickell 💰
Follow actions, not words 🙌
Ana Bozovic spoke at Rock The Market 2024 about how visionaries are doubling down on their Miami positions.
Case in point: this week Ken Griffin unveiled his renderings for his new global HQ on Brickell.
Download my full Q2 2024 Miami Real Estate Report
Exciting news this week as Ken Griffin released the renderings for his $1B Miami supertall. It will be 54 stories, 1,032 ft high with 212 hotel rooms. And the main neighborhood value-add:
1.3 million square feet of office space.
And a bit buried behind the Citadel HQ news was this:
Banco Santander is officially moving forward with their own 41 story Brickell tower, which will have a total of 1.6 million square feet, half of which will be offices.
(and something to be said about a news cycle where the Santander news gets buried)
Over 2 million square feet of Class A office is coming to Brickell.
I keep saying: this is early days of the wealth and talent migration.
Wealth Migration & Performance Near The Urban Core
When isolating for higher prices per square foot, we get a look at how prime, new product performs.
Coconut Grove & Coral Gables: SFH sales past $1K / square ft
The effects of the wealth and talent migration are clearly seen when we look at SFH sales past $1K / square foot in Coconut Grove & Coral Gables.
And this is before the new 2M+ square feet of office are added in Brickell.
Coconut Grove, which is the closest to Brickell & Downtown:
SFH sales past $1K / square foot: up 2,200% vs 2019 –> and 2019 is a full calendar year, 2024 data is through just July.
I anticipate that this pattern will continue as the wealth & talent migration continues.
Contact me for investment opportunities that align with this growth.
Remember: the market is not a monolith. The segments that are solutions for the wealth & talent migration are performing quite differently than older stock and in many ways, are in under supply.
