Top Developers Share Their Predictions for the 2015 Miami Real Estate Market
Jan 05, 2015 January 05, 2015
Five top developers were asked about the Miami real estate market in 2015. This is what they predict.
Ronald Krongold, CEO of Gold Krown Financial, believes that the market in 2015 is going to slow down. As companies are taking from their reserves to do business, it makes the market a little uneasy. However, he also adds, “There won’t be a crash, [but] I think it’s going to level out.”
Nitin Motwani, managing principal with Miami Worldcenter Associates, said that the best projects of 2015 will be the ones with active sales, active marketing, and strong sponsors. Properties with something different to offer and in good locations are in high demand as well.
Don Peebles, CEO of the Peebles Corporation, notes that we should see luxury condos growing strong in Miami in the coming year. There might also be an increase in luxury and lower-end residential projects as well. He says, “The gap between the cost of ownership and the cost of rent will become much narrower.”
Jacob Roffman, principal at 13th Floor Investments, explained that the younger generations and international investors are going to redefine the residential market in Miami in 2015. With new needs of young professionals and international investments, the area will soon be changing.
Tom Roth, principal at Grass River Property, agrees on Miami’s appeal to investors. Miami is one of very few markets that look good to American investors, private equity firms, and international investors alike. Miami brings in many Latin Americans in large numbers, looking for a safe place to live, as well as raise some capital. Europeans like Miami because of its lower taxes and desirable climate. Because of the international demand, the market should experience some changes for the better.