Miami Tech overhype (Orlando, Fort Lauderdale, Memphis: real estate, how much, house)

[vacollins]

I agree with the speculation because I can’t see how so many residents are able to afford the costs. It does not serve landlords to have such a high turnover when people start skipping rent payments or moving out in the middle of the night because they can’t afford it.

[Lakeland-Winter Haven MSA]

Originally Posted by djesus007

As expected (and once again, I was right about Miami overhyping things), the Miami Tech movement was indeed overhyped. The numbers come from a Miami DDA audit on tech jobs.

Herald Article: https://www.miamiherald.com/news/bus...254805932.html

For those not subscribed, here are some tidbits

Miami DDA tech job creation: 1,858 jobs over 3 years
Real job growth in 2021: 286 (yikes!)

This is far different from the Mayor of Miami claiming Miami saw 7,000+ new tech jobs.

Also this quote is very interesting

“virtual-first” — meaning new hires can live anywhere regardless of the location listed on a specific job posting.”
That’s an increasingly common concept — and could mean the jobs promised in the avalanche of announcements the city has seen over the past year could be a ways off from materializing locally.

So again, a company in Miami can say "hey! we created 300 jobs" but if 250 are not in Miami, then Miami only sees a net gain of 50 jobs.

Although VC in Miami has seen a huge increase, so has virtually every single city in North America. However, Miami has done a good job at online marketing and overhyping the city. And as a result, the DDA (which has been in charge of attracting majority, if not, all tech companies and jobs) has seen a ginormous +286 job growth. Even with all the job postings, it does not matter if you cannot attract talent or people to apply due to lack of demand.

So after a year of the Miami Tech moment, the numbers prove that it is not only overhyped, but the numbers are abysmal for 2021.

Time will tell. Nothing is impossible but even without the article you referenced, Miami's numbers with regards to Tech companies has a long way to go.

[vacollins]

I am beyond excited. I’ve lived in NY and DC and always felt something was missing. I never really did fit in with DC. It’s a different kind of mindset with the government folks I guess and that’s putting it mildly. Still kind of fun in its own way, but I’m not really into history that much so never really took advantage of all the city had to offer. NY was too fast paced. Now my spirit has shown it was the year round access to the ocean I’m guessing. Plus Covid has just made it so much easier to move. I had my heart set on living in the city, but I really liked Jupiter for some reason too.

[pierrekid]

Originally Posted by vacollins

I am beyond excited. I’ve lived in NY and DC and always felt something was missing. I never really did fit in with DC. It’s a different kind of mindset with the government folks I guess and that’s putting it mildly. Still kind of fun in its own way, but I’m not really into history that much so never really took advantage of all the city had to offer. NY was too fast paced. Now my spirit has shown it was the year round access to the ocean I’m guessing. Plus Covid has just made it so much easier to move. I had my heart set on living in the city, but I really liked Jupiter for some reason too.

Honestly think you will love it. This area offers so much. I went back and forth on whether or not to sell my unit in Brickell, as we have such a strong connection to the area. In the end I decided to sell simply because I don't enjoy the landlord aspect of owning. Part of me still regrets it but we made a nice dime on the sale.

I live in Weston now, but frequent back to Brickell and Las olas for work and play. With my young family and clientele it's the ideal setup.

Once our kids are grown I can definitely see us returning to the area.

[WestGuest]

Originally Posted by elchevere

I was waiting for someone else, such as yourself, to point that out…Miami has done a better job of attracting finance types (private equity/wealth managers/alternative capital, etc) to the area. While the transient partiers living off the government dole have been weeded/priced out of the area, professionals are still coming….830 Brickell, a new office tower under construction, that has leased space to Microsoft, Thoma Bravo, Canada’s CI Financial, etc hasn’t even opened yet which will bring more professionals to the City once it does:

https://www.google.com/amp/s/amp.mia...254449358.html

Does that mean we should be celebrating by jumping up and down with dogs on their hind legs or that Miami will become the next Austin?….no…but at least it’s a start in the right direction.

Austin has some of the worst traffic problems in the country- I go there 4-5 times a year. Is that what we want to emulate?

[vacollins]

Thank you and if you made a nice dime on the sell then it was worth it because the city does go through boom and bust periods. Like right now the places that I’m looking into I’m going to have to pay at least four or five months up front. Fortunately, the rents aren’t as extreme as I’ve been hearing. For me it’s worth it because I want to be settled before the holidays, but for others who can wait in a couple months it may not require so much.

[CXT2000]

More info on the job numbers, I thought it only included tech companies, but according to a LinkedIn post from someone who is involved with this, it also includes finance companies.

-17 companies (tech and finance) to move or expand (majority are American, 1 Canadian and 1 European company)
-1,858 jobs over 3 years
-Only 286 jobs created in 2021.

I'm sorry but these are **** poor numbers. For the amount of hype generated by a select few billionaires and the mayor, it's honestly comical that the result as of October, 2021 is only 286 jobs and the target over three years is 1.8K jobs. And no, this is not "Miami bashing" or a "negative" post, this is just me calling out b.s and the Miami mirage that is always present when it comes to economic indicators and job creation.

[elchevere]

As Bill Parcells used to say, “you are what your record says you are”.

The million dollar question remains—is the best still yet to come or have the vast majority of Miami’s gains from Covid already taken place?

Originally Posted by djesus007

More info on the job numbers, I thought it only included tech companies, but according to a LinkedIn post from someone who is involved with this, it also includes finance companies.

-17 companies (tech and finance) to move or expand (majority are American, 1 Canadian and 1 European company)
-1,858 jobs over 3 years
-Only 286 jobs created in 2021.

I'm sorry but these are **** poor numbers. For the amount of hype generated by a select few billionaires and the mayor, it's honestly comical that the result as of October, 2021 is only 286 jobs and the target over three years is 1.8K jobs. And no, this is not "Miami bashing" or a "negative" post, this is just me calling out b.s and the Miami mirage that is always present when it comes to economic indicators and job creation.

[CXT2000]

Originally Posted by elchevere

As Bill Parcells used to say, “you are what your record says you are”.

The million dollar question remains—is the best still yet to come or have the vast majority of Miami’s gains from Covid already taken place?

This is the way I see it.

- Miami's VC scene has accelerated and broke records. It is impressive, don't get me wrong, but literally every city in North America and world wide has also seen record level VC investments.
- Miami did benefit from lax Covid restrictions for a year, but if you only got 17 companies to expand or open up in the city and 1.8K jobs over three years, that shows that the market is weak.
- I have friends in the tech scene there, they have told me that they have a hard time filling positions there. If they find people, it's always those who live elsewhere and don't wanna move to Miami.
- Miami is claiming to be the next SV, been marketing hard and calling the city the capital of capital... yet tech investment and jobs have been increasing in every major city as well.
- The fact that Miami has to rely on attracting capital from primarily two cities, while not getting local talent/local talent moving elsewhere is a HUGE problem. It's also further accelerating COL and making more people not being able to afford living there.

So even if post-covid, Miami continues to attract business and the tech scene does expand, the fact that every tech scene in North America is growing at a faster clip means Miami will stay stagnant in it's positioning. Of course it is slowly maturing, but again, after all the hype in the past year... +286 jobs in all of 2021 is hilariously embarrassing. I also just hate hyping stuff up in general, but between this and then Miami and bitcoin being overhyped as well, it's just ridiculous at this point.

[Corrie22]

"Miami-Dade county is rated as the #1 Emerging Tech Hub in the U.S. by Mashable, and the #2 in the U.S. for Tech job creation according to Dice."

https://www.miamidda.com/innovation/