How SOFL Is Winning The Nation's Real Estate War (Miami: apartments, rental)

[MiamiLIFE]

No slowdown seems to be in the near future for Miami.


https://nypost.com/2023/10/07/how-so...al-estate-war/

[CXT2000]

Office market is slowing down, however, I managed to find a way to get involved in some of the office projects upcoming, even have a client for 830 Brickell.

It'll also be a good opportunity for my wife to be with her parents more, they're on their last legs, sadly. Funny enough, she dislikes the city more than me (and she's born and raised there) but have to do everything for family, right?

[gixxer1000]

Working in real estate development I've seen the shift from Multifamily rental over to condo. Covid led to supply chain issues which sent construction prices higher. Initially rents just kept going higher and everyone kept building. I though we had reached a breaking point and instead the market just switched over to condos.

From what I gather tons of people moved here wanting to be on the water. The price of those homes skyrocketed and now they simply aren't available. So now those same people are saying since I can't be on the water I want to at least be able to see it and the condos either on the water or that have a waterview are in huge demand.

Single family homes are essentially a rare commodity at this point. There are about 1M households and only 500k single family homes. We have no way to add any significat amount of new homes. As we grow we essentially have to convert existing single family home neighborhoods to multifamily. So we're primarily renovating older homes, adding a few neighborhoods way out in the suburbs, losing inner city neighborhoods, which all results in a net wash. So as households grow the mix will have to shift more toward apartments/condos as single family homes are only available to a smaller and smaller percentage of households.