Realtor Vivianna Franchy sees things leveling out but remains optimistic for strength ahead | Local
Vivianna Franchy, Realtor at Berkshire Hathaway HomeServices, EWM Realty, with an MBA from Texas Tech University, gave us her perspective on the real estate market and the rental sector in Miami.
“I have been calling Key Biscayne ‘home’ since 1992,” Franchy said. “I am fortunate to have had all my immediate family living in the Key for many years, since we arrived in Miami, from Lima, Peru.”
She said that living and working on the Key has been a privilege. “Not only do I get to enjoy the obvious benefits of our Island Paradise, but as a Realtor (I) receive and serve new neighbors from the US and all over the world. Making people’s dreams come true, has been an honor and a joy.”
IN – How do you see the market in Miami and the challenges that the macroeconomy currently brings?
VF – Our unprecedented two years of increased sales and the ability to perform with high standards, providing excellence in service, in spite of the incredible workload imposed to the system under such conditions, has been a challenge.
However, we found the stamina and the motivation to work harder, and be able to make our clients happy and appreciative of the efforts to deliver flawless transactions, and build stronger relationships, which is my ultimate goal.
And speaking about the market, the way in which I am approaching the remainder of 2022 is with optimism. In general, and even though there are different macroeconomic pressures that did not exist a few months ago, the Key has always been resilient and the power of attraction that our neighborhood conveys to anyone seeking a beautiful place to live, is its strongest asset.
Of course, we expect that the market will not continue to grow forever, at the pace we have seen it grow lately. The steep growth will normalize and prices will continue to appreciate at a more sustainable rate, which is a preferable alternative in the long run.
IN – What is happening in the rental sector?
VF – Rentals are a different story. My son lives in New York City, and what he tells me about the rental market there is amazing, even for NYC standards. Non-ending lines of people looking to rent an apartment is the buzz of the town. I see this situation repeat over and over in almost every major city throughout the US.
Key Biscayne and the Miami area are no exception.
As long as there is increased demand and low supply, rental prices will continue to be considerably higher than in the pre-pandemic years. My suggestion for landlords is to continue to give weight to their earnings, but also concentrate on securing a tenant that will be able to sustain those prices – for the benefit of a healthy and long term relationship.
