The Future Of Miami Real Estate: Predictions And Insights From Shane Graber
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Renowned for its pulsating energy and cosmopolitan allure, the Miami real estate sector has witnessed a profound shift in the past several years. Generally speaking, the market has been on a steady, upward trajectory, except for the COVID-19 pandemic, which brought about certain changes. Before the pandemic, Miami realty went through a moderate year-over-year increase in pricing and demand. COVID-19 became a seller’s market, with low-interest rates and high demand.
Fast forward to the present day, as the world recuperates from the pandemic, the Miami real estate sector has readjusted, with the typical home value listed at $554,261 as of the end of December 2023. This transformative phase has created challenges and opportunities for industry players seeking to masterfully navigate Miami realty’s complex and ever-changing terrain.
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One expert who has shown an incredible grasp of these fluctuating market trends is Shane Graber, founder of the Graber Realty Group and a seasoned professional in Miami’s real estate scene. With an extensive luxury marketing and investment background, Graber brings a unique perspective to the table.
Under his stewardship, Graber Realty Group has not only adapted to the shifts in Miami’s competitive market but thrived amidst them.
One of the most interesting trends Graber has observed in Miami recently is a surge in demand for luxury homes, particularly those priced between $4-7 million. This trend has been so significant that it has earned its moniker – the “Citadel Effect.” Named after Citadel, a hedge fund giant that recently relocated its headquarters to Miami, this effect signifies the influx of buyers and corporations seeking to call The Magic City their home.
Graber maintains that, as the trend burgeons, it will inevitably transform Miami – and perhaps, over time, the majority of the Sunshine State, into a unique tech and finance hub. At the same time, as the Citadel Effect continues to expand its reach, the number of available luxury homes in highly sought-after neighborhoods like Coral Gables and Coconut Grove will inevitably start to decrease.
“The current rise in demand reminds me quite a lot of Los Angeles and San Francisco around 30 years ago when most people believed investing in homes was expensive. In hindsight, however, we all wish now that we had been brave enough to invest back then,” he says.
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On the other hand, single-family homes, particularly those with four bedrooms, have seen a surge in popularity. Graber states that he – and many others in his field – have observed a growing attraction toward these homes, especially in older, established neighborhoods close to downtown Miami. Interestingly, these areas typically draw young professionals who value proximity to their workplaces.
The numbers support this claim. In September last year, Miami-Dade County recorded its second-highest September for single-family home dollar value, hitting $983.2 million – a year-over-year increase of 29.4%.
“Single-family homeowners will always be in a good position as many of the people living in the new condos and high-rises downtown trend to want to settle down in a house down the line, further increasing demand,” says Graber. “I’m particularly optimistic about the downtown areas because they are close to the action and typically attract young professionals who don’t want to commute from far away.”
The COVID-19 pandemic has also played a significant role in shaping buyer preferences. With remote work becoming the norm, Graber highlights that there has been a heightened need for home office spaces, leading to a skyrocketing demand for houses with four or more bedrooms.
This preference change has thus given rise to ‘hospitalitization,’ a term that describes the demand for comfort and amenities by remote work. “Homes that offer a blend of functional workspaces and luxurious amenities are becoming increasingly popular, and I don’t see this trend going away any time soon,” Graber adds.
Despite record rent increases, international remote workers have continued flocking to Miami, indicating the city’s burgeoning appeal as a remote work hub. This trend, Graber says, is also expected to persist.
From the surge in luxury home demand, known as the “Citadel Effect,” to the rise of single-family units and the impact of remote work on housing preferences, Miami’s real estate market is undoubtedly poised for further evolution and growth. With his team at the Graber Realty Group, Graber’s plan is to stay ahead of the trends and continue providing unparalleled services to their clients.
As Graber says, “We’re living at an unprecedented time when the market is at an all-time high. As professionals in the field, we have a tremendous opportunity to determine the future of the current trends and significantly contribute to the city’s growth.”
This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice. Benzinga does not make any recommendation to buy or sell any security or any representation about the financial condition of any company.
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