Pedro Martin

At the start of the year, buying a luxury condo in the Miami or Fort Lauderdale area was heralded by real estate experts to be a sound decision. This was because the dollar was strong, and developers were offering good discounts of between 1o to 20 percent to absorb the oversupply. Image source: sflhomeinspections.com Approaching the middle of 2018, being ready to buy has become even more important as the inventories dwindle, especially among smaller homes. According to Florida Realtors, the March rebound in condo sales had dipped in the tri-country region just last month. Sales in Miami-Dade County, which had a then 15-month streak of decline broken, came back down anew. Single-family home sales declined by 0.2 percent from a year ago, while the median home price increased by 8.3 percent. The same lowered sales are true in Tampa and Orlando, but they did see an increase in the Jacksonville area. For condos and townhouses, the sales dropped by 6.8 percent. Expe...

Following a slow year in its property market, South Florida is ripe for new investments particularly in the luxury segment of Miami or Fort Lauderdale, according to experts. It’s what they dub a “perfect storm”: prices are softened, developers and sellers alike are willing to offer up to 20 percent in reductions, and there’s lack of new construction that allows the the absorption of current oversupply. Image source: Pixabay.com Analysts of the South Florida real estate market are also highlighting a U.S. tax reform bill that could translate to huge savings for people willing to relocate to this part of the country, as well as an aging population that seeks out luxurious living and nice, retirement-friendly weather.  Miami prices for luxury offerings are expected to remain flat in 2018 due to the oversupply that needs to be tackled, leading to developers and sellers offering price incentives for moving both new and resale properties. Certain market factors could ...

Despite nearly five years of plateau in its office-space segment, the South Florida real estate market is now on the rise, evidenced by new office buildings all set to open within the year. This welcome development is fueled by a growing number of renters, mostly in the submarkets.  Image source: miamicentral.com While this does not yet signify an official boom, multiple projects are being planned in the area in a huge effort to meet increasing demand. Residential construction has dipped a little through the first eight months of 2017, but nonresidential construction, including various types of commercial real estate, has gone up by 36 percent to $3.8 billion.  The rationale is, there having been few constructions in South Florida for quite a while, the amount of vacant space has declined. The yearly net records of office spaces have been steady, yet higher rents in certain submarkets have made new developments attractive, paired with consistent growth of ...

There is a plethora of places for great gastronomic delights and getting your coffee fix if you find yourself in the Sunshine State, particularly the Miami and South Florida area. Here is a short list of these must-visit venues.  Image source: onthegrid.city The Alchemist, 1111 Lincoln Rd. This almost hole-in-the-wall, low-key coffee shop houses one of the best brews in the entire South Florida area. Coffee flavors here are condensed for over 24 hours then mixed with brown sugar and sweet milk. A fine place to just relax and have a cupful or more for that buzz.  Le Chick Rotisserie, Wynwood   This Amsterdam-themed restaurant will open soon in a 4,000-square-foot space at 310 to 320 Northwest 24th Street. For both Amsterdam vibes and authentic Western Netherlands delicacies, Le Chick is destined to be a favorite among both locals and tourists. Eternity Coffee Roasters, 117 SE 2nd Ave.   Eternity is famous for varieties imported fr...

Although each location offers some unique topographical and infrastructure characteristics, commercial real estate in South Florida still follows and is informed by some of the trends around the country. The sunny side of the state can expect to sustain the bright outlook, according to experts, if certain things are put into perspective. Net absorption, in general, has been leaning toward the positive since last year and the only time absorption rate drops is when the reality of fewer supplies set in. Given that net absorption measurements aid in knowing more about the relationship between supply and demand in real estate, it is important for tenants and developers to evaluate these things for them to have a finger on the pulse of market movements. Image source : terragroup.com Before the end of last year, there was a sudden demand for offices, industrial, and retail spaces that provided the necessary boost for the following year’s momentum. The supply shortage ...

One of the main concerns of homebuyers in South Florida is the price spike in the local home real estate market. For a time, wealthy foreigners were making purchases left and right while locals, especially those with minimal educational background, were having a hard time finding the perfect budgetary fit when breaking the bank was not an option. Potential homebuyers from other states have also been added to the competition mix. Even with near-steep pricing, the deal for South Florida remains relatively attractive compared to other global centers with prices closer to exorbitant levels. The lifestyle experience is also what South Florida is selling. The thriving cultural, gastronomic, and events scenes helped in the creation of South Florida’s reputation. Image source : terragroup.com Favorable conditions might help local buyers, especially if the dollar stays strong, incomes increase, and the pricing pressures ease up. The only problem one might encounter woul...

South Florida is a beautiful place, not just to visit but also to live in. A lot of people who’ve settled down in this region have seen other parts of the country, and have testified that South Florida is indeed a paradise for many different reasons. Image source: josephpalko.com   South Florida is perfect for people who are done dealing with the cold. Its tropical climate is one of the best and oft-mentioned reasons by residents for uprooting and moving into the area. People who live here never have to worry about shoveling snow or ordering heaters for their houses. South Florida is a beautiful place framed by palm trees. Other exotic gifts of nature thrive in this region because of its lovely climate. It’s sunny almost every day, even when it’s raining. It’s heaven for those who despise gloomy weather. The infrastructure is amazing as well. Well-paved roads and clean, pristine beaches make life enjoyable for even the most cynical person. There are t...