2 Trends in Miami Multifamily
Is Miami multifamily running out of steam? (Nothing lasts forever except taxes, after all.) Lionheart Capital CEO Ophir Sternberg (snapped with Irene Horuzhik, his fiancé) tells us no: he predicts 2015 will be another strong year in condo sales. Lionheart’s development, The Ritz-Carlton Residences, Miami Beach—which has 111 units and 15 stand-alone villas—has managed to sell 50% since kicking off last spring at price points from $2M to $40M. Word-of-mouth, he says, has been particularly important in attracting buyers for the property, both domestic and international, a dynamic that applies marketwide.
On the rental side, residents are demanding more—and getting it, according to Rivergate | KW Management president Marcie Williams, who was recently tapped for the position. "Amenity spaces are getting bigger,” she tells us. Residents also want to have a place to be seen and socialize, such as fitness centers with 24/7 fitness programs and lounge areas. At the same time, though units are getting smaller, residents still want where they live to be retreats with high-end finishes, large closets and USB chargers. “Every resident wants tech and convenience, no matter who they are or what part of the country they live in," she notes.
