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Things are happening in the Miami real estate market… Well things are always happening in the Miami real estate market, but BIG things are happening right now. Miami has long been the focal point for real estate investors due to the density and scale of development and the investment opportunity for a variety of asset classes. Real estate investors all over Florida have looked towards the Miami real estate market as a forecast for current and future conditions throughout the state.

Tom Blazejack, of Blazejack & Company knows all of the ins and outs of the Miami real estate market. In addition to nearly 40 years’ experience as a real estate appraiser and analyst, Tom is also a native of Miami. Tom’s extensive appraisal knowledge of commercial and residential properties and intimate knowledge of the Miami real estate market make his consultation highly sought after by investors. This episode, Tom gives us an overview of the Miami real estate market, including development highlights and what investors should expect.

Miami Real Estate Market

• 2011 purchase of Miami Herald building for $236 million marks return of market
• Foreign investment and cash-heavy market
  • Foreign investors seeking stable properties to invest cash
• Development spikes
  • New deposit requirements for investors and developers insures accountability
  • Lenders alleviating construction loan costs for developers
  • Projects moving quicker
• Land price increases
  • Miami seeing $200-300/sqf on new commercial developments but even as high as $3000 in some prime locations
  • Residential continues to increase… up to $3/sqf in best projects
• Emerging Markets
  • Development spreading into surrounding Miami
    • Little Havana, Wynwood, Coral Gables all seeing new projects
• Major Projects
  • Brickell City Center – Swire Group
    • $250/$300 sqf for 9 acres in downtown Miami
    • 2 levels underground parking; 2 luxury 400-unit condos; 2 office buildings (1300 sqf); Hotel w/ corporate and extended stay (East Hotel); Retail facilty (500k sqf)
    • Projected cost overview of $1.05 billion
    • Details, visit http://www.miamidda.com/
  • Public/Infrastructre Projects
    • Huge infrastructure projects initiated during recession
    • Kept in budget due to counter-cyclical investment
    • 2 big projects
      • SR 826 and SR 836 Interchange
      • Port of Miami Tunnel
  • High-speed Rail
    • Brightline (previously, All Aboard Florida)
    • Connecting South Florida and Orlando
    • MiamiCentral project in downtown Miami
      • Transit center; retail/mix-use
    • For more info on rail project, check out Invest Florida Show Ep. 52 with V.P. of Business Development for the project, John Guitar

To contact Tom with for an appraisal consultation or for further analysis of the Miami real estate market visit his website. He can also be emailed at tom@blazejack.com