Douglas Elliman’s Jay Parker breaks down Miami’s 2017 luxury market
The Miami luxury market suffered during 2016 for reasons that we believe relate much more to external influences than a slowdown in demand or interest – issues like the election, currency, Zika and the overall extraordinary growth Miami has experienced since the recession contributed to the pause. Additionally, price escalations created hesitancy. Today we are seeing significant movement in the luxury space, and in fact, Douglas Elliman since the start of 2017 has closed on numerous record-breaking single-family home sales, condo sales and new development sales. With that, many ultra-luxury developments have recently hit the market and stirred up buyer interest. Eleven on Lenox, Shoma Group’s first luxury residential development in Miami Beach, is one of those projects. It offers buyers the ultimate coastal retreat with easy, walkable access to shopping, dining, work places and entertainment venues. The project’s footprint is at the center of one of South Beach’s most desirable and emerging neighborhoods, with recently announced dining and shopping offerings, including a Trader Joe’s. Ultimately, I believe that the demand for Miami’s luxury real estate is real and growing, and a big part of that is we remain a discounted market compared to other major metropolitan markets around the country and world.