To find out more about the Real Estate Market in Miami, Florida, and with an eye to the future, Novo Luxo interviews Hércules Pimenta, Director at Elite International Realty, a Brazilian Real Estate consulting firm operating in the United States. Good reading!
Novo Luxo – First of all, what luxury means to you? And what about luxury related to the Real Estate market?
Hércules Pimenta – For a classic and common concept, luxury is everything that is exclusive, rare, branded with tradition, high value and quality, connected to a status image. Regarding Real Estate market, luxury is related to high value homes, prime location, exclusive architecture, high quality construction, high detail finishing, advanced technology, leisure and sustainability areas, employee accommodation, large garage for many cars, bikes and with possibility of helipad. Speaking of luxury in South Florida means, in addition to what has been said, properties with large dimensions and private pier for boats.
NL – What are the different services offered by Elite International Realty?
HP – In addition to the normal search consulting, search for the best cost/benefit for purchase/sale/lease, Elite provides, through partnerships, indication of legal assistance of immigration, tributary (structuring of companies), accounting, from Brazil to the United States, financing, architectural services, interior design, projects, construction and remodeling of properties, property management for absentee owners and concierge services. We also offer help on choosing schools, social and sports clubs, the adaptation of children to schools, including languages. We can indicate dealerships for vehicles, boats and airplanes. Elite has within its board of brokers specialists in commercial and business properties for those who want to invest. Elite International Realty, by its long and constant performance in the Real Estate market in Florida and New York, has all the conditions to deliver the best to its clients, contributing to a complete, quiet and transparent Real Estate transaction.
NL – How do you define the Real Estate market in Miami? And when compared to the Brazilian one? What are the most striking differences in terms of opportunities?
HP – The Real Estate market in Miami and Orlando are defined and divided into three types of buyers: those who wish to buy a vacation property; those who wish to buy as an investment (lease); and those who wish to vacation and also rent when they are not using the property, in addition to those who purchase as a fixed residence after approval as legal residents in the USA. There are no major differences between the Brazilian and American markets, except for the ease in mortgage financing and the stability of the currency, comparing the Brazilian real with the US dollar.
Opportunities for good deals always exist when supply is greater than demand, and when interest on financing is low, or when market saturation for Real Estate launches is far above absorption by buyers. This factor also determines a reduction in the values of the Real Estate used, appearing, then, deals with very tempting prices. Today, Miami is experiencing a large increase in internal migration due to the peculiarities of tax legislation, causing large corporations and even individuals to come to Florida to reduce their taxes. It is estimated that about 1,000 people arrive daily for this purpose and also to escape the cold temperatures during the winter in the North, Northeast and Center of the United States.
NL – In general, what are the main profiles of buyers in Miami?
HP – The main profiles of buyers in Florida are:
– Foreigners wishing to have an investment in stable currency; own a holiday home in a pleasant place, in addition to being in a safe city with excellent infrastructure, shopping, restaurants, sports, as well as clean and cultural;
– There are also those who wish to internationalize their families, bringing their children to a cultural experience different from Brazil.
NL – In terms of numbers, what is the participation of the Brazilian investor in the destination? What can be highlighted as a curiosity?
HP – The Brazilian investor has great participation and importance for the economy of Florida. Today it is considered the first among all the other countries that acquire properties. Large numbers of tourists flood parks and exhibitions always seeking new experiences. During holiday periods, shop assistants try to speak Portuguese in view of the large number of Brazilian consumers.
NL – In terms of Real Estate market, among buyers in luxury segment, what is most valued when we talk about a property? Why?
HP – What is most valued in the developments in the luxury Real Estate market is its location, dimensions, leisure areas and service. Must be on the beach, offer high performance gym, beach services, restaurants and snack bars. Some projects differ, because, in addition to what has already been said, they also offer use of golf courses, marinas for sailboats and yachts, and executive airport with maintenance and parking services for private aircraft.
NL – In your opinion, why are Brazilians so interested in buying residences in the United States?
HP – The Brazilian buyer is interested in buying houses and investing in the United States because of the stability of the currency, the possibility of transferring the family in the future, due to the infrastructure conditions, the pleasant climate and especially the country’s tradition and culture.
NL – How do you see the future of the industry? What can we expect? What are the main trends for 2019 and the coming years?
HP – At present, the situation is of great offer of new and under construction projects, while the number of projects and launches is very small. There will be excellent buying opportunities over the next six months, and those who wish to sell their properties should wait at least a year for a price rebound. The situation of the Brazilian economy has everything to improve after the social security, fiscal and labor reforms, causing confidence to return and investments come back stronger, also favoring the movement of the Miami Real Estate market.
NL – What could you add about Smart Cities and innovative new technologies for smart residential and commercial properties?
HP – We have already started to see the first signs of Miami also becoming a Smart City with new transport systems and major brands in the consumer market using services of automatic delivery of goods purchased online. Many residences and commercials already use technological systems of temperature control, closing of curtains to the distance, parking with automated payments and without drivers. Most residential and commercial buildings already have power charging stations for electric vehicles. There is a huge amount of solar energy plates for lighting and heating. The speed of discoveries of new technologies will bring more comfort and will facilitate the urban life in the big cities. In addition, the brand new 5G technology will change many of our habits and communications between people.
Source: Elite International Realty | Hércules Pimenta – images: release (June, 2019)