In the last 10 years the city of Miami has evolved from a tourist destination to a financial and technological hub, attracting mega corporations from other corners of the US and the world. The real estate sector, in this scenario, has contributed and accompanied, becoming the main protagonist of this transformation. The topic was addressed at the event “React 2022 – Miami: A Real Estate and Technology Powerhouse”, at the Hollo School of Real Estate (FIU Business), with special participation by the mayor of Miami, Francis Suarez.
The event is the second ever offered by Hollo and had more than 200 participants. Suarez looked back on the difficult times that the world went through during the subprime crisis in 2008, directly affecting the real estate sector. According to the mayor, the subprime crisis was a valuable lesson.
“We have to compete”
Francis Suarez has great merit in transforming Miami into a financial and technological hub. During his tenure, he made a point of opening his arms to the corporate world, conveying the message that Miami is a business friendly city and ready to be the new US technology hub, with real possibilities to unseat the giant Silicon Valley.
It is worth remembering the episode in which Suarez exchanges messages with Elon Musk on Twitter, showing his stripped and, at the same time, aggressive side, in the sense of taking Miami to the “next level”. With this stance, the city of Miami boasts the fastest-growing destination in technology-related jobs in the US.
Count me in! No brainer…we would love to be the prototype city. https://t.co/waRwj0dprJ— Mayor Francis Suarez (@FrancisSuarez) January 18, 2021
“We have to compete,” Suarez said. “We just can’t sit back and hope to survive the competition.”
In his speech, the mayor highlighted that in the last two years Miami has received about US$ 2.5 trillion in reallocated assets from large investors or corporations in the financial sector. Some examples are Blackstone, Citadel and Millennium. The arrival of major players in the financial sector to the city gave Miami another nickname: “The Wall Street South”.
Miami still benefits from Florida’s tax-friendly state, which does not levy state-level income taxes, unlike other states like New York and California.
Miami: Still a Boom or Busty City!
The event highlighted the resilience of the South Florida real estate industry. The crisis period in the last two years made this clear when Florida received more than 1000 new residents a day in the most critical periods. Such an influx of people could have no other consequence than a strong pressure on the demand for homes, especially in the single-family home segment.
Miami’s cultural diversity, global investments, skilled labor coming from other states and smart investments in public transportation (Ex.: Brightline) are some of the factors that make Miami one of the most desirable destinations in the world to invest or live. .
Cryptocurrencies and their relationship with Miami real estate
The City of Miami is also at the forefront of real estate transactions with cryptocurrencies, NFTs and tokens.
The revolution came with the ARTE Surfside condominium, the first real estate development to accept Bitcoins as part of payment.
Another release, LOFTY Brickell, jumped on the bandwagon too, but in a different way. The luxury condominium, scheduled for delivery in 2024, is the first in the world to present each buyer with an NFT art item that is part of the collection designed by renowned artist Carlos Betancourt. The digital collection acquired by the condominium consolidates the city of Miami as one of the most technological in the world, with the real estate sector at the forefront.
At the final panel of the day, experts discussed the leading role that bitcoin, blockchain, cryptocurrency, NFTs and tokenization will play in real estate transactions.
Miami real estate once again plays a leading role in advancing cryptocurrencies in global transactions.
Remote property purchase
The event also highlighted the participation of technology and the benefits it brings in several sectors, mainly for the real estate sector.
It is possible, for example, to buy a property remotely, which facilitates investment by foreign buyers, who no longer need to travel from their country of origin to carry out the transaction in Miami. Even the scripture can be passed via zoom or another application. All documents can be digitally signed.
In fact, here at real estate, distance sales are not uncommon. We usually send the options by email or WhatsApp and, if interested, we schedule a conference with video inside the chosen property to film, live, all environments. We walked around the property showing all the details, in “real time”, together with the client. It is as if the customer is physically present looking at the apartment or house.
In fact, here at real estate, distance sales are not uncommon. We usually send the options by email or WhatsApp and, if there is interest, we schedule a conference with video inside the chosen property to film, live, all environments. We walked around the property showing all the details, in “real time”, together with the client. It is as if the customer is physically present looking at the apartment or house.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida and focused on the Brazilian public. If you want to know more about investment opportunities in Florida, contact me right now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).