The real estate market in the city of Miami has experienced a period of instability says Marcelo Carvalho Cordeiro.
Marcelo Carvalho Cordeiro Private lending fund
Sales in 2016 have been well below sales in recent years. According to Marcelo Carvalho Cordeiro, founder of Bright Real Estate Investments, there are several reasons that contributed to the current situation. “The combination of weaker demand from overseas buyers (Brazilians, Venezuelans, Russians, etc) and a vast crop of luxury condo towers under construction is driving down the prices and sales, mainly at the high end projects.” According to Jonathan Miller, CEO of Miller Samuel, “The high end is softer than the broader market right now” .
However, the consensus is that the city of Miami is here to stay. There are several projects of global proportions currently being developed in the city. The flow of capital increases year after year. Marcos Moreira, employee of a large service provider of the port of Miami exemplified: the port of Miami will double in size in 10 years. That represents billions of dollars being invested in the city, billions of dollars of commercial trades every year.
In fact, Miami is increasingly becoming an international destination. Not only for tourists, but also for business travelers who increasingly want to establish their businesses in the city. A recent example is the entrepreneur Bruno Almeida Ribeiro, who closed a network of 20 clothing stores in Sao Paulo, Brazil, and came to Miami to seek new opportunities.
As well described by Marcelo Carvalho Cordeiro, Miami is a unique city, a city in which one can only find the best things of the latin american countries and of the USA.
Another good example of the new Miami is the latest trend of big corporation moving their headquarters to Miami, especially hedge funds. Many hedge funds recently moved their headquarters to the city of Miami, leaving behind cities like New York.
For all these reasons, Marcelo Carvalho Cordeiro believes this is a good time to buy real estate again. Cordeiro says that because inventories are high, sellers are anxious, so if a buyer really wants a good deal, they can pretty much name their price. “I believe we will see a reduction in the amount of inventory and an increase in the number of transactions over the next 6 months” says Marcelo Carvalho Cordeiro.
Marcelo Cordeiro Carvalho Facebook
This entry was posted in Uncategorized on September 22, 2016.
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