This past weekend we attended, exhibited and participated in the 2nd annual Miami New Construction Show. The 4 day expo featured over 100 new development projects from some of South Florida's biggest names including Brickell City Centre, Paramount Miami WorldCenter, Porsche Design Tower, Prive Island, Marina Palms, and many many others. In addition to developers, there was a plethora of other exhibitors such as construction companies, brokers, attorneys, tax advisers, lenders, media outlets, title companies and other associated professions. Even the Miami Marlins had a booth!
Pristine Property Management was one of the event's presenting sponsors and our sister agency, Miami Property Brokers, also had a booth at the event.
In addition to the exhibits, there were several educational panels for buyers, investors and agents covering a broad array of topics related to South Florida real estate. Mayor Tomas Regalado spoke about Miami's ascent after the downturn and how the local government is cooperating with developers in pushing forward projects that will transform the city. Developers such as Dan Kodsi of Paramount Miami WorldCenter, Gil Dezer of the Porsche Design Tower, Edgardo Defortuna of Jade Signature, David Martin of Grove at Grand Bay, and several others discussed their projects and their vision for Miami and South Florida.
One of the panels featured local prominent brokers discussing the market and where it's heading. The general consensus was that this go-around isn't expected to bust like the last condo boom did. Developers are taking a much more conservative approach this time, demanding much larger deposits upfront and only moving forward with projects once a good portion of sales have been realized. Developers also weighed in on the topic, Dan Kodsi of Royal Palm Companies called it a "much more sober market" and David Martin of Terra Group stated that the fact that some projects have recently been canceled shows that ill advised developments will not move forward, which is a positive thing for the market in the end.
Our own Eddie Miller participated in one of the panels, titled "How to Buy a Pre-Construction Condo Unit in South Florida" aimed at educating buyers looking to purchase pre-construction condos as investment properties or second homes. Alekxey Sabido and Ivan D. Ramirez from Miami Property Brokers also conducted an educational session for foreign buyers.
The event showcased exciting projects, insight from the experts, and provided a great platform to network and interact with some of the brightest people in the industry.