Lowell International Realty's president, Lani Kahn Drody, was featured this week in a special section of the Miami Herald's Business Monday as one of South Florida's top "Market Makers". Learn about what is shaping Miami's real estate market and what its future possibly holds in store.
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2017 has shaped up to be an interesting year for residential sales in South Florida for several reasons specific and not specific to the region. What do you feel has been the most influential positive or negative factor affecting residential sales and why?
As the absorption rate of residential property has leveled off this year good buying opportunities have emerged. Pricing has peaked and there are wonderful mid-luxury market opportunities that had been previously out of reach. For a long time, many locals felt “locked into” their property, finding it too difficult to compete with foreign cash buyers who were willing to pay over market. Today, lateral, move up, and size down moves can be made more easily.
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What is your outlook for single-family and condo sales as we approach 2018? (Feel free to speak to just your farming area)
In the single-family market, there will be more buying opportunities. One trend we continue to see is a stronger sales pace for updated properties – impact windows, crisp and clean modern kitchens and baths. With so many dual-income families and the fast pace of life here, there is less of a willingness to buy property and improve it. But for those who do so, there can be a good upside.
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What have your experiences been working with millennial buyers in terms of their preferences? What’s different about working with a millennial buyer vs. an empty nester?
customer is unique, millennials tend to be decisive, analytical, if not utilitarian, in their approach to living spaces. Empty nesters take more time to make decisions and are more emotional, particularly when downsizing. We try to reflect the tone and speed with which our clients want to operate.
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Condo amenities now expand far beyond the bellman. What are developers doing differently now to court prospective buyers?
Our sister company, Lowell Homes (currently building in west Broward and soon Palm Beach), is focused on a “valued” luxury approach to the marketplace. Meaning, we work hard to bring an innovative product with expansive spaces and quality materials without the oversell of glitz and amenities. That’s why every spec we’ve sold recently was under contract well before the home was finished.
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How real do you think the Chinese market is as it relates to investment in Miami’s condo market?
Kudos to the folks in Miami who are working hard to grow this market. We’ll be ready for them when they arrive.