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PortMiami Plans For Future
Last week’s Business Monday in the Miami Herald featured “PortMiami’s Big Dream” about the port’s master plan. I really liked their concept for developing the southwest corner. What do you think about making this working port a tourist and business hub?
Miami Real Estate – Commercial Construction Also Picking Up
I have been seeing more commercial buildings going up in Miami as well. All small signs the economy is improving.
Student Housing Popular With Investors
An article in CoStar regarding student housing, reinforced what I already know. Student housing is a good investment and not all student housing is created equal. As a parent with two students in college, and a third student one year away, I spend a lot of money on housing. My first experience was when we arrived in Gainesville four years ago. We found that student housing is big business and extremely competitive in terms of rental rates. For less than $600 a month, my son had his own room and bathroom in a fully furnished apartment in a student complex. It was secure, had tons of amenities and activities geared around the college student. Even though he wasn’t living in the dorms, I feel like he still had a dorm-like experience.
Our second son is attending college in Fort Meyers and though he is living in the dorms, there is a student housing complex nearby identical to the one my son in Gainesville lived in. It is expected to be completely rented out in the next couple of months because the university just bought up a large multi-family complex close to their campus to convert into off campus dorms. In terms of investments, it is no wonder student housing is popular. Remember, the closer to campus, the higher the premium.
Developers Are Betting On Miami Real Estate
With two new extremely large developments announced within the last couple of months, I would venture to bet that Miami-Dade County is on a rebound, though price appreciation may take a while.
Genting Malaysia Berhadresort and Swire Properties Brickell CitiCentre are sure to bring much needed amenities to the Biscayne Boulevard corridor and the area west of Brickell Avenue.
3860 SW 8 St., Coral Gables – Free Standing Office Building For Sale
Free Standing Office Building with Parking
This updaated and well maintained office building is in the bustling medical and office district of 8th street, between Galiano and Ponce De Leon in Coral Gables. Hurricane shutters, 14 parking spaces, an automatic gate and great location, make this an ideal building for an owner-user. 6,535 square feet at $229 per square foot.
Still Doubt An Economic Recovery Is Taking Place In Miami?
There was so much good news about economic activity in the Miami Today, today that I had to share some of the ones that popped out at me. In addition to the one about all of the economic growth numbers from November (see tomorrow’s post), the following things jumped out at me as a good sign that Miami, despite the economic downturn, has continued pursuing projects that focus on long term growth
- Record number of passengers arrive at Port of Miami
- Downtown Miami condos are filling, resulting in new activity at Bayside Marketplace
- Seagis Property Group buying up more industrial space with long term plans to stay in Miami market
- Major film and entertainment projects are heading into town (The Magic City, Bones, Charlies Angels)
- Downtown population jumped 81% over the past 10 years
- Codina is getting ready to build a 230 unit luxury rental in Doral
- Twin 27-story residential towers close to getting okay
- 369 unit condominium project moving forward with plans to begin in second quarter
- Tech incubator at FIU lands million-$ military contract
I point all this out because it is easy to focus on the negatives of unemployment, short sales, and foreclosures, all of which are very real and very painful. The fact that companies are investing here, tourists are visiting, inventories are getting absorbed, and developers are getting ready to start building again, all tell me that we are bouncing along the bottom, but the end is in sight. Since unemployment is a lagging indicator, it will be one of the last economic indicators to pick up. All of the items listed above will help the unemployment rate, which in turn will further help stabilize our battered housing market.
Miami-Dade County Office Rent Asking Rates
Green Commercial Buildings Worth the Increased Cost
A recent Costar report found that even during the recession, buildings that have implemented LEED or other sustainable building practices both command a premium in rents and save on costs.
Miami Real Estate: Overall First Quarter Commercial Sales Decrease 54% From 2009 Levels
Over the last 12 months, the price per square foot has decreased across all commercial sectors.
- Office 38%
- Industrial 21%
- Multifamily 15%
- Retail 3%
Miami Commercial Real Estate: Several of the Top Distressed Properties in Miami-Dade County
According to Trepp, the commercial real estate loan tracking firm, some of the highest-priced distressed properties are in Miami.
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