The city of Miami is about to truly become international.

From an investor standpoint, Miami has always been a favorite of foreigners, but most of that money has been poured into the condo market. And, outside of an occasional visit during the holidays, most foreigners tend to simply deposit their money into an investment property, stand back and watch it grow.

The Changing Face of Miami

That is about to change. The Miami Design District is being transformed from old warehouses into a global design and fashion center, showcasing numerous luxury retailers, restaurants and bars, hotels, condos, 12 public art museums and a convention center. In fact, Bloomingdale’s and Macy’s have already signed on. It will appropriately be called the Miami Worldcenter. To inhibit even more growth, a passenger train route from Orlando to Miami is in the works called All Aboard Florida Rail Service.

Once completed, tourists will come to Miami in even bigger numbers than today. The Design District will become a literal city within a city, with very close proximity to the American Airlines Arena and the opera house. Imagine a night out on the town where, as a resident, you can easily walk to all of this; and as a tourist, you can simply park your car and visit all of the sites that interest you. Eventually, this will lead to Miami hosting events like beauty pageants and even a Mr. Olympia contest, too.

In addition, an Indonesian corporation called Genting has invested heavily in the area, with its purchase of the Miami Herald newspaper building, which it plans to transform into a world class casino. Now you are starting to get the picture. Jobs will be aplenty, the economy will grow and property will change hands regularly.

How Realtors Can Capitalize on This Development

In order for Realtors to position themselves for success in this arena, we will all have to adjust how we do business and how we shop for it in the future.

The first step is to start talking those developments up, so that investors are inclined to make a purchase of a nearby condo; that way, when they visit, they have a place to stay or an investment to simply rent out. The second step is to learn as much as you can about the projects now, so that you are as knowledgeable as any other expert when the time comes to show property there.

And finally, it would be wise to begin promoting yourself as someone who can help with that investment, whether it be on the internet or print. Foreign investment is more complicated than most people think, and requires an attorney’s help. Ideally, however, those Realtors with South American or Canadian connections might want to think about holding a seminar or presentation in one of these foreign countries.

Once completed, the Miami Worldcenter will rival other worldwide tourist destinations. Grow your business as a Realtor now by making your presence felt as a leader and expert in your field.

Morris Massre is a Realtor with Berkshire Hathaway HomeServices Florida Realty. He can be contacted at:
Phone: 954-214-6014
Email: agentsunstate@gmail.com
Facebook
Twitter