New MBF survey finds major confidence in Miami’s international standing, but little in the way of infrastructure and safety.

A recent survey issued by the Master Brokers Forum questioned nearly 100 of its 250 person membership on the future of Miami and its current position relative to other global or approaching-global cities. The results showed an overwhelming confidence regarding the city’s international standing, but highlighted some serious deficiencies when it came to internal systems and structures.

Conducted online throughout September, more than half of survey respondents agree Miami is already a “world class” city, competing with places like London and New York, while 30 percent feel the South Florida haven will earn the designation within less than 10 years. What will be driving growth? Nearly three-quarters of respondents said that “dramatic growth of (the) South Florida economy” will be the city’s propellant, pushing Miami’s per square-foot pricing to a tier level with New York.

However, the results were not always so positive. When asked, on a scale of one to 10, to rank Miami’s internal attributes, the things attracting new buyers and investors to the city, the No. 1 answer was “weather,” with a 9.46 rating, while the bottom three were “Arts/Culture/History” (4.43), “Schools/Education” (4.29) and “Public Safety/Infrastructure/Ease of Transportation” (2.79).

Other notable findings include:

• Only 3 percent of respondents agree that Miami will never reach a “world class” level.
• Nearly 20 percent of MBF members believe political upheaval will be the most likely factor improving Miami’s per square-foot pricing.
• Quality shopping ranked above healthcare, culture, education and public safety.

Appealing to Internationals, Not Locals

The results of the survey, while somewhat divided between international appeal and internal shortcomings, were heralded by MBF Chair Jeff Morr as a positive.

In regards to the first question, which asks participants about Miami’s standing as a global destination, Morr points to the majority of respondents who touted Miami as already a member of the exclusive “world class” cities club, remarking on the group’s “abundance of optimism” for the city’s growth and development.

“The results of question number two demonstrate a realistic understanding of a key advantage for New York,” Morr added. “Despite Miami’s dramatic evolution as a center for trade and commerce, New York is still the financial capital of the world, and Miami has some ground to make up before our per-square-foot pricing is on the same level.”

During last week’s annual real estate forum hosted by local news source The Real Deal, gathering experts mimicked the confidence of MBF members, adding that not only is Miami working towards an international status level with New York, but many New Yorkers themselves are choosing to leave the big apple for South Florida.

Referring to the states favorable tax laws, Nelson Gonzalez, a senior VP with EWM Realtors, told The Real Deal, “They can spend $20 million on a house because they are making $30 million a year. The house practically pays for itself and they get to live in paradise.”

The third and final portion of the survey, in which respondents rank the advantages of the city, was certainly the most eye opening, illustrating how dedicated Miami has become to servicing its international visitors, while shirking the standards of infrastructure, education and healthcare. Morr went on to comment on the responses, applauding MBF’s members for recognizing the true advantages of Miami.

“Master Brokers have a clear sense of the advantages presented by Miami’s celebrated weather; the diversity and quality of real estate available to residents, part-time inhabitants, and investors; our proximity to South America and the Caribbean; first-rate tourism and hotel offerings; and a wide spectrum of dining and entertainment options,” he said. “It should be noted that we have also seen wonderful advances in Miami’s infrastructure, schools and cultural offerings in recent years, so I would not be surprised to see those aspects become great advantages in the years to come.”