The Master Brokers Forum (MBF) conducted an online survey in September 2014 completed by 94 members of the organizations members, comprised of Miami’s top residential real estate agents. The survey results demonstrate resolute confidence about their hometown’s global standing among other world-class cities. Additionally, the survey reveals that Miami’s strongest advantages over its competitors are its weather, real estate and pricing, and global position, according to the surveyed Master Brokers.
The survey included three-questions that queried members about when Miami will be globally considered a “world class” city (on the same tier as New York, Paris, London, etc.); the factors most likely to put Miami real estate’s per-square-foot pricing on the same tier as New York; and which advantages Miami has when compared to its metro-rivals.
Major Revelations of the Survey
Question 1: When do you believe Miami will be globally considered a “world class” city, on the same tier as New York, Paris, London, etc?
More than half (57 percent) of the Master Brokers said they believe Miami is already globally considered “world class”, and another (nearly) 30 percent feel that Miami will reach that status in less than ten years. Fewer than 10 percent feel that consideration will come sometime between 10 and 20 years from now, and only three respondents believe Miami “will never be” considered at that level.
Jeff Morr, Miami MBF chair, brings attention to the way in the first question is worded, saying it could be very easy to dismiss the results as arrogant and myopic is observers failed to take careful notice.
“We asked our members ‘When do you believe Miami will be globally considered a world class city…’ which is different from asking them their own opinion about their hometown,” said Morr. “Those results are indicative of Miami’s extraordinary recent progress, and perhaps an abundance of optimism for that positive trend to continue.”
Question 2: Which of the options bellow is THE MOST LIKELY to put Miami real estate’s per sq. ft. pricing on the same tier as New York?
Nearly 75 percent of the members chose “dramatic growth of South Florida economy” as the factor most likely to put Miami real estate’s per-square-foot pricing on the same tier as New York. Among the other two options, “political upheaval in South American” was a distant second at 18 percent, and “prolonged trend of rough winters in the northeast” was a distant third at 7 percent.
Morr believes these results demonstrate a realistic understanding of a key advantage for New York. Regardless of 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 the two city’s per-square-foot pricing is on the same level.
Question 3: How would you rank Miami’s current advantages over other major metro areas like New York?
When asked to rank Miami’s advantages over other major cities, the runaway leader was “Weather”, with a 9.46 out of 11 average ranking, followed in order by:
- Price/Quality of Real Estate (8.23)
- Global location/Proximity to major markets (7.68)
- Travel/Tourism/Hotels (7.04)
- Entertainment/Dining/Sports (6.14)
- Business/Economy (5.69)
- Shopping (5.24)
- Hospitals/Health Care (5.01)
- Arts/Culture/History (4.43)
- Schools/Education (4.29)
- Public Safety/Infrastructure/Ease of Transportation (2.79)
Morr found these results to be the most interesting findings of the survey. The responses of the 94 Master Brokers show that members 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.
“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,” said Morr.
To view an infographic for this survey, visit http://www.masterbrokersforum.com/images/MiamiMBFSurveyInfographic.jpg
Master Brokers Forum is a unique organization comprised of South Florida’s top residential real estate professionals that provides its members with the opportunity to network and exchange ideas, stay at the cutting edge of the real estate industry and new products, and spearhead the identity of the best of real estate professionalism. Membership is limited to the region’s most successful real estate professionals, and is by invitation only. For more information, visit www.masterbrokersforum.com.