Claudio Stivelman is the CEO of S2 Development working in Miami.
Every week, we ask a Miami real estate professional for their thoughts on the top three stories from the week before. This week, we spoke with Claudio Stivelman, CEO of S2 Development.
Miami Agent (MA): With the influx of building, especially condos, and steadily increasing home prices, the Miami market of today somewhat resembles the boom preceding the 2007 housing bubble. Is there a fear that Miami is heading towards a bubble, why or why not?
Claudio Stivelman (CS): I strongly believe in the long-term health and strength of the Miami home/condo market. Unlike 2007, this development cycle is being carefully guarded by the development industry. Builders and lenders alike have learned to avoid speculation by vetting projects and making sure they are financially sound and secure prior to breaking ground. As in any business ventures, there is a calculated risk that must be understood, but the demand and strength of the domestic and foreign economies continue to allow Miami to become one of the most sought after markets in the country. There is no question people now see the value is tremendous in Miami and the projects will continue to deliver.
MA: Building trends are constantly changing from generation to generation. What changes are the new generation of homebuyers bringing to development?
CS: New Buyers are zoned in on the design these days. We find buyers are holding developers to extremely high design standards and we are finding they love open floor plans with a lot of space. By default, each project is looking to top the next. There is no question that each development is now poised to create a very high standard of living – which is great. We’re noticing the buyer wants to be involved in the development process as much as they can and we have reacted accordingly. Some of our newer projects such as O Residences in Bay Harbor, which is a 41-unit development right on the water, offers a choice of different floor plans so the buyer can ultimately control their own design and layout. We are working with NuSpace as our interior designer for our project.
At Muse in Sunny Isles, which we are co-developing with Property Markets Group (PMG), our design standards are unparalleled. We have conceptual designer Carlos Ott who is designing the development and Antrobus + Ramirez who are bringing their unique design aesthetics to the project. Antrobus and Ramirez believe in the importance of synthesizing a structure’s exterior with its interior, and so were inspired by the “twist and spiral” design of the building to create a design concept that had a similar sense of movement. Drawing from the waterfront locale to reinterpret the idea of a beach house, the interiors utilize organic, earthy elements such as wood, marble, and stone to create spaces that feel clean and natural while maintaining a level of urban refinement and sophistication.
MA: How has technology impacted the way you market your business?
CS: Technology has entirely streamlined development. What would once take a number of days or weeks to effectively collaborate can now happen instantly. An inspiring moment or image can be put into our company drop box and everyone can contribute their thoughts and input instantly. It’s become a tremendous asset to the development process.
MA: What do you see as an area that is upcoming?
CS: Bay Harbor Islands. The once sleepy islands set back behind the world class shopping of Bal Harbor have emerged with almost a dozen new projects in the pipeline. The surrounding water has created a laid back island living feeling but the projects slated to break ground appeal to the savviest of home buyers. It’s location is ideal for almost anyone and I believe it’s poised to really make a mark. Our company S2 Development is currently developing O Residences were we have created a master piece designed to redefine boutique island living with only six residences per floor. As the only pre-construction development offering all waterfront residences, the developers behind O Residences are blending natural elements such as water and nature throughout the entire property.