Karen Elmir, founder and CEO, The Elmir Group, Cervera Real Estate.
Karen Elmir is the founder and CEO of Cervera Real Estate’s The Elmir Group, and she took time to share her thoughts on the state and future of Miami’s luxury market.
Miami Agent (MA): Where is Miami’s luxury real estate market strongest?
Karen Elmir (KE): Miami is a unique city with a multitude of luxury neighborhoods. Among those include Brickell, Edgewater, Miami Beach and Coconut Grove, specifically the exclusive S. Bayshore Drive. Properties such as Grove at Grand Bay are currently redefining luxury in Coconut Grove in a similar way that EPIC has done for Brickell.
MA: What trends in foreign buyers have you noticed in 2016? What are the big demographics agents should be watching?
KE: Miami continues to attract investors from around the globe. This will never change. We have, however, been experiencing an increase from the Turkish and Chinese markets, a new buyer demographic for our region. Now is a good time for agents to shift focus and really start paying attention to the influx of those buyers, and to explore opportunities in Turkey, China and the United Arab Emirates.
MA: When people say Miami’s real estate market is overvalued, what is your response? Is it or is it not ?
KE: Not at all. In Miami, you have everything in one place for half the price that you will find it in New York. In fact, per-square-foot prices in the city are some of the cheapest in the U.S. This culture-packed city is one of the only places in the country where you can experience the feeling of a tropical vacation without leaving the continental United States. You have it all: a financial district, residential communities, luxury living, tourism and some of the finest beaches in the country.
MA: Is Miami’s condo market in a bubble? Why or why not?
KE: Miami is financially secure because of the high percentage of cash buyers. There is currently a large amount of inventory, and it is a matter of time before the market absorbs this excess inventory, rather than brace for what some are interpreting as a bubble. For this reason, some of the new development is on hold until this existing inventory is absorbed, but it will pick up again. Miami is constantly evolving and growing – this is part of the cycle.