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What 2018 has in store for Miami real estate: A Q&A with Christopher Adeleke of Douglas Elliman

by Kelly McCabe

3. Brickell has become a top Miami destination, with businesses and hot spots for visitors, often deeming it the “Wall Street of the South” — how can it remain on the map and what factors do you see contributing to its popularity?

Visitors are seeing Miami for more than just a place of beaches and nightlife and more of a world-class cultural destination, with the Perez Art Museum Miami, Frost Museum of Science and Adrienne Arsht Center for the Performing Arts. Plus Brickell offers a variety of culinary destinations that rival any major city in the world.

4. We’ve had an active hurricane season this year, making national headlines with damage caused particularly by Irma. How do you think that will impact real estate investment in 2018?

Hurricane Irma was an eye-opening experience for a lot of people. I believe moving forward, buyers will have questions regarding what properties or neighborhoods will do in the case another major storm. Does it have impact glass or hurricane shutters? Is the property in a flood zone? Are power lines above or underground? What’s the extent of insurance coverage?

5. Do you think 2018 will be a buyer’s market or seller’s market in Miami?

It’s more of buyer’s market in the sense that interest rates are still low, giving buyers more incentive to make a purchase; plus in certain areas, there is more inventory than usual. Sellers who are realistic in pricing are finding an easier time in moving their properties.

6. Miami is full of outrageous amenities, particularly in new condo developments. What are some new and desirable amenities and trends you see driving investment in 2018, both from both a Millennial standpoint and a luxury standpoint?

Everyone wants to feel special, so in the high-end luxury market, we are seeing a higher standard of concierge services for residents that transform everyday living into extraordinary experiences, which can include scheduling of transportation to the airport, grooming of pets, scheduling of massage after a workout and more.

From a millennial standpoint, some of the sought-after amenities are nice pool decks with space to entertain, such as cabanas and summer kitchens. Also, there are a number of millennials who work from home, so having the convenience of on-site business centers to work out of is important.

Also, there’s no question that online shopping is now a part of our everyday life. Millennials rely on a lot of sites like Amazon to make big or small purchases, so it’s important that buildings offer secure and efficient methods to receive these packages for their residents.

7. Steady population growth, a flood of inbound investment and one of Florida’s strongest job markets are fueling Miami’s emergence as an international city. Why do you think Miami is becoming an increasingly global city?

Miami is the melting pot of the world — it is the No. 1 international city in the world. Over 100 languages spoken in Miami, and you can find every walk of life here, no matter where you are from. Miami is a global hub for business, art, luxury and nightlife.

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