Study examines how Miami homeowners prep for rising seas
Like many other coastal cities, Miami is particularly susceptible to the anticipated effects of global warming. If current trends continue, environmental scientists estimate as much as 20 percent of Miami could be submerged under high tide conditions as sea levels rise to an additional foot above their modern norm.
Aware of this risk, property owners and developers have taken steps to mitigate the threat of rising seas, both for new homes and existing structures. A new working paper by Seung Kyum Kim, a teaching fellow at Harvard University’s Joint Center for Housing Studies, examined the economic impact that these projects may have in Miami, comparing the results to similar efforts underway in New York City.
According to Kim, public and private development projects have invested a total of $326 million in climate-change adaptation measures between 2011 and 2017. That spending includes public works projects like the construction of seawalls or the rehabilitation of beaches, as well as efforts by private property owners like simply raising foundations.
Kim’s paper describes a noticeable positive impact on home prices in Miami as a result of natural infrastructure adaptation measures, like beach and green space restoration, which can limit the encroachment of floodwaters while also adding aesthetic value. In New York, investments made to raise foundations above sea level produced the highest returns in terms of home price growth.
Global Startup Pitch Competition finalists announced
Tech company Lab Ventures has just announced their 10 startup finalists that will advance in their Global Startup Pitch Competition, according to a press release. The competition will take place at the Future of Real Estate Tech Summit on May 14, 2019. At the event, finalists will be able to present their ideas to a panel of judges in hopes of winning first place and $50,000 in Digital Ocean Credits and access to its Hatch Program, $6,000 in Sendgrid Credits, $2,000 in legal services from Private Advising Group, $3,600 in co-working space at The LAB Miami and access to the Colliers Proptech Accelerator. The finalists include: management platform Licify, design site, Prompto; software platform Sisu; mitigation platform, LIKK Technologies; smartphone access control system, Tap2Open; Kwant AI, an analytics platform; Zeki by Razz, a marketing content management system; Cove.tool, a design app; leasing software platform, Leasecake; and Avvir, a building modeling service.
RE/MAX Advance hires seven new agents
RE/MAX Advance Realty, Miami’s largest RE/MAX agency, has just hired seven new agents, according to a press release. The new agents include: Annie Bello, Jake Fletcher, William Grimm, Sebastian Herrman, Osmel Liriano, Annie Lopez and Indhira Reinoso. “The addition of these new agents reflects the ever-evolving and global nature of Miami, and our company’s focus on hiring experienced and talented professionals,” said Anthony Askowitz, broker/owner of RMA.
Jessica Adams joins ONE SIR Coral Gables team
Luxury sales specialist Jessica Adams is ONE Sotheby’s International Realty’s newest addition to the team. She will be joining the firm’s Coral Gables office and creating her own team, The Jessica Adams Group. Adams spent the last few years working at EWM with the Riley Smith Group and is joining the team with more than $135 million in closed sales completed. Adams’s most recent sale was 9375 Balada Street in Old Cutler Bay for $10.4 million, according to a press release.
Ileana de la Torre joins Arte team
Arte by Antonio Citterio recently announced that top agent Ileana de la Torre will be leading sales of the firm’s newest oceanside luxury development, according to a press release. Before joining the team at Arte by Antonio Citterio, de la Torre led sales at the Four Seasons Hotel Residence at the Surf Club. Arte by Antonio Citterio is an international architect currently working with Miami-based architect Kobi Karp on a collection of 16 oceanfront, luxury condominiums in Surfside, Florida.
EWM hires 11 new agents to Miami Beach
EWM Realty International recently hired 11 associates at their Miami Beach Office, according to a press release. Their newest sales associates include: Christopher Batchelor, Irene Fernandez, Joyce Gato, Merison Gurson, Angus McLachlan, Ariel Murgado, Jacqueline Olivia, Elias Palacios, Dana B. Rothman, Vittoria Ruzzi and Michelle Shurtleff.