Adriana Pinto-Torres is the broker-owner of APT Luxury South Beach Real Estate.
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 Adriana Pinto-Torres, a member of the Master Brokers Forum and director of luxury sales at APT Luxury South Beach Real Estate. The APT Team works through Douglas Elliman.
Miami Agent (MA): Residential construction in Miami continues to increase. What is it about the current market that favors new construction projects?
Adriana Pinto-Torres (AP): Miami has become a world class city that has come into its own. From the 20,000-plus condos built in Miami’s Brickell/Downtown corridor during the boom, less than 600 remain unsold. Old inventory has been nearly absorbed. There are also about 170 new residents arriving to the region daily, and new construction and new neighborhoods are being created as a result. Miami’s landscape is rapidly changing, and new construction is not being fueled by house flippers, like in the past. Miami has always been the ideal second home destination for Latin Americans and Europeans, who see value in the city when compared to the prices of other major metropolises. Miami is a safe haven for overseas investors who seek to place their investments in long-term projects. Plus, Miami’s weather (yes, it is still a factor), geographic location, expanding financial sector, cultural and artistic maturity, and no state income tax drive the explosion of New York and Northeast corridor buyers to the Magic City. Miami is on everyone’s radar.
MA: One of our most-viewed stories in recent weeks advised Realtors on how to have a sustainable career. What advice would you give to Realtors looking to have a sustainable, successful career?
AP: My advice is to be honest, patient and persistent. I also learned quickly that understanding the needs of my clients is paramount. Also, don’t get caught up in the hype or what others are doing. Just keep focused on your job. One should always work to be better. Never think that one has done his or her best. Working to get better allows room for improvement and growth, while thinking one has done his or best does not.
MA: We recently reported that new homes in a high price range are selling more than homes in a low price range. Is this consistent with what you’re seeing? If so, why is this is the case?
AP: Miami’s cachet and maturity are drawing the luxury buyers to the area. Miami’s important art museums, top-notch gastronomy, art festivals such as Art Basel, luxury shopping centers and its financial district are just some of the many offerings that give well-heeled homebuyers from across the globe reasons to live here.
Wonderful advice!