Ron Shuffield is the president and CEO of EWM Realty International

Miami Agent (MA): What will be Miami’s hottest luxury neighborhood in 2017?

Ron Shuffield (RS): Those luxury neighborhoods (single-family and condo) offering the best values will do well in 2017. With an increase of available inventory now exceeding 50 percent year-over-year for properties priced in excess of $1 million; with luxury single-family sales down 11 percent for the three months ending April 2016 vs. the same period in 2015, and luxury condo sales down 24 percent for the same periods, buyers will be attracted to properly priced “market-value priced” properties.

MA: Has Brazil’s economic and political strife affected Miami’s luxury market? How?

RS: Yes. The dramatic decline of the Brazilian currency against the U.S. dollar over these past few years, coupled with the internal economic and political struggles the country is facing has given pause to Miami’s Brazilian buyers. According to Miami MLS reports, 44 percent of all Miami-Dade sales of single-family homes and condos were made to buyers outside the United States in 2014. That percentage has dropped to 35 percent in 2016.

MA: When working with luxury Chinese buyers, what are some business customs that every agent should know?

RS: Building a personal relationship is very important with many of our luxury buyers, but particularly with our Chinese buyers. Having a relationship based upon a high degree of trust and respect is very important before doing business with anyone from China; therefore, taking the time to nurture a long-term relationship is critical to a successful business relationship. These relationships generally begin through the referral of a mutual friend. Also, every initial meeting I’ve had with potential Chinese buyers has included a meal together. It’s just another way of getting to know each other before beginning discussions regarding the purchase of real estate.