President and CEO of The Astor Companies, and developer of Merrick Manor in Coral Gables, Henry Torres, shares some insight on where he sees the market going in 2018.
Q: Where do you see the market going in 2018?
A: “In 2018, the Greater Miami residential and condominium markets will continue adapting to the new reality that we now have a local, end-user driven market. We don’t currently have the outside forces, such as political crisis in places like Venezuela or the economic collapse of South American nations, to drive sales at new developments. It’s much more of a local market.
With a shift towards a local market – and continued influence from people in the Northeast, Midwest and Canada who won’t stop wanting to move down here and still consider our prices to be a deep discount – the buyer profiles and preferences are changing. The local buyers are often empty-nesters downsizing from large single-family homes in favor of a more vibrant and amenitized condo lifestyle, along with families seeking that lifestyle conveniently located near the schools the children attend. An important thing to note is that this category of buyers will not be in a position to speculate on a building that is years away from completion. They will focus on projects that are nearing completion so they can close and move into their new residences as soon as possible.
That being said, Miami will remain a second-home haven for South Americans and a secure place to park their money. They will always be an active component of our market.”