MG Developer, a real estate developer based in Coral Gables, recently hosted an industry panel featuring some of South Florida’s top luxury realtors to discuss experiences and strategies in South Florida’s ever-changing real estate market. The discussion was moderated by Chiquinquira Delgado, a Venezuelan actress and TV host. The event was held at MG Developer’s newest showroom for the Village at Coral Gables, a new 48-luxury residence enclave, which will comprise of townhomes, villas, lofts and flats once it’s completed in the fourth quarter of 2024.
The panel included Karen Elmir, CEO of The Elmir Group, Angel Nicolas, Founder and Principal Agent of The Nicolas Group at Compass and Oscar Teran, Principal of The Oscar Teran Group. Panelists shared their insights and experiences about how the real estate market has evolved within their agencies. They also explored strategic tactics they implemented to overcome some of the challenges from the pandemic, the rise in interest rates, the war in Ukraine, the current economy, and how it affected South Florida’s increased real estate demand.
“This is a new Miami,” Elmir says. “There are major companies coming in from New York that are looking for homes for their employees that are driving demand and absorbing new construction. In the past two years alone, neighborhoods like the Miami Design District have been transformed by people that have literally come from all over the world.”
As Miami continues to generate interest from out-of-state companies, including New York and California, the state’s lack of income tax and warmer climate has helped lure tech businesses to the area. Panelists also revealed some of the most attractive investments in Miami, including Airbnb, spec homes in good locations and affordable multifamily buildings.
“People are not looking at South Florida to be in the party scene, they are coming to Miami to raise their families and they’re moving to Coral Gables, Coconut Grove, Pinecrest and South Miami,” Nicolas says.