A Miami real estate expert tells us how to invest in South Florida
A few years ago, one way to successfully invest in Miami was to buy property at pre-construction prices. Then came the 2008 crisis, the market crash, and just as things were beginning to calm, COVID-19 hit. Miami then became a dreamscape, and for a moment, many South Florida homeowners became millionaires as home values skyrocketed.
That's where the myth of inaccessible Miami — the one that is only a land of millionaires — arose. First came the celebrities, then the hedge fund crowd and executives from large companies that began to relocated to Miami, such as Citadel.
The fact that celebrities like David and Victoria Beckham will pay $72 million for a residence on North Bay Road, the millionaires' enclave in Miami Beach, sealed the deal. The area was once home to Jennifer Lopez and Phil Collins and today model Karlie Kloss and her husband Joshua Kushner are some of the many high net worth residents.
This time, Miami Oculto wants to delve into the secrets of real estate in Miami, the neighborhoods that have undergone the greatest transformation in recent years, such as Wynwood, and those that are on their way up, so you should invest now.
Our guest for this episode is Venezuelan real estate agent Carlos Eduardo Rojas, a broker with Miami Riches, who began investing upon arriving in the city 25 years ago and now has the experience to know where to invest.
'I don't sell properties, I sell Miami,' is a phrase Rojas likes to say. In fact, he once sold six apartments on a flight from Miami to London.
Listen to the podcast here:
The ugly side of real estate money
In a Miami where flash and ostentation often sell, Rojas follows the advice of one of his seasoned clients: 'Ugly things with potential are where the money is. There isn't much money in beautiful things.'
But there are several ways to profit in real estate, and we explore those in this podcast, with specific questions:
Why is return on investment so important?Why do you have to be cautious about how much you invest?Is it because you won't see the return?Why does depreciation matter?
'The formula isn't just to buy something cheap,' Rojas warns. 'Because you don't want to buy something cheap and wait 50 years.'
The key is identifying the areas in Miami most likely to appreciate. To that end, Rojas shares key criteria for predicting the future of real estate in the city.
Where Are the Million-Dollar Areas in Miami?
We also talk about the islands where celebrities live, and how the definition of a million-dollar property in Miami has evolved. We discuss where the wealthiest buyers come from — and ask questions like:
Where do Gloria and Emilio Estefan live?Where is Shakira's house in Miami?Did you know one of the luxury apartments Lionel Messi bought has a terrace the size of a typical Miami home?
To wrap up, we offer some real estate wisdom. One tip: if you don't want to overpay in an area that hasn't taken off yet, follow the foreign capital — but not where it's already landed. Look for areas people haven't started talking about yet. But where are those areas? And how can you recognize them?
Watch the podcast video here:
You can watch all episodes of the Miami Oculto podcast on YouTube on the el Nuevo Herald website. Find all episodes of the Miami Oculto podcast on your favorite audio platform: Spotify Podcast, Apple Podcasts, iHeart Radio, and Amazon Music.
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Monoclonal Antibody Segment Set for Significant Expansion, Reaching $2 Billion by 2030
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