Miami

Miami Art Week Draws a Wave of Affluent Visitors, Prompting Vigilance in the Real Estate Sector

By Columbus International,4 December 2023

The Miami Art Week has attracted a flood of affluent visitors, prompting heightened vigilance in the real estate industry. Numerous potential homebuyers have already scheduled visits to sales galleries and opulent residences, while others plan to explore properties while participating in Art Basel, Art Miami, and various affiliated art fairs scheduled for the week. Developers and real estate firms are actively supporting these events, with some scaling back their involvement this year. Nevertheless, prominent agents and firms are organizing private dinners, networking events, and even boat tours to capitalize on the presence of wealthy clients.

This year, Sotheby’s International Realty, based in Coconut Grove, is the sponsor for Art Basel Miami Beach at the Miami Beach Convention Center, taking over from Douglas Elliman. Under the umbrella of Anywhere Real Estate, Sotheby’s International Realty secured a multi-year deal with the art show, intending to showcase new developments and luxury homes within the Collectors’ Lounge. While firms like Cervera Real Estate and Elliman are not sponsoring fairs this year, prospective buyers primarily attend art-related events, and the impact on real estate brokers is typically felt weeks later. Nevertheless, brokers proactively seize the opportunity to capture their attention. It’s noted that real estate agency clients are scheduling appointments well in advance for in-person showings of homes on the Venetian Islands, along North Bay Road in Miami Beach, and on Fisher Island. Several Miami real estate agents are organizing networking events, private brunches, and open houses during Miami Art Week to showcase their portfolio.

Additionally, various developers are unveiling new art installations, especially in neighborhoods like the Miami Design District, with figures like Craig Robins and Jorge Pérez showcasing art from their personal collections. Pérez, the owner of Miami-based Related Group, the largest condo developer in South Florida, revealed a new exhibit at his private gallery, El Espacio 23, in Allapattah in early November. As the high season for South Florida real estate kicks off, new listings are emerging on the market, including the waterfront island estate Tarpon Isle in Palm Beach, reintroduced by developer Todd Glaser and partners at a reduced price of $187.5 million with Suzanne Frisbie of the Corcoran Group. “One Sotheby’s Lena Johnson described Art Week as the ‘it’ cultural moment,” emphasizing its growing significance in the cultural calendar.

Source: The Real Deal

Miami’s Italian Renaissance: A Cultural Infusion in the Magic City’s Lifestyle and Real Estate

By Columbus International,29 November 2023

Miami has long been celebrated as Latin America’s informal northern capital, with Latin culture deeply embedded in its vibrant atmosphere. However, the city is now witnessing a surge in admiration for Italian influences alongside its Central and South American counterparts, marking a notable shift in cultural dynamics.

In a recent Forbes article, the transformation is evident not just in language, as Spanish is no longer the sole Romance Language resonating in residents’ conversations. Italian culture is making a substantial impact on the Magic City, leaving an indelible mark on various facets of life, including hospitality, fine dining, and real estate. Prominent hospitality brands like Bulgari Hotels & Resorts have found a home in Miami, while a plethora of exquisite Italian restaurants, including renowned establishments like Carbone, Contessa, and MAMO, have become integral parts of the city’s culinary landscape. Italian design and style have also permeated into the realm of real estate developments, with luxury condominium projects such as VITA at Grove Isle and ONDA Residences boasting Italian finishes and materials. The towering 57-story luxury condominium, Missoni Baia Miami, stands as the world’s first branded residential tower from the iconic Italian fashion house, showcasing its multihued design palette and Missoni Home furniture collection. Cipriani Residences Miami, a ground-up development in the Brickell neighborhood, is another testament to the Italian influence. Developed by South Florida’s Mast Capital in collaboration with the illustrious Cipriani family, globally renowned for their restaurants and nightlife venues, this 80-story-tall residential tower will feature 397 luxury condominium units, resort-style amenities, and classic Italian cuisine. Noteworthy in this cultural renaissance is VILLA Miami, a 55-story boutique residence crafted by TERRA and One Thousand Group.

Partnering with Major Food Group (MFG), the hospitality firm behind Carbone and Contessa, VILLA Miami promises a unique residential experience. MFG will curate the tower’s lifestyle offerings, incorporating Italian design into every aspect, from dining to leisure and wellness. Ugo Colombo, CMC Group founder, emphasizes the authenticity of Italian design brought by born-and-bred Italians involved in these projects. Colombo, alongside Onda Residences co-developer Valerio Morabito and their design partners, Molteni&C and A++ Human Sustainable Architecture, aims to create timeless, quality residential developments deeply rooted in the principles of fine craftsmanship and elegant architecture. “At both ONDA and Vita, we are creating timeless, quality residential developments,” says Colombo. “We have translated what it means to live in true luxury for the modern buyer, showcasing all aspects of ‘La Dolce Vita.'” These Italian-inspired developments present Miami residents and potential buyers with a taste of the good life, eliminating the need to travel to Rome to experience La Dolce Vita. The city’s western outpost has become a cultural melting pot, where the influences of Latin America and Italy converge, offering a unique blend of lifestyles and experiences. As David Martin, CEO of Terra, affirms, “VILLA’s Italian DNA is infused throughout all aspects, from the design to programming, amenities, and services,” making it an instant point of interest for those seeking a touch of Italian elegance in the Magic City. [Source: Forbes]

The Evolution of a Grand Playground – Unveiling the Cultural Renaissance of Miami Beach

By Columbus International,13 November 2023

Miami Beach, the sun-kissed real estate paradise on Florida’s southeastern coast, has long been synonymous with luxury, excess, and a vibrant scene. Behind its glamorous façade, however, lies a city that has undergone a fascinating series of transformations throughout its history. From its origins as a playground for the wealthy elite to social challenges and subsequent rapid ascent, Miami Beach has consistently demonstrated resilience and adaptability. Today, as the city faces new challenges, it prepares for a fresh reinvention, one that embraces cultural enrichment and redefines its very essence.

Miami Beach: A Journey Through Time
Nearly a century ago, in the roaring ’20s, Miami Beach experienced its first real estate boom. Millionaires like Harvey Firestone, J.C. Penney, and Rockwell LaGorce flocked to this three-mile stretch of paradise known as Millionaire’s Row. It was during this period that Art Deco architecture began to take shape, leaving an indelible mark on the city’s identity. The bubble burst with the onset of the Great Depression, plunging Miami Beach into a severe economic crisis. Nevertheless, the city found a way to bounce back.

Revival and Reinvention
In the ’40s and ’50s, Miami Beach witnessed a revival fueled by an influx of retirees and post-war economic boom. The construction of numerous hotels along Collins Avenue propelled the city’s tourism industry. As the ’50s approached, the so-called “Miami Beach experience” was packaged and marketed to the American middle class, losing some of its authentic charm in the process. Nevertheless, Miami Beach pressed on. The city maintained a busy schedule of events, attracting prominent artists like Sinatra’s Rat Pack and the newly discharged army man, Elvis Presley. However, with the rise of countercultural movements and shifting social attitudes, Miami Beach found itself disconnected from the evolving times. Over time, historic communities established themselves, and by the late ’70s, its decline was marked by crime and deteriorating infrastructure. Yet, as in every cycle of transformation, Miami Beach had its moment of rebirth.

Preservation and Passion
In the ’80s, the groundbreaking TV series Miami Vice entered the scene. Debuting in September 1984, it portrayed an exaggerated and glamorous version of the city, showcasing its vibrant energy and enveloping atmosphere. Miami Vice not only saved South Beach from demolition but also played a significant role in shaping Miami Beach’s image. Activists fought passionately to preserve the decaying Art Deco hotels that emerged in Miami Beach towards the end of the Depression era, providing affordable accommodations to snowbirds. Led by Barbara Capitman, these activists succeeded in getting the Art Deco District and its Tropical Deco building inventory listed on the National Register of Historic Places in 1979. This listing ensured the protection of the city’s unique architectural heritage. Additionally, artists, designers, and entrepreneurs recognized the potential of Miami Beach and flocked to the city during its ’90s renaissance. In particular, the fashion industry fell in love with Miami Beach’s dynamic atmosphere and vibrant colors, solidifying its status as a global hotspot for nightlife. During this era, Miami Beach became a magnet for celebrities seeking a subtropical vacation spot away from the spotlight. Icons like Madonna and Gianni Versace were drawn to the allure of this sensual paradise, embracing its vibrant lifestyle and contributing to its aura of mystery. The late ’90s and early 2000s marked the peak of Miami Beach’s transformation. Its reputation as a playground for the rich and famous was solidified, becoming a global hotspot for nightlife. Celebrities and jet-setters from around the world flocked to Miami Beach, attracted by the lively entertainment scene, luxury hotels, and world-renowned restaurants.

Glamour and Sophistication
Over the years, Miami Beach faced the challenge of maintaining a delicate balance. The city had to reconcile its image as a glamorous entertainment hub with the desire to cultivate a more refined and inclusive atmosphere. High rents and the departure of distinctive merchants led to vacant storefronts, especially in coveted areas like Lincoln Road. This departure of small businesses disrupted the city’s unique charm, diminishing its appeal for European and South American visitors who once sought longer vacations with more disposable income.

Cultural Renaissance
Today, Miami Beach stands at a crucial moment, ready to redefine its identity once again. The city aims to shed the reputation of a lawless spring break destination and embrace a cultural renaissance. A recent bond issuance, totaling $97.6 million, is funding improvements to cultural projects like the Miami City Ballet and the Bass Museum of Art. These bonds are secured by property taxes, which have increased in recent years due to Miami Beach’s appeal to the wealthy. The bond issuance represents a significant effort by Miami Beach to transform its image and pivot towards a cultural landscape. The city seeks to attract “cultural tourists” rather than crowds of young vacationers. Miami Beach has seen an increase in residential property values, with nearly a 125% growth in the last decade. The arrival of high-income individuals, including billionaires like Puerto Rican entrepreneur Orlando Bravo, H.I.G. Capital Co-Founder and Co-CEO Sami Mnaymneh, and hedge fund executive Ken Griffin, has led to the development of modern office buildings, new restaurants, and success in hosting international events like Art Basel. Miami Beach has always had a rich cultural base, boasting institutions like the New World Symphony and the Miami Beach Botanical Garden. The recent bond funding will build on this history, promoting the city’s arts and cultural offerings. Investments aim to create an unprecedented growth in museums, theaters, and public performance spaces, further enriching Miami Beach’s vibrant community. As Miami Beach embarks on its latest chapter, the delicate dance between growth and preservation will shape its future, a narrative that carries the potential for enchantment and cautionary tales. The city’s transformative journey serves as a compelling reminder that reinvention is a nuanced dance, requiring a delicate balance between progress and respect for its unique identity.

Jeff Bezos’ bold move: Miami beckons as he leaves Seattle behind (Source: People)

By Columbus International,3 November 2023

The Amazon Titan, Jeff Bezos, is trading the rain-soaked Pacific Northwest for the sun-drenched allure of Miami’s real estate scene. The 59-year-old tech mogul made a splash on Instagram when he unveiled his plans to relocate to Miami in the near future. In his social media announcement, Bezos shared a nostalgic clip from the early days of Amazon, reflecting on his roots in Seattle. “Seattle has been my home since 1994 when I started Amazon out of my garage,” he fondly reminisced. Notably, Bezos revealed that his father, Miguel Bezos, played the role of the cameraman in the video, adding a personal touch to the post.

“My parents [Miguel and Jacklyn] have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High class of ’82 — GO Panthers!).” Bezos went on to explain the driving force behind his upcoming relocation, stating, “I want to be close to my parents, and [fiancée] Lauren and I love Miami.” He also highlighted the shifting focus of his aerospace company, Blue Origin, towards Florida’s Cape Canaveral. While expressing his deep attachment to Seattle, Bezos acknowledged the bittersweet emotions surrounding the move. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.” In the video clip from 1994, a young Bezos guided a tour of Amazon’s early headquarters in his three-bedroom Seattle home. The scene showcased a cluttered yet promising office space filled with papers, books, fax machines, and dated computers. Bezos humorously quipped, “That’s about it. It doesn’t take long to tour the offices of Amazon.com.”

This monumental decision to relocate follows Bezos’ recent acquisition of a luxurious seven-bedroom mansion on a private island in Miami’s Biscayne Bay. The opulent property, nestled on a man-made island, was secured in September for an impressive $79 million, according to Bloomberg. This purchase came on the heels of Bezos’ earlier acquisition of a neighboring home in June, which he acquired for $68 million.

Together, these two properties span approximately 1.8 acres on the exclusive Florida island, marking a significant footprint in Miami’s real estate landscape. Before embarking on this real estate adventure, Bezos took another significant step in his personal life when he proposed to his girlfriend, Lauren Sánchez, in late May. Friends close to the couple expressed their excitement, describing it as “her dream come true.” Bezos and Sánchez made their relationship public in 2019, following Bezos’ divorce from his wife of 25 years, MacKenzie. Miami is now poised to be the backdrop for the next chapter in Bezos’ extraordinary journey.

Source: People

South Florida’s Real Estate Boom: A Magnet for Investment and Migration

By Columbus International,1 November 2023

We are witnessing a real estate boom in South Florida. In the heart of Miami, spaces are being cleared for the construction of the tallest office tower in Florida, with 1.5 million square meters set to house companies that previously had no presence in the state. St. Regis and Waldorf-Astoria branded condominium towers are also in the works. Even though their completion is still a way off, many of the yet-to-be-built units have already been reserved with substantial deposits from buyers.

A similar situation is occurring further north in West Palm Beach, where the arrival of financial giants like Goldman Sachs and Blackrock has driven office lease rates to record levels in the second quarter of this year. Now, new workplaces with private terraces and yacht rental access are rising along the city’s waterfront, while developers plan condominiums for future employees. “We have four or five thousand people coming to West Palm Beach who aren’t here yet,” said Nick Bienstock, CEO of New York City office landlord Savanna. Eager to play its part in this market, Savanna is making its first investment in Florida, a 275-unit condominium called Olara, part of the 3,000 new homes currently in development throughout West Palm Beach. Over three years since the start of a massive migration of money and people to the Sunshine State, Florida’s real estate market continues to outperform nearly all others in the United States. What began as a refuge from cold weather and pandemic restrictions has transformed into a place that not only welcomes the current influx of professionals but also aims to double the number of future arrivals.

“The old Florida of the 1980s is disappearing,” said Ken H. Johnson, a real estate economist at the Florida Atlantic University College of Business. “We are no longer receiving those retirees with fixed income who used to come. We are getting people with significant incomes, and they usually bring work and employment with them.” In fact, according to a recent report by financial consultant SmartAsset, Florida is the number one destination for professionals aged 25 to 36 earning at least $200,000. But the most crucial data is that in recent years, high incomes coming to Florida outnumber those leaving by a three-to-one margin. Along with the young and jobs, newcomers also bring liquidity, buying homes in a state that has far too few. The result is a market that continues to excel on nearly every superlative list. For example, out of the ten most overvalued real estate markets in the country, seven are in Florida, according to a monthly analysis co-published by Professor Johnson. This means that Florida buyers are paying the highest premiums for their homes nationally compared to price averages over the last 27 years.

The median home price in Miami rose by 14.6% in August compared to the previous year, according to the brokerage Redfin, and by 5.3% in nearby Fort Lauderdale, where the downtown population has increased by 80% since 2010. These peaks come just as other “boom cities” of the pandemic era experience continuous declines: home prices in Phoenix fell by 2% in August, Fort Worth dropped by 2.7%, and Austin, which ranked last on Redfin’s price growth list, fell by 7%. And this is the good news: these numbers follow double-digit corrections in Phoenix and Austin just a few months earlier. “Texas is different from Florida even though both are identified as states without income taxes,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.

“Florida is seen as a tropical vacation destination – where you can also live. People don’t vacation in Dallas.” During the pandemic, Florida recorded the largest wealth migration flow in the United States. In 2021 alone, new arrivals increased the state’s taxable income by $39.3 billion, more than triple what Texas, the second-place state, did, according to the Economic Innovation Group, a Washington, D.C.-based think tank. Census data released in September suggests that this growth will continue: Florida’s population increased by 2.13% – the largest jump in the U.S. – between 2021 and 2022. “Florida is undergoing a reset and restructuring in a way that no one else is doing,” said Jonathan Miller, president of real estate appraisal company Miller Samuel. What sets this current cycle apart is “that all of this is happening without a huge amount of international demand” that fueled Florida’s previous real estate and demographic booms. So, what’s fueling it now?

“New Yorkers are the new foreign buyers,” Miller said, referring to the nearly 130,000 Empire State residents who moved to the Sunshine State in 2021 and 2022 alone. Many of these new residents split their time between cities, making Florida their primary residence, free from income taxes. Not surprisingly, there is a boom in furnished condominium construction in Miami designed for easy renting while owners are away. Florida has an obvious appeal for northerners. Tired of the issues of large cities such as crime and quality of life shortcomings, and drawn to the tax benefits and beachfront home offices, the state offers a ready-made solution to many of America’s urban problems.

“It’s just a different way people choose to live, and Miami is a big beneficiary of that,” said Nitin Motwani, managing partner of Miami Worldcenter Associates, the master developer of the 27-acre, $6 billion Miami Worldcenter district spanning 10 blocks of the city. Motwani has revealed that he regularly receives calls from executives seeking logistical assistance in relocating south. “Sometimes it’s just things like ‘Where should we look?’ Other times, it’s about discussing talent or ‘Can you put me in touch with another high-level person who has relocated?'” he said. According to news reports this year, the top schools in the Miami area have become so crowded that billionaire newcomers are literally writing million-dollar “charity” checks to secure spots for their children. From every perspective, Florida’s real estate market is exceeding expectations. While this may be good news for investors, the lack of affordable properties has become a concern for “policy makers” who are seeking to incentivize the development of more affordable apartments. A recent report by the Florida Policy Project revealed that over a million residents across the state spend over 50% of their income on housing. Rising homeowners insurance premiums only make matters worse.

According to a recent study by the Florida Apartment Association, Florida will need approximately 500,000 new housing units by 2030 to contain costs and meet future demand. Not surprisingly, Florida’s housing shortage has translated into some of the highest price increases in the nation. Since 2019, the median price of homes and condos in Miami has risen by 64%, according to Miller Samuel. This is compared to a 14% increase in Los Angeles and a 1.2% decrease in Manhattan during the same period. Even outside of Miami, price gains have been robust, with a 62% increase in Boca Raton and a 59% increase in Delray Beach. In the Palm Beach area, rich in finance, residential property has been fueled by the pandemic, with a 141% increase since the second quarter of 2019, according to Miller Samuel. While prices are beginning to stabilize, at least five homes for over $50 million have already been sold this year, including a $155 million complex sold by the widow of Rush Limbaugh. “Forty years ago, Palm Beach was a place where elderly people went for their final years, and today it absolutely isn’t anymore,” said Bienstock of Savanna.

Similar to residential developers, commercial real estate investors are contributing to the continued dominance of South Florida’s real estate, investing over $63 billion in the region’s three counties in 2021 and 2022, according to MSCI Real Assets data. In Miami, New York companies Related Cos and Swire Properties are making a high-profile bet that both human and economic capital migrations to Miami are both permanent and ongoing. They are currently constructing One Brickell City Centre, the tallest office tower in Florida, with 1.5 million square feet and a height of 1,000 feet, in downtown. Developments like One Brickell are crucial for Miami’s continued growth. Corporate relocations increased by 33% last year, while the total assets managed by financial firms in Miami rose to $390 billion in August 2022, up from $75 billion in 2019, according to the Miami Downtown Development Authority.

“The lack is represented by quality office spaces, and that’s the gap we’re trying to fill,” noted David Martin, senior vice president for retail and commercial leasing of Swire’s U.S. operation. In fact, office vacancies stood at just 10.4% in the second quarter of this year in Miami-Dade County, according to Colliers, compared to the historical high of 17.8% in Manhattan and over 30% in San Francisco. Additionally, the city center is now more easily accessible to Boca Raton and Palm Beach thanks to the new $6.2 billion Brightline high-speed rail service. Several other New York developers – from real estate titan Harry Macklowe (who once owned the GM Building), to Chrysler Building owner Aby Rosen, to the Upper East Side condo kings of the Naftali Group – are all planning their debuts in Florida. “There is still a migration of people,” says billionaire developer Richard LeFrak, who has more than doubled his South Florida staff since the pandemic hit. “It’s not as dramatic as it was during COVID, but it’s still a steady flow.”

Source: New York Post

The 11 best hotels in Miami to book now, according to Shelby Albo, founder of Travel Fit Love. Source: AD

By Columbus International,11 October 2023

Are you looking to book a stay at one of the finest hotels in Miami? Miami is anything but understated, with its showy, celebrity-filled restaurants and clubs that stay open into the early hours, beaches that serve as fashion runways, and soaring real estate prices. The city’s top hotels are no exception. Shelby Albo, a travel consultant and the founder of Travel Fit Love, a site that promotes active travel, says, “Miami’s hotels tend to be glamorous spots that are the ‘It’ places to hang out in town. In fact, people visit Miami just for the hotels.” Here’s Architectural Digest’s list of 11 exceptional properties in the Magic City, spanning from Surfside to South Beach, and not forgetting Mid-Beach in between.

The Goodtime Hotel: A collaboration between Miami nightlife and restaurant entrepreneur David Grutman and singer-songwriter Pharrell Williams, this hotel guarantees a good time. With trendy public spaces adorned with hand-painted murals and Deco plasterwork, and rooms featuring fun elements like leopard-print benches and pink rotary dial phones. The property boasts a 30,000-square-foot pool club called Strawberry Moon, a spacious gym, and a library for guests to socialize over coffee or cocktails.

W South Beach: After a $30 million renovation in 2020, W South Beach re-emerged as a serene getaway on Collins Avenue, shedding its dark tones and shiny finishes. The 357 guest rooms now feature an airy aesthetic with warm oaks and natural light. The hotel also offers new spa facilities and an art collection valued at $100 million, featuring 21 original Andy Warhols. On-site amenities include tennis and basketball courts, beach cabanas, and an outpost of the celebrity-favorite restaurant Mr. Chow.

The Setai, Miami Beach: With its sleek, dark tones and Asian-inspired design, The Setai oozes elegance. As a member of the Leading Hotels of the World, guests can sip fresh coconut juice by the three guest-only swimming pools or indulge in treatments at the Valmont spa. The signature restaurant, Jaya, serves up exceptional Asian cuisine, complete with fire dancers, aerial acrobats, and live jazz performances.

The Betsy, South Beach: This European-inspired, family-owned luxury boutique hotel on Ocean Drive offers a unique combination of an art gallery, live jazz club, and a coffee shop that hosts book talks and poetry readings. The hotel also features a beach-facing outdoor dining terrace and a rooftop pool with panoramic city views.

Faena Hotel Miami Beach: Located in Mid-Beach, Faena Hotel offers some of the widest and most pristine beachfront in Miami. It’s a maximalist’s dream, featuring pieces by renowned artists like Damien Hirst and Jeff Koons. Dining options include Los Fuegos by Francis Mallmann, known for Argentine fare from South America’s celebrated chef. The hotel also hosts live shows, has a bar, and a 22,000-square-foot oceanfront spa.

Four Seasons Hotel and Residences at The Surf Club, Surfside: Originally opened in 1930, the Surf Club has a rich history and a contemporary aesthetic today. Situated on nine oceanfront acres, it offers 77 rooms, three pools with day cabanas, a destination spa, a champagne bar, and an Italian restaurant. The Surf Club is also home to a restaurant by the acclaimed chef Thomas Keller.

The Miami Beach Edition: This luxurious hotel by Ian Schrager and Marriott offers sleek style and ocean views. The bungalow-style rooms come with floor-to-ceiling windows, high-end linens, and marble bathrooms with products by Le Labo. The hotel offers dining by Jean-Georges Vongerichten, wellness options, a beach club, and a mini nightclub with a bowling alley and skating rink.

SLS Brickell: Located on the mainland, SLS Brickell, designed by Philippe Starck, offers easy access to Downtown Miami, Wynwood’s street art, and hip restaurants. Guests can relax poolside, enjoy spa treatments, and savor wood-fired pizzas and Italian fare at Fi’lia.

Mr. C Coconut Grove: Situated in Coconut Grove, this hotel exudes luxe coastal vibes with lacquered wood paneling and a rooftop bar and restaurant, Bellini, serving authentic Italian dishes. Acqualina Resort & Residences on the Beach: If you seek tranquility, this resort, a 30-minute drive north of Miami Beach, is an ideal choice. Inspired by a Mediterranean villa, it features outdoor pools and a 20,000 square-foot spa, making wellness a priority.

Casa Tua: This chic private members club in Miami’s Art Deco District also offers five rooms for overnight stays. The property feels like a dear friend’s home with an eclectic decor sourced from around the world and a restaurant serving simple yet authentic Italian cuisine.

Redefining Luxury Living: Branded Real Estate’s Ascendance in Miami and Beyond (Source: The New York Times)

By Columbus International,11 October 2023

Exploring a 10-mile stretch along the enchanting Miami coastline reveals a plethora of opulent shopping opportunities. However, it’s not haute couture or luxury cars that shoppers are taking home with them; they are securing homes with prestigious labels. The market for branded real estate is experiencing an impressive surge. According to a report by Knight Frank, global real estate consultants, the demand for luxury condominiums bearing renowned names is expected to grow by 12 percent annually until 2026. Just as purveyors of blue jeans and handbags have long recognized the allure of a prominent label, property developers now understand its significance. In virtually every major city, prospective homeowners can peruse residences offered by well-known hospitality brands such as Four Seasons, Aman, and Ritz-Carlton. Surprisingly, more unconventional brands are now venturing into this trend, with luxury car and fashion couture companies eyeing condos as their next frontier. In the tranquil enclave of Sunny Isles Beach, nestled within Miami-Dade County, some of the prominent towers boast illustrious names like Porsche Design Tower, Residences by Armani Casa, and the upcoming Bentley Residences. By 2026, the Bentley Residences will soar into the sky, featuring an exterior adorned with recessed glass in Bentley’s iconic diamond-in-diamond quilted design, instantly recognizable to aficionados of the esteemed British automaker. All of these remarkable developments share a common visionary: Gil Dezer.

For over a decade, he has been quietly placing his bets on this moment, expanding his brand partnerships as Miami’s real estate values continued to climb. “Today’s automobile brands aspire to be more than just cars; they aim to establish themselves as lifestyle brands,” remarks Mr. Dezer, who first joined forces with Porsche in 2012. “This sentiment extends to everything, from golf clubs to sunglasses, and we were fortunate to be at the forefront of this evolution in real estate.” The New York Times reports that Mr. Gil Dezer, the scion of the Dezer Development empire in South Florida, has played a pivotal role in marrying two seemingly disparate worlds: real estate and automobiles. The Dezer Development, owned by his father, Michael Dezer, commands an impressive presence, boasting ownership of nine towering structures sprawled over nearly 30 acres of prime Miami oceanfront real estate. Simultaneously, Michael Dezer is renowned as a zealous car collector, housing a staggering fleet of approximately 1,800 vehicles, many of which are exhibited within his privately owned automotive museum. In contrast, Gil Dezer’s personal collection, totaling 32 cars, is relatively modest. Nonetheless, he wholeheartedly embraced the family business, standing at the intersection of two passionate pursuits: real estate and cars. While the Armani brand may seem a tad unusual in this context, the concept of auto-branded buildings harmonizes seamlessly with Dezer Development’s vision.

The Dezer family has already carved a niche in branded real estate, with Gil Dezer being the first developer to secure a licensing agreement with Donald Trump. This collaboration resulted in the construction of six Trump-branded towers. Notably, Mr. Dezer openly supports the former President, even choosing to hold his wedding ceremony at Mar-a-Lago in 2007. However, the early 2010s marked a change of course for the company when they ventured into a licensing agreement with Porsche, a pioneering move for the company. Mr. Dezer recognized that for the project to thrive, he needed to think beyond conventional boundaries. “Porsche doesn’t exactly correlate with real estate,” he remarked. The Porsche Design Tower, which broke ground in 2014 and welcomed residents in 2017, exudes the same sleek, high-octane masculinity that characterizes the car shows Mr. Dezer frequented as a child with his father. The building itself lacks a dedicated pedestrian entrance. Instead, visitors are greeted by a graphite-hued archway bearing the inscription “Porsche Design” in the iconic Porsche 911 font. Upon arrival, residents can either park and enter the airy lobby adorned with the same bronze, red, and black hues as Porsche’s logo or opt for a more unique experience: driving their vehicles into the building via the patented car elevator known as the “Dezervator.” This innovative elevator, which conveniently deposits cars behind a glass wall in front of each unit, was heralded by Stefan Buescher, the CEO of Porsche Lifestyle Group, as a standout feature. He stated, “It was a natural continuation to transfer our unique design principles to the world of real estate.”

Creating the Porsche Design Tower was a substantial financial investment, with Mr. Dezer allocating $480 million to the project. Of this considerable sum, he estimates that roughly ten percent was dedicated solely to the creation of the Dezervator. Nonetheless, he views this expenditure as entirely justified. Initially, the idea stemmed from the notion of parking a Porsche, Lamborghini, or Bugatti in one’s living room. However, the concept evolved, with buyers increasingly attracted to the privacy that these units offered, circumventing the inconveniences associated with condo living, particularly for prominent individuals. The allure of brand recognition played a pivotal role in attracting buyers like Juan Pablo Verdiquio, a Miami-based real estate developer. In 2017, he acquired a three-bedroom unit in the Porsche Design Tower. His roster of neighbors now includes iconic figures like Lionel Messi, Alicia Keys, and Swizz Beatz.

With a personal penchant for Porsche cars, which extends to his Taycan and his wife’s Panamera Turbo, Mr. Verdiquio viewed this condominium as a symbol of quality in Miami’s competitive real estate market. “There are thousands of new apartments built each year here, so going with a brand I knew felt like a way to preserve the long-term value,” he explained. “From a financial sense, I really liked that it was branded with Porsche.” Carlos Rosso, a luxury Miami developer, observes a growing trend among homebuyers who are increasingly swayed by the logic that brand association elevates the value of their real estate investment. “We are all in the same market for buyers, and we are all trying to differentiate our products,” he noted. “Every residential building needs to tell a story, and branding is a way to not have to explain what a building is all about. You’re associating yourself with a brand that’s already familiar.” As the head of Rosso Development, Mr. Rosso is currently focused on The Standard Residences, Midtown Miami, a 12-story condominium tower that aims to captivate buyers by harnessing the distinctively audacious ambiance of the Standard Hotels. These hotels are perhaps best known for their West Hollywood iteration, where lithe, sun-kissed models lounged in a plexiglass box behind the front desk.

In 2014, Mr. Rosso joined forces with Mr. Dezer on Residences by Armani Casa, a 56-story condominium tower located in close proximity to the Porsche Design Tower. This opulent building, which opened its doors in December 2019, reflects the design sensibilities of the legendary Giorgio Armani himself. From the tapestries and textiles to hand-selected furnishings, every detail exudes an opulent femininity. Muted floral wallpaper, curved furnishings in taupe and gold – it’s a stark contrast to the Porsche Design Tower’s millionaire-meets-man-cave vibe, with its sharp edges and bold primary hues. Turning his focus to the upcoming Bentley Residences Miami, Mr. Dezer anticipates breaking ground later this year on the site of Miami’s Thunderbird Motel, a historic structure from the 1950s that was demolished in June. This 62-story oceanfront building is poised to elevate the luxury experience by featuring four Dezervator elevators, garages capable of accommodating three to four cars, and private outdoor swimming pools attached to each of the 216 units.

Ocean-view residences will also boast outdoor showers. Common areas will include a Macallan Whisky Bar, a restaurant by Todd English, and a cigar lounge. Units are priced between $5.5 million and $35 million, catering to those seeking an exclusive and distinctive living experience. Ian Reisner, Vice President of Dezer Development, emphasizes the unique nature of these offerings. “People are looking for something unique,” he noted. “There’s not a million Porsches up and down the block — there’s only one. Now we’re going to do even better with Bentley.” For serious car collectors desiring to merge their passion for automobiles with luxury housing, Miami presents several alluring options. The Aston Martin Residences, located in downtown Miami, is a prime example. Currently under construction and scheduled for completion by the end of the year, this 391-unit development is nearly entirely sold out. The 66-story tower boasts a distinctive, gleaming curved sail shape, with units starting at $6.5 million and ascending to $59 million for the triplex penthouse, which includes a rare $2.3-million hypercar, the Aston Martin Vulcan.

The development touts itself as “A car made into a skyscraper,” aiming to embody a timeless, James Bond-approved zeitgeist. According to the developer, German Coto, it will be appreciated by those who value a unique luxury lifestyle. This trend is not confined to Miami alone. On Jumeira Bay Island in Dubai, the Bulgari Lighthouse, a 27-story tower with a distinctive undulating facade inspired by coral, is under development by the luxury watchmaker Bulgari. Lamborghini, which previously attempted a branded residential property in Dubai without success, is now making a renewed effort with planned developments in Egypt, Brazil, China, and Spain. Renowned Lebanese fashion designer Elie Saab has lent his design expertise to residences in London and Dubai, while the late Karl Lagerfeld’s iconic design sensibilities are reflected in five villas on Marbella’s Golden Mile. All these developments, according to Clelia Warburg Peters, Managing Partner of Era Ventures, a tech-based real estate venture fund, cater to the wealthy elite and reflect the notion of living in name-brand playgrounds. As the housing market remains competitive, this trend is expected to gain further traction.

“We’re living in a new Gilded Age, and there’s a lot of rich people,” she observed. In the past, prime location was the primary way to differentiate high-end assets. However, with prime locations becoming increasingly limited, developers should not be surprised if more unconventional brands endeavor to carve their niche in the residential real estate arena. “I don’t think anyone wants to live in the Coca-Cola building,” Ms. Peters mused. “But would I be surprised if Restoration Hardware introduced their own line of homes? Absolutely not. This is one of the most significant areas of growth in the real estate industry.”

Florida’s Real Estate Market Thrives Amidst Wealth Migration (Source: New York Post)

By Columbus International,10 October 2023

South Florida is experiencing a period of remarkable growth. In downtown Miami, ground is being broken for what will become Florida’s tallest office tower, boasting 1.5 million square feet of space, yet to be occupied by firms that have no prior presence in the state. Additionally, condo towers with prestigious St. Regis and Waldorf-Astoria branding are in the works for the same area. While their completion is several years away, the units that are yet to be built have already been predominantly reserved with buyer deposits. This phenomenon isn’t limited to Miami alone. Further north in West Palm Beach, the arrival of financial giants such as Goldman Sachs and BlackRock has driven office rents to record highs during the second quarter of this year. New workplaces offering private terraces and access to yacht charters are now rising along the city’s waterfront, while developers plan condos to accommodate the influx of future employees. Nick Bienstock, CEO of New York City office landlord Savanna, commented, “We’ve got four or five thousand people coming to West Palm Beach who have not yet arrived.” In a bid to capture a share of this market, Savanna is making its inaugural investment in Florida – a 275-unit condo development known as Olara – as part of the larger initiative to build 3,000 new homes across West Palm Beach.

More than three years into a massive migration of both money and people to the Sunshine State, Florida’s property market continues to outperform nearly all other regions in the US. What initially began as a warm-weather haven from pandemic restrictions has now evolved into a destination catering not only to the current influx of professionals but also doubling down on the premise that even more are yet to come. According to Ken H. Johnson, a housing economist with Florida Atlantic University’s College of Business, “The old, 1980s Florida is disappearing. We’re just not getting those retirement-community, fixed-income folks we used to. We’re getting people with significant incomes, and they’re usually bringing work and jobs with them.” Indeed, Florida ranks as the No. 1 destination for professionals aged 25 to 36 earning at least $200,000, as per a recent report by financial advisory SmartAsset. Crucially, high-earning individuals relocating to Florida have outnumbered those departing by more than three-to-one in recent years. Along with youth and job opportunities, newcomers are arriving with significant cash reserves, purchasing homes in a state where supply simply can’t keep up with demand.

As a result, the Florida real estate market consistently ranks at the top of various superlative lists. For example, of the 10 most overpriced housing markets in the country, seven are located in Florida, according to a monthly analysis co-published by Prof. Johnson. This means that Florida buyers are paying the highest premiums for their homes nationwide when compared to price averages over the past 27 years. In August, Miami’s median home price rose by 14.6% year-over-year, according to brokerage Redfin, and Fort Lauderdale saw a 5.3% increase – all while downtown Fort Lauderdale’s population has surged by 80% since 2010. These spikes in property values coincide with declines in other much-hyped “boom-towns” of the pandemic era. For instance, home prices in Phoenix fell by 2% in August, Fort Worth dropped by 2.7%, and Austin, which previously ranked at the bottom of Redfin’s price growth list, plunged by 7%. To make matters more concerning, these numbers follow double-digit corrections in both Phoenix and Austin just a few months prior. Eli Beracha, director of the Hollo School of Real Estate at Florida International University, remarked, “Texas is different from Florida even though both are identified as tax-free states. Florida is viewed as a tropical vacation place – where you can also live. People just don’t go on vacation to Dallas.”

During the pandemic, Florida received the largest influx of wealth in the US. In 2021 alone, newcomers boosted the state’s taxable income by $39.3 billion, which is more than three times the amount that second-place Texas saw, according to the Economic Innovation Group, a DC-based think tank. Census data released in September suggests that this growth will continue. Florida’s population grew by 2.13% – the highest jump in the US – between 2021 and 2022. Jonathan Miller, president of real estate appraisal firm Miller Samuel, stated, “Florida is being reset and restructured in a way that no one else is.” What sets this current cycle apart is that it’s happening without the massive international demand that fueled previous Florida housing and population booms. So, what is driving it instead? “New Yorkers are the new foreign buyers,” Miller noted, referencing the nearly 130,000 Empire State residents who relocated to the Sunshine State in 2021 and 2022 alone. Many of these new residents split their time between cities while making Florida, a no-income-tax state, their primary residence. Consequently, there’s a boom in furnished Miami condos designed for owners to easily rent out while they’re away. Florida’s appeal to northerners is evident. Frustrated with big-city crime and quality-of-life issues, and enticed by tax benefits and the prospect of beachfront home offices, the state provides a ready-made solution to many of urban America’s most pressing problems. Nitin Motwani, managing partner of Miami Worldcenter Associates, the master developer of the 27-acre Miami Worldcenter district, a $6 billion project spanning 10 city blocks, remarked, “It’s just a different way people are choosing to live, and Miami is a big beneficiary of that.” Motwani shared that he regularly receives calls from executives seeking logistical assistance for their move south. “Sometimes it’s just questions like ‘Where should we look?'” Motwani said. “Other times, it’s discussions about talent, or ‘Can you connect me with another C-suite executive who has made the move?'”

This guidance is in high demand. According to media reports this year, top Miami-area schools have become so crowded that billionaire newcomers are literally writing multimillion-dollar “charity” checks to secure placements for their children. From every angle, Florida’s real estate market is outperforming expectations. While this may benefit investors, the lack of affordable housing has become a concern for policymakers, who are striving to incentivize the development of more reasonably priced apartments. A recent report by the Florida Policy Project reveals that over 1 million residents statewide are spending more than 50% of their income on housing. Rising homeowners’ insurance premiums are only exacerbating the problem. According to a recent study by the Florida Apartment Association, Florida will need approximately 500,000 new housing units by 2030 to alleviate costs and meet future demand. Not surprisingly, Florida’s housing shortage has translated into some of the highest price increases in the nation. Miami’s median home and condo prices have climbed by 64% since mid-2019, according to Miller Samuel. In comparison, Los Angeles saw a 14% increase during the same period, and Manhattan even experienced a 1.2% decline. Price gains were robust outside Miami as well, with a 62% increase in Boca Raton and a 59% jump in Delray Beach. In finance-focused Palm Beach, residential property has been turbocharged by the pandemic, rising 141% since the second quarter of 2019, according to Miller Samuel. While prices are beginning to stabilize, this year has already seen at least five homes trade for over $50 million, including a $155 million compound sold by the widow of Rush Limbaugh. “Forty years ago, Palm Beach was a place where old people went for their last few years, and that’s absolutely not the case now,” noted Savanna’s Bienstock.

Similar to residential developers, commercial property investors are also helping South Florida maintain its real estate edge, pouring more than $63 billion into the three regional counties in 2021 and 2022, according to data by MSCI Real Assets. In Miami, New York’s Related Cos and Swire Properties are making the highest-profile bet yet that Miami’s ongoing influx of human and economic capital is both permanent and continuous. The developers are currently constructing Florida’s tallest commercial tower, the 1.5 million-square-foot, 1,000-foot-tall One Brickell City Centre in downtown Miami. Developments like One Brickell are crucial for Miami’s continued growth. Corporate relocations surged by 33% last year, and the total assets managed by financial firms in Miami reached $390 billion in August 2022, up from $75 billion in 2019, according to the city’s Downtown Development Authority. “The missing link is quality office space, and that’s the gap we’re aiming to fill,” said David Martin, senior vice president of retail and commercial leasing for Swire’s US operation. Office vacancies stood at just 10.4% in the second quarter of this year in Miami-Dade County, according to Colliers, compared to a record high of 17.8% in Manhattan and over 30% in San Francisco.

Miami’s Downtown is now also more easily accessible to Boca Raton and Palm Beach thanks to the new $6.2 billion Brightline high-speed rail service. Other New York-based developers, including real estate titan Harry Macklowe, Chrysler Building owner Aby Rosen, and the Naftali Group, are all planning their debuts in Florida. “There is still a migration of people,” says billionaire developer Richard LeFrak, who has more than doubled his South Florida staff since the pandemic. “It’s not as dramatic as it was during COVID, but it’s still a steady stream.” For the time being, signs indicate that newcomers will continue to arrive both in the short and long term. Miami’s current metropolitan area population of 6.26 million is expected to grow an additional seven percent by 2030. This could help Florida withstand the housing downturn that many experts fear, given the soaring mortgage rates and ongoing inflation in the US. According to a recent study by the University of Florida’s GeoPlan Center, the state’s population could surge to 33 million from its current 21.7 million by 2070.

“Our economy here in Florida is where California was circa the late 1960s when it really started to expand,” Prof. Johnson said. “There was always the weather and the saltwater, but now the professional opportunities are here as well. This expansion is going to go on for quite some time, and we’re going to be talking about housing for quite some time.”

Source: New York Post (By Oshrat Carmiel, Publisher of Highest & Best)

Villa by Major Food Group: Elevating Miami’s Skyline with Unparalleled Luxury Living and Gastronomic Delights

By Columbus International,4 September 2023

In a world where luxury living knows no bounds, the concept of branded residences has transcended the realm of opulent hotels and expanded into diverse domains. Renowned fashion houses such as Diesel and Missoni, alongside prestigious automakers like Porsche and Bentley, have ventured into the creation of residential towers that embody their brand essence. Now, a celebrated name in the hospitality and culinary scene is stepping into this extravagant arena. As the demand for integrated residential communities gains momentum, a discerning segment of buyers with a penchant for the finer things in life seeks to marry their upscale living with gourmet experiences within arm’s reach. Enter Major Food Group (MFG), the culinary powerhouse behind iconic establishments frequented by celebrities, including Carbone, Sadelle’s Parm, Dirty French, and Contessa. MFG is poised to make its foray into the luxury real estate landscape with the unveiling of “Villa,” a residential tower in the vibrant heart of Miami.

Collaborating with esteemed developers Terra and One Thousand Group, as well as the creative genius of Vicky Charles from Charles and Co. for interior design, MFG is set to redefine luxury living. Vicky Charles, a renowned interiors expert and former design director at Soho House, boasts an impressive portfolio that includes homes for luminaries like Mila Kunis, Ashton Kutcher, and David and Victoria Beckham, as well as projects for industry giants like Sony and Goop. Villa will majestically rise 58 stories above Biscayne Bay, offering an unrivaled 360-degree panorama of Miami‘s captivating skyline and waterfront. With its distinctive copper-hued exoskeletal design, this 650-foot-tall crystalline tower is a work of architectural art, housing a mere 50 exclusive units, each occupying an entire floor. Every facet of these residences, designed to evoke the essence of private villas in the sky, has been meticulously curated by the visionaries at Major Food Group. For instance, the kitchens bear the signature touch of chef Mario Carbone, the creative mind behind Carbone restaurants, while services and amenities have been conceived by MFG’s co-founder, Jeff Zalaznick. Zalaznick comments, “To say that this is a natural evolution is an understatement. At MFG, we don’t merely construct restaurants; we craft immersive worlds where every element is executed with an unparalleled sense of luxury and expertise, right down to the minutest detail. Coupled with our illustrious track record of collaborations with the crème de la crème in the realms of hotels, architecture, design, and art—innovators who comprehend the art of conceptualizing holistic experiences.”

The allure of Villa extends beyond its residential marvel. A three-floor MFG restaurant, exclusively designed for this project, is set to redefine culinary experiences, while private lounges, bars, and restaurants reserved for residents will indulge the most discerning palates. A private chef service adds a personalized touch to gastronomic delights. In total, Villa boasts over 20,000 square feet of amenities, promising an array of culinary activations and programming. Expect cooking classes and demonstrations featuring MFG’s roster of skilled chefs, among other enticing offerings. David Martin, CEO of Terra, sums it up succinctly, stating, “The Villa is a transformational project. It brings together the brightest minds in their respective industries to create a building marked by an unparalleled residential experience. MFG’s resounding success in the hospitality sector endows them with an unparalleled understanding of consumer needs, and this attention to detail is seamlessly integrated into every facet of the Villa brand.”

Source: Forbes

Financial Times Reports: Surge in Demand for Luxury Housing in Miami as Financiers Flock to the City

By Columbus International,3 September 20239 November 2024

The migration of New York financiers to Miami has created a shortage of luxury housing in upmarket suburbs, where buyers have purchased multimillion-dollar homes in search of easy commutes, more space, and proximity to prestigious schools. Real estate agents say one firm stands out for driving demand: Citadel. Citadel, the $59 billion hedge fund and market maker run by Ken Griffin, in June 2022 announced it would move its headquarters from Chicago, citing lower crime in Florida and the sunshine state’s lower taxes. “They’ve been buying here aggressively,” said Michael Martinez, a real estate agent with Sotheby’s in Miami, who recently brokered the sale of a $5 million home in Coconut Grove, a quiet salubrious suburb, to a Citadel employee. Most of the luxury homes he has sold in recent months have been to hedge fund buyers, half of them from Griffin’s firm, he estimates. “The Citadel migration is definitely occurring.”

Buyers from Citadel were particularly active in the early spring, agents said, as employees raced to secure properties in time for school enrollment deadlines. “Employees have been enthusiastic about the headquarters’ move to Miami and appreciate the vibrant energy and quality of life the city has to offer,” said Citadel. Citadel has moved almost 300 employees to Miami during what the hedge fund describes as a multiyear effort to shift its operations out of Chicago. One employee said the relocation benefits on offer were “generous”, helping to cover the higher cost of living in a city that has boomed since the pandemic. “The hottest price point in the Gables is between $4 million and $7 million for a five or six thousand square foot house,” said Erin Sykes, a real estate agent in Miami and economist for Nest Seekers, referring to upscale suburb Coral Gables. “That’s what all of these families are looking for.” “These neighborhoods are tropical, they’re lush, kind of like the way Florida is imagined to be,” she said. “In the Grove there’s literally peacocks that walk across the street. You have to be really careful driving.” But a shortage of supply has created a paucity in the high-end home market, as construction backlogs and labor shortages slow development. In July, Florida governor Ron DeSantis, who is running to be the Republican party’s presidential nominee, signed a law targeting illegal immigration that imposes steep fines on employers who do not check workers’ documentation.

The move has resulted in a shortage of construction workers and is expected to slow development of new homes. “A project that would take six months will now take 12,” said Brett Harris, executive director of luxury sales at real estate firm Douglas Elliman. “There is much more of an inventory shortage in those desirable suburbs. Supply is down by half compared to a year ago,” said Sykes. The number of luxury homes between $3 million-$7 million in Coral Gables and Coconut Grove has fallen by more than 50 per cent since the start of the pandemic, according to Zillow data. Homes in this price range now account for 40 per cent of total listings. Sykes said the Citadel effect in Miami was akin to the impact that Google had on Venice Beach in Los Angeles when it opened a large office there. “Every seller was targeting these new Google employees. That’s the only time I’ve seen a single employer-driven market like this.” Citadel bosses moving to the Miami suburbs have been willing to spend more for “turnkey” homes that are ready to move into and require no renovations because they want to settle in before the school year started in mid-August, agents said.

“It’s definitely created a shortage of good properties,” said Jennifer Goldstein, a luxury real estate agent with Official. Buyers like the idea of waterfront living after years of surviving Chicago winters, she added. “We’ve had a lot of Citadel and hedge fund clients that are looking for a resort type house that’s the opposite of what they’ve had . . . They want to play tennis, go fishing and entertain.” Of the 20 properties Goldstein sold in the past 12 months, she said 70 per cent of buyers worked at hedge funds, many of them Citadel. “And they’re all cash buyers.” While agents said the pandemic-era bidding wars have largely abated as prices have plateaued, demand for luxury homes persists. “Even in the higher luxury homes it’s not unusual to receive multiple offers on a $10 million plus home,” Martinez at Sotheby’s said. Shortages were feeding through to homes that were not seen as ultra-luxurious, agents said as Citadel moves not just top earners but also back-office staff to Miami. “When you have an organisation like Citadel, not everyone is making $5 million, $10 million, or $50 million a year,” Sykes said. “They’re not searching for $5 million properties, they’re looking more at the $2 million properties. “They want to go to the same schools, and eat at the same restaurants . . . they want the fairy tale as well.”

Source: Ft