The Covid-19 pandemic has been a game-changer for Miami real estate, as the city’s luxurious lifestyle, warm climate and vibrant culture have drawn wealthy people from New York, California and other areas. interested in making Miami their permanent home. Many millionaires and billionaires have seen their wealth increase during the pandemic, and as they look to the future, they want to benefit from Florida tax and estate laws.
Pablo Alfaro, one of South Florida’s top residential and business brokers, makes a point of staying on top of market conditions. Despite the pandemic, he has heard from many clients who have changed their lifestyles and now want to work remotely from South Florida. Miami’s location in the Eastern Time Zone attracts shoppers, as does the city’s reputation as a business hub. Alfaro explains, âMiami is a very important center for commerce and finance, and it’s geographically beautifully located where you can be on the east coast quickly, you can be in Latin America quickly, or you can be in the Caribbean.
As global travel reopens, Miami will experience even more physical connectivity. Emirates Airlines recently added four new direct flights between Miami and Dubai each week. Alfaro has worked in the real estate industry for decades, focusing on Miami and New York City, and he predicts further growth to come. âFrom November 8, the borders open to virtually anyone who is vaccinated, and I think we’re going to see a wave of Middle Easterners, Europeans and others who couldn’t make it to the United States. We are getting phone calls from everywhere and I think these international buyers are going to play an active role in our market.
Not only are more and more customers looking to buy in Miami, what they look for is changing. Today, people are particularly interested in new construction because they want full service buildings. âThe past 18 months have redefined our workspaces and our living spaces,â says Alfaro, âThe number one thing on everyone’s wishlist is good broadband alongside health and wellness. .
Another priority: a well-designed floor plan. Space is limited in Miami, and for many years local developers have focused on smaller floor plans with one or two bedrooms. Alfaro said: âI think Covid has made everyone reassess their acreage as well as their lifestyle. The home office is here to stay, and couples want double desks. They don’t want to share a desktop because they want privacy to be on Zoom calls. We call their second homes their ‘main CO homes’, especially for people in the northeast.
He notes that even customers 65 and older are looking for 5,000 square foot units. âA lot of older clients don’t want to talk about it, but they want two masters. They need their own space, especially after the pandemic. ”
The type of inventory that customers are looking for is limited, making Pablo Alfaro’s experience, knowledge and service more valuable than ever. He says, âMy high-end customers know that I have my ears in the field and that I know what’s going on in the market. Alfaro works with big names, ranging from leaders in business, finance, fashion and contemporary art, to celebrities in music and entertainment. While he speaks candidly about the changing market, he avoids citing clients by name because he respects their privacy – and that’s yet another reason they enjoy working with him.
Like most successful real estate brokers, Alfaro has an Instagram account, but he doesn’t use social media as a showcase for his high-profile sales. âMaybe that gives me an advantage,â he says. “People know they can welcome me into their homes, and I’m not going to publish about their privacy.”
Instead, he uses Instagram to post about his personal interests, which include architecture, art, and design. These are passions that many of his clients share, which gives him another way to identify with them. On a recent Zoom call with a European client, Alfaro saw a painting in the background and asked, âIs that a Rembrandt? This has been a Rembrandt, and Alfaro’s question sparked a conversation about the art world, strengthening his relationship with the client. He says, âIt opens things up and they look at you differently. ”
Pablo Alfaro is known to provide buyers with off-market investment property. âMy knowledge of the market is not on GOOGLE,â it has secured over 1.5 billion in residential and commercial closed sales.
Do you want to take advantage of his expertise to explore real estate opportunities in Florida? Contact Pablo today!
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