Our affiliate in Miami, Florida, ONE Sothebys International Realty, takes the spotlight as we draw some parallels between the Miami market and our own. Both hubs for foreign investment and fast-tracks for development, Boston and Miami share some of the same visions for decisive growth. We bring you south for our April feature of ONE Sothebys International Realty.
ONE Sothebys International Realty is the leading real estate brokerage for the greater Miami and Broward areas, with a focus on leveraging South Floridas natural beauty along with its cosmopolitan flair. With more than 600 agents working throughout 11 offices, the company is the most prominent name in marketing elite properties and exclusive developments.
Team members cover all of Dade and Broward Counties, including, but not limited to, Downtown Miami, Brickell, Coral Gables, Miami Beach, Key Biscayne, Sunny Isles, Aventura, Fort Lauderdale, Weston and Coconut Grove. Though pioneers in exclusive developments and luxury sales, ONE does not limit its reach to any market in particular, offering expertise and guidance for all lifestyles from beachfront living, to busy work-life, yachting, golf, family life, and more.
ONE provides a critical resource for those navigating Miamis fast-paced real estate market. Though South Florida as a whole has seen dramatic growth in recent years, Downtown Miami in particular has experienced some of the most rapid development in the area. According to the Downtown Development Authority, the population of Downtown Miami has increased more than 30% in 2010, with a majority of the population described as highly educated, young, working professionals. Realtor.com just ranked Miami as the second most desirable city for Millennial home buyers, citing a building boom and prosperous up-and-coming neighborhoods such as Little Haiti and North Miami.
To keep up with an influx of people, developers are jumping on the opportunity to build. As a result, the urban oasis is saturated with opulent mixed-use projects perfect for young professionals. ONE Sothebys Development Division currently manages an inventory of $3.5 billion a figure which continues to grow as more people look to South Florida as a permanent destination. Some exclusive development offerings include Turnberry Ocean Club Residences, One Thousand Museum, The Fairechild Coconut Grove, and The Residences at the Miami Beach Edition.
Boston is experiencing a similar building boom as developments spring up in all neighborhoods. New construction is reaching historic heights as the city continues to grow. Perhaps the most outstanding of all new development to arise in the past year is the Millennium Tower, a 685-foot, shimmering glass sculpture in the sky. Another prominent project is the new Four Seasons development at One Dalton in Bostons Back Bay.
By and large, Boston has a history for being the one of the most stable markets in the country, with the current real estate market healthy and ready to thrive with new inventory to come. Nicole Rideout, Director of Business Development for Gibson Sothebys International Realty, studies these market trends closely.
My job is to understand our key markets and maintain relationships with our affiliates in these areas, she explains. And in this time of great development in Boston, Nicole looks to other markets such as Miamis to spot trends and sort out differences. There are definitely similarities in the demographic of our markets. The market in Miami is seeing a bit of a shift, specifically in the realm of new development. Miami has fewer restrictions and costs for building large scale developments which results in less of an inventory imbalance and creates more opportunity for buyers. We look forward to continuing to increase the business we do between the two cities.
ONE Sothebys has already served as a close partner to us in Boston. We have enjoyed the exposure to major developers and the sophisticated marketing strategies that ONE SIR uses to reach clients across the globe, Nicole notes, offering Miami and Ft. Lauderdale in particular as key markets in the GSIR referral network. In addition, many international investors in the Boston market place are based out of (or own property in) Miami, especially investors from South and Central America. While still many of our clients purchase a condo in the Miami area as a vacation home.
Reflecting beyond just real estate facts and figures, Nicole notes just how special the South Florida area is. I find the tempo of the market in Miami captivating, the architecture is incomparable in the United States.
Find more information on ONE Sothebys International Realty here.