The luxury property market in Miami will hold strong as wealthy people continue to migrate to the Florida city, creating an imbalance of supply and demand, especially when it comes to the most sough-after real estate assets.
That’s the view of Michael Liebowitz, President and CEO of Douglas Elliman, who joined Zaha Hadid Architects‘ Principal, Patrik Schumacher, at an event hosted by Spear’s to discuss The Delmore, a residential development in the Miami neighbourhood of Surfside.
‘It really is a place that has everything you need,’ said Liebowitz ‘I feel the exodus of people coming from LA and New York every day.’
The Delmore, which has ‘shovels in the ground’ and is due to be completed in 2029, forms part of a swathe of luxury developments which have hit Miami, but the Zaha Hadid Architects building was heralded as an outstanding example, thanks to the quality of the design and the limited number of residences (37) that will be available. While these begin at 4,000 sq ft at a price of $20 million, buyers may choose to combine lots to create a single residence of 14,000 sq ft – larger event than the 12,000 sq ft penthouses.
While areas within the city of Miami, such as Brickell, have seen significant development of high-rise rowers by developers such as Michael Stern, Miami Beach is subject to much tighter restrictions concerning new development. This has constrained supply in certain areas, particularly in the ‘Billionaires’ Triangle’, which includes Indian Creek, which is Home to Jeff Bezos.
‘The biggest problem we have in Miami is not having enough product,’ said Liebowitz. ‘You can bang your head against the wall as much as you say it.’
Rising sea levels, extreme weather events and other effects of climate change may pose a risk to Miami’s beachfront, with the city’s government having reinforced sand dunes and imposed requirements for new developments to be raised at certain levels off the ground.
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However, mitigation and regulation measures mean that such risks would not be a concern ‘in our lifetimes’, said Liebowitz, who noted his previous experience in risk consultancy gave him insight into the subject. ‘Hurricanes are not something that anybody in Miami is really thinking about,’ he said.
Zaha Hadid Architects (ZHA) has designed The Delmore. The firm, named after its trailblazing late founder, is responsible for cultural icons like the London Aquatics Centre, as well as The Magazine at the Serpentine gallery, where the Spear’s event took place.
The firm’s principal Patrik Schumacher told the audience how the texture and colour of The Delmore’s exterior had been precisely matched the to the sand on the beach at Surfside. Privacy and security were also a focus of the Delmore’s design.
For more information: thedelmore.com
