The May issue of Miami Monthly did a series of articles on the hot topic of global real estate development, 2007-style, and its frontrunners. Leaders in the industry are located here, in South Florida.
Coastal Construction Group, led Tom Murphy Jr., a Miami-based firm which builds one-of-a-kind luxury homes throughout South Florida for high-profile superstars, like Dan Marino’s home in Weston, condos like Aqua Island, schools in Miami-Dade County, etc.
Now, Coastal, which set the bar for the community in which Marino’s house was built, Windmill Ranch Estates, is redeveloping an existing resort in the Bahamas called Valentine’s Resort and Marina in Harbor Island and upgrading the property with a new restaurant, marina, facilities and nearly 50 gated homes and condo-hotel units, a la Weston.
The magazine also cites one big reason why developers are heading a few miles offshore: retail mortgage lending is easier than ever. Banks lend more, so investors feel safer, and at the same time, this bridges the gap between the types of investors (first-time individuals or bigtime development companies) who can throw their hat in the ring. Other reasons include the safety of gated resorts and U.S.-born creature comforts now available on foreign soil.
But even more interesting is that what the rest of the U.S. finds scary about Miami – its international community - works for Miami real estate. Realtors from Miami have international clout, after wheeling and dealing international clients for years, and thus, have shaped global marketing trends, forged international development connections and implemented global business standards.
And, caught in the middle as a gateway for Latin American business, it has a steady international clientele. More than 22,000 residential units are under construction in the City of Miami, alone, according to Miami monthly, and more than 60,000 approved for next year.
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