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Titans of Real Estate – Post 2

The second panel of the 2017 EisnerAmper Private Wealth Forum was moderated by Ken Weissenberg, partner-in-charge of EisnerAmper’s Real Estate Services group. Ken was joined by an esteemed panel: Tere Blanca, founder and CEO of Blanca Commercial Real Estate; Jimmy Tate, co-owner and president of Tate Capital LLC; and Michael Comras, president and CEO of Comras Company. These experts provided us with different viewpoints and perspectives on the state of the real estate market in Miami and in general.

We heard from all three of the panelists on how the market in Miami is still doing well and is very strong due in large part to the city’s status as a truly international destination. The market has maintained strength and momentum over the years as it attracts tourists, residents and investors from around the world. As growth in international markets shifts over time from Russia to Southeast Asia, India and Brazil, it seems the global winners always find their way to Miami. This makes all markets -- commercial, residential and retail -- successful and resilient.

Perhaps the most interesting part of the discussion was brought to us by Michael Comras and Jimmy Tate, explaining how Miami has taken a very proactive position and a forward-thinking approach towards zoning. The city is actively planning for the next 50 to 100 years of growth while never losing sight of the environmental reality of rising sea levels. The city now allows builders to exceed height limits so long as the excess height is all added to the ground floor. This allows developers to plan for raising the foundation if needed in the future.

Some developers are going a step further and building their foundations higher now and still taking advantage of the extra height. This will surely preserve the value and prestige of their buildings in the future. In the end, the attendees all got great insights into the Miami market and it seems like those whose livelihoods depend on it are excited about the future.

 

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