Miami Living Magazine

Ashley Haas

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Page 151 of 335

The New Flex Next Era of Miami Condos Offer Flexible Luxury Some of South Florida’s most highly anticipated luxury real estate developments are welcoming a new era of home ownership that focuses on flexibility. With remote work as the new normal and a younger generation of digital nomads spending more and more time away from home, demand for spaces that offer a full slate of amenities and short-term rental optionality is skyrocketing. “This is a new product for the Miami market and there has been a desperate need for short term rental solutions,” says Jaclyn Bild of Douglas Elliman. “Given the void there has been in this space, these buildings are selling out at record speeds.” AirDNA Industry Outlook shows short term rentals had a record year, with growth even outpacing the hot real estate sales market across the country - and is forecast to strengthen even more in 2022. Average earnings for short term rentals grew to their highest ever in 2021, 35% higher than at the start of the pandemic, while revenue for the average listing grew 26%. “Buyers are looking for residences that offer ownership on their terms, with the ability to home share or rent out their unit to monetize their investment while they are traveling,” said Angel Nicolas, with The Nicolas Group Compass. “On the tenant side, we’ve noticed a trend in travelers wanting to stay in a home or condo rather than a hotel – it’s a more private alternative which is what people want these days.”  From buildings with built-in Airbnb programs to fully furnished, move-in ready residences, developers are tapping into the trend and delivering properties across South Florida designed to be shared. “These new developments are catering to both end-users and investors looking to cash in on the blazing hot market,” says Minette Schwartz with The Schwartz Team at Compass. They’re a great opportunity for young second-home buyers who don’t want to bear the full cost of a second home, but want the flexibility to live and work in Miami at their leisure.”

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