Start Spreadin’ the News? Miami’s Top Real Estate Pros Assess Their City Alongside New York, London, Paris and Others in Recent Survey

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Master Brokers Forum Members Consider Their Hometown’s Strengths and Opportunities as Miami Joins Ranks of “World Class” Cities

"Those results are indicative of Miami’s extraordinary recent progress, and perhaps an abundance of optimism for that positive trend to continue," said Jeff Morr, Miami MBF chair.

A recent survey of 94 members of the Master Brokers Forum (MBF), an organization comprised of Miami’s top residential real estate agents, demonstrates resolute confidence about their hometown’s global standing among other world-class cities. The survey also reveals that Miami’s strongest advantages over its competitors are its weather, real estate and pricing, and global position, according to the surveyed Master Brokers.

Conducted online in September 2014, the three-question survey queried members about when Miami will be globally considered a “world class” city (on the same tier as New York, Paris, London, etc.); the factors most likely to put Miami real estate’s per-square-foot pricing on the same tier as New York; and which advantages Miami has when compared to its metro-rivals.

The major revelations of the survey are:

  •     More than half (57%) of the Master Brokers believe Miami is already globally considered “world class”, and another (nearly) 30% feel that Miami will reach that status in less than ten years. Fewer than 10% feel that consideration will come sometime between 10 and 20 years from now, and only three respondents believe Miami “will never be” considered at that level.
  •     Nearly 75% of the members chose “dramatic growth of South Florida Economy” as the factor most likely to put Miami real estate’s per-square-foot pricing on the same tier as New York. Among the other two options, “political upheaval in South American” was a distant second at 18%, and “prolonged trend of rough winters in the northeast” was a distant third at 7%.
  •     When ranking Miami’s advantages over other major cities, the runaway leader was “Weather”, with a 9.46 out of 11 average ranking, followed in order by:

     •Price/Quality of Real Estate (8.23)
     •Global location/Proximity to major markets (7.68)
     •Travel/Tourism/Hotels (7.04)
     •Entertainment/Dining/Sports (6.14)
     •Business/Economy (5.69)
     •Shopping (5.24)
     •Hospitals/Health Care (5.01)
     •Arts/Culture/History (4.43)
     •Schools/Education (4.29)
     •Public Safety/Infrastructure/Ease of Transportation (2.79)

To view an infographic for this survey, visit: http://www.masterbrokersforum.com/images/MiamiMBFSurveyInfographic.jpg

“It could be very easy to dismiss these results as arrogant and myopic, but observers should take careful notice of the wording of the first question,” said Jeff Morr, Miami MBF chair. “We asked our members ‘WHEN do you believe Miami will be globally considered a world class city…’ which is different from asking them their own opinion about their hometown. Those results are indicative of Miami’s extraordinary recent progress, and perhaps an abundance of optimism for that positive trend to continue.”

“The results of question number two demonstrate a realistic understanding of a key advantage for New York,” added Morr. “Despite Miami’s dramatic evolution as a center for trade and commerce, New York is still the financial capital of the world, and Miami has some ground to make up before our per-square-foot pricing is on the same level.”

“I believe the results of question three are the most interesting findings of the survey,” Morr went on to add. “Master Brokers have a clear sense of the advantages presented by Miami’s celebrated weather; the diversity and quality of real estate available to residents, part-time inhabitants, and investors; our proximity to South America and the Caribbean; first-rate tourism and hotel offerings; and a wide spectrum of dining and entertainment options. It should be noted that we have also seen wonderful advances in Miami’s infrastructure, schools and cultural offerings in recent years, so I would not be surprised to see those aspects become great advantages in the years to come.”

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[NOTE TO MEDIA: INFOGRAPHIC ATTACHED. For a complete review of the survey’s results, please contact Jason Rayman at jrayman(at)jrayman.com or 786-473-0992.]

ABOUT THE MASTER BROKERS FORUM
Established in 1993, the Master Brokers Forum is a unique organization comprised of South Florida's top residential real estate professionals. The MBF provides its members with the opportunity to network and exchange ideas, stay at the cutting edge of the real estate industry and new products, and spearhead the identity of the best of real estate professionalism. Membership is limited to the region's most successful real estate professionals, and is by invitation only. For more information, visit http://www.masterbrokersforum.com.

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Jason Rayman
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