Following the COVID-19 pandemic, South Florida’s real estate market has undergone significant growth, establishing the region as a sought-after location for both domestic and international buyers. Veronica Gorson, the Managing Director of Development Sales and Marketing at Property Markets Group (PMG), offers a detailed look at the elements driving this growth, the influence of major corporate relocations to Miami, and the stability of the luxury residential market. Gorson also discusses PMG’s current projects and provides her perspective on the opportunities for real estate investment in South Florida. With nearly two decades of experience in the region, Gorson’s insights reflect the dynamic and evolving nature of South Florida’s real estate market.
IW: The South Florida market has seen significant growth since COVID-19. Do you anticipate this slowing down?
VG: Following COVID-19, the South Florida real estate market experienced rapid growth and appreciation. Now, we are seeing a return to more typical growth levels. Despite this, South Florida’s market remains strong due to various factors, including a growing population and its status as a global hub for arts, culture, architecture, and business. Originally, Latin American buyers were predominant, but now there is an increase in European and other international buyers, as well as a significant domestic migration from the Northeast, Midwest, and California.
IW: How have the relocations of major corporate headquarters to Miami impacted the real estate market?
VG: The move of major corporations to Miami has significantly transformed the real estate market, making it a key business destination. Companies like Citadel, Elliott, Blackstone, Carl Icahn, and Goldman Sachs relocating their headquarters has led to increased demand for commercial space and employee housing and created more high-paying jobs. This trend is expected to continue due to South Florida’s favorable tax environment, business climate, and overall appeal.
IW: What factors contribute to the resilience of the luxury residential market?
VG: South Florida has become a desirable location for Ultra-High-Net-Worth Individuals (UHNWI) from around the world, who are drawn to the region not only for its tax benefits but also for its quality of life and waterfront living options.
IW: Can you tell us about some of your current projects?
VG: Some of our current projects include:
Waldorf Astoria Residences Miami: This project will be the tallest building south of New York City, offering high-end living with prices starting from $4.42 million.
Sage Intracoastal Residences Fort Lauderdale: A boutique luxury property along Fort Lauderdale’s Intracoastal Waterway, with prices starting from $3 million.
One Twenty Brickell Residences: This development offers luxury residences with deeded office suites, focusing on wellness and social spaces, starting from $800,000.
One Park Sarasota: Positioned above downtown Sarasota, this project offers spacious living areas with views of the city and bay, with prices starting from $3 million.
111 West 57th Street: An architecturally significant building in Manhattan, combining historic Steinway Hall with a new tower, with bespoke interiors.
Q: For investors, what do you see as the biggest upside for investing in these ultra-luxury developments?
A: With the influx of major corporations, a favorable business environment, and increased wealth, the biggest advantage is the early stages of what appears to be a sustainable high-end market. Historically, high-end properties in Miami have appreciated over time.
Q: What are some of the most exciting aspects of real estate as an alternative investment?
A: Real estate is a cornerstone of long-term wealth creation and has been a reliable investment historically. In the luxury residential space, the architectural design and the ability to enjoy the property add value beyond financial returns.
Q: Can you share more about your role at PMG, your background, and what you enjoy most about working in the South Florida market?
A: I have spent 19 years contributing to South Florida’s real estate market on a global scale, developing sales and marketing strategies for prominent luxury real estate projects. As the Managing Director of Development Sales and Marketing at PMG, I oversee over $4 billion in sales. What I appreciate most about the South Florida market is its dynamic nature and its evolution into a more sophisticated destination. It’s rewarding to be part of its growth and to help future homeowners find an improved quality of life.
