A Boston Market Connection: ONE Sotheby’s International Realty

Our affiliate in Miami, Florida,
ONE Sothebys International Realty, takes the spotlight as we draw
some parallels between the Miami market and our own. Both hubs for
foreign investment and fast-tracks for development, Boston and
Miami share some of the same visions for decisive growth. We bring
you south for our April feature of ONE Sothebys International
Realty.

ONE Sothebys International Realty
is the leading real estate brokerage for the greater Miami and
Broward areas, with a focus on leveraging South Floridas natural
beauty along with its cosmopolitan flair. With more than 600 agents
working throughout 11 offices, the company is the most prominent
name in marketing elite properties and exclusive
developments.

Team members cover all of Dade
and Broward Counties, including, but not limited to, Downtown
Miami, Brickell, Coral Gables, Miami Beach, Key Biscayne, Sunny
Isles, Aventura, Fort Lauderdale, Weston and Coconut Grove. Though
pioneers in exclusive developments and luxury sales, ONE does not
limit its reach to any market in particular, offering expertise and
guidance for all lifestyles from beachfront living, to busy
work-life, yachting, golf, family life, and more.

ONE provides a critical resource
for those navigating Miamis fast-paced real estate market. Though
South Florida as a whole has seen dramatic growth in recent years,
Downtown Miami in particular has experienced some of the most rapid
development in the area. According to the
Downtown Development Authority, the population of Downtown Miami has increased
more than 30% in 2010, with a majority of the population described
as highly educated, young, working professionals.
Realtor.com just ranked
Miami as the second most desirable city for Millennial home buyers,
citing a building boom and prosperous up-and-coming neighborhoods
such as Little Haiti and North Miami.

To keep up with an influx of
people, developers are jumping on the opportunity to build. As a
result, the urban oasis is saturated with opulent mixed-use
projects perfect for young professionals. ONE Sothebys Development
Division currently manages an inventory of $3.5 billion a figure
which continues to grow as more people look to South Florida as a
permanent destination. Some exclusive development offerings
include
Turnberry Ocean Club Residences,
One Thousand Museum,
The Fairechild Coconut Grove, and
The Residences at the Miami Beach
Edition.

Boston is experiencing a similar
building boom as developments spring up in all neighborhoods. New
construction is reaching historic heights as the city continues to
grow. Perhaps the most outstanding of all new development to arise
in the past year is the Millennium Tower, a 685-foot, shimmering glass sculpture in the
sky. Another prominent project is the new Four Seasons development
at One Dalton in Bostons Back Bay.

By and large, Boston has a
history for being the one of the most stable markets in the
country, with the current real estate market healthy and ready to
thrive with new inventory to come. Nicole Rideout, Director of
Business Development for Gibson Sothebys International Realty,
studies these market trends closely.

My job is to understand our key
markets and maintain relationships with our affiliates in these
areas, she explains. And in this time of great development in
Boston, Nicole looks to other markets such as Miamis to spot trends
and sort out differences. There are definitely similarities in the
demographic of our markets. The market in Miami is seeing a bit of
a shift, specifically in the realm of new development. Miami has
fewer restrictions and costs for building large scale developments
which results in less of an inventory imbalance and creates more
opportunity for buyers. We look forward to continuing to increase
the business we do between the two cities.

ONE Sothebys has already served
as a close partner to us in Boston. We have enjoyed the exposure to
major developers and the sophisticated marketing strategies that
ONE SIR uses to reach clients across the globe, Nicole notes,
offering Miami and Ft. Lauderdale in particular as key markets in
the GSIR referral network. In addition, many international
investors in the Boston market place are based out of (or own
property in) Miami, especially investors from South and Central
America. While still many of our clients purchase a condo in the
Miami area as a vacation home.

Reflecting beyond just real estate facts and
figures, Nicole notes just how special the South Florida area is. I
find the tempo of the market in Miami captivating, the architecture
is incomparable in the United States.

Find more information on ONE
Sothebys International Realty here.