Published on August 11th, 2021 | by Five Hundo0
Diana Ulis Miami
Settlement Processor and real estate expert Diana Ulis of Miami, Florida shares some of her advice and thoughts on the booming real estate market and what to expect over the next few years.
How did you get started in the real estate business?
I had a real passion for homes growing up in New York. When I went to college in Florida and saw how many points in the economy the real estate market touches during an macroeconomics class it really stuck with me that this is a great industry that I want to find a way to be involved in.
What are some of those touch points that stuck with you?
My professor went over that when a new development starts you start with providing jobs for city planners and inspectors who test the soil and those at city hall who approve plans. Prior to that you have the real estate broker who sells the land and the architect who builds the plans. Going levels deeper you provide jobs for contractors and supply jobs for the equipment and materials that are purchased. Then it expands to people moving in and buying cars supporting the local economy and shopping at local stores. This domino effect really is something where all touch points and users benefit.
So What are you seeing in Miami Today?
Miami is one of the most beautiful and diverse cities in America. It has a plethora of condos and has limited capacity in terms of new construction as lenders have been extremely tight and have thus created greater demand than there is supply. As a state with no income tax yes we have very high property tax to make up for it but people don’t complain about that till after they move to Dade county and by the time they get here and complain they love it and wouldn’t think about moving anywhere else.
The southwest part of the county and some underdeveloped areas will start to be more developed and we think this boom will continue for the touch points that I mentioned above. We also believe that lack of supply, tied in with low rates, and stringent lending standards are a good recipe for home appreciation.
Any Real Estate Advice For Those Looking to Buy in Miami?
Whether it’s a primary residence or a vacation home there is a strong rental market and tourism is booming. So you can always rent your unit out and who wouldn’t love a second home on the beach in Florida come a cold New York winter?