Tuesday May 17, 2016
MIAMI—Luxury is not always enough to attract renters and buyers in Miami’s residential market these days. Ultra-luxury is the buzzword and five-star amenity marketing has to be backed up with five-star experiences.GlobeSt.com caught up with Hector Vargas, president of South Florida High-Rise for FirstService Residential, to get his thoughts on trends in the market in this exclusive interview. Vargas oversees the firm’s operations of high-rise associations across Miami-Dade, Broward and Palm Beach counties.
GlobeSt.com: How is Miami’s multifamily landscape changing in terms of high-end luxury buildings?
Vargas: Miami’s multifamily landscape, especially on the shoreline and Downtown-Brickell area, has escalated from luxury to ultra-luxury. Miami has long been a top destination city for the jet-set crowd and its appeal is amplifying as the world’s wealthiest invest their money and time here.For them, Miami is not just a travel destination, but the destination for their second, third or even fourth home. Developers can’t afford to sell or market a product that offers anything less than emulating and surpassing the indulgences of the finest resorts and world-class travel experiences prospective buyers encounter on a global scale. In a way, Miami’s ultra-luxury real estate landscape is an extension of the seven-star, opulent lifestyle to which this elite clique is accustomed.
GlobeSt.com: What do developers and managers need to consider when planning for amenities that draw residents?
Vargas: Successful developers understand that residents in their luxury-driven buildings would be sorely disappointed if the promise of cutting-edge amenities and first-class service turned out to be little more than a marketing slogan. This is where the value of an experienced luxury lifestyle manager is critical.Managers bring the developer’s marketing promise to life and enhance the reputation of their brand by ensuring that residents’ expectations aren’t just met, but surpassed. When planning for amenities that attract elite buyers, managers and developers work together to understand the distinct nuances and desires of that demographic. For example, one of the planned amenities to wow residents at a new grand-scale condominium we will be managing includes a private restaurant with a full chef’s kitchen for casual and formal dining.