Since Pablo Alfaro has been one of Miami’s top selling agents for over 20 decades and seen Miami’s explosive growth first hand, we asked him to share his thought on waterfront property in Miami and where the next hot spot will be. Here’s what he had to say
“I love some of the waterfront homes in Upper North Bay Road because you get a wider and clearer bay view. I also love the Venetian Island and some of the properties that are on some of the tips of the islands facing north which I find more private. The Venetian Island are going through a major building phase. All you see now are big modern homes being built, nobody wants the Mediterranean style anymore, years ago we couldn’t sell modern homes but that has certainly changed.
“I love the house that Calvin Klein had on North Bay Road. He certainly has the best taste and every time I was there, I noticed something different. I spent a lot of time at the property and it was a great visual learning experience for me, very few properties do that for me.
“I think everyone has a different experience with the waterfront properties. Many people just want to have a boat and therefore just being on the water may fill some if their wishes. Every house is a different experience for buyers. There are very few with great open unobstructed views and those command the higher prices.
“The Venetian Island is where you see the majority of the new construction going on. Houses that available in the 4 million dollar range are being bought, often by New York hedge fund/Wall Street types, taken down, and then replaced with new homes that are priced over 10 million dollars.
“The market for realtors has changed a lot. We used to be very few selling and it was a rather friendly environment, but now it’s totally competitive and cutthroat.I think I have consistently been one of the top-selling agents in Miami Beach is because I have got a great portfolio of clients that have incredible trust in me and my office. I have my ears on the ground. I know the market well. I love what I do. And more importantly me and my office give our clients incredible service. I get really involved with my clients purchases. We walk them through renovations and make sure that process is as seamless as possible.
The real estate reality shows have glamorized the business so young people think it’s an easy business and quick money. The reality is that the turnover for new agents is around 90% failure, and they leave the business shortly after starting. To be good at this you need a lot of experience, and I will say a good 5 solid years in the business with a lot of hard work. Most deals are very complicated so it takes a particular type of sales person to be able to get them done.