If one thing is clear in recent travel trends, it’s that Florida has never been more popular. With flexible work arrangements now possible, remote workers have been flocking to South Florida—Miami in particular. Now as the pandemic winds down, many are reconsidering where they will call home—either permanently or at least for the winter.
I spoke with real estate expert, Antonio Khoury, Managing Director at Compass & principal of the Antonio Khoury Group. He shared his insights on the Miami real estate market. If you are considering a move, or a vacation home purchase in South Florida, you will want to hear what he had to say.
After a decade of advising clients and closing $500M+ in sales in the Northeast market, the Antonio Khoury Group quickly saw the trend of professionals making the move to Florida over the past year. Bostonians and New Yorkers have been adding Florida homes to their real estate portfolios in droves. «We made an immediate expansion to the Miami market knowing that we could leverage our strategic alliances within Compass to best serve the needs of Northeast clients looking to purchase a home in the region. My real estate group has facilitated over $20M+ in successful closings in Florida in the past few months.» Said Mr. Khoury.
Southern Florida has always been an attractive second or third home market to snowbirds living in the Northeast. “The mass exodus during COVID-19 to South Florida, was certainly evident. I would argue that COVID-19 expedited plans of owning real estate in a warmer climate where your money takes you much further than it does in the Northeast, while being just a short flight away!” Said Mr. Khoury.
MIAMI, FL – APRIL 05: View of the Downtown Miami skyline from the Miami South Channel on April 05, … [+]GC IMAGES
With the success of the vaccine roll out, many buyers have regained confidence in the Northeast market and are therefore still treating the South Florida market as a second home destination. But according to Mr. Khoury, “the second largest contingency of buyers in the South Florida market are those who have benefited from their companies remaining virtual or have adapted to long term flexible work structures, i.e. young professionals from Boston and New York. These buyers have found the Miami market a much more attractive home base due to its perks.” Things like more accessible luxury rental prices, more accessible luxury condo prices, private outdoor space, the warm climate, all the while on the same time zone as both Boston and New York are attracting these young professionals.
However, Mr. Khoury notes, “Do your research before laying down roots in Miami. Miami has many distinct neighborhoods, which are set for different lifestyles and personalities.” And this is yet another factor that has caused the boom in Miami, its various neighborhoods cater to a broad pool of buyers. “Brickell, for example, is the area with the most high-rise full service residential buildings, offices, restaurants, and nightlife. Given the overall full-service aspect of the neighborhood, it has become the go to area for those seeking pied-a-terres.” Said Mr. Khoury.
Conversely, Wynwood is known as “the Brooklyn of Florida” because it serves as the region’s creative and cultural hub. Just north of Downtown Miami, Wynwood is home to the famous Wynwood Walls, art galleries, eclectic restaurants, boutiques, and colorful murals.
And finally, there is of course the renowned South Beach. “Famed for its clear waters and sandy beaches, South Beach is home to high end waterfront real estate, beach clubs and 5-star hotels all just 10-minutes from Downtown.” Said Mr. Khoury. Walkable year round, with countless restaurants and nightlife, this is the place for the buyer who wants to be able to be near the water, but still connected to everything else Miami has to offer.
With Miami having so many diverse neighborhoods, Mr. Khoury recommends spending some time in Miami before deciding on an area in which to buy—but to do it fast because there are many other remote workers currently thinking the exact same thing.
Antonio serves as Managing Director at Compass & is the principal of The Antonio Khoury Group.
Hailing from a real estate family, Antonio Khoury felt drawn to the career at an early age. When he arrived in Boston from the Dominican Republic, he began his studies at Suffolk University and minored in Real Estate. “ I was in a fortunate position to commence my career at a respected boutique firm early on in my career, and the rest is history.» Today, a decade later, he’s Managing Director of Compass with an excess of $500M in closed transactions in Boston alone. from a mixed background of Dominican & Lebanese heritage, Antonio ‘s ability to speak Spanish, Arabic, French, and English fluently connects him with high profile clients, executives and celebrities from all over the world and has allowed him to broker multi-million dollar transactions in competitive markets.
His network has also connected him to exclusive developments in the Caribbean and Europe and allowed him to represent the tallest building in the Caribbean, based in Santo Domingo, Dominican Republic. “My business model since inception has been to work closely alongside my personal network. It’s flattering to have built a strong book of clientele based solely on word of mouth and strong relationships. I’ve learned that the barriers of entry in this business are very low hence the importance of offering differential value through innovative work is essential to succeed in this competitive industry. One unique competitive advantage I’ve acquired is the ability to market my clients’ properties internationally and expose them to a broader pool of buyers” he says.
Antonio is known for providing white glove client service and for being consistently available for his clients at all times. Whether he’s dealing with a seasoned investor, family office, first time home buyer, or a family selling their long-time home, he guides them throughout the transaction so the experience is less stressful. He understands how important this chapter is in his clients’ lives, and does everything he can to make it an enjoyable time. This includes updating them regularly, researching market data and opportunities, negotiating to get them the best deal possible, and implementing thorough marketing strategies to spread the word about their listing. The Antonio Khoury Group has a full time retained publicist that allows clients to have unprecedented exposure of their homes in an otherwise crowded market.
“In today’s world, there’s absolutely no doubt that a buyer’s first showing happens online, so my digital presence is really important. With this in mind, we have developed and refined a strategy through years of trial and error, where we don’t show too much, or too little, so potential buyers can ascertain if they are interested in a property yet still be curious enough to go to a showing and be surprised at how amazing it looks in person. We want them to come in and see more, experience the property but most importantly interact with myself in order to learn further about each property through my professional insights; insights that can not be found online or on a listing. We also have a publicist on staff whose sole job is to get our listings seen” said Khoury.
For the past consecutive 3 years, Antonio has hosted a toy drive to assist Wonderfund’s mission in helping children in need (https://www.wonderfundma.org/). During any free time, Antonio enjoys researching international properties and traveling to different parts of the world with his family.
Looking ahead, Antonio has his sights set on helping clients in whatever endeavors they pursue. “One very important lesson I’ve learned is that throughout this real estate journey you become a confidant of each and every client you do well by. It’s never about one transaction, never about the location, property or time. It’s about the relationship. I’ve become a trusted advisor to my clients not only locally but also when they decide to purchase a second home in a different state or even transition to a different country».
In addition to growing the team’s Massachusetts presence & market share, The Antonio Khoury Group also serves clients in Miami, New York, Stowe VT, California, Washington, Texas, Europe, The Caribbean, West & South Africa.
“Our expanded presence allows us to serve as a one stop shop with white glove service to all our clients, assisting them find their home, wherever that may be. ” said Khoury.