With Super Bowl LIV completed, research shows that Miami is reaping the benefits in several luxury residential sales.
In preparation for the influx of out-of-town visitors and potential homebuyers, most realtors were prepared to increase their marketing tactics to drive more interest.
To gain more traction and interest in properties, companies hosted exclusive events throughout the area. Companies that moved forward with this initiative include 5775 Collins Ave, 72nd and Park, Brickell City Centre, and Oceana Bal Harbour, among several others.
The team behind 5775 Collins Ave threw a dinner bash in its onsite sales gallery with special guest host Troy Aikman, a former quarter of the Dallas Cowboys. Using a different tactic, the co-developers of 72nd and Park provided tours almost every day.
Whereas, Brickell City Centre held an exclusive dinner for 50 people that was co-hosted by GQ staff writer Clay Skipper. Over at the Ocean Bal Harbour, the team spent more than $4,000 on events to encourage residents to show their friends around, including an exclusive watch party for the big.
In the week leading up to this highly anticipated event, condo sales surged from 84 to 135 units sold and went from $34 million to $56 million in revenue. The top sale of the week went to an apartment unit at the Four Seasons Residence at the Surf Club, the agent for the listing is notable and top-selling agent, Dora Puig.
“Ten years ago, there wasn’t a rail connection to the airport. Ten years ago there wasn’t a tunnel to the port. There wasn’t PAMM and there wasn’t Frost. It’s basically a brand-new destination.”
When taking a look at the impact of the last Super Bowl in Miami, which took place in 2010, there’s been a significant increase in sales. Forbes recently reported that a demographics study indicated there’s been a 38% increase in residents since 2010—a little more than 92,000 residents.
There’s a notable difference when comparing third-quarter market reports in 2009 with third-quarter reports in 2019—with a significant increase by 72%.
The report also states that the average monthly rent for an apartment in downtown Miami was $1,765, whereas, by 2018, the average cost of rent raised to $2,164 per month.
Yet, even without the Super Bowl, reports indicate that Miami would continue to have a strong luxury quarter since several interested buyers from the North travel south to seek a warmer climate. This period takes place between Jan 15 and May 15, as reported by the Wall Street Journal.
Since the last Super Bowl in 2010, Downtown Miami which has become a hotbed for culture, arts, and entertainment.
Even Miami’s tourism bureau chief commented to the Miami Herald, “Ten years ago, there wasn’t a rail connection to the airport. Ten years ago there wasn’t a tunnel to the port. There wasn’t PAMM and there wasn’t Frost. It’s basically a brand-new destination.”
In effect, 2020 is looking to be a strong start for Miami’s luxury residential market since Super Bowl LIV drew both physical and televised attention to all of the perks of the city.
