Local real estate moguls Tony Cho, of Metro 1 Properties, and Perci Piétro, of Ownrealty.com, discuss Miami's hottest properties and emerging neighborhoods.
Downtown Miami’s historic former post office building
What neighborhoods are the most popular at the moment? TONY CHO: It varies, but right now it’s split among Wynwood and the Design District, and more and more in what we consider the urban core: the Upper Eastside, Downtown and Midtown. I think there is a huge future in these areas. People are looking for high-quality assets in emerging locations. Neighborhood characteristics create value, and our company likes to focus on 24-hour, walking-city environments.
Tell me about an interesting, unique property that’s in demand these days.
An interesting one is the old post office in downtown Miami’s Central Business District. It offers a rare chance to own a historic, mixed-use investment property—27,000 square feet, with exposure on both Northeast First Avenue and Northeast First Street.
What are your hottest properties right now? PERCI PIÉTRO: 1500 Ocean Drive, which is one of the most financially sound buildings in the area, and also certainly The Setai—one of the only full-service condo hotels on the ocean in South Beach. There, you could find yourself sitting poolside next to Bono, Madonna, Jim Carrey or Vince Vaughn.
How is Miami distinct from other tropical, oceanfront locations around the world?
It has something to do with its multicultural, melting-pot appeal. Here you will meet people from all walks of life, with all types of customs. And we’re ready and able to accommodate each and every one.