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Midtown Miami: the new Soho!

08 Jan

4 MidtownSam Tawik, a well-known New York developer, just invested $12 million in the area of Midtown Miami. Indeed he bought 27 apartments in the fabulous condominium 4 Midtown (see picture). If he is investing such an amount there, he must be pretty sure that Midtown Miami will become soon the new Soho.

In the early 60’s artists bought lofts there for at most $50,000 and these properties are now worth $3 million. Tawik values the short term appreciation in Midtown and thinks that the prices of the area will follow the Soho trend. Tawik’s strategy is simple: he is buying units which have highest end user demand and which appreciate in value the quickest. No wonder why he can hope a 35% of return on his investment within 3 years!

The reasons why he sees in Midtown a neighborhood with potential are also linked to the fact that there are lots of lands left to develop there and that the area is growing demographically. Moreover, Midtown is located between the design district and the artistic Wynwood district, two dynamics and promising areas. There the energy is chic and sophisticated but not pretentious. Finally, Midtown more than a residential area is also becoming a major mid price retail market. For example, Shimon Bokovza CEO of Samba brand decided to open a new restaurant only a few blocks away from Tawik’s purchases.

We can definitely say that in Midtown Miami the residential infrastructures are now strong. The area is not just a suburb of South Beach anymore. So, why not listen to Sam Tawik when he says that: “It is time to be a New Yorker Seller and a Miami buyer”.

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Posted by on January 8, 2013 in News

 

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