It doesn’t happen often, but the entire May 1 show was dedicated to my thoughts on a number of topics that are important to me. I wanted to provide what I hope is some information and insight.
Beckham Stadium
Major League Soccer coming to Miami is a great idea, but starting the process with an out-of-town representative was not. Teaming up with a local voice would have made a stronger impression.
Also, the proposed bayfront location isn’t the best. We don’t have much bayfront left, and projects like this stadium work best next to major transportation hubs. I’d like to see it out by the airport at the intersection of the major highways and rail routes.
The commercial real estate cycle
I often get asked, “Where are we in the commercial real estate cycle?” I’m not sure, but I just attended a meeting where people were talking about building speculative office space in the Miami suburbs near the startup communities. Perhaps that’s a good sign.
Add to that projects like Art Basel and eMerge Miami. It’s amazing to watch the maturation of Miami. It’s impossible to underestimate the economic impact of Art Basel, and I want to give a high-five to Manny Medina for bringing eMerge Miami to town.
What’s the Fed gonna’ do?
The Fed is buying less, but at a longer term. That helps to keep interest rates down anyway. The markets have priced-in all of this, and the Fed will attempt to generate some wiggle room policy-wise by letting rates rise a bit. Here in South Florida, it’s smoking hot because this is where money comes to find refuge.
Commercial real estate product types
There’s pressure to find locations off the main arterial roadways for entry-level condos. Most condos under way now aren’t targeted to people who live here, and a market is emerging for more affordable alternatives as banks begin to loosen up on credit.
Industrial is a good place to be. People are willing to pay to be near the airport. Parks like the Miramar Park of Commerce are near buildout. Office is coming back. Apartments and condos are white-hot. Ground-floor retail is now about $45 per square foot triple-net. Occupancy costs are now approaching $65 bucks.
Lauren’s Kids license plate
You can now raise awareness of child sexual abuse by getting the new Lauren’s Kids license plate. It just became available, so go out and show your support by getting one today.
The Dolphins, the Marlins and the Heat
The Dolphins have a new GM and they’re trying a reset on their business. I’m excited about it. Now I want to see them draft some game-changing personnel.
About the Marlins: If you haven’t been to a game, you ought to go. It’s a lot of fun. The food is awesome, and you get to see the star players in action.
And boy am I glad to have center-court seats to the Miami Heat. They looked good in their first-round series. Let’s see what happens next.
New real estate funding methods
“Crowdfunding” has hit the real estate world. It’s innovative, but be careful. Make sure you do your homework. Know the sponsor. Know the operator. Ask lots of hard questions. Oh, and make sure it’s legal.
The whole concept of risk-adjusted return means if the return is really high, it’s time to pay attention to the risk.
Mindfulness
There’s a lot happening in the world to be concerned about. Make sure to take time for yourself each day to re-group. To become “centered,” as Dr. Ashwin Mehta at UHealth teaches.
My morning routine, for instance, includes working out, establishing a priority list, answering e-mails, etc. I also take time to relax and remember who I am to others and what I mean to them.
As the Miami lifestyle becomes more intense, this is how you’ll thrive.
I talked about a lot more, so click here to listen to the entire show.
