How Miami’s multibillion-dollar battle led the Corcoran’s boss to buy its culture
“We’re seeing consumers start to adjust their expectations. So the psychology is changing from waiting and seeing, ‘Okay, how can I make this work?’ And when that happens, we see the work in progress. But that said, a true inventory operation, I think that probably needs to see something starting at five [percent rate],” Liebman said.
“They will not move until these rates drop meaningfully. So I think that nearer the time, it melts more slowly than the flood, but people have to make decisions and their lives change. And you can’t completely let your life be determined by the mortgage,” he continued. “If there’s one thing I can hope for about the housing market, it wouldn’t be that the luxury market is always on the upswing … but we’ve been seeing average Americans feeling good about their housing situations.”
While critics have been waiting a long time for the “Florida plane” to backfire, Liebman notes that the global perception of fame has changed significantly for the guard. For the veteran CEO, the proof is not only in the balance sheets but in the way he reacts when he travels internationally.
Mick Duchon of the Corcoran Group gives Fox News Digital a tour of the $21.95 million unit at the Four Seasons Residences in Surfside, where former Starbucks CEO Howard Schultz recently bought a bathroom.
“When I used to go and say I’m from New York, everyone would say, ‘Oh, New York, New York. I always want to go to New York.’ And now I say I’m from Miami and their eyes light up,” he said.
This “buzz” is mainly focused on the change in health care, community-driven life – a big difference from the boring grind of the companies of the traditional areas of the north. As cities like San Francisco, Seattle and Chicago deal with commercial vacancies and population loss, Liebman suggests that the Miami model offers a blueprint for recovery: build what the modern consumer actually wants rather than relying on past glories.
“Miami does a good job of leaning into their strengths. San Francisco, it’s an amazing city. New York, one of the biggest cities. Chicago, it’s a strong place there. But I think cities need to lean into their strengths and decide, ‘Why was it such a great city? And how can we keep that? How can we bring people back?’ “He said.
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He notes that the success of the Design District residence is proof that creating a sense of culture is a great magnet for money.
“All cities must decide how to build their communities or rebuild their communities,” Liebman concluded. “This is a game changer for the Design District. The Design District has been a game changer for Miami. This is a residential area that should not be overlooked.”
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