We are already in October. Time flies ! Maybe you are thinking to spend Columbus' day and/or Halloween in Miami ? As always, Miami has plenty of activities to offer. First you have to enjoy the Miami film festival and the Italian film festival. Then mark in your agenda the opening of a new intriguing restaurant. Finally have a look at our preconstruction update because these projects will be soon ready so hurry before they are sold out.
ZIKA VIRUS AFFECTED ALSO THE MIAMI REAL ESTATE MARKET?
In the first days of August we heard about the official news of the Zika Virus. The first contaminated area was Wynwood. This neighborhood had a lot of outdoor restaurants which had to close down their terraces. Don't worry this area has now officially been Zika free. The second area hit by Zika was South Beach discovered in 1.5 square mile-area in mid August.
As we know, the virus caused problems to the Miami economy especially in the hospitality that it's the first economic income.
As a matter of fact, the airlines company decreased the fares of 17% and the hotel bookings drop off 3% in Wynwood compared to last year. The restaurant industry is the one that suffered more. For example, a Mexican late-night bar lost 70% of the customers after Zika news.
But let's see the impact on the real estate world. We noticed that the volume of condo sales in the Wynwood and Midtown area decreased 30%.
In South Beach the number of property sold in Sept 2015 was 175 but in Sept 2016 only 129 sales. That's another 29% drop.
So can we say the mosquito virus had an impact on sales ? Well for sure sales dropped in both neighborhoods but I doubt we can say that the Zika virus is the only responsible factor. The strengthening of the dollar compared to south americans and europeans currencies is probably the number one reason for this drop in sales.
MIAMI FILM FESTIVAL EVENT
From October 13th to 16th you have the great chance to assist at the Miami Film Festival at Miami Dade College’s Tower Theater. If you are a movie lover these days are perfect to you and if you don’t there lots of activities around this event. You can choose from different type of tickets such as the single entry from $30 to an opening night film & party for $125. For example, at El Tucan in downtown Miami on the 15th there will be a special event, experiencing a modern cabaret day in a Latin environment.
The festival will open the scene with a documentary on the Rolling Stones. The director of the event picked up this movie because he thinks that it shows the real life of the singers unlike tv and novels.
The festival line up is made by the major award-winners such as Ken Loach and Daniel Blake, which won the Palme d’Or at Cannes and Asghar Farhadi’s The Salesman, which scored Best Actor and Best Screenplay at the same fest.
Before the Gems is starting, from October 6th to 11th there will be also the Italian Film Festival at the Regal Cinemas South Beach. We are going to the opening to watch a comedy with an Italian actor, Diego Abatantuono. He also took part of an Oscar movie in 1992 called Mediterraneo.
For the schedule visit the website:
Miami Film Festival: http://miamifilmfestival.com/gems2016/
Italian film festival in Miami: http://www.cinemaitaly.com/calendar/
MIAMI DOWNTOWN SKYLINE IS EVOLVING
Don't you get lost with all these new projects being built ? Here is an update on the condos which will change the face of Miami. Most of the ones I selected are in Downtown and already broke ground except for the Elysee, Auberge and the 3900 Alton.