This week, the real estate market in South Florida moved with the information that GFO Investment, an investment group specializing in real estate and owned by Russell W. Galbut, an American lawyer recognized for being a philanthropist and real estate developer, will soon begin the construction and sale of short-term rental condominiums in Miami.

According to The Real Deal, a media outlet specializing in real estate in Miami, the project will consist of a 32-story, 283-condominium tower located in Miami’s Arts & Entertainment District, in Downtown Miami.

Galbut’s Miami Short Rental Project Details

The short-term condominium project in Miami to be initiated by GFO Investmens is the second of its kind in the city, after it launched Gale Hotel & Residences Miami for sale in 2023.

The project will be called 14 Roc and the condominiums will have an area between 410 and 960 square meters, depending on the type. The amenities that will be contained in the program consist of a swimming pool on the terrace, a coworking space, meeting rooms, karaoke and games; physical training center, theater and lounge, among others.

“GFO has commissioned Minneapolis-based RSP Architects and Miami Beach-based landscaping firm Urban Robot Associates to design the project,” The Real Deal reported.

What will the price of condos be?

The information shared by the project and disseminated by the media is that the sale prices of condominiums for short rent in Miami will start at USD 495,000.

How is the short-term rental outlook in Miami?

The announcement of the investment to be made by the developer group led by Russell W. Galbut in the short income market in Miami confirms that this sector has been growing very positively in recent years.

Estimates from The Real Deal indicate that there are currently more than 30 projects of this type in development, with an offer of more than 10,000 units that will be available to investors and the general public in the coming months and years.

The analysis made by the media is that short-rent condominiums in Miami represent almost half of the units under development in South Florida, “with a particular concentration in Downtown Miami. It’s part of a trend of developers designing their projects with investors in mind, rather than end-users, and it’s fueling a shortage of new-build condos,” the report reads.

If you are interested in investing in Miami in projects aimed at short rentals and take advantage of this current market dynamic, contact us and at PFS Realty we will advise you to find the ideal property for your interests.

References:

  • The Real Deal (2024). Russell Galbut launches sales of short-term rental-friendly Miami condos. https://therealdeal.com/miami/2024/07/12/galbut-launches-sales-of-short-term-rental-miami-condos/?utm_medium=social&utm_campaign=single_content_share&utm_source=share