Owning and developing
real estate in Little Havana depending on how you look at it can be considered
slum lording or seizing opportunity. We began our day of site visits with a
first hand look at Little Havana from two different viewpoints.
Mauricio began the presentation with an informational
description of the history of Little Havana. He then began to offer us his
opinion as to why Little Havana is poised for success. A great point was made
simply based on the enormous price increases in all of the surrounding high-end
Miami markets. Miami real estate prices in sought after markets are sitting at
record highs with record supply still coming to market. Many young residents
are simply being priced out of the market. This is influenced greatly from
international funds looking to park excess cash.
Mauricio I believe is well received when he states many
people will simply not have a choice, placing Little Havana in a prime location
to take advantage.
To the contrary Jose's prospective is that it has and will
continue to be for a real estate developer “slum lording”. This is not a negative it is just another
take on owning and developing real estate. It is made up of mostly local
tenants who live and work in Little Havana.
Jose also believes it is possible to see Little Havana grown
and develop however not even close to the level in which Mauricio believes it
will.
Government intervention & partnerships will play a large
role in the success of Little Havana however developers must be willing to believe
in order for Little Havana to transform.
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