Across the Florida peninsula from Miami, Naples is starting to make a big name for itself in the luxury accommodation world.
Earlier in February, USA Today reported that 350 luxury apartments were due to spring up, with Kalea Bay and Mystique Towers offering formidable competition in the market.
This has led some experts to question whether Naples will become the luxury capital of the state. However, while Naples holds promise, there’s sound reasoning to support that Miami will be the king of luxury apartments for some time yet.
The prestige of the land
Miami Beach boasts prestigious property prices, and developers are naturally inclined to respond with equally luxurious features. Often, the innovation behind these outstrips those in other areas. The likes of new condominium development 57 Ocean have embraced this ethos, as has the potential record-breaking floating home on Bal Harbor, which Forbes reckon will go for $24.95m.
There is simply an allure towards Miami that is difficult to replicate elsewhere. These figures will continue to pull in developers despite the high values.
Improved levels of infrastructure
A key issue that USA Today highlighted in their report was infrastructure. When considering air travel, Miami is out front, too. 2018 saw over 20,000,000 trips taken, according to FAA records, and new technology is set to improve the airport’s importance.
Miami luxury continues to innovate
Miami has developed a strong innovative edge and many companies have applied this to their construction. Take, for example, the Miami World Center, set to be opened in 2020. As part of planning for that project, developers have put in capability for flying cars to have access to the building in what would be their traffic lanes, effectively creating a sky drive-thru.
In a more down to earth area of development, Miami-Dade authorities are looking at ways to help young people get onto the property ladder and perhaps one day enjoy their own luxury properties.
Naples is doing great things and it’s only positive that the state has a more diverse set of money-making cities. The pull from tourism and local businesses will benefit everyone. However, don’t expect it to be the state’s big player for a few years yet.