James Kwong from The Village People discusses Miami Real Estate and Investing in Florida

Can you tell us a little about how you got started in real estate, particularly in Miami?

When I was back in Los Angeles working as a producer I met Patricia Delinois my broker in Beverly Hills. We were discussing her short film project Sisters of Vengeance. She told me she was gonna do a reality show in Miami about her company. I thought this was a good opportunity as an actor in Los Angeles struggling to get my career going I decided to jump on the opportunity. She said I would be perfect for the show so I immediately started studying for my Florida license. This started after Covid 2021. I took my exam in California and decided to move to Miami to pursue my real estate career and start helping produce the reality show. I saw great opportunities for real estate in Miami since a lot of people were moving there after Covid. I was also traveling a lot to Europe as a touring musician with the famous disco band of the 70s called the Village People. YMCA! I have been touring with the Village people for 7 years as the new construction worker in the band. I was singing and dancing behind the original lead singer Victor Willis who created the Village people back in the 70s. It was a great new opportunity to move to Miami and be closer to my shows in Europe.

What are some of the unique characteristics of Miami's real estate market?

Miami's real estate market is unique because not only is it a great travel destination for tourists from all around the world it has some of the most luxurious new developments happening every month and there's so many new homes being built. Due to the amazing weather and beaches Miami has been a new hot spot for investors looking to invest in this income tax free state. Miami has so many unique areas with different types of homes and neighborhoods that are suitable for all types of families, individuals, and 1st time home buyers.

Miami attracts buyers from all over the world. How does the international aspect influence your work and the market here?

Miami is one of the top destinations in the world. I have seen so many investors from around the world seeing the benefit to start investing in Florida as there 2nd home or investment property.

International investors have been pouring money into the Miami market which is great for us agents and the economy as a whole. New construction properties have been in high demand and multi family properties have been a good investment for many of these investors. I have had many investors from Latin America countries contacting me for hotels, commercial buildings, land, and new condo developments. The recent F1 events have gotten Miami global attention and events like Art Basel have definitely helped attracting international buyers!

What trends are you seeing in Miami real estate right now? Are there any areas or types of properties that are particularly hot?

Recent trends I have been seeing in the Miami market is investors buying condos in bulk. I have been working with a company that sells bulk condos and many of these investors are buying up as many condos as they can to rent out and accumulate passive income. Lots of multi family properties have also been attracting buyers from around the world. I have had many showings for these type of properties happening daily. HOA fees have gone up dramatically due to the surge of new buyers and lots of new developments being built here. I see a high demand for hotel buyers as well since investors are looking to redevelop old hotels and make them more luxurious and appealing for all the tourist visiting Miami!

How do you help clients decide between buying a home versus investing in condos or other types of properties in Miami?

When talking to buyers about purchasing a home or condo or other investment properties I really try to engage what the buyer really wants in terms of investing. Some buyers want to be hands off and some tend to be more involved with the whole aspect. Buying the right home for investment involves many factors including the mortgae rates at that time and whether there looking to buy new construction or not. I also look at there timeline for return on there investments. Condos can start generating income right away if the rental property is in a desired location and rental restrictions are limited to owners having complete control. Being from Los Angeles I have been working with many clients want invesment properties in Miami beach but a lot of buildings have strict rental policies and high HOA fees which sometimes can limit the profit to be made by these properties. I have seen a lot of activity with warehouse and land as well since investors wanna buy land to build since they see the benefits of people moving to Miami and can capitalize on buying land to build more units or retail spaces. It really depends on what the investor is looking for on his return on his investment. Florida's no state income tax is a huge plus for billionairs like Jeff Bezos, Tom Brady, and more celebrities moving here to capitalize on this. More and more high net worth people will be looking to invest if Florida!

James Kwong (second from the left) on stage with The Village People

James Kwong (second from the left) touring Times Square, New York, with The Village People.

James Kwong Discusses Miami Real Estate