Over the course of his 30-year career, Michael Neumann, sales director of Privé at Island Estates, has sold apartments in 50 luxury developments in his home state of Florida (99% of them from start to finish).
Right now he’s focused on Aventura’s Privé, a 16-story luxury condo project from developer BH-3, which sits on the last buildable private island in Florida. Apartments start at just over $2 million. Despite a downturn in foreign buyers investing in Miami real estate as of late, Prive has been able to draw local buyers, and Mr. Neumann has closed $70 million in sales in 2016 alone.
Mr. Neumann, who grew up in nearby Key Biscayne, has been through several up and down cycles in Miami. He provided Mansion Global with advice for all different types of buyers.
Mansion Global: Describe your dream property.
Michael Neumann: A vacation home with all the bells and whistles, on a cliff, with my boat waiting for me on the dock down below.
MG: Do you have a real estate property that got away?
MN: Multiple. Usually because I over-negotiated.
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MG: What does luxury mean to you?
MN: Luxury is different at all levels. At Privé, it’s about giving buyers every detail imaginable—from the best finishes to a resort-type feeling. That’s what you need to do at that level of the market.
MG: What area do you think is the next hub for luxury properties?
MN: Aventura and Sunny Isles. Oceanfront is always available.
MG: What’s the biggest surprise in the luxury real estate market now?
MN: We hear all the time that things are slow in Miami, but we’re still seeing sales. I think part of it is that we’re about 50 percent local buyers, whereas most other luxury buildings in the market are 90 percent foreign buyers.
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MG: Where are the best luxury homes in the world and why?
MN: Waterfront properties are always best and most exclusive.
MG: What’s your favorite part of your home?
MN: My backyard— it’s huge, has a landscaped garden, basketball court and pool. It feels like a resort back there.
MG: What best describes the theme to your home and why?
MN: If I’m talking to my friends, I’d say destroyed. I have two boys, 10 and 14… that’s why. Before they destroyed it, it started out as a British colonial theme. My wife and I have picked up a lot of pieces of furniture from travels in Thailand and Bali.
MG: What’s the most valuable amenity to have in a home right now?
MN: Technology is key. From smart systems to TV entertainment systems, being able to control everything with the push of a button.
MG: What’s your best piece of real estate advice?
MN: The old adage—always buy location. And if you’re investor: never sell. If you’re a speculator looking to flip: don’t fall in love. If you’re buying to live in a property: buy what you want and then upgrade it.
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MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
MN: Political uncertainty in other countries and our upcoming elections. We’re all waiting to see what the stock market does as a result of the election.
MG: What is the best area now for investing in luxury properties?
MN: On the waterfront, it’s hard to go wrong. Some areas on the water will be better sooner, but they always come around.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
MN: Always choose a new development. They have better finishes, the newest technology, better kitchens and baths. Manufacturers are always coming out with newer versions. And developers are continuing in the amenity war. The newer the building, the better the amenities.
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