Nukondo: Capturing the International Buyers Market in Miami

South Florida has and continues to be a hotbed for international buyers, according to the 2017 Survey conducted by the Miami Association of REALTORS. Foreign buyers purchased 15,400 residential units (between August 2016 - July 2017), totaling over $7.2 billion in sales in the Miami-Dade, Broward, Palm Beach, and Martin counties.

A new real estate tech company called Nukondo is attempting to capitalize on this market segment. Their app provides a platform for real estate developers and new construction brokers to stay informed on the latest luxury projects. It standardizes and distributes this information globally, so that buyers and their agents can decide which condominium is most suited for their needs.

After three months of beta-testing, Nukondo has successfully on-boarded 72 of the most prominent projects in Miami such as One Thousand Museum, Missoni Baia, and Turnberry Ocean Club, with over 10,000+ units in inventory. “Our app helps developers expose their projects globally 24/7, allowing them to speed up sales and cut marketing costs,” says founder Jorge Brugo. “Be informed when you’re searching for that special new condominium and make sound buying decisions.”

Nukondo exposes international buyers to the Miami and Florida markets and directs them to a condominium sales team. In Miami, these international buyers are primarily coming from:

1. Argentina: 15%

2. Venezuela: 11%

3. Canada: 11%

4. Colombia: 9%

5. Brazil: 8%

The company will move into its full release once user feedback and content curation have been finalized. The company plans to scale beyond its pilot market of Miami, into other major U.S. and international metropolitan cities.

Article by: Katya Demina & Stephanie Warren

FPL To Build Solar Ring In Downtown's Bayfront Park

Miami commissioners have awarded Florida Power & Light a no-bid contract to build a solar ring which consists of solar panels with a retractable Amphitheater roof in Downtown Miami's Bayfront Park. The entire cost of construction will be shouldered by FPL with operation and maintenance costs covered by the public Bayfront Park Management Trust budged at $40,000 annually. FPL will pay the city a $10 annual license fee but the power generated via the solar panels will go to FPL's grid. Completion is expected by 2020. 

“The installation of the [solar ring] will pique the curiosity of the City’s residents and visitors of all ages, encouraging discussion about sustainability and inspiring them to learn more about the benefits of solar energy,” Annie Perez, Procurement Director, City of Miami.

The Future Role of Virtual Reality in Real Estate

When most people think of virtual reality, they imagine a cool gadget synonymous with video games and sci-fi movies. But as virtual reality technology improves and develops, more industries are finding creative ways to incorporate it into their business. Traditionally, real estate has had a slow pace of tech adoption, but the potential of VR is quickly being realized.

Suffolk Construction, the innovative building contractor, has opened a Smart Lab in its downtown Miami office to “identify, test and scale new technologies intended to transform the construction experience and revolutionize the industry.” Just last year, they opened similar labs in Boston, New York City, and San Francisco, which are physical manifestations of Suffolk’s ‘build smart’ approach that enables its teams to leverage new tools and technologies in order to create more value for their clients. 

“The momentum from our ‘build smart’ approach is unmistakable as we redefine what it means to be a builder and, more importantly, provide significant value and a positive project experience for clients, architects and trade partners,” said Chris Mayer, executive vice president and chief innovation officer at Suffolk. 

One of these interactive technologies is a virtual reality CAVE (Computer Aided Virtual Environment) room, which immerses the user in a realistic 3D model of renderings using an HTC Vive headset. The concept allows teams to identify and address logistical challenges before construction begins by ‘stepping inside’ the building. “The basic concept behind the Smart Lab is that we can build it in pixels before we build it in brick and mortar,” said Joe Fernandez, vice president of operations for Suffolk Construction. “We take real-time decisions and put them in a 3D model so the client can immediately see the finished result. 

Only six percent of construction companies currently implement VR technology, according to a survey by Software Connect, but its benefits have already been recognized. Fortune International Realty Group collaborated with Suffolk in building Jade Signature luxury condo tower in Sunny Isles Beach, whose futuristic structure was designed by prize-winning Swiss architects Herzog & de Meuron. CEO and president of Fortune, Edgardo Defortuna, said “We knew Jade Signature would be an extraordinary undertaking and that a collaboration with Suffolk would be a cornerstone of the project’s development.” During preconstruction in 2016, his sales team shipped virtual reality goggles to prospective Jade buyers. “The result has exceeded every expectation.” 

For virtual reality to take off, it needs competitive pricing and increased computing power in order to run high-end VR simulations. These key variables are present, but the availability of headsets and computers makes distribution of the experience a challenge. As early enthusiasts give way to wider adoption and awareness, VR may become a key technology when it comes to the designing, building, buying and selling of real estate.

Article by Katya Demina

South Miami Becomes First City in Florida to Mandate Solar Panels on New Homes

South Miami has become the first city in Florida to mandate solar panels on new homes, joining 3 cities in California including San Francisco as the only cities in the U.S. to implement the legislation. The mandate also applies to those seeing to increase the square footage of their home by 75% or more. The legislation states that there must be 2.75 kW for every 1,000 SF of roof space.   

“This is about my children and my grandchildren and your children and grandchildren. We are running out of time. It benefits everybody except auto companies and the utilities,” said South Miami Mayor Phillip Stoddard.

The mandate has been met with opposition from residents, developers and city officials alike, as some feel that it is another case of government overreach. Others argue that the new mandates push the cost of living higher, hurting affordable housing and development in the city.

“All over South Miami, houses are being torn down,”said South Miami City Commissioner Josh Liebman. “This is government bureaucracy on the most micro-level. We must protect freedom of choice.”

Stoddard has advocated for implementing renewable energy solutions and reducing carbon emissions to help combat environmental factors such as global warming and rising sea levels. The final vote is on July 18, 2017 and is expected to pass after city commissioners approved the legislation 4-1 in early July 2017. Tesla's sister company, Solarcity, headed by Elon Musk has made major inroads bringing renewable energy to consumers offering solar panels, an integrated "Solar Roof" that is blended into the roof shingles, and a Powerwall that acts as a generator. Images via Solarcity. 

Tesla Introduces New Powerwall Integrated Solar Panels for Homes to Roll-Out This Summer

Tesla has introduced new Solar Panels designed for residential home use which are integrated with their Powerwall home battery storage system. This major shake-up makes Tesla's solar power technology more attainable for those who do not wish to replace their entire roofs. The Solar Panels will be low profile with no visible mounting hardware and front skirts to hide the panels. They link directly into Tesla's Powerwall home battery storage system. Tesla acquired SolarCity last year in a merger that had many skeptical, but since the partnership has been progressing quite nicely as the panels will be available to consumers this summer.