The Boomerang Trend: Real Estate Broker Shane Graber on Miami's Returning Young Professionals
Feb. 6 2024, Published 12:46 p.m. ET
Miami, with its bustling streets and architectural marvels, has been experiencing a unique demographic shift in its real estate market, driven by a notable influx of young professionals showing a keen interest in settling down in the Magic City. Fueled by broader economic and social changes in lifestyle and working preferences—mainly brought on by the onset of the pandemic—this trend has profoundly transformed Miami's realty scene.
According to Shane Graber, seasoned real estate broker and founder of the Graber Realty Group, the most significant part of this trend is the rise of what he calls the 'boomerang kids.' These are talented young workers who are originally from Miami and who have ventured out to cities such as New York, San Francisco, Los Angeles, or Chicago to gain experience and find jobs that better match their skills and ambitions.
These younger individuals have now started returning home - many of them with their new families. Graber says that this can be attributed to a certain extent to a rise in the number of companies in the tech and creative sectors setting up bases in Miami. Another reason is a concept that spread like wildfire starting with COVID-19: remote work.
After all, in a world where countless workers can now choose whether to stay at the office, work from home, or strike a balance with a ‘hybrid’ model, it’s easy to understand why many prefer to go for the second option.
Under Graber’s leadership, the Graber Realty Group team has demonstrated unrivaled agility and commitment to delivering exceptional results for their clients, individuals who are now more discerning and careful than ever when purchasing or investing in a property. Adept at addressing the needs of returning young professionals, they are certainly well-equipped to guide them toward real estate options that fit their aspirations and lifestyles.
Circling back on the boomerang trend, Graber reveals a noticeable shift in housing demand or prices and the types of properties sought after. Highly educated and often employed in well-paid sectors, young professionals seek high-quality housing options that match their needs.
This has led to a bigger demand for modern condos with amenities, pushing prices upward and, in many cases, stimulating new developments across the city.
At the same time, Graber shares that, with the advent of remote work, four+ bedroom homes are projected to become even more popular, given that an increasing number of people need a home office space. A trend that goes hand-in-hand with this one is the demand for homes in the $4-7 million range, which have become more attractive due to the so-called "Citadel Effect."
“The Citadel Effect got its name after the hedge fund, Citadel, which has recently relocated from Chicago, prompting many others in giant industries to consider Miami as their next home,” says Graber. “This, combined with the influx of the ‘boomerang kids,’ has completely changed the realty game of the city, requiring us as field experts to be more nimble with our strategies than ever.”
Owing to his keen knack for spotting opportunities and expertise in luxury marketing and investment, Graber has turned the Graber Realty Group into a force to be reckoned with in its sector.
This accomplishment can primarily be attributed to the company’s groundbreaking property showcasing and pricing approach. Recognizing that each has a story, the firm leverages high-quality videos to present these properties in their best light. The videos go beyond the traditional home tour, capturing the unique features and charm of each one, thus creating an emotional connection with potential buyers.
This strategy differentiates their listings and draws in a wider audience, increasing the chances of a successful sale. Furthermore, Graber Realty Group is known for its strategic pricing. They understand overpricing can deter potential buyers and lead to longer listing periods.
“The practice of overpricing to leave room for negotiation is obsolete. In fact, overpricing a property by just 10% of its actual value can result in 50% less interest, meaning 50% fewer online viewers and showings,” Graber explains. “That's a massive diminishing return.”
The Graber approach stands as a complete contrast. When selling properties, the first step they take is preparing them for sale, which includes any necessary repairs such as painting, landscaping, flooring, and roofing. The next step, as already discussed, is utilizing the expertise of seasoned videographers and content creators to showcase the apartments’ and houses’ glamour and appeal.
Yet, as Graber emphasizes, pricing is the most crucial aspect of this tactic. “First of all, we offer our repair services at affordable prices, alleviating sellers' many concerns. And then, as a result of our methods, we’ve been able to sell properties at better prices and in record time,” he states. “Buyers are here, but they're not rewarding overpriced, unprepared properties.”
A single look at Graber Realty Group’s achievements thus far points to one clear fact: Its success undeniably lies in its team’s ability to adapt to changing market dynamics while staying true to its unyielding commitment to client satisfaction.
The new year may bring some specific challenges, but Graber believes it will also usher in plenty of opportunities. He adds that he and his team aim to stay at the front of these trends and raise the bar even higher - for themselves and others in the industry.
He said, "My team and I don't just find homes. We want to help create lifestyles. This is our fundamental principle and one that I hope will inspire others to infuse some positive change in their approaches.”