Michael Mavris has an extensive background in economics and finance, helping him guide and consult his clients through the continuously changing market conditions.
Apart from brokerage activities, he is involved in property management, financing, new development sales, and proprietary development.
Fresh out of college he started his career with Celebrity Cruises/Royal Caribbean in the Casino Operations and onboard revenue. Advancing through the corporate ranks, he became the youngest manager of finance, responsible for the Celebrity Cruises Fleet.
After a 10 year tenure in the cruise industry, Michael joined a family real estate venture by purchasing a large commercial property with a restaurant/nightclub, retail and office component. It was during this period Michael got his first taste in the real estate business.
Michael showing a beachfront condo in Miami.
Tell us a few words about you
I was born in Copenhagen, Denmark, in 1968, to a Greek father and Danish mother. My grandfather, Nikolaos Mavris, served as the first Governor-General of the Dodecanese Islands in 1948.
Shortly after my birth, my family moved to Athens, Greece, where I was raised to the age of 16. In 1984, my family moved once again—this time to Fort Lauderdale, Florida. My parents felt that in the United States, four children would get a better quality college education and more future career opportunities.
How did you end up in Miami?
While studying Economics and Finance at Florida International University in Miami, I fell in love with the city and its energy. My family roots are from the island of Kasos in the Dodecanese Islands. So I felt right at home when I discovered a small island, only a bridge away from the center of Miami, called Key Biscayne. When you go over that bridge, you leave the busy city life behind and enter a laid-back island community of roughly 13,000 residents. Key Biscayne has been my home ever since. It is where my wife Adriana and I are raising our two amazing children, Emily & George.
How long have you been in the real estate business, and why did you decide to open your brokerage?
I have been in the real estate business for over 20 years. As an agent, I was always a top producer. The firm I worked for handling a lot of luxury condo development projects, from renderings and floor plans to construction and delivery. It was a lot of fun, but my entrepreneurial spirit wanted more control and flexibility over the level of service. So I took the plunge and opened my firm.
-Tell us about your brokerage and your goals
The City Agency is a boutique brokerage that strives to exceed our clients' expectations. Our team of agents specializes in both residential and commercial real estate. We provide a concierge-style service through the transaction process—a veritable one-stop shop to make the process as easy and smooth as possible for our clients. With the help of our business partners, if needed, we offer a full range of services, including assistance with financing, legal, title, inspection, appraisal, staging, etc. In 2021, I plan to open a second location in Fort Lauderdale.
What have the last 20 years been like, and what are the main variables that cause fluctuations in the Miami market?
It has been an amazing and fun experience to watch the growth of Miami over the last 20 years. From new developments to new submarkets and neighborhoods emerging. The impact of changes in the political climates of our neighbors in the Americas is always crucial to our South Florida market.
Monitoring the strength of the US dollar and its effect on foreign investment properties is also a key variable.
Domestically, over the last few years, we have seen some tax migration form high taxing states like New York, New Jersey, Connecticut. These usually high net-worth individuals have been great for our market. With COVID-19, people are now discovering that they can work remotely, and that is why lately, we see an uptick in tax migration.
The record-low interest rates have been great for the market as well.
Michael Mavris with wife Adriana and children Emily and George.
What about international clients?
Miami has a steady stream of international buyers. Some are looking to establish their business in the US and select Miami for their headquarters and gateway.
Others are looking for a vacation property like a condo on a sandy beach.
And others are looking for a safe investment, especially when they feel their domestic political climate and currency is unstable.
The largest group of international buyers of real estate in South Florida come from Brazil, Venezuela, Colombia, Argentina, and Canada. They are followed by Mexico, France, Italy, the United Kingdom, China, Peru, and Ecuador.
Over the last few years, there have also been more Greeks moving to Miami. It is great to see our community grow! The epicenter of our Greek community is the St. Sophia Cathedral, where everyone is involved during our annual Greek Festival in February.
What is the impact of the coronavirus in your business?
We are dealing with an unprecedented profound effect on our business from COVID-19, a pandemic that is affecting the whole world. Luckily with our population continuing to grow, we have faired very well.
I’m optimistic for the second half of 2020, as transaction activity in residential properties has rebounded with renewed demand and short supply.
There is an exceptionally high demand for single-family homes with large backyards and an extra room for a home office. I have many clients I’m currently assisting in making a move from a condominium to a house.
The hottest areas for single-family homes are in Key Biscayne, Coconut Grove, Miami Beach, and Pinecrest.
Newer condominiums are also in demand. Especially buildings that provide keyless entry and a private elevator operating with touchless technology.
The Brickell area is the most fashionable neighborhood by far, with 33% of the total condo sales in Miami, followed by Downtown, Miami Beach, and Key Biscayne.
The commercial sector, unfortunately, is not doing as well. Some businesses remain closed, and others are only partially open. The office sector is also going through an adjustment and some downsizing. It will take some time for the commercial market to adjust to COVID-19 completely.
Michael Mavris while showing a waterfront property.
What opportunities do you see going forward?
Historically there has been a steady supply of new developments in the Brickell area. Supply from new developments helped absorb the increased demand from population growth. A typical high-rise condominium development cycle, from inception to delivery, is five years.
There is going to be an unprecedented lack of future developer supply. For the next five years, there is only one new development, to be completed in 2022 (135 units).
The lack of new inventory in the Brickell area should push prices higher in the coming years. Newly constructed luxury condos in Brickell should be in prime position to appreciate in the coming years.
For further information on the Miami real estate market, please contact me or visit our website at TheCityAgency.com. It would be a real pleasure to speak with you and yes, milao ellinika!
The City Agency
Real Estate Co. +1.786.201.0565 [email protected] TheCityAgency.com