Nov 1, 2023
James Curnin is the CEO and founder of Clara Homes, a
Miami-based, vertically integrated real estate firm offering
residential and commercial development, operations oversight, and
custom homes. He has pursued ground-up new construction
opportunities in high-end markets across Los Angeles and Miami and
specializes in the development of luxury spec homes, multifamily
assets, and workforce rental communities.
In Miami, James seeks to fill the city’s much-needed niche for
reliable, quality, and innovative work. To date, he has acquired
seven waterfront properties, totaling $200 million in assets. Four
of these spec homes have been completed and sold for above market
rate, and the other three are in still in the preliminary stages of
construction. James has also started taking on custom home projects
with private owners as demand for turnkey residences surges.
In addition to developing spec homes, James is reinventing luxury
apartment living in Bay Harbor with a new, three-building rental
project called Clara Bay Harbor. The 150-unit new development will
complete in three phases. James eagerly continues to pursue active
opportunities in the South Florida multifamily and single-family
home markets.
On this episode, Jake and James discuss:
- Risks in building Spec Homes
- Building in Miami and Los Angeles
- Characteristics of a great contractor
- The Luxury rental space
- Sourcing deals
Links:
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:20) - James’ journey into real estate and career
(00:15:38) Credit facilities
(00:17:05) Differentiating homes from the competition and lessons learned
(00:18:34) Risks in building spec homes
(00:19:38) Moving from LA to Miami
(00:22:42) Finishes in Spec homes
(00:27:04) Selling home pre-completion
(00:29:40) Navigating inflation and timing the sale
(00:35:00) The allure of Miami
(00:40:33) Characteristics of a great contractor
(00:41:25) The impact of climate
(00:42:46) Is your spec home business model scalable?
(00:44:35) James’ work in luxury rentals
(00:49:13) Sourcing deals
(0055:32) Structuring partnerships
(01:04:18) Staying in control of the process
(01:08:20) The Live Local Act
(01:14:12) Learning curves in pivoting to MF
(01:15:56) What is your favorite hotel?