We Participate: Miami Herald Real Estate Survey 2019

Our business partner and broker Carolina Lara Arashiro was to capture for the 3rd year in a row in this survey from the perspective of the top industry experts and professionals.

Where should you live? Should you buy or rent? Here’s our 2019 Miami real estate survey

Kendall and North Miami surge as some of the best neighborhoods for home buyers. Brickell is among the hottest areas in town — as well as the most overvalued. And our ever-worsening traffic is playing an increasing role in where people decide to live.

And at last — Miami-Dade’s spiraling housing costs may be on the verge of cooling down a bit.

Those are among the key findings of the 2019 Miami Herald Real Residential Real Estate Survey, which is now in its fifth year. The study was conducted by the Miami-based research firm Bendixen & Amandi International between April 1-May 1. One hundred of Miami-Dade’s top brokers, agents, analysts and experts from all price points were interviewed in English and Spanish to gain their insights into the current housing market. The interviews were anonymous, so respondents could speak freely and candidly.

This year’s study included more people who specialize in the mid-price and rental markets, to better reflect the growing divide between Miami-Dade’s wealthy, foreign residents and its working-class locals.

Click bellow and learn more about the survey’s result:

Source: Miami Herald

0 comment
Brickell’s new hot spot opens this summer on the Miami River

There’s a new place to eat and drink and socialize in Brickell this summer — and it’s got a waterfront view.

The Riverside development, a venue with 120,000 square feet of indoor and outdoor space, is scheduled to open in July on the Miami River in the beating, sweaty heart of downtown Miami.

The development, at Fifth Street and South Miami Avenue, will be home to six different restaurants, a tap room, beer garden and cafe and an event space for community use. A waterfront boardwalk will connect the venue to Brickell Avenue, and the boardwalk along the South Miami Avenue Bridge will be extended with an addition: art installations by Jeffrey Barone.

“In the concrete jungle that is Brickell, we wanted to create a unique oasis that will be anchored with a waterfront view, live entertainment, gastronomy, libations and special events,” said Riverside spokesman Marcelo Goulart in a press release.

Yes. Gastronomy and libations are definitely the stars of the show. There will be two full service restaurants: Awa, which will serve Asian cuisine, and a high-end steakhouse. There are also more casual, grab-and-go options from Le Chick, Morgan’s and Old Lisbon.

Miami River Brewery will also be on hand, serving up craft beer on tap that is going to taste exceptionally good on hot summer days. Expect a rotation of small batch specialty beers, with signature and seasonal brews and local collaborations. There’s an outdoor beer garden for your lounging pleasure, but if it gets too hot — and if you’ve spent August in Miami, you know it will — you can retreat indoors with your drink and watch sports on TV.

You can arrive by boat, Miami Metromover or car (street parking is available for the brave-hearted and the lucky). Either way, Riverside, which will be open for lunch and dinner daily, will be waiting.

▪ Where: 431 South Miami Ave., Miami
▪ Opening: July 2019

0 comment
Brazil is back: Brasileiros lead foreign investment in South Florida homes in 2018

Foreign investment rose 22.5 percent to $8.7B last year, despite a 7.5% decline in homes purchased

Miami real estate agents have one reason to be happy – Brazilian buyers are back as a dominant buyer pool in South Florida, amid an increase in foreign investment.

Political turmoil in Brazil and a strong dollar have kept buyers away from South Florida in recent years – until now. Brazil ranked as the top country buying South Florida homes in 2018, according to a new report from the Miami Association of Realtors.

In 2018, international buyers spent $8.7 billion on residential properties in Miami-Dade, Broward and Palm Beach counties, up 22.5 percent from $7.1 billion in 2017. Foreign buyers acquired 14,300 homes in 2018, 1,000 or 7.5 percent fewer properties than the previous year, according to the report.

Brazil ranked No. 1 for the first time since the association began tracking foreign investment in 2012, representing 12 percent of all foreign purchases of homes in the tri-county region last year. Colombia and Venezuela tied for the second spot with 11 percent, each, followed by Argentina and Canada with 8 percent each. Mexico, France and Italy tied with 4 percent, each; and the United Kingdom, China, Peru and Ecuador had 3 percent, each.

In 2017, Argentina topped the list, followed by Venezuela, Canada and Colombia. Foreign investment in residential real estate in the tri-county area in 2018 represented 54 percent of all international sales in Florida, which ranks as the top state for such investment. Orlando was the second market for international sales with 9.4 percent of sales in the Sunshine State. South Florida represents about 9.5 percent of all U.S. international home sales, according to the report.

Source Link | By Katherine Kallergis | April 09, 2019

0 comment
The richest people in America live on this Miami island

The richest people in America live on this Miami island

The richest people in America live on Fisher Island, a tiny barrier island between Miami Beach and Key Biscayne, according to a study released Tuesday morning.

Fisher Island’s 33109 zip code was ranked the wealthiest in the country, topping glitzy neighborhoods in Los Angeles, New York City, and downtown Miami. A Bloomberg study of 2015 tax data concluded the average income was $2.5 million.

The island stands at less than one square mile and is only home to 500 people, though the population represents more than 50 nationalities.

Many residents own property on the island, but do not permanently reside on it. Residents and workers can only get to the 216-acre island by ferry or water taxi, which prohibits unapproved outsiders from visiting.

In the late 19th century, the land was actually part of the Miami Beach island. In 1906, the government wanted to minimize traffic to its ports and dug a canal called Government Cut to create a channel between Miami Beach and what is now Fisher Island.

The island was first owned by Dana Dorsey, South Florida’s first African-American millionaire. She sold the property to real estate mogul Carl Fisher in 1919. The following year, Fisher traded it to William Vanderbilt II. Vanderbilt died in 1944 and the island was sold around a handful of times until finally being seized by the Fisher Island Club in 1987, who currently owns it.

Real estate can go for more than $26 million. The best spots include views of the Atlantic Ocean and Miami skyline.

Residents have access to a bank, post office, grocery store, high-end restaurants, nine-hole golf course, 18 tennis courts, spa, and a bird-watching area – just to name a few amenities. One unexpected perk of the island is its mile of beachfront filled with sand imported from Bermuda.

Fisher Island is also the only U.S. zip code where more than half of all 2015 tax returns reported incomes greater than $200,000.

Silicon Valley’s 94027 zip code in Atherton was ranked second place. San Francisco residents in this area had an average income of approximately $1.5 million – significantly lower than Fisher Island residents.

Source Link 1

Source Link 2

0 comment
Virgin Continues Push Into South Florida, Reveals New PortMiami Terminal For Virgin Voyages

Just days after Virgin Trains USA announced it had taken a minority stake in Brightline and presented plans to the Securities and Exchange Commission for permission to conduct an initial public offering of stock, Richard Branson has continued his push into South Florida as Virgin Voyages prepares to launch. Virgin has now revealed a new $150 million terminal in PortMiami for Virgin Voyages whose first ship, Scarlet Lady, will launch in 2020. The new 2-story terminal is being designed by Arquitectonica and will be made of storm resistant glass which will resemble a palm tree. Virgin is currently awaiting approval from Miami-Dade commissioners before breaking ground.

Source link, from PROFILEmiami

0 comment

A new standard for refined, relaxed luxurious interiors

Missoni Baia’s 249 bayfront residences celebrate the timeless appeal of waterfront living in relaxed, modern style. It cuts a prominent figure on the Miami skyline and on East Edgewater’s waterfront. Missoni Baia soars 57 floors into the air and spans an impressive 200 feet along Biscayne Bay. Missoni, the legendary Italian fashion house, offers as much a way of living as it does a way of style. Guided by visionary design and innovative craftsmanship, Missoni’s colorful style is infused with a tangible sense of joyfulness and relaxed luxury. Now for the first time in its history, Missoni is giving form to this unique sensibility through a residential property: Missoni Baia.

0 comment
Ransom Everglades expanding again in Coconut Grove

Bayfront school added nearly 7 acres in 2016 with $35M purchase

The prominent, private middle and high school is under contract to purchase a home at 1921 South Bayshore Drive for about $3.7 million, according to Engel & Völkers Miami. The deal, set to close Nov. 15, would add about an acre to the 16.7-acre campus.

The property the school is buying includes a three-bedroom, 4,612-square-foot home. Records show Jeffrey Degen and Gary Majka of Degen Majka Interior Design are selling the Coconut Grove lot. It was listed with Victor Olaniel of The Olaniel and Elliott Team and Angel Nicolas of The Nicolas Group at Engel & Völkers. It was previously owned by Maria, Scott and Howard Srebnick, and Howard’s wife, Stacy Robins of the Robins family.

Rendering of the STEM center at Ransom Everglades

It’s unclear what the school plans to use the 40,500-square-foot property for. Ransom Everglades declined to comment.

It’s not the first time the school, which has its high school at 3575 Main Highway and its middle school at 2045 South Bayshore Drive, expands its land holdings in the Grove. In 2016, Ransom Evergladers paid nearly $35 million for the adjacent property at 3551 Main Highway. Earlier this year, developer and neighbor Caroline Weiss sued Ransom Everglades over its amended special area plan. In addition to increasing the Upper School’s total lot area to 801,319 square feet, the special area plan increases its maximum enrollment by 67 for a total of 726 students, increases staff from 140 to 160 and increases the surface parking lot by 31 spaces for a total of 241.

The bayfront school is also renovating its campus and building a new Science Technology Engineering and Math center. Earlier this month, it unveiled a portion of the completed renovations to the Cameron Hall, according to a press release.

Source Link, By Katherine Kallergis

0 comment

As the name suggests, the legendary automobile makers of the Aston Martin are behind the new project

After the unquestionable success of luxury-brand condo towers like Porsche Tower Miami, Armani Casa Condo, or Fendi Chateau Residences, Aston Martin comes to make its mark with its first real estate deal called Aston Martin Residences. This ultra-lavish residential development will be located at the mouth of the Miami River in downtown Miami providing expensive views of the bay and the city, and backed up by its elite name, it will deliver an unpriced elevated lifestyle. Over the top amenities like a yacht marina, fitness centers and spas and an spectacular rooftop swimming pool are just a preamble to what is about to come.

0 comment
There’s a surplus of luxury condos in Miami, but three more developers are building anyway

Sea level rise? No worries. Sluggish sales in the luxury market? Not a problem. Strict requirements for construction loans and traditional bank financing? There are other ways to buy a condo.

High-end real estate development has slowed to a crawl in Miami-Dade, with most builders taking a breath while the market absorbs a bounty of condos priced at $1 million and up.

Only two new major luxury condos broke ground in 2018: Estates at Acqualina in Sunny Isles Beach, with 245 residences ranging from $4.2 million to $35 million, and One Park Grove, the third and final tower of the ritzy Coconut Grove development, priced from $2.7 million to $6.3 million.

But three ambitious developers from outside the U.S. are betting on Miami’s enduring appeal with plans for ambitious condos priced in the mega-millions. The trio are proof that out-of-town investors continue to see a big future — and an even bigger payday — in Miami-Dade’s luxury market, despite sluggish sales and climate change concerns.

“The rest of the world sees the U.S. as the safest place to move their capital,” said Ron Shuffield, president and CEO of EWM Realty International, a brokerage firm. “The international developer is thinking about where they want to have their assets two or three years down the road. They feel there’s no better use of their capital right now than to build high-quality properties in markets where it will continue to appreciate, even though it’s not the best time to have a $5 million condo for sale.”

The monthly number of Miami-Dade condos listed on the Southeast Florida Regional Multiple Listing Service (MLS) during 2018 priced $1 million and up reflects the highest levels in history, according to EWM Realty International. On Sept. 30, 2018, there were 2,874 active sale listings — an 11 percent increase over the same period last year.

The glut is even more evident for condos priced at $5 million and up. According to EWM, the MLS listed 348 units in that price range as of Aug. 31, 2018. That’s a total of 58 months of inventory — well above a “healthy” inventory of 12 to 18 months.

But despite the surplus, three new luxury projects in Miami-Dade are moving forward, each launched by foreign-based developers who are financing the projects from their own resources:

57 Ocean, an 18-story, 81-unit luxury tower at 5775 Collins Avenue in Miami Beach, is the third condo project in Miami-Dade from the Brazilian firm Multiplan Real Estate Asset Management;

Architectural rendering of 57 Ocean (second building from the right) at 5775 Collins Avenue in Miami Beach.

Okan Tower Miami, a mammoth 70-story condo/hotel/retail building at 555 North Miami Avenue in the downtown area, will reach a height of 890 feet. It is the first project in the U.S. for the Turkish firm Okan Development Group;

Monaco Yacht Club, at 6800 Indian Creek in Miami Beach, will offer 39 fully-finished waterfront units on 11 floors. The developer is Optimum Development USA, the Miami branch of the Luxembourg-based Optimum Asset Management.

The three projects join other luxury developments that have already broken ground or entered the pre-sale phase. Those include the Aston Martin Residences in downtown Miami, from Argentine supermarket magnate German Coto; the Missoni Baia tower in Edgewater and the Una Residences in Brickell, both from OKO Group; and the Eighty Seven Park tower in Miami Beach, a joint venture between the prolific South Florida developer Terra and the Italy-based Bizzi & Partners.

The developers behind the three new projects believe their product is unique enough to stand out from the pack — and they have the resources and staying power to weather the ebb and flow of the market.

Jose Isaac Peres, a Brazilian billionaire who amassed his fortune building shopping malls, is the founder of Multiplan, the firm behind the 57 Ocean tower on Miami Beach. The project, which will occupy the former location of the demolished Marlborough House, will emphasize wellness and healthy living in its design and amenities. Prices range from $1.5 million to $31 million. Pre-sales will begin this month.

Peres believes the building will impact the “Millionaire’s Row” stretch of Collins Avenue like one of his previous projects, the Il Villaggio condominium, impacted Ocean Drive in the late 1990s.

Jose Isaac Peres, the CEO of Multiplan Real Estate Management, on Wednesday, October 17, 2018. The Brazil-based firm is developing a new luxury condo tower on Miami Beach.

“This project will present real value investment opportunities not only for us, but also our initial buyers, as these irreplaceable assets tend to appreciate over time,” Peres said. “By self-financing, we have the flexibility to push our construction schedules forward and boost consumer confidence and differentiate ourselves from mainstream developers who struggle to reach sales milestones and meet financing requirements.”

Marcelo Kingston, managing partner at Multiplan, said 57 Ocean’s beachfront location balances out any concerns about real estate market fluctuations.

“The trickiest point is timing,” Kingston said. “When is the right time to start a new project? But a project with a location like this one is special, because there will always be demand for it. This project transcends economic challenges and political tumult, because there’s nothing on the market that can compare with this location. That gives us the ability to pull the trigger and move forward, knowing there will be demand from all parts of the world.”

International interest

Experts say that global demand for Miami shows no signs of fading. In the 2019 edition of the annual Emerging Trends in Real Estate survey conducted by the Urban Land Institute and PricewaterhouseCoopers (PwC), Miami ranked 12th on a list of the top 20 U.S. markets to watch for overall real estate prospects. Miami also ranked fifth on a list of the 16 strongest markets in the South Atlantic and Florida region ranked by investor demand, capital availability and redevelopment opportunities. (Fort Lauderdale came in sixth).

“If you’re trying to attract condo buyers from around the globe, it makes sense to broaden your net as far as you can,” said Mitch Roschelle, partner and business development leader at PwC. “When you have a multicultural environment, you’re opening yourself up to buyers from around the world. Because Miami is so culturally diverse, condo developers there have the broadest possible audience.”

That growing cultural diversity is one of the factors that led Bekir Okan, founder of the Turkish company Okan Development Group, to build his first U.S. project in Miami. Okan first visited the city with his family in the 1990s, when they sailed on a Royal Caribbean Cruise that departed from the Port of Miami.

Two of his children later went to schools here — the University of Miami and Florida International University — which kept him returning to South Florida.

“He’s been coming to Miami for 20 years and he loves the place,” said Kasim Badak, CEO of Okan Development Group. “He had been doing construction in Turkey, Africa and the Middle East. And one day he said ‘Why don’t we do a project in Miami?’”

Interior of the 3,000 square foot Okan Tower sales gallery in Istanbul. The developer is marketing its downtown Miami condo/hotel tower directly to buyers in Turkey.

Badak said the company opened a 3,000 square-foot sales gallery with a full-model residence in Istanbul in May and has collected 65 reservations thus far. The $300 million tower will sport the shape of a tulip, Turkey’s national flower, and be made up of 316 Hilton hotel rooms, 149 residences, 236 turnkey units and four penthouses.

Groundbreaking is scheduled for early 2019. The general contractor will be Suffolk Construction, which also built the guitar-shaped Seminole Hard Rock Hotel & Casino in Hollywood. The other two new projects have not yet hired a contractor.

The Okan Tower is entirely self-financed for now. But even the most high-end luxury projects eventually turn to traditional bank lending once they cross certain thresholds of pre-sales or have a proven track record.

Ricardo Tabet, CEO of Optimum Development USA, sad that while the firm’s Monaco Yacht Club project in Indian Creek is currently self-financed, he expects a loan to close next month. Some of the firm’s other projects include The Optimum office building in Coconut Grove and the Celino Hotel on Ocean Drive, both due for completion in 2019.

The scale of the 39-unit Monaco Yacht Club was intentionally kept small — Tabet said the project could have easily accommodated 90 units — because the developer wants to attract an elite breed of sophisticated buyer who will appreciate (and pay for) touches such as custom-made wood doors. Prices will range from $1.1 million to over $4 million, and pre-sales are expected to launch by the end of the year.

Architectural rendering of the top floors of the planned Monaco Yacht Club luxury residential tower in Indian Creek.
But Tabet, like almost every other developer in Miami-Dade, says one thing that won’t impede pre-sales is the growing concern over climate change. Despite the worry among South Florida residents about nature-based hazards including red tide and flooding, the real estate market thus far seems impervious to cooling from global warming.

“There’s no such thing as Miami sea-level rise,” Tabet said. “There’s global sea-level rise. It’s an issue we are facing around the world. Everyone knows the planet has an issue. But I believe people are still looking for the unique lifestyle that Miami is offering. Hurricanes have forced us to learn to live with nature. We take precautions and we have insurance. The construction requirements are stronger and the infrastructure of the city has gotten better. “

A bullish market

The early interest in projects that are already underway confirm Tabet’s claim. Since breaking ground in 2017, the Aston Martin Residences has sold more than 40 percent of its 391 units, ranging in price from $700,000 to $50 million, to buyers from Latin America, Europe and the U.S. The building is scheduled for completion in 2021.

The 57-story Missoni Baia tower in Edgewater, which launched sales in 2016 and broke ground in 2017, has begun vertical construction and is scheduled to be completed by 2020. Prices on the remaining units range from $550,000 to more than $3.5 million.

This photo taken Oct. 15, 2018 shows vertical construction has commenced on the 57-story Missoni Baia Miami tower at 777 NE 26th Terrace in Edgewater. The building is scheduled to be complete by late 2020.

“These developers see an opportunity and have their own capital structure, enabling them to be in the position to build right now,” said Vlad Doronin, the Russian-born CEO and chairman of OKO Group. “They see the advantage of building at a time when nobody else is, particularly at a moment when there is less competition and very little new inventory. We take a long-term view on the markets we enter and we are bullish on Miami. The city is growing, and the domestic tax structure is increasing demand in Miami from the rest of the US.”

Lenders are bullish too — at least about some projects. Earlier this month, the Trump Group (no relation to the president), the developers who built Williams Island, scored a $558 million loan from Bank OZK (formerly Bank of the Ozarks) for their Acqualina project, which is valued at $1.5 billion.

Construction work continues at The Estates at Acqualina in Sunny Isles Beach on October 17, 2018. The developers landed a $550 million bank loan earlier this month.

“There’s a little bit of a misconception that there is an endless supply of new construction,” said Alexandra Lehson, a partner at the law firm Bilzin Sumberg, which negotiated the Acqualina loan. “The market has stabilized. We are out of the boom and bust cycle days and the pendulum isn’t swinging too far in either direction. Bank lenders need to have a sponsor with a solid track record, a project with a fantastic location and a great amenity package. They are increasingly focused on the quality of the loan they are financing.”

Terra president David Martin said 54 of the 66 units at the Eighty Seven Park tower in Miami Beach have been sold at prices ranging from $2 million to $18 million — another indicator of the strength of Miami’s luxury market. The building is topping off this month and is due for completion summer of 2019.

And although foreign buyers are critical to luxury developers, Martin argues that the number of out-of-town U.S. buyers investing in high-priced homes in Miami keeps growing and bodes well for the market.

“There’s not one demographic at Eighty Seven Park: It’s more of a psychographic, people who are adventurous and want to live on the ocean,” he said. “As Miami has matured from a cultural and experiential standpoint, we’ve been able to attract more American buyers from Boston, Chicago, New York and Washington D.C. They either want to relocate here or use Miami as a second or fourth or fifth home.”

Architectural rendering of the garden area at Eighty Seven Park, a luxury beachfront condo at 8701 Collins Ave. that will emphasize green spaces and nature. The building is due for completion in summer 2019 and more than 80 percent of its 66 units have been sold.
0 comment
Newer Posts
Call Now Button