30 Palm Ave. is a Miami Beach dream house. Direct access to Biscayne Bay views of Port of Miami and Downtown. The beautiful contemporary home was built in 2014 is 8 bedrooms, 8 full baths and 1 half-bath with 14,000 SF in living area. I features over 100 feet of waterfront with a private dock, a master suite, movie theater, 4 car garage, gym, tennis and basketball courts and a summer kitchen. It is currently listed for $32 million.
The Ritz-Carlton Residences Miami Beach released some updates as they have completed the lobby and library. The stunning LEED Certified, 111 unit waterfront building located at 4701 North Meridian Avenue is under development by Lionheart Capital and designed by Lissoni Associati. The building is currently around 65% sold and plans are to to deliver in the Q1 2017. The lobby design pays tribute to the Seminole Tribe of Florida. Units range from 1, 2, 3, 4 and 5 bedroom layouts with 15 private single-family villas. Sizes range from 1,700 SF to more than 10,000 SF and $2.8 million to over $40 million. The Ritz-Carlton Residences Miami Beach will be one of the finest and most private residential buildings in Miami Beach. Inquire with us today to for more information and showings.
Sunny Isles will soon have a new take on exclusivity and private living. Despite a legal battle with nearby homeowners, construction is well underway on the Privé at Island Estates condo project in Aventura. Privé will be a 160 unit, 16-story project with an expected delivery in early summer of 2017. The project is being developed by BH3 and Gary Cohen with Sieger Suarez and interiors by Steven G. Pricing ranges from $2.1 million to $11.4 million and units come in 2,3,4,5,6 and 7 bedroom layouts which range from 2,585 SF to 9,500 SF. About 25% of the pre-construction buyers have been from South Florida, which is very rare new-construction in Miami. The development will also feature a state-of-the-art gym and spa in each tower, full-service staff, private dining, poolside cafe, wine room, cigar room, tennis courts, multiple swimming pools, a marina and natural jogging trails.
Will Miami's luxury condo market get a jolt from Faena House? Time will tell, but $150 million of units are back on the market as investors seek to flip their investments, which sold-out at $407 million. The last developer unit closed in May to Paul Cejas, who purchased a unit for $20 million. Hedge funder Ken Griffin purchased the double penthouse units for $60 million and has listed them at $55 million and $18 million a piece. It can be typical for units 10% to 20% of units to hit the market after a building is delivered, which is right where Faena House is at 9 of 44 currently listed. Despite that some units have been listed for close to a year. Currently listed units range from, $3.7 million to Griffin's $55 million and sellers plan on holding firm on their pricing.
Miami is fast on the rise to solidifying itself as the superyacht capital of the Americas and the Island Gardens development is a major driving force behind the shift. By Flagstone Property Group, the Watson Island project is expected for completion in 2018 featuring a superyacht marina that can accommodate up to 550 feet, 2 luxury hotels, condos, and a retail and entertainment promenade. The marina will be the first of its kind in North America and will be able to house of to 50 superyachts matched with full-service amenities for the marina including a clubhouse, on-site customs, etc. The project will also feature 221,000 SF of retail and green spaces throughout the property. Mehmet Bayraktar won the rights to build the development after working with the city for 14 years. Flagstone plans to start building this fall.
Faena Versailles Classic will bring new world luxury to old world art-deco style. Faena Group has transformed the Versailles Hotel on 35th St. and Collins Ave. Miami Beach into a 22 luxurious units by William Sofield. The renovation has preserved the 1940's facade, grand lobby, terrazzo flooring among other features in it's historic art-deco style. Units range from 1 to 4 bedroom at 1,034 SF to 2,753 SF with two duplex penthouse units at 7,300 SF each with their own pool. The residences already include luxurious, Miami style features including the classic terrazzo floors and custom lighting. Additionally high-end Italian kitchens and stone counters add to the quality of the residency. Amenities include pool, fitness center, 24 hour security and valet, stylish club rooms and access to the entire exclusive Faena neighborhood.
The proposed Resorts World Miami development has caused quite a stir over the past few years in Downtown Miami. Ambitious plans matched with high-profile lawsuits has pushed the project into a state of mystery and question. Genting originally paid $236 Million in 2011 for the Miami Herald Site and demolished the existing building in 2014. Since then not much has been heard from the developers besides stalls and lawsuits.
The most recent news as to the project is that Resorts World Miami, the entity Genting operating under in Miami, has purchased the rights to build a 20-slip marina on the site from the Matheson Family. Additionally Resorts World Miami and Miami-Dade's Property Appraiser sued each other last year over property tax breaks that allowed the developer to save millions. Resorts World Miami then sued Miami-Dade to force the approval of slots and card games to the Omni Mall, which it also is the owning entity. Resorts World Miami was then sued by Prime Sites brokerage alleging that they are owned substantial commissions on the lease of the Boulevard Shops, currently under construction and located on Biscayne. A lease was signed and as per the contract Resorts World Miami received their 40-year certification on the aging development site, but failed to pay out commission s in regards to the executed leases. Resorts World Miami then signed a lease with their own subsidiary, Crystal Cruises, sparking further controversy. Only time will tell what the future holds for this amazing plot of land in between the MacArthur and Venetian Causeways.
With new measures having been approved by the Commission, North Beach is underway to become the next neighborhood that the city focuses its developmental efforts on. These long anticipated proposals will help city planners bring a more centralized hub to the area, as well as a rumored town center.
The ordinances will increase height maximums from 75 to 125 feet and allow for a short-term rental district, while still protecting the older or architecturally significant buildings in the area from rapid demolition by setting a six month moratorium. This vote paves the way for large-scale developments in North Beach, both residential and commercial. Developers say they have plans to build a 175-room hotel that will include plenty of retail space and parking on 72nd Street.
Allowing a short-term rental district will decrease the six month minimum for rentals, which will help families who are looking for extended vacation homes. It would allow for services such as Airbnb, which will ultimately increase the value and help preserve the older buildings, whose high maintenance costs are not covered by rental income.
A new mixed-use development is heading to Miami Beach's Lincoln Road, with an expected completion of 2017. The Miami Beach Design Review Board approved the long awaited plans after a 1 year extension as tenants relocated. The newly approved development will be a five-story building filled with a mix of a hotel, luxury retail and dining. The hotel will include 100 boutique hotel units across 45,000 SF with a European-style market in the 93,000 SF of retail space. The building will be designed by Perkins + Will and will help upgrade the existing aging infrastructure that currently makes up Lincoln Road. The project will help expand Lincoln Road across the street at 16th and Alton. Developer Crescent Heights has plans to build 2 more developments on Lincoln Road as this neighborhood gets an exciting shake-up.
After years of change, construction, turnover and empty space, Me Miami is finally set to occupy the hotel space in Marquis Residences. The hotel is sure to shake up the area which features the popular E11EVEN nightclub and future location of One Thousand Museum Residences and Paramount Miami World Center. Me Miami will feature 129 luxury hotel rooms, an STK restaurant and a Sun Deck with sunset and sunrise pools along with a poolside bar and lounge. Rates are currently starting in the low $200s. This is a great development for the owners in Marquis as the low-awaited hotel opening now brings a new energy to the hotel amenities, the building and the area.
Spectrum Realty Group is proud to announce that Demetri Demascus has joined the team as Head of Business Development at the Miami Design District Office. Demascus, an agent, developer and investor with more then 8 years of real estate experience will serve as a REALTOR as well as Head of Business Development for SRG.
"I moved to Spectrum to be with an elite group of talented, young, ambitious agents at a company that is on the cutting edge of real estate. I am excited to help Spectrum grow and work closely with the exceptional agents and management on this close knit team. I am very excited to elevate and grow my business and perform at the highest level," says Demetri.
Demetri is a Miami "PowerBroker" with a portfolio of A-List and Ultra-Wealthy international clients. He has over 8 years of experience in real estate across various markets as a residential and commercial broker, real-estate developer, manager and investor. Demetri has set record prices in Miami working with his clients. Demetri is also the founder of Biscayne Capital Partners which develops and invests in real estate in a variety of urban markets across the United States. Over his career, Demetri has overseen, invested in, developed and managed property in Las Vegas, Connecticut, New York and South Florida. He has previously served as Head of Investments at Century 21 Premier Elite Realty.
Current Status: BUY (Oversupply = opportunity for investors)
It shouldn’t be news to anyone that Miami’s real estate economy has failed to break free from it’s reliance on foreign investment. After all, the market is a melting pot of international developers who bring their newest design ideas to Miami to implement, test and refine before heading to other markets. The current development cycle led to a condo boom starting from early 2011 and Brazillian buyers poured into Miami to take advantage of exchange rates and the security of American assets. It should be no surprise that the Miami condo market is largely effected by the changing economic and political landscape in Brazil. As Brazil fell deep into turmoil in early 2016, the Miami real estate market stepped back to asses. How should investors play the market as we close in on Q4 2016?
Supply & The Developers:
South Florida currently has a 14-month supply, with a 6-month supply traditionally seen as the equilibrium. At this midway point in 2016, developers have completed 63 new condo towers, totaling over 4,900 units in Downtown Miami. 130 new buildings are currently under construction with 14,700 new units and another 221 condo buildings with 31,200 units are in the planning and pre-sale phase of development. As the market has seen a softening in early 2016, there have been at least 6 cancelled projects in Downtown Miami including Krystal Tower and Ion East Edgewater.
Developers see the current cycle to be more stable than the 2004-2008 cycle which was spurred by easy financing and quick rising prices. Today buyers must put 50% cash down and developers do not start a project until it is 80% sold so that deposits can cover a large portion of construction costs. Developers are lowering their pricing for projects in planning and pre-sale phase to spur demand and make the units more attractive to potential buyers, lowering risk.
Demand & The Consumer:
Sales velocity has fallen by considerable amounts, influenced by a mix of over-supply and weakening foreign currencies. A strong U.S. dollar, dropping oil prices and an uncertain global economic outlook has caused foreign investors to hit the brakes. Many of these factors have effected not only Miami, but also other top luxury real estate markets such as New York and Los Angeles. The Brazilian REAL has dropped over 42% compared to the U.S. Dollar, as has the Argentine Peso. Additionally, new laws targeting money launderers will negatively influence local real estate as the international community cracks down.
As South American buyers slow, a new group has visibly come out of the woodwork. There has been a significant increase in demand from New Yorkers and Chinese buyers who have began taking advantage of softening prices and investment opportunity. REALTORS have identified an opportunity to penetrate these wealthy markets that have historically not been amongst the driving force of the Miami Real Estate economy. While these buyers will not completely replace the loss of buyers from South America, it creates diversity in the market place and hedges against the loss of South American buyers. .
Miami is the number one destination for Millennials looking to move. Plain and simple, Miami is a city for the future. If the last 5 years of commercial development has proven anything, it’s that Miami is evolving into a world-class metropolis. Most of the condos built between 2004 and today never had a chance to appreciate. Downtown Miami, Edgewater, and until recently, Brickell, were plagued with nowhere to walk, nothing accessible, no public transportation and neighborhoods overrun with poverty and homeless. In the last year, this has completely changed as “city centers” such as Brickell City Centre, Design District, Midtown, etc. have developed into places that people desire to spend time. Miami is now a full city, and not just a place on the water with a hospitality, cruise and party industry. It stands to say that the demand for Millennials to live in Miami will not be stopping soon, giving investors a great opportunity because even if Millennials can’t afford to buy, they will still need to rent to live.
Financially, with low debt levels amongst buyers and developers alike, the Miami Real Estate Market is in much better position to sustain itself opposed to the 2008 crash. As we see more developers cancel undersubscribed projects and supply begin to correct itself, prices and sales velocity should begin to stabilize. With high demand to live in Miami mixed with an oversupply of inventory from the last development cycle and weak foreign markets, now is the time to buy in Miami. The market softening has opened up tons of opportunity across all markets of Miami. Whether you are interested in purchasing a condo for any use, multi-family rental property, or luxury-waterfront estate, now is the time to keep your eyes open for deals.
Brickell Ave. has a new luxury high-rise. From Property Markets Group and JDS Development Group comes Echo Brickell, a 180 unit boutique luxury residential tower. The 60 floor tower's innovative architecture is by Carlos Ott with Cohen, Freedman, Encinosa as well as is a limited edition design collaboration between Carlos Ott with interiors by the yoo Studio to create Carlos Ott + yoo.
Echo Brickell features 1, 2, 3 and 4 bedroom layouts designed by Carloss Ott and Yoo Studio. Units range from 760 SF (1 bedroom) to over 4,300 SF (penthouse). Residence's include smart home technology, summer kitchen, 8 ft terrace, marble floors and Italian cabinetry. The residences are matched with high-end amenities including an infinity edge pool with bay views & poolside service, hot tubs, fitness center, valet and 24 hour concierge and security. Echo Brickell is in prime walking distance to Mary Brickell Village as well as the new Brickell City Centre. Completion is expected by the end of 2016 on this skyline chancing development.
Coming soon to Edgewater is the exciting new Missoni Baia, the first residential development for the legendary fashion house. The 56-story building made news last week when renderings were released of the 649-foot condo tower, with waterfront luxury residence units starting at $1.6 million to $3.9 million. Missoni Baia will be developed by Vladislav Doronin's OKO Group with architecture by Asymptote and Revuelta and interiors by Paris Forino Design. Missoni's own Home Collection and Signature Design Palettes will be used throughout the buildings amenities and public spaces.
Residences come in 2, 3 and 4 bed with private terraces with dramatic views of Biscayne Bay. The building's amenities include flow- through deck with cabanas, hot and cold plunge pools, lap pool, children's pool, tennis courts, gym, spa and an Infinity Edge pool. Official pricing and timeline will be release soon.
The most common way to market homes is the Multiple Listing Service (MLS), however pocket listings are becoming more common, especially to sellers who want to protect their confidentiality or limit viewings of their property. Finances and asset management are personal matters; by making an off-market sale you can ensure - to an extent - that it does not become readily available public knowledge and remains relatively private.
MLS is the single best way to reach the widest audience of potential buyers and gives your property broad market exposure, which will ideally reel in the highest paying buyer. By creating a pocket listing you are taking a gamble with the market; with fewer buyers and exposure there is less competition.
However, the excitement created from this seemingly exclusive sale could attract a buyer who will offer the price you are looking to sell for, or even higher than fair market value. Off-market listings eliminate the bidding vacuum associated with multiple potential buyers, where you might end up settling for a price simply because it is the one presented before you. Check out OUR OFF-MARKET PRIVATE PORTFOLIO at creme properties.com.
The 500,000 square-foot shopping center, anchored by Saks Fifth Avenue and Cinemax, is set to open in November. Co-developers Whitman Family Development and Simon Property Group recently announced new additions to its diverse roster: Armani Collezioni, Intermix, Audemars Piguet, Diptyque, Pandora, Stuart Weitzman, Italia Independent, and the largest Apple store in Florida. The mall will bring a mix of luxury and accessible brands to an under-served market, while creating hundreds of local jobs.
City Center will appeal to foodies as well: an Italian food hall the likes of which has yet to open in Florida - until now - will be debuted, along with a variety of familiar and new eateries like Dr. Smood, Luke’s Lobster, Haagen Dazs, Pasion del Cielo, and Pubbelly Sushi.
The mall will be conveniently accessible by a Metromover stop and will have an underground garage to accommodate the influx of traffic.
From Related Group, the developers that brought you the Murano, W South Beach, and Apogee, comes the new One Ocean South Beach: a peaceful oasis in the heart of South of Fifth that rivals its sister properties with its modern glass facade. The building will have 46 residences and four oceanside villas with unique living spaces that incorporate nature and art created by architect Enrique Norten.
Typical units will include oversized balconies, private elevators, and an exclusive beach club membership. Residents can enjoy looking out at the zen garden from the state-of-the-art fitness facility or relax in private cabanas at the Infinity Edge pool. One Ocean South Beach is being designed so that every unit will have a unique, flow-through floor plan, so each will be a one-of-a-kind. The building offers three to five bedroom options which will typically be around 3,000 SF starting at $1000/SF.
The Mansions-in-the-Sky at Acqualina are the epitome of world-renowned luxury, where your every need has been anticipated and desire fulfilled. The Mansions bring you a complete lifestyle, where every nuance manifests their commitment to an unparalleled level of greatness: in architecture, amenities, and service. Developed by The Trump Group, the oceanfront Mansions were completed in 2015 in Sunny Isles Beach. Each floor only contains two corner units that offer 180 degree views of both the sunrise over the ocean and sunset over the greater Miami area to the west. The coveted flow-through plan of the oversized rooms, coupled with the spectacular outdoor terrace and kitchen create a sense of a grandiose entertainment space.
Each condominium home is personally fitted with Fendi Casa interiors, imported Mediterranean design features, and luxury fixtures created by Michael Segal Interior Design. Acqualina offers residences starting at around $7 million for 4,608 square feet with three to six bedroom options. Although located in the prestigious Sunny Isles area, you won’t need to leave the property upon arrival. On site amenities include the Five-Diamond Acqualina Resort and Spa, a palatial Grand Room designed for entertainment, private cinema, gaming room and children’s center, virtual golf, and cigar lounge that will surpass your every expectation from the world’s finest residences.
In addition to their extensive services, the Mansions at Acqualina also offer privileged access to Il Mulino New York, the oceanfront Costa Grill, and Acqualina Beach Club, Bar, and Hair Salon. The development continues to meet their selling marks with over 60% of the units currently sold, but selling prices are down 4%. However, quick sellouts in the area have prompted developers to continue investing in Sunny Isles Beach which has many new buildings going up in the coming years. It continues to offer buyers the luxury living South Florida is known for.
This stylish hotel by the Morgan’s Hotel Group emulates old Hollywood glamour meets sophisticated modernism. The hotel got a $200 million renovation in 2008, charged by interior designer Marcel Wanders who aptly nicknamed his masterpiece “Sleeping Beauty’s Castle.” He mixed iconic black and white details like the laser cut floating staircase with gold, oversized fixtures to create a modern fantasy. Relax in the enchanting outdoor oasis of Mondrian that is enveloped by curtains of lush, green foliage.
The Mondrian also uniquely offers residency, providing owners the opportunity to have the property managed by its hotel management group or rent out on your own via Airbnb.com. The high-turnover flexibility offers great returns for investors and high cap-rates. The condos offer full hotel service along with various discounts throughout the Morgan’s Group properties, and are move-in ready. They offer studios, one-bedrooms, and two-bedrooms with a bay view option starting at $271,000. With Morgans Hotel Group being purchased by SBE, the future is bright for Mondrian South Beach.
3900 Alton, designed by Ricardo Bofill, is a timeless vision that strikes a delicate harmony between nature and art. Its 78 residences feature ten foot floor-to-ceiling windows that capture and mimic the beauty of living on Biscayne Bay, while bathing living areas in natural light. Each unit has an overview of the cascading pool and surrounding lounge seating, that is nestled amongst a landscape designed by the visionary behind Soho House and founder of Naturaficial, Andres Arcila. 3900 Alton has a personally curated collection of art, designed by Loris Cecchini and Fernando Mastrangelo, unique to each unit and also in the lobby. Equipped with 24 hour concierge, a state-of-the-art gym, business center, children’s playroom, and even a Tesla house car, this building is the epitome of easy, luxurious living. Located in the heart of historic Mid-Beach this sophisticated boutique residence offers a seamless transition between modern and organic living with its lush oasis and artful collaboration.