Since 2009 when Miami was on its knees, it has been making a steady, and now, very powerful ascent. The market was way up in 2014, some top brands reported over 50% increase in sales. What is driving this is all the beautiful new development and the new houses on the water. Architects like Richard Meier, Norman Foster, Zaha Hadid and others on that level have never built projects for Miami before. This has enabled a new, more affluent buyer to enter this market. The record sales last year was $47 million for a house on the water and almost $60 million for the Faena House penthouse. Oceana is a big project and Renzo Piano is launching a new gorgeous property in the next few months.
We have only good things to see coming out of Miami.
Miami Real Estate Expert Oren Alexander takes us through some of Miami’s best offerings.
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When it comes to homes in Miami Beach, the “haves” have it all. The city’s housing market is the most unequal in the U.S., according to a report from online real estate company Redfin. The report covers the third quarter of 2015 and compares the luxury market — which Redfin counts as the top 5 percent of homes — to the bottom 95 percent. During the third quarter, the report found that luxury homes in Miami Beach sold for an average of $6.3 million, about 12 times as much as the average price ($522,000) of a typical home. The disparity
An exceptional new residential tower, Faena District Miami Beach – Faena House, has set a new record in Miami with its $60 million penthouse closing. The residences, which are now 50 percent closed, are the first offering of its kind in Miami, presenting the unique combination of world class architecture, intimate size, beachfront location and exclusive amenities, including access to the amenities at Faena Hotel Miami Beach which is located adjacent on the beach, and will open in November 2015. Faena House, which sold out before the building topped off, offered 47 oceanfront residences, with combinations is now at 42 unique
From JCK Online: From my room at the Thompson Hotel, which is located on the northern end of South Beach, I could see why developers are gaga over this hallowed coast. Even though I live in sunny Los Angeles, a dip in the Pacific Ocean is, at best, invigorating and, at worst, hypothermia inducing. By contrast, the water off the coast of southern Florida is a warm salt bath, free of pounding waves and perfect for bathing beauties, of which there are plenty. L.A. may have a reputation for attracting the beautiful people, but based on my anecdotal research, Miami
Two main components of Miami Worldcenter won the approval of a city review board Sept. 16, promising apartments, hotel rooms, office space, restaurants and stores hugging a new 7th Street Promenade. Two groups of architects, designers, attorneys and developers took a tag-team approach in presenting details for Worldcenter Block E, north of what will be the promenade, and Worldcenter Block G, bordered on the north by the promenade and on the south by FEC rail tracks. The sites are between North Miami Avenue and Northeast First Avenue. A key to the Miami Worldcenter plan is closure of Seventh Street to
Colombian developer Juan Carlos Gonzalez plans to build a seven-story luxury condo project in Bay Harbor Islands near Bal Harbour and Miami Beach. The building, called Bijou Bay Harbor, will have 41 units ranging from 900 square feet to 2,000 square feet with prices starting at about $530 per square foot. Gonzalez’s company Acierto Inmobiliario is a major Colombian developer that builds commercial and residential projects. This will be his first condo in South Florida. Architects Luis Revuelta and Charles Benson and designer Adriana Hoyos have been tapped to work on the project. Groundbreaking is expected in early 2016.
One Thousand Museum by Zaha Hadid Architects marks the Pritzker Prize-winning architect’s first skyscraper in the Western Hemisphere. With her name on the project and iconic design in the center of downtown Miami’s skyline, the tower will be the catalyst that shifts the center of gravity for high design and luxury residences to downtown Miami. The projects 30,000 square feet of luxury communal areas include a two-story amenity space at the top of the tower, an aquatic center, garden areas, event spaces, a two-story health spa, multiple art galleries, a theatre, and the city’s only private rooftop helipad. One Thousand
As more out-of-towners decide they want to put down roots in South Florida rather than simply buy investment properties for the rental market, they’re asking for bigger, better, more expensive designs. Units equipped with quarters for a nanny or maid. Guest suites for visiting relatives and friends. High-tech security with biometric identification. Those requests come from both Latin Americans, who have driven Miami’s latest real estate boom, and wealthy Americans, who are appearing locally in greater numbers. Some developers, hoping to lure a growing pool of Chinese buyers, are even turning to “feng shui” consultants who specialize in the eastern
Miami-Dade County’s condo market had a strong showing for the first week of August, with eight units selling for more than $1 million each. The week’s top sale belongs to an oceanfront unit at Miami Beach’s Green Diamond. Unit 1001, which has modern finishes like floor-to-ceiling glass and recessed lighting, sold for $2.5 million after spending 41 days on the market. The unit’s price per square foot for this sale was $1,248 — more than double that of next most expensive sale in the county. Green Diamond, Miami Beach | $2.5M | $1,243 psf | 41 days on market See more at
Part entrepreneur, part urban-culture clairvoyant, part developer (though he dislikes the moniker), the Argentine-born Alan Faena is best known for identifying a moribund quadrant of Buenos Aires at the height of the country’s recession and turning it into what is today one of the capital’s most vibrant neighbourhoods. In 2002, Puerto Madero was all dirt lots and disused grain silos; today the Faena District, as it’s now known, is home to a five-star hotel (Faena Universe, which opened in 2006), the Faena Art Centre, a nexus for performance and exposition, and Faena Aleph, an ultra-contemporary luxury residential tower designed by
The luxury housing market in some of the largest, most desirable U.S. real estate markets is surging. Prices in these areas are generally exceeding expectations, and while many other aspects of the economy have been uncertain, luxury housing remains steady. The reason? According to many real estate agents: Foreign investors. Research experts also cite a strong U.S. economy and “financial volatility abroad” for the draw of foreign buyers to U.S. cities like Los Angeles, San Francisco, Miami, and New York. Los Angeles and San Francisco ranked #2 and #3 respectively nationwide for the highest price luxury home sales in the
The team behind Miami Worldcenter announced Thursday that Newgard Development Group plans to build a mixed-use tower on the 27-acre site in downtown’s Park West district. Plans for the new tower aren’t clear yet, although it will likely include rental apartments. Newgard, run by developer Harvey Hernandez, is also building several luxury condo projects in Miami-Dade and Broward counties. Read more at The Miami Herald
The latest data from the Miami Association of Realtors show that the city continues to be one of the busiest real estate markets in the U.S. According to a report from propertywire.com, the median sales prices for all housing types in the area have increased for the month of April. The highest rates of increase, according to the report of the local realtors association, have been in the single family homes market. According to Miami Association of Realtors President Christopher Zoller, “The continued stability in Miami’s job market and low interest rates are improving buyer confidence. Not only are
The Miami River — once a polluted, industrial backwater known as a favored route for smugglers — is today teeming with developers who want to build on what is practically the city’s last remaining waterfront land. “It’s the new waterfront for Miami,” said Nelson Stabile, a principal at the developer Integra Investments, which invested in two vacant river lots during the recession and flipped them at a profit of more than $21 million last year. “If you want to be near the urban core of Miami, it’s becoming impossible to find waterfront properties.” Read more at the Miami
Downtown Miami condo prices and rental rates are leveling out after two years of rapid appreciation, offering another sign of change afoot in the market as supply and demand shift, a new report obtained by The Real Deal reveals. The Miami Downtown Development Authority’s Q2 2015 Residential Real Estate Market Update, written by Integra Realty Resources, shows a continuing trend toward a correction in the market, amid the ramifications of foreign currencies sliding against the dollar. “IRR-Miami’s research suggests that the residential downtown development market cycle is firmly in the middle of the cycle,” the report said. Average condo unit
A quick real estate scene: A working-class couple identify a home they want to buy, they work with their bank on a mortgage and prepare an offer, only to find that the property’s been purchased by a foreigner who plunked down a full cash payment. “That’s happened to every Realtor in Miami,” said Adrian Foley, a lawyer and real estate agent. A working-class couple identify a home they want to buy, they work with their bank on a mortgage and prepare an offer, only to find that the property’s been purchased by a foreigner who plunked down a
Craig Robins: Meet Miami’s Mr Gentrification – the man behind controversial $2bn art and fashion development
If Craig Robins carries himself with something of a swagger, it is perhaps understandable. In recent weeks, the developer credited with cleaning up Miami’s once no-go area of South Beach, has been showcasing his latest project, the city’s so-called Design District, an enterprise that brings together high-end fashion stores, restaurants, art galleries and architecture. “My ambition was to make a place that, if you’re coming to Miami, this is something you really want to see,” he said. “The principles of urban design are central to the place, but the idea is to bring urban regeneration and design and
The City of Miami continues to emerge as a top global destination for the über-wealthy. According to Knight Frank’s annual Wealth Report (2015), Miami is ranked 6th globally, 2nd in the U.S. and will remain among the world’s top 10 most important cities to Ultra High Net Worth Individuals for the next decade. The wealth report credits the influx of wealth to Miami’s cultural diversity and strong emphasis on quality of life. Recent articles in the South Florida Business Journal and The Real Deal focused on the latest migration of wealth to Miami. With the inflow of high-wealth individuals comes
As we all know, the contemporary art market and the property market are both on fire. In both instances, we are dealing with the same buyer, looking for the same things: how does contemporary art impact architecture and new property project development? For starters, the addition of fine art to trophy properties provides developers not only with a way to differentiate their properties, but also a way to send out a message to prospective buyers that they speak the same language. With Art Basel and all that happened around Miami, the city suddenly defined itself as a global
From the Wall Street Journal: Developers are digging deep into their own pockets to pull off mega projects in South Florida. In the latest example, two prominent families, the LeFraks of New York and the Soffers of South Florida, are teaming up on a $4 billion, 183-acre development on a former landfill and Superfund site in North Miami. Read article at the Wall Street Journal.
Is now the time to buy or sell? Are more people buying or renting? Have Miami-Dade County’s hottest neighborhoods hit peak value or do they still have more room to grow? Opinions vary, even among South Florida’s most knowledgeable experts. To find out the inside skinny, check out this insider survey from The Miami Herald and Bendixen & Amandi International, a Miami-based polling firm. Read more at The Miami Herald
A terrace, a Sub-Zero, and a rooftop pool? Oh, dear, how passé! 2015’s luxury developers are differentiating their properties with an all new level of amenities. We’re talking cigar lounges, personal dog walkers, private ice skating rinks, and an elevator for your Bentley! Read the entire article at Freep.
In the Miami battle for top luxury buyers, and successful projects, developers require a 50% down payment on signing, and they are betting on hotel level amenities to win the game and lure the most sales. For example, concierges, bank style vaults, an elevator for your Bentley,restaurants, bars, yoga and hair salons, in and out pools, even bowling and ice skating. May the best developer win! Read the entire article at the Miami Herald.
Although brand new construction is more expensive than condos, buyers like the higher ceilings, quality and amenities that the new developments offer, and they are willing to pay more for them. Would it be a good investment to buy the older units, fix them up and flip/rent? If the lobby and hallways, etc, do not feel luxurious, we say do not bother as this audience has moved along. Read the entire article at The Real Deal.
In Miami, developers have realized that hotel level amenities and lifestyle will sell their product, so they are including concierges who really do have access, top restaurants, cigar rooms, private elevators for your car, dog walking and grooming, and on. Buyers from NYC and LA expect the top services, and it enables developers to get 50% down, a key strategy to avoid the bust market of years past. Miami is hot! Read the entire article at the Miami Herald.
Apartments are getting tinier and tinier. Started in Hong Kong, microflats are making their way to NYC, (at the W Residences 606 sf is listed for $2.23m) and to Miami (a 767 sf condo is listed for $2.49m at the Setai). These tiny flats give people a location they could not otherwise afford, in a neighborhood they want to spend their time in. Read the entire article at the Wall Street Journal.