Miami commercial real estate

The residential Miami real estate (view home page site here) market has traditionally been well served by Latin American buyers and investors. Now those same investors are helping to support the area’s office market by investing in office condos in Miami. This both supports and spurs on Miami’s expansion in office space and the number of businesses and entrepreneurs operating in the city.

Ofizzina 1200

One of the most visible ways that Latin American investors are helping make Miami a thriving place to call home is the creation of Ofizzina 1200. This office/condo/suite amalgamation will stand 16 stories tall, and will house 47 office suites. It will be located at 1200 Ponce de Leon Boulevard in Coral Gables, and will span an impressive 97,000 square feet of office space in a Mediterranean themed building.

Other Developments

There are several other business developments in and around greater Miami these days other than Ofizzina 1200. Another can be found along the riverfront in Downtown, where the Coto supermarket family of Argentina paid $125 million for a construction site. The same family also purchased 19 office condos at 1200 Brickell Avenue earlier in the year. (CLICK HERE for Miami commercial real estate)

Not for Immediate Use

While Ofizzina 1200 will be constructed for immediate use as business space, many Latin American investors are buying existing rentals and transforming them into office condos, then turning around and either leasing or selling them outright. Some experts point out that this allows investors to pay $180 per square foot initially, but sell for $300 per square foot after reconfiguring the space for the needs of business owners. That’s a significant amount of profit, and it also serves the Miami area where there are few places investors actually want to be, despite the ongoing business expansion within the city. That expansion is more than sufficient to support multiple luxury office building projects, as well as office condo development.

Other Business Developments Downtown

While Latin American investors are doing a great deal to bolster the economy in South Florida, there are other noteworthy developments. One of those is the 17-acre site that will soon become Miami Worldcenter. It will create an estimated 18,000 jobs, and will house condos, retail space, bars and nightclubs, restaurants, a massive conference center, and even a 1,000-room hotel. Of course, there’s also Brickell City Centre, a massive mixed-use project already under way. BCC will feature residential areas, business areas, and even the first Cinemex north of the US-Mexico border.

Add to that explosion and expansion of business the burgeoning real estate market (which recently hit a six-year high in term of price), and you have a true recipe for success. Miami residents look forward to putting the lingering effects of the recession behind them, and for many, that might occur much sooner than for other areas of the nation where real estate prices are still depressed, and businesses are vanishing at an astonishing pace.

Miami, already a world-class city, is poised to take on a leadership role on the international business scene comparable to its reputation as one of the best places to live.


Miami Beach real estate prices

The prices for single-family homes and condos in Miami-Dade County (click here to view Miami real estate prices) have been moving inexorably upward for several years in response to the natural rebound of the real estate market, as well as the influx of investors and the area’s improving employment segment. In fact, median home and condo prices just hit a six-year high for the area. However, if you think that means Miami has become the most expensive place to live in the world, it’s time to rethink that.

In Comparison to International Markets

Miami attracts potential residents and real estate investors from all over the world. They flock to the warm, sandy shores to soak up the sun, enjoy one of the most genial living environments in the world, and to reap rewards on their investments. What they don’t do is overpay for real estate. Whether interested in a condo or a single-family home, you’ll find that reaching that six-year high point hasn’t drive Miami real estate through the roof. You can still purchase about six condos in Miami for the same price as a single apartment in London. Despite the modest cost, Miami and the surrounding area still makes it into Christie’s Top 10 list of the world’s best luxury residential markets, putting it on part with the likes of New York and Hong Kong.

What the High Price Really Means

If you take a long, hard look at the Miami-Dade real estate market, you’ll find that it’s not so much a single market area, as a lot of sub-markets stitched together. The markets mirror the layout of the various neighborhoods throughout Miami and greater Miami-Dade County. You’ve got Downtown/Brickell. You’ve got South Beach. There’s Bal Harbour, but there are many, many others, and the ultra-high multimillion-dollar properties are only located in a few of them. In reality, almost 70% of condos in the county actually sold for less than $300,000.

In addition, you’ll find that the six-year high figure is still lower than what it was back before the recession hit, sometimes considerably so. For instance, the median price for a single family home in Miami at the end of July 2007 was $382,000. Today, it’s $251,000. That’s up from the $162 grand it cost in 2011, but well below the pre-recession peak figure. You’ll find this holds true for condo properties as well. So, while the prices have increased significantly, they’re not as high as you might think, and they’re nowhere near as high as they once were. Why does the past price matter so much?
Miami real estate is still technically in recovery. Prices are rising. Eventually, they’ll make it back to their pre-recession levels, and you’ll find that those who bought early, even now at the six-year high point, made out far better than those who waited around to see what the market was going to do. Rest assured, it’s going to keep moving up. The only question is when you’ll get in.


SkyRise Miami Condo For Sale

Miami’s skyline constantly changes as new buildings are added, and old ones torn down. There’s a new addition officially on the way now – Skyline Miami. It will tower 1,000 feet over the South Florida metropolis, commanding stunning views over the city as well as out over Biscayne Bay and the ocean. Construction of the tower wasn’t always a sure thing, though. (VIEW all Miami Preconstruction Projects Here)

The Ayes Have It

Before SkyRise Miami got the green light for construction, creation of the tower had to be approved. However, it wasn’t just city commissioners that had to sign off on the project. The residents of Miami themselves were given the chance to vote yes or no. Thankfully, the project received overwhelming support with more than 70% of early and absentee voters marking the “aye” column. The victory was celebrated later that night at a private party thrown by Jeffrey Berkowitz at Bayside Marketplace. Incidentally, the tower will be constructed beside the market.

Up, Up and Away

Construction on SkyRise Miami has already begun, with utility reconfiguring starting in early September, 2014. Once utilities have been reconfigured, construction can begin on the tower’s base, which will take an estimated nine months to complete. That’s just the beginning, though. Once the foundation is finished, the developers have to tackle the bulk of the project – the 1,000-foot high observation tower and all the niceties that will go along with it. Completion of the project is estimated hopefully in early 2018, so it will be another four years or so before Miamians actually have the chance to ascend the tower and enjoy the view.

About the Location

Developers chose an ideal location for the tower. Located directly beside Bayside Marketplace, the tower will be in a prime position to draw visitors. Bayside Marketplace is located almost at the edge of Biscayne Bay, sandwiched between Bayfront Park to the south and the Miami Heat Arena (American Airlines Arena) to the north. West of the marketplace is Highway 41 and the greater city of Miami. Eastward lie the sparkling waters of the bay. Promising the “best shopping, dining and entertainment in Miami and Miami Beach,” the marketplace draws tens of thousands of visitors annually.

Not the Only Project in the Works

Of course, SkyRise Miami is not the only project kicking off in Miami, it’s just the only one that gave residents a chance to vote. Other projects are currently underway, all approved by city commissioners. One of those is the massive


One Thousand Museum

It’s been in the wind for some time now – the One Thousand Museum project helmed by developers working with Zaha Hadid and Regalia Group have been planning this mammoth tower for years. Until now, that’s all it’s been – plans. Today, the project took one more step toward becoming physical reality with the establishment of a location. One Thousand Museum (view site homepage here has an official home right in the heart of Miami.

Where

Developers selected a two-property location to house the new tower, which will be one of the most impressive in the city when it’s finally completed. It’s set to be the first building designed by Zaha Hadid in the Western Hemisphere, and will rise 62 stories over the city of Miami with a direct overlook of Museum Park and Biscayne Bay (the tower will be located at 1000 Biscayne Boulevard). Within the tower’s confines, you’ll find 83 units in a variety of sizes and layouts, ranging from a generous 4,600 square feet all the way to a luxurious 10,000 square feet. The lots alone cost $36 million in cash (no financing was reported in the transaction paperwork).

Regalia Partnership

The developers of One Thousand Museum partnered with Regalia Group back in May 2014. The developer has a long history in design, development and construction of luxury properties, including the most recent, a luxury condo tower rising 46 stories and located in stunning Sunny Isles Beach. Regalia was brought aboard for several reasons, including the firm’s experience with luxury high-rise development and construction, as well as the company’s strong financial resources.

Outlook

The outlook for One Thousand Museum is bright. According to Harvey Daniels of ONE Sotheby’s International Realty (the exclusive realtor handling all units within the yet to be constructed tower), the building is already one-third sold, and ground has yet to be broken. Expectations are for the building to be sold out before construction is completed. Optimistic outlooks put the start of construction in late 2014. According to news sources, units in the tower will average $900 per square foot. One of the main draws here is the amazing design Hadid has planned, and the fact that there is no other building in Miami that will have the same architectural appeal once it is complete.

Another Feather in the Cap

While One Thousand Museum is an impressive concept, and will be a remarkable project once completed, it’s really just another feather in an already full cap. Miami and the surrounding area feature a very broad range of existing luxury properties, as well as other projects already in the pipeline. Add to that the immense growth of the real estate market in the last six years and the number of completed (and sold out) properties there, and it’s easy to see that One Thousand Museum will be the crowning jewel on a very impressive collection.


Bath Club Miami Beach

Miami Beach real estate attracts all kinds of buyers, from the jetsetter crowd to the Hollywood set. The rich and powerful, lovers of luxury, sun worshippers…they all flock to the warm, sunny shores of Miami. We can now add artists to the list as well. Louis Meisel’s art gallery (represented by another company out of Soho) recently purchased a multimillion-dollar property in Miami Beach.

The Bath Club Residences

Residence at the Bath Club is located on 59th Street and Collins Ave in Miami Beach. The property developed by Don Peebles, well known real estate mogul developer. It spans 4,600 square feet under air and 800 square feet of terraces. This property was previously owned by Luis and Jennifer Villa, who purchased the property for a mere $1.8 million back in 2012. The price paid by Meisel’s firm was $5 million, netting the Villas a tidy profit on the deal.

The Artist

The artist in question, Louis Meisel, is responsible for coining the term “photorealism” back in the 1960s. He became renowned for his ability to create paintings so realistic that they resembled photographs. The company that purchased the condo on his behalf was Slam It LLC, based in Soho, New York, and the deed recorded Meisel’s gallery on Prince Street as the mailing address of the company purchasing the property. That gallery houses the largest collection of pinup art in the world, and spans 20,000 square feet.

The Reason

Why the sudden purchase of a condo in Miami? While there was no actual reason given, a lot can be inferred if you’re paying attention to the area. Miami has always evolved, but the city is changing in many new ways these days. It’s reinventing itself into one of the top global destinations for a variety of people, no longer just vacationers or jetsetters. With the development of the Brickell City Centre, and the potential offered by the planned Worldcenter downtown, Miami’s real estate is becoming more and more attractive. Add to that the ongoing performance and growth in luxury real estate in outlying areas like Bal Harbour and Sunny Isles.

This combination of factors makes Miami a very attractive destination for a wide range of those able to afford a condo property here. As real estate rates continue to rise, expect to see more high-profile individuals signing leases and deeds.


Regalia Sunny Isles Beach

Miami has long been known for ultra-luxury properties that command multimillion-dollar price tags. It’s not unheard of for a particularly prime condo unit to go for $7 or $8 million, with some topping $10 or $12 million. However, there are a few properties that stand head and shoulders above the rest. In fact, there are four on the market right now that have a list price of over $25 million. Which homes can command that type of money?

Continuum Miami Beach

Number one most expensive condo currently in Miami is Continuum South Beach. Located at the southern end of Miami Beach, this duplex condo offers just over 8,200 square feet, and boasts seven bedrooms. Six and a half bathrooms can be found on the property as well. There’s a home theater for enjoyment, and a custom security system is in place to provide safety and peace of mind. That security system is integrated with a whole-home audio-visual system as well. The price? A reasonable $29.9 million. Click here to view Continuum Penthouse

“>Regalia Sunny Isles Beach

With only 39 luxurious private residences (there is only one residence per floor), Regalia Sunny Isles offers a contemporary residential oceanfront masterpiece featuring characteristics that have never been constructed in any of the Miami’s luxury condominium. Spacious residences with more than 7,600 square feet of livable space, 5,515 interior square feet, 2,100 exterior square feet, feature floor-to-ceiling glass walls framing the dramatic ocean and 360 degrees of unobstructed views. Each residence offers 360 degrees of oceanfront views.

Currently there is a penthouse unit available for sale in Regalia for a cool $29,000,000. Click here to view the unit. The unit offers 9,550 under air square Feet (888 square meters) with a price of just over $3,000 Per Foot ($32,694 Per Square Meter).

One Bal Harbour

One Bal Harbour has recently announced that Ritz Carlton will be managing the hotel which is great news for this proerety. However, the condos at One Bal Harbour have long been known as one of the most luxurious properties in the Miami area, especially the penthouse. It features five bedrooms, as well as five and a half baths. In total, the condo comprises almost 8,000 square feet, which includes a wraparound balcony featuring its own hot tub. The unit also has a private two-car garage, as well as its own sauna. It can be yours for just $27 million.

Click here to view list of most expensive condos in Miami

Miami’s Single Family Homes

Number one on our list is a mansion in Coconut Grove called La Brisa – Click here to view the property. It is a rare opportunity to own peace of history and to travel back in time with this 9 acre oceanfront property in the heart of Miami. The private gated estate offers 9 beds & 11 baths, 207′ waterfront includes dock for 70′ yacht. The price is $65,000,000.

Mashta Point Key Biscayne Home For Sale

This by far is one of the greatest property in south florida, EVER! Captivating waterfront offers 2 acres of gated grand estate on a private peninsula overlooking Biscayne bay with the Miami Slyline as a backdrop. The estate offers 2000 feet water frontage, 5 story 12,000 sq ft 6 bedrooms 8 full baths with stunning 360 degree water and city views, fabulous pool and gazebo area, private deep water yacht harbor. This property was the playground of America’s elite at the turn of the century, with Vanderbilt’s , Carnegie’s and others partied here. The price is $60,000,000.

Star Island Home For Sale

Star Island has always attracted the word’s rich and famous. The celebrities have discovered the fountain of youth and are now living in Star Island homes. To name just a few: Gloria Estefan, Enrique Iglesias, Lenny Kravitz, Jannet Reno, Shakira, OJ Simpson, Oprah Winfrey, Rosie O’Donnell, Madonna, Sylvester Stallone, Shaquille O’Neal and the list goes on and on.

40 Star Island is currently for sale offering almost 10,000 square feet under air and 88,266 square feet lot directly on the water. Magnificent home priced at $45,000,000.

Click here to view list of most expensive homes for sale in Miami

If you’re looking for elite Miami real estate, please contact our office at (305) 336-0457.


South Beach condos for sale

The Shelborne Wyndham Grand South Beach is one of the area’s most iconic hotels. Unfortunately, it’s been closed for the past three years as it underwent renovations. The property dates back to the 1940s, and still offers one of the most amazing Art Deco atmospheres in the city stemming from its 1950 embellishments. Today, the property reopens after years of being closed. Part of the Wyndham family of hotels and resorts, the reimagined Shelborne now features even more luxury and enjoyment than ever before.

History of the Shelborne

The Shelborne hotel first opened its doors in 1940. In the 1950s, it was heavily embellished with an Art Deco motif. Over the years, it became an icon of South Beach, one of the most memorable properties in the area. However, the relentless march of time took its toll on the hotel, and newer properties came to the fore in terms of guest interest. The Shelborne remained a historic location, but the clientele began to wane.

The Reinvention of the Shelborne

While the Shelborne Wyndham Grand South Beach will retain much of its former charm and Art Deco beauty, there are some changes. The project cost $150 million total, and affect almost every square inch inside and out. One of the most noticeable changes is the addition of a high-end restaurant, the Morimoto South Beach. All guestrooms at the hotel have also been completely overhauled. The lobby has also been replaced by what the designer terms a “drawing room” complete with an apothecary theme.

The hotel now offers over 200 guestroom, as well as 11 deluxe suites. 15,000 square feet of event space is on offer, and the Shelborne also delivers a long list of exclusive entertainment experiences for guests to enjoy during their stay on the property.

While the designers went to great pains to maintain the property’s historic style, it is a complete renovation, and returning guests will find the difference is as noticeable as night and day.
All in all, the renovation and reinvention go a long way toward giving the Shelborne a new lease on life. Reservations are already being made by guests anxious to get a look at the new design, or to experience the vaunted restaurant. It’s just one more thing that makes life in South Beach (and Miami as a whole) so wonderful.

CLICK HERE to view South Beach condos for sale


Diplomat Hotel Hollywood Florida

Hotel investment in South Florida has reached fever pitch. For some time now, it’s been one of the most sought after additions to a portfolio, as well as one of the most lucrative investments out there. However, things might be changing. There are signs that the sector has not only hit its peak, but begun the backward slide. The recent sale of the Diplomat hotel in Hollywood, Florida, might be the stop sign that potential investors need to heed.

The Scale of the Sale

In terms of price, the Diplomat’s price and accompanying expenditures were very, very impressive. The property was sold for $460 million to Thayer Lodging Group. In addition to that, the company spent another significant chunk of change on land around the hotel, as well as a golf course – to the tune of $75.5 million. Then there’s the additional investment of $100 million the company is planning to make improvements to the property and guestrooms. All told, the purchase will actually cost Thayer $635.5 million, making it one of the most expensive ever seen in South Florida.

The End of It All?

Experts are saying that despite the unprecedented scale of the sale, this might be a sign of the end. One reason for this is that the number of available hotel properties has dropped significantly through purchases and other transactions. There are very few properties out there that could match the Diplomat in cost per room anyway. That doesn’t mean that the entire hotel industry in Florida is on the brink. Just that South Florida might not be the ideal market for comparable investments or purchases. There are a number of similar properties farther north, though.

How the Diplomat Will Play Out

There’s a lot of interest in the upgrades and additional value that Thayer will add to the Diplomat with the expected $100 million. In terms of features, the Diplomat certainly wasn’t lacking in the first place, which means that the investor has their work cut out for them in terms of adding value to the property. One change that’s already been announced is the rebranding of the hotel. Currently, the Diplomat is part of the Westin family of properties. However, Thayer has announced that the Westin moniker will be dropped in favor of the new Diplomat Resort & Spa, and it will become part of Hilton’s Curio portfolio.

That move worries some experts in the area. Curio has only been around for a few years, and lacks the name recognition of Westin, or even other Hilton brands. Thayer could be “shooting themselves in the foot” with the rebranding efforts, although only time will tell which side of the argument potential guests fall on. With that being said, most travelers rely on branding to tell them what to expect from a property. A hotel with an unknown name, regardless of the power behind that name, stands to lose out to properties with better recognition.


Miami World Center Tower

Miami is no stranger to large-scale development. There are plenty of examples already built and under construction, including the Birkell City Centre. However, there’s something even larger looming on the horizon – the Miami Worldcenter. The project recently cleared its second to last challenge before it officially becomes a reality and construction can begin.

The Hurdles

There have been several challenges facing the project since it first entered the consideration phase. Some of those challenges have stemmed from outspoken objection by residents of Miami. However, the city’s commissioners voted unanimously to approve changes to zoning laws in the city, as well as an agreement that lets the Worldcenter project move forward. Critics of the project cite problems like closing streets and allowing LED billboards on media towers. Others cited the economic devastation that would come to businesses located in areas that were open only to foot traffic.

The Project

For those not sure what the Worldcenter actually entails, it’s an exciting prospect – a transformative project, according to the developers. It would encompass 17 acres of Miami real estate, and it would house almost 1,200 condos, as well as a 600,000 square foot convention center, and a hotel with 1,800 guestrooms. There would also be a shopping mall measuring almost 800,000 square feet. Anchors for the mall have already been selected, and include the likes of Macy’s and Bloomingdale’s. In terms of location, the project would run from North Miami Avenue and Northeast Second Avenue to Northeast Sixth Street and 11th Street.

Points in Favor

While there has been vocal dissent concerning the Worldcenter project, there are many points in its favor. One of those would be the enormous revenues such a project would generate for the city. Another benefit would be the revitalization of an area that has long been in decay and decline, as well as the creation of an additional 18,000 jobs for the city’s residents. In addition, the project would also create more than 25 bars and nightclubs in an area where such facilities are largely absent, rundown or going out of business due to lack of patrons.

A Sign of the Times

As mentioned, the Worldcenter project is far from the only large-scale development in Miami. The Brickell City Centre project is another massive undertaking that’s sparked both praise and criticism. There are numerous others as well. All are signs of the changing times – Miami is reinventing itself as an international destination for travelers of all economic classes, from the rich and powerful to family vacationers to those looking for an exciting city to call home.

It’s also in line with the city’s exploding real estate scene. The area recovered quickly from the real estate meltdown and has seen year after year of growth since 2011. It’s quite the boom, as can be seen from the number of condo developments (Sunny Isles Beach alone has seen 15 luxury condo developments (CLICK HERE TO VIEW) kick off in the last decade).


Miami home for sale

Different areas of the country are famous for being home to certain types of people. Actors and producers live in Hollywood and throughout Los Angeles. Authors and book moguls live in New York. Florida has its own claim to fame – more CEOs live in the southernmost state than any other area of the country. Of course, not all Florida cities have a high concentration of corporate commanders in chief.

Why Come to Florida?

What’s behind the exodus of CEOs to the sunny shores of Florida? It’s more than the beach and the state’s burgeoning economy. It’s also one of the friendliest states in the country to those with CEO-type incomes, thanks to its lack of individual income tax. There are numerous other attractions to Florida, as well. That’s particularly true of South Florida.

SoFla and particularly Miami has one of the fastest growing economies in the country, and both business and residential real estate are booming. A significant influx of foreign investors, foreign condo buyers and new residents from other US states have made South Florida a fast growing market. Some examples of this growth include the recently approved Miami Worldcenter and the SkyRise tower, as well as Brickell City Centre, which is already under construction. New luxury condos in South Beach, Miami, Miami Beach, Sunny Isles and other areas also cater to CEOs’ tastes for fine living. CLICK HERE TO VIEW AVAILABLE PROPERTIES FOR SALE

A Look at the Cities

Several of Florida’s cities made the list of top areas for CEOs, including:
• North Port – Bradenton – Sarasota – The tri-city area boasts a 1.20% concentration of CEOs within its combined borders.
• Sebastian – Vero Beach – Sebastian might not be your first thought when imagining places in Florida where CEOs would call home, but between it and its southern neighbor, Vero Beach, there’s a 1.37% concentration of business movers and shakers.
• Naples – Marco Island – Naples might be more along the lines of what most would expect for a CEO-heavy area. Between Naples and Marco Island, there’s a 1.28% concentration of CEOs.
• Cape Coral – Fort Myers – You’ll find that the Cape Coral and Fort Meyers area boasts a 1.27% concentration of America’s business moguls.
• Fort Lauderdale – Pompano Beach – Deerfield Beach – You’ll find a concentration of 1.20% of CEOs in this area of Florida.
Of course, while Florida might boast the highest concentration of chief executive officers in the country, there are quite a few other areas giving it a run for its money. Other popular areas for CEOs to settle include:
• Bridgeport, Norwalk and Stamford, Connecticut
• Oxnard, Thousand Oaks and Ventura, California
• Barnstable town, Massachusetts
• San Jose, Sunnyvale and Santa Clara, California
• Boulder, Colorado

Still, it’s clear from the list above that Florida remains the leader here, and its business-friendly environment and rapidly growing economy promise to keep it in first place for a long time to come. Not only do these factors encourage CEOs to relocate to the state, but the lack of personal income tax makes it more likely for homegrown CEOs to found and operate thriving businesses.


Content published by Lana Bell

Content published by Lana Bell