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.


Palm Beach real estate

Miami’s real estate market (view homepage here) has been surging upward for a long time, but the boom isn’t constrained to Miami-Dade County alone. You’ll find a lot of SoFla’s property prices are increasing, some by leaps and bounds. Palm Beach County is one example. August’s prices alone were almost 15% higher than the same time during the preceding year. In fact, there were only three cities in the entire country where prices rose more than in Palm Beach County (Miami-Dade and Lakeland included).

A Look at the Rise of South Florida Real Estate

The numbers for Palm Beach County include most types of non-commercial real estate, including condos and single family homes (as compiled by Trulia.com). They’re also a direct reflection of the larger area as a whole. Overall, SoFla has seen property values jump up since 2011. There are a number of reasons behind the recovery and turnaround.

2011 marked the lowest point in terms of real estate prices in south Florida for a long time. Some of the increase is attributed to nothing more than the rebound effect – the price of real estate correcting after the recession released its grip on the area. However, that doesn’t explain all of it. Other reasons noted for the increase include rising employment and a much stronger job market. While salaries haven’t changed much, particularly around Miami and South Beach, the employment market is stronger overall, with unemployment and underemployment numbers falling dramatically from what they were during the height of the recession.

The rising employment rate has several effects on the real estate market. First, fewer people are falling behind on their mortgages, which means fewer foreclosures. Because foreclosures drag down the value of a market overall, fewer of them happening means an across the board increase. Another benefit is that buyers are able to afford more house since they’re no longer underemployed, which allows them to upgrade.

Fast Sales for the Right Homes

Another aspect that has buoyed the real estate market in south Florida – site http://www.sunnyislesmiamirealestate.com/ is the fact that homes are moving very quickly. There’s been something of a shortage of homes available to meet demand, so those that do come on the market are usually purchased very quickly. However, while prices have risen dramatically, buyers aren’t able to set whatever price they want. Going too high with a price is a sure way to drive buyers away. One of the trends pointed out is that overpriced homes tend to sit empty on the market for a very long time, while those competitively priced are often purchased within just a few weeks of being listed.

The takeaway for homeowners looking to sell their property is this – property values are very high, but they should resist the urge to price their homes even higher. Competitive pricing results in fast sales. Pricing a home too high means the property will sit for 90 days or more, and that leads potential buyers to wonder why the home sat for so long, even after a price reduction to bring it back in line with the norm.


Sunny Isles Preconstruction Condos

It’s no secret that south Florida has triumphed over the recession and one sign of that victory is the booming real estate industry. The 15 new pre-construction condos in Sunny Isles alone is ample sign that the real estate woes of the past are well behind SoFla. Or are they? The Fed indicates that while recovery is complete and new growth is strong, there are still many problems waiting in the wings that might derail the real estate sector. What are those issues? According to a Fed representative speaking at Coral Gables, they include rising interest rates, stagnant or dropping income levels and changing market conditions.

Loans

Real estate deals require financing. Financing comes with interest. Given the significant boom that south Florida’s seen in the past few years, there’s a lot of money tied up in interest and loans that will come due soon. For many properties, that due date is approaching pretty quickly. According to the Fed, more than $7 billion in real estate loans extended through south Florida will come due in 2015 and 2017. Most developments will seek to refinance, but if interest rates rise, that could spell trouble and eventual stagnation or even backsliding into recession. While interest rates remain low and the Fed has insisted that it will keep them there for now, they will eventually rise. It’s only a matter of time.

Market Conditions

Another factor affecting the SoFla real estate sector is the shift from commercial to industrial space. More and more retailers are ignoring physical properties and opting for virtual real estate instead. That makes good sense since more and more consumers are buying predominantly online these days. In terms of properties, that means that more businesses are looking for industrial real estate where merchandise can be stored, stocked, shelved and shipped, and fewer are looking for physical stores.

The Income Conundrum

Rents are rising throughout SoFla, with Miami-Dade seeing an increase of 6.3%. Palm Beach and Broward County saw similar hikes. While that’s good news for property owners, it’s bad news for renters, as the income rates have not kept pace. In fact, most income rates have stagnated completely, with others actually decreasing. The impact of this trend on renters cannot be understated. Residency rates might be at all-time highs for south Florida, but things can change very quickly. The Fed representative remarked directly on the organization’s worry that people will soon no longer be able to afford rent in the area.

What does that mean for property owners, managers and other decision makers? Actually, it really just means they need to be cautious and keep an eye on the market. There’s nothing to be done yet, although quick action might be necessary if income continues to decline, or if interest rates look like they’re going to increase. Be watchful and wary, but confident, seems to be the ultimate message that came out of the Coral Gables meeting.


Hillsboro Beach house for sale

Broward County is no stranger to high-priced luxury real estate. While it doesn’t necessarily have the same concentration of luxury properties as South Beach, Bal Harbour, Sunny Isles or Miami, that’s largely due to the higher number of high-end condos south of Broward (CLICK HERE TO VIEW NEW CONDOS FOR SALE). The county is home to a number of luxury homes, mansions and estates, though, and they can command very high prices. With that being said, few approach the $139 million commanded by one oceanfront home in Broward County.

A Look at the Home in Question

Pull up to Hillsboro Beach (VIEW HOMES HERE) and you’ll have a stunning view of the water and the beach. You’ll also notice homes, and one home in particular, still under construction at the time of this writing. This is Le Palais Royal, and it’s believed to have the highest price of any residential listing in the country, much less the state of Florida. It’s priced at $139 million, and buyers get a lot for their money.

The house covers 60,500 square feet. Yes, you read that correctly. It boasts 11 bedrooms and 17 bathrooms. That’s not all this truly palatial home has to offer, either. Other features include:

• An underground parking garage with room for up to 30 cars
• A 492-foot dock on the ocean capable of housing a mega yacht measuring up to 185 feet
• A 13-foot front gate clad in 22-karat gold leaf
• An IMAX theater with seating for 18 people
• A bar attached to the theater inside the home
• A 4,500-foot infinity edge swimming pool featuring a 12-foot cascading waterfall
• An LED illuminated water slide
• A swim-up bar in the pool
• A fire pit attached to the pool deck
• An entrance fountain that measures 26 feet
• Dual marble staircases in the entry, costing $2 million

The home is not being built by an individual, but is owned by a trust tied to Robert Jacobson of Delray Beach. Denio Madera Design and Joseph Leon collaborated to design the home, which is expected to be complete late in 2015. All this can be yours for a cool $139 million.

The Most Expensive but Not Out of the Norm

While the home above might be the most expensive residential property listing in the country, it’s not without its peers. In fact, South Florida in general has become known for its incredible array of luxury real estate, ranging from palatial homes to condos, duplexes and more. The home mentioned above is in Broward County, but a quick drive south into Miami-Dade County gives you access to plenty of other listings, many of which approach the level of luxury and price of Le Palais Royal. Head farther south and you’ll enter the Florida Keys, were there are even more luxurious homes tucked away on hidden inlets and harbors.

Whether you’re more interested in a massive palatial estate, a villa, a single-family home or a condo, you’ll find it available in South Florida.


Miami Beach real estate

The prices for single-family homes and condos in Miami-Dade County (VIEW SITE HERE) 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.


Sunny Isles Beach Panorama

We could all do with more global collaboration and less warmongering, but finding a bright spot on the world’s stage has been tough to do in recent months. However, there are uplifting moments of collaboration and a coming together for mutual benefit still happening, even if they’re overshadowed by other, less humanity-benefiting occurrences. One such event was the meeting between Mayor Miriam Feirberg-Ikar of Netanya, Israel and the Mayor Norman Edelcup of Sunny Isles Beach and his delegation.

About the Meeting

While not a national summit, the meeting between Eastern and Western representatives yielded perhaps more international good will and achieved better results than many political meetings. The purpose of the meeting was to help leaders of both cities share methods of promoting education, art and culture to their residents that have worked in the past. As such, both cities had interesting things to bring to the table.

The core of the meeting centered on two foundations – the City of Sunny Isles Beach Foundation and the Netanya Foundation. Each foundation has a mission to solicit funds from private donors to help improve life in their respective cities through social, educational and cultural programs.

Netanya Israel

About the Cities

Netanya, Israel and Sunny Isles Beach are actually sister cities, formalized with an official union back in 2007. The two mayors have met each other twice now. The first was during the union ceremony, and the meeting in question was the second time. Both mayors have served their respective cities for over a decade, and have a lot of knowledge and experience to share with one another. It wasn’t limited to mayoral discussion, though. Both mayors had a full delegation of experts that shared information and methods to help improve the lives of the other city’s residents.

While the two cities are worlds apart in terms of geographic location, they’re very close in terms of attributes, attitudes and even physical geography. Both share warm waters and lovely beaches, and both are rich in cultural diversity. Both share the moniker “Riviera” as well – Netanya is the Israeli Riviera, while Sunny Isles Beach is the Riviera of Miami.

Click Here to research Sunny Isles Beach real estate for sale


Miami real estate

Real estate loans in South Florida have traditionally been large – they have to be to accommodate the price of property in Miami-Dade and the surrounding counties. However, those loans are getting larger. The biggest banks in SoFla are now routinely offering real estate loans 10% larger than previous financing packages, marking another year of significant growth for SoFla.

A Look at the Growth

In 2014, the 15 largest banks in South Florida managed to expand their real estate loan portfolios by over 10%, the FDIC reports. This growth wasn’t relegated to Miami-Dade County alone. Broward and Palm Beach counties also saw significant growth. Most of the growth occurred in increased loan volume through acquisitions. However, there’s also organic growth occurring in the market. It’s not all about acquisitions. New residents and new businesses are steadily streaming into South Florida. In total, the loan expansion included construction and land development packages, as well as multifamily, residential and commercial mortgage loans. (Click here to research Miami real estate)

The Largest Increases

While the 10%+ increase was across all 15 of SoFla’s biggest banks, not all financial institutions saw the same growth. The single largest increase came from Florida Community Bank, based in Weston, FL. FCB experienced a 55% jump in loan amounts, going from $1.6 billion in 2013 to $2.4 billion in 2014. Part of that growth stemmed from FCB’s $596 million acquisition of Great Florida Bank of Coral Gables.

Another high performer was Stonegate Bank out of Fort Lauderdale, which saw a 54.5% increase in real estate loans (rising past the $1 billion mark from just over half a million the year before). SBoFL acquired Florida Shores Bancorp, as well as that company’s subsidiaries to add $555 million.

Capital Bank, based in the city of Miami but also serving Tennessee, as well as North and South Carolina, also added to its success. It purchased $46 million in residential mortgages to create a 5-year total of $4.7 billion.

Where the Rejuvenation Starts

The growth in loans has been significant, just short of staggering. There are several attributable factors here, but one of the major ones is the creation of the Brickell City Centre (Click here to view the project), which BankUnited’s Florida president said was one of the hotspots in the area fueling his bank’s growth and success. Others point to the approval of the creation of Miami Worldcenter, as well as Miami SkyRise and other high-profile developments in town.

However, it’s not all about new projects. There’s also less leverage out there, which banks have cited as creating a healthier financial market in the first place. “Florida is back,” stated BankUnited’s Florida president, Thomas Cornish. A quick look at the various industries served by the 15 largest banks in SoFla certainly seems to hold up that assertion, with residential mortgages increasing by almost 12%, commercial real estate loans growing by 12.3% and multifamily loans growing by 6.7%.

All in all, 2014 has been a banner year for Florida’s banks, but also for homebuyers, construction companies and businesses of all types.


Brickell City Center Condos

Cinemex is a celebrated company founded in Mexico. It’s long eyed potential locations in the US, but until now, it has not opened any cinemas north of the border. Today, all that changes as Cinemex and Brickell City Centre jointly announced that the firm would open its first US location in the mixed-use project located right in Miami.

About the Development

The new development will consist of almost 36,000 square feet of dine-in cinema. The property is expected to open in 2016, and Cinemex will partner with Chef Mikel Alonso (the name behind Biko), and Mica Rousseau of Mexico City mixology fame. Within the 36,000 square feet will be 11 viewing rooms and a total of 622 seats. The design and construction work for the project will be handled by Miami’s own Loguer Design.

About Cinemex

Cinemex is the world’s sixth largest cinema chain. The company’s focus here is to “bring the success of Cinemex to downtown Miami,” according to one of the firm’s VPs. Brickell City Centre makes the ideal setting for this type of establishment, and its interesting combination of film and food. Cinemex joins a growing number of businesses that have agreed to anchor the $1.1 billion Brickell City Centre project, including Saks Fifth Avenue.

Far from the Only Project

The Brickell City Centre project might be one of the most visible in the city of Miami, but it’s far from the only one. There are numerous others, including the proposed Worldcenter, which would occupy 17 acres of downtown Miami real estate and create an estimated 18,000 jobs. The development would contain a massive shopping mall, a huge convention center, a hotel with almost 2,000 rooms, and a new luxury condo development in addition to numerous bars, nightclubs, restaurants and more.

What It Means for Investors

Miami’s real estate is red hot at the moment, and most of south Florida is actually in the midst of a real estate boom, unlike many other areas of the country. The addition of Cinemex to the Brickell City Centre is just another feather in Miami’s cap, and another reason that real estate values continue to rise. As the city reinvents itself into one of the world’s top destinations for vacationers and hopeful residents of all types, those values will continue to increase. This benefits areas beyond just Miami downtown area, including South Beach, Bal Harbour, Sunny Isles and many others as well.


Miami real estate for sale

The real estate investment market in the US has undergone some significant shifts over time. Back during the recession, it tanked right along with the residential real estate market. It’s improved since then, as have most residential markets around the country. However, not all areas have experienced the same resurgence. For investors, that means it’s more important than ever before to choose the right area. Low entry prices aren’t the only thing to look for, and can actually be a sign that a market isn’t as healthy as it could be. More and more, investors are turning to South Florida, and to Miami in particular. Why is that?

Natural Advantages

One of the reasons for Florida’s rank as the top real estate market in the country is that it is rich in natural resources. It’s an undeniably beautiful place, whether you relish sitting on the beach, hitting the links or exploring untamed wilderness. There are swamps, hills, beaches, well-developed urban areas and more. It’s also warm year round, which makes it a natural destination for those who don’t enjoy the cold.

Man-made Attractions

In addition to the natural beauty and splendor of the state, you’ll find that it’s rich in human development. We touched on some of those above, but you’ll find much more. The oldest European settlement in America is in Florida, and there’s a lot more here, from museums to art galleries, from shopping malls to entertainment venues. It’s easy to reach pretty much anything you might want to do from virtually anywhere in the state, too.

Why Miami Rules It All

When it comes to Florida’s real estate market (click here to research Miami real estate market) , you’ll find that the south is more popular than the north, and in South Florida, Miami and the greater Miami-Dade area are the undisputed rulers. What makes Miami such an incredible place? You name it – South Beach, Sunny Isles Beach, downtown Miami and the list goes on and on. From deep sea fishing charters to ultra-high end shopping and dining, it’s all here, and it’s all within easy reach. A short drive from Miami is the beauty and jetsetter atmosphere of South Beach. Head up the road a bit and you’ll be in Bal Harbour, or venture into Sunny Isles Beach, or any of the other communities that make up greater Miami.

In all of those areas, you’ll find that the real estate market is hot, and getting hotter by the day. Luxury condo properties are going up by the score (on top of the many already in existence). There’s also a significant influx of major corporations. You’ll find that Nokia, Kraft and HP all have a huge presence in the area, as does Oracle, Microsoft and more. That equates to jobs, certainly, but it also caters to an upwardly mobile, affluent crowd that’s eager to get into owning their own home and have a preference for luxury properties.
South Florida is the ideal option for real estate investment, and Miami is its crowning jewel.


Content published by Lana Bell

Content published by Lana Bell