Genting Received Massive Tax Breaks and This Could Lead to More Trouble

By Sunny Isles Real Estate Expert on July 28th, 2016

Resorts World Miami

Genting Group, a Malaysian company, has saved a substantial amount on their property taxes for the Bayfront development site they purchased. While it might seem like saving on taxes is always good news, it’s generally frowned upon when they save millions by appealing the assessed value a number of times. This has actually let to lawsuits between the country and Genting Group.

The Story Thus Far

Genting bought the Miami Herald building and a number of other properties for $236 million in 2011. These properties were all on Biscayne Boulevard, and in all, it amounted to 14 acres. The goal was to build a gaming and leisure complex on the property. They would call the complex Resorts World Miami. However, since 2015 when the last of the original buildings was demolished, nothing has happened with the property.

The company has been trying to reduce the costs on their land holdings by appealing the county property appraiser’s valuations on the land for the past three years. Thus far, they’ve been successful in this, and they were given the tax breaks that they wanted.

How Much Were the Cuts?

In 2012, they had their property valued reassessed at $88 million, which was quite a bit lower than the original assessment of $132 million. In 2013, they reduced this by 25%, and again by 20% in 2014. Thanks to the cuts that they received, they have been given $2.3 million by Miami-Dade County, along with 12% interest.

While getting property reassessed and getting tax breaks is common, what’s not common is the size of the tax breaks provided here. Genting has received millions, and this does not sit well with the county. In fact, the county attorney’s office has filed three lawsuits against the subsidiary that owns the properties, saying that the cuts were too large. Of course Genting disagrees, and they filed a suit against Miami-Dade’s Property Appraiser Pedro Garcia. They claimed that the valuations on the property were higher than they should have been.

In addition, they filed a suit against Miami-Dade as well as the state attorney’s office as a means to force the county and state to allow card games and slot machines in downtown at the former Omni mall, another property that they own.

What Will Happen?

This is a very interesting case, and it is far too early to tell what’s going to happen. With so many lawsuits flying in both directions, it will likely take quite a bit of time to determine what is going to happen and who will come out on top. Another question is what is going to happen to Resorts World Miami. As of now, there has been very little done to bring this vision to reality.


Why Consider Armani Residences in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 26th, 2016

Armani Sunny Isles

Sunny Isles Beach is one of the best locations in the Miami area for those who are in the market for beautiful luxury condos. There are some great buildings here, and the location is perfect. It’s close to many areas where you might want to visit whether commuting for work or for play. One of the new condominium buildings that has been getting a substantial amount of attention is Armani Residences – CLICK HERE TO VIEW ADDITIONAL INFO, and units are going on sale now for when the development is finally completed.

What Is Available at Armani Residences

The tower will be 60 stories high, and it will feature 260 units. The size of the units will vary greatly – between 1500 and 3000 square feet. You will be able to choose from two, three, and four-bedroom condominiums. All of the units have a flow-through style, as well as 10’ ceilings and unbelievable views of the ocean. They also have oversized balconies. Imagine how nice it will be to sit out on your balcony to enjoy the warm sunshine or the cool evenings. For the largest units available, there will also be a room for the maid to live on premises.

All of the units will feature state of the art appliances, as well as beautiful cabinetry and flooring. They are promising to be true luxury units, and it is no wonder that people are already so excited about them.

Features of the Building

The building will have three floors of private cabanas, as well as a full service restaurant. This is a nice option for those days when you don’t want to cook or when you feel like having some friends over for dinner and don’t want to deal with the preparation and cleanup. You can also enjoy the beach, as well as the oceanfront pool and sundeck.

You might also want to hit the onsite spa and fitness center. It’s a great way to keep in shape for the pool and the beach. There will be modern pieces of workout equipment at the gym, and the spa will have all of the relaxation treatments that you desire. It’s far better than having to go out of your building just to find a gym and a spa that you can use.

Those who like the idea of living in luxury at Armani Residences will want to act quickly. Even though the units have only come to the market recently, the building is popular, and these are sure to sell quickly. Closing will occur in the first part of 2018.

The location is ideal as well. Those who make their home here, or who use it as a vacation property, will be close to the beach and to many of the places they may want to visit in and around Miami. Whether you are just heading into Miami for a game or you need to commute for your job, you will find that it’s easy when you live in Sunny Isles Beach.

Armani Residences site is located directly across from One Sotheby’s International Realty Sunny Isles Beach Branch, at 18288 Collins Ave, Suite 1. Please stop by our office to obtain a brochure, find out about inventory and prices or call (305) 336-0457.


Porsche Tower Offers Impressive Features

By Sunny Isles Real Estate Expert on July 24th, 2016

Porsche Sunny Isles

Porsche has always been a name that people associate with elegance and luxury, even though most of the time they are thinking about vehicles. However, Porsche Tower – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Porsche-Tower/ lives up to the name’s lineage thanks to all of the features and amenities in the building and the residences.

Impressive Features of Porsche Tower

Perhaps the most impressive feature of the tower is the parking system. When you live in most buildings, you don’t like having to get out of your car, walk to the elevators with your bags, and then haul everything up to your unit. With this tower, you can skip some of those steps. When you drive into your parking space, this modern tower’s robotic arms will place your vehicle onto a glass elevator, which will then take you and your car up to your floor in 90 seconds. Small units will have two parking spaces, while the larger units will come with four. The building is made from all glass, so you will be able to see your vehicles from inside.

The tower offers 400 feet of beachfront for you and your family to enjoy. You will also love the landscaped grounds as well as the 24hr monitoring that helps to keep the building and the residents secure.

The building also features a private restaurant and bar that has a lounge and outdoor seating that looks out over the ocean. There are also private wine lockers. You can spend time on the sunset terrace, as well as in the entertainment rooms. The entertainment room features a movie theater with stadium seating, a game room with a virtual racing simulator with four connected cars, and more. The spa and the fitness center are just as impressive. It has cutting edge equipment, as well as a yoga room, rooms for massage treatments, and even a salon.

Features of the Residences at Porsche Tower

Even though the building features are certainly impressive, you are just as interested in what you can expect when it comes to the actual units. Fortunately, they have just as much to offer, and they are true luxury units that are large and spacious with flowing designs.

Once you are inside the unit, you will love the floor-to-ceiling windows, which provide you with wonderful views of the surrounding area. The large kitchens have a center island and a breakfast area, granite backsplashes and countertops, a dishwasher, microwave, and gorgeous wood cabinetry. The stainless steel rimless double sink has a garbage disposal and a spray nozzle.

The master bathroom is just as impressive. It has a raised Jacuzzi, Kohler water closet, glass walled marble showers, double porcelain sinks with a full width mirror, and marble floors.

As you can see, there are plenty of wonderful features within the residence that help to make it the perfect place to call home. When you are looking for the best luxury features and amenities, it is difficult to beat what Porsche Tower has to offer. Check out the units that are available.


What Does $35 Million Get You in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 22nd, 2016

Regalia Penthouse For Sale

Sunny Isles Beach in Miami is one of the most beautiful and exclusive places to live in the country. A big part of that is due to the stunning condominium complexes in the area, which never fail to impress. One of the new condos recently unveiled is at the luxury oceanfront complex called Regalia – click this link to view the site – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Regalia/. One of the condo-penthouses in Regalia is up for sale for a record price of $35 million. Even though many of the homes in the Sunny Isles region are opulent and expensive, this one outdoes the others. Many of you are probably wondering just what that amount of money will get you. It gets you plenty, as you will see.

What Does the Home Offer?

This Regalia penthouse, called the Beach House, has 17,015 square feet of space, and it should be finished by the summer. It takes up the third and the fourth floors of the Regalia, which is a beautiful and impressive building in its own right.

It features six bedrooms, including two master bedrooms. Those who make the Beach House their home will also have six full baths and two half baths, as well as a pool bath. The ceiling in the great room is double-height to make the space even more impressive. The great room also has a floating cantilevered staircase that leads to the wraparound terrace, as well as the art gallery mezzanine.

On the third floor, there is a 360-degree balcony. The fourth floor also has a balcony, but doesn’t go quite all the way around – only 270 degrees. Both of the balconies have some gorgeous views though. It is possible to see the Atlantic Ocean, Miami Beach, and more. The Beach House has glass paneled pools on the balconies, as well as a fire pit, outdoor kitchen, and other amenities that will make entertaining easy.

Regalia Sunny Isles Penthouse

While the exterior of the home is stunning, the interior offers quite a bit to love as well. The game lounge measures 2,000 square feet and features a theater, a billiards table, an 85-inch surround sound television, and more. the home has a 600-bottle wine cellar, a champagne bar, a full spa and Jacuzzi, designer lighting, and smart controls for the shades. The owner can use these controls to change the music, temperature, television, and more.

The Beach House has quartz countertops, limestone floors, bronze cabinet bars, and so much more. This is truly a luxurious house. Even though it has a $35 million price tag, the features and amenities in the home and the building are all worth the price.

Other Expensive and Luxurious Condos in the Area

While Regalia’s Beach House is certainly one of the most impressive condos in the area, there are a number of other high-priced properties in Miami as well. Some of the most well-known include the $55 million Penthouse at Faena House, which offers 12,516 square feet, eight bedrooms and nine bathrooms. It also has a rooftop pool that’s 70’ long. For $53 million, you could choose the penthouse at SoFi Tower. It is 6,307 square feet, and offers four bedrooms, five bathrooms, and two half baths.

As you can see, there is no shortage of luxury in Miami. It’s a wonderful place to call home, especially when you start looking at all of the high-end condos.


Should You Choose to Live at Jade Beach?

By Sunny Isles Real Estate Expert on July 20th, 2016

Jade Beach Sunny Isles

Jade Beach in Sunny Isles Beach (click here to view Jade Beach website) is a new building that’s actually a “sister” building of Jade Ocean. This is a 51-story tower that features 248 units. The building is right on the oceanfront, and it is only a short distance from all of the action in Miami, Fort Lauderdale, and more. Those who love to shop will like the fact that they are only a short distance from Aventura Mall and Bal Harbor Shoppes as well. This beautifully designed and appointed building is one of the most popular and luxurious towers in Sunny Isles Beach. The building and the units have a lot to offer those who are considering living there.

Jade Beach Building Amenities

Whether you are thinking about living full time at the unit, or you are only going to use it as a vacation property, you will find plenty to love. The building has private elevators for the residences, and it has fingerprint access, so you can be sure only those who have a need to be in the elevators are in them.

The building has a boat-shaped infinity pool that overlooks the ocean, as well as a sunset pool that overlooks the Intracoastal Waterway. You can head to the private beach club and enjoy the sand and water, as well as the cabanas and the café, where you can grab a snack or a drink to help keep you cool.

The kids will enjoy the interactive splash deck as well as the playroom. You will love the pool bar and services, as well as the hot tub. It you want to keep in great shape, you can do it easily thanks to the onsite health club. It features weights, cardio equipment, and aerobics. The spa has a lounge area, as well as massage and treatment rooms. They also have saunas and steam rooms available.

You will also enjoy the concierge who is on duty around the clock, the 24-hr business center, the security services, and the community and media rooms, which offer views of the ocean and the pool. The personal storage facilities have air conditioning as well, so you can be sure your belongings do not get ruined.

What Do the Residences Offer?

The units at Jade Beach are just as impressive as the rest of the features in the building. There is smart home technology built into the unit. It includes a touch screen monitor and the ability to control media in your home. There are floor-to-ceiling glass windows, so you can enjoy the views. The terraces provide you with panoramic views, and they are a perfect place to spend some time enjoying the weather.

The units have top of the line fixtures and faucets, as well as modern appliances. The residences also have large walk-in closets, as well as a washer and a dryer.
The units at Jade Beach tend to go quickly when they are available. It is one of the most popular buildings in Sunny Isles Beach, and now that you know about the features and amenities, it is easy to see why.

If you’re looking for Jade Beach condo, please contact One Sotheby’s International Realty Sunny Isles Beach branch for Jade Beach condos


A Healthy Slowdown For Southern Florida Real Estate

By Sunny Isles Real Estate Expert on July 19th, 2016

Flatiron Miami condo

Between the amazing weather, the beaches and the unique culture, it’s no wonder so many people from all over the world look to make Miami their new home every year. Of course, it doesn’t hurt that there are so many amazing luxury homes and condos here to choose from too. Miami doesn’t lack for many things: incredible ocean views, new modern luxury condominiums, warm climate and ocean all-year-round, vibrant night life and top-of-the-line restaurants.

For the past several years Miami’s real estate was fueled by foreign buyers, but due the strong US dollar and domestic economy, there are less foreign buyers now. However, there are more American buyers currently on the market than ever before. The same goes for the real estate developers – more and more enter the Miami market with the mega condo projects, thus creating too much supply.
At the moment, it looks as though Miami has more new properties for sale than the demand for them. The result has been a version of survival of the fittest that threatens to kill off many developments before they can reach fruition.

Brickell Flatiron

One example of this could be Brickell Flatiron – see the website here, though it should be noted that the development of this new building still appears to be underway. Construction only just commenced this past March, but the developer—an Italian named Ugo Colombo who has been active in South Florida real estate for over 30 years — has been selling units for two years now. These units cost between $500,000 and $2 million, which is actually quite reasonable by the area’s standards.
Colombo has said, though, he hasn’t had to reduce the prices on any units. According to a number of local experts, deals are definitely taking longer to make, but that wouldn’t necessarily mean developers are finding it necessary to offer discounts on high-end properties.

A Healthy Slowdown

Another thing Colombo recently said that is of interest is that he feels the current slowdown is healthy. For years, now, Miami has been abuzz with people looking to buy new homes and condos. It was a nice way of saying goodbye to the recession.

As we’ve mentioned, though, things have slowed down considerably. It’s not recession-bad, but it’s still a noticeable change of pace.
When you consider some of the elements that brought about the mortgage crisis, it’s easy to agree with Colombo. A slowdown could be viewed as a correction, letting the market catch up with the enthusiasm of developers before they overextend themselves.

Planned Developments Getting the Axe

Still, it’s impossible to ignore that this slowdown has made some major impacts to Southern Florida’s economy. Most noticeable is the number of planned projects that are no longer in development.
For example, Krystal Tower was going to be a 35-story condo complex in Miami. Gulfstream Park Tower would have stood 27 stories in Hallandale Beach; that’s no longer happening. Oceanbleau was a 17-story building meant for Hollywood; once again, it’s been shelved.

The list goes on and on. Since 2011, 414 towers have been built or are in the process in the tri-county region. That’s 50,230 new condos—many of which carry large price tags.
At the moment, that means that only the best possible projects will be allowed to move forward in Southern Florida. However, what the actual implications of this development will be has yet to be seen.


Put Pinnacle on Your Short List of Buildings to Consider

By Sunny Isles Real Estate Expert on July 14th, 2016

Pinnacle Sunny Isles

Pinnacle, located in Sunny Isles Beach – view website details here, has a very appropriate name as it is the pinnacle of luxury and is in an ideal location. The design of the building is beautiful and unlike other towers in the Sunny Isles Beach area. When you are trying to find a beautiful place with great views that has residences that are full of amenities, consider what Pinnacle has to offer.

Features of the Residences

In the unit, you will have floor-to-ceiling tinted glass that allows you to take in the impressive views of the surroundings from many rooms of the house. The foyer has raised ceilings, and the unit is prewired for ceiling fans and cable television. The washer and dryer, from Whirlpool, are soundproofed. The floor plans are available in a number of configurations. You can find one, two, three, four, and five-bedroom units at Pinnacle, all of which have these luxury features.

The kitchen is spacious and has a center island as well as a breakfast area. The countertop and the backsplash are granite, and it includes a sound insulated dishwasher and a built-in microwave oven. The stainless steel rimless double sink from Frankie has a spray hose, as well as a disposal. There is also beautiful cabinetry with under cabinet lighting.

In the master bathroom, you will find a full-width mirror over two porcelain sinks, marble flooring, and high-end fixtures. There is also a raised Jacuzzi whirlpool.

These are some of the most impressive of the features in the residence. You should also consider some of the great features of the building itself to get a better idea of what it will be like to live there.

What Does the Building Offer?

Pinnacle is set on five beautiful landscaped acres, and the building has a number of amenities that help to make it truly special. There are 400 feet of oceanfront with the beach club staff attending it. They can provide you with the equipment you need for water sports and provide other services. All of the grounds are protected with 24hr monitoring.

You can relax in the heated freshwater pool, and then grab a drink or a bite to eat at the poolside café. You can also head to the tennis court to play a few games with family or friends, and you can spend some time in the spa and fitness center as well. It is 8000 feet and has all of the equipment you need to get into shape so you can look great when you decide to head out to the beach.

The building also has a full time concierge who can speak multiple languages. There are also valets, porters, and housekeepers. The building has everything you need to live in luxury.

If you have been searching for a beautiful luxury building in Sunny Isles Beach, you will be hard pressed to find residences that have as much to offer as Pinnacle. It’s a fantastic option for those who want to live in the lap of luxury all year long.


2016 Miami’s Real Estate Market

By Sunny Isles Real Estate Expert on July 11th, 2016

Miami real estate market

To those in the real estate industry, Miami is often thought of as a bastion of luxury properties. People come from all over the world to find their dream homes somewhere in Miami-Dade or Broward County. Although currently the condo market is somewhat idle, that doesn’t mean that this market is falling. Recently there had been some very impressive condos and home sales in Miami showing that the luxury market is still in a very high gear and that Miami real estate is still in demand.

Sunny Isles Beach Condos

Sunny Isles Beach real estate market offers some of the newest and most luxurious condos in the nation. Brand names like Acqualina, Porsche Tower, Regalia, Armani, Ritz Carlton and Turnberry are leading the way with sales of some of the most spacious and luxurious mansions in the skies. Thus, there had been several up-scale sales – a combined unit at Mansions at Acqualina was sold for $16,000,000. The unit offers around 8,000 square feet, over 1,000 square feet balcony and 14 feet ceilings. This unit was purchased less than a month ago by a young real estate entrepreneur.

Regalia is another ultra-luxurious building in Sunny Isles Beach with just one unit per floor, totaling 39 units and make it one of the most unique buildings in South Florida. Most recent sale includes a $9.5M and $10.7m units. In addition, Regalia currently offers the most expensive penthouse in Sunny Isles – a $35M, 10,515 square foot duplex penthouse with 6 bedrooms, private pool deck, exquisitely decorated and and finished with most high-end finishes.

Single-Family Homes In Miami

Miami offers some of the most advanced and luxurious private homes. The sales of single-family homes have been holding very steady. In fact, so far only three fewer transactions happened this year than in 2015. However, nonetheless, once again, the prices actually went up. The single-family homes that sold cost 10.3% more than they did the year before, at a median of $270,221.
For the most part, these past few months have been a mixed bag for the residential market here in Miami-Dade County. Single-family homes may have gone up a bit this year and their performance has been very strong. This is despite high prices bringing more homes into the market.

The 4.7% increase to single-family homes inventory—6,557 houses—has not presented a challenge to the market’s performance.

Furthermore, the floodgates have been opened in terms of the supply of existing condos, something that also could have threatened the performance of the residential home market but didn’t.
To be precise, there were 13,853 units on the market in June, a bump of 11% over the year before.

A Booming Price Range

Putting all of this into perspective helps too. Across the country, the residential market is definitely cooling, which makes the performance of this type in Miami-Dade County all the more impressive.

That being said, there is a particular price point where the market truly is booming here, at least for now.

Single-family homes priced between $200,000 and $600,000 went up 18%, seeing a total of 583 transactions in June of 2016. That represents nearly half the homes sold during that month.
Condos also had their sweet spot. For them, it was between $150,000 and $300,000. This price point saw an 8.6% jump for a total of 403 units sold. That amount is almost 38% of all multifamily sales for June.

There are all kinds of reasons that could explain why Miami-Dade County real estate seems to be so volatile at the moment. A big one, though, is the strong American dollar, which is now keeping foreign investors at bay. These buyers have long provided a constant stream of money into the area in exchange for real estate.

Of course, we’re also in a shifting economy. The good news is that, while our country’s economy is settling from years of turbulence, at least Miami real estate remains some of the most sought-after in the entire world.


Real Estate in Sunny Isles Beach

By Sunny Isles Real Estate Expert on July 7th, 2016

Sunny Isles real estate

Are you looking for a new place to call home? Whether you are trying to find a place to live full time or you are looking for a vacation home or even a rental property, you can’t settle for less than the best. When it comes to locations, Sunny Isles Beach in Miami is one of the best options to consider. Buyers in the US, as well as buyers from out of the country, love what this area offers – see all Sunny Isles condos for sale here.

Close to Everything

One of the reasons that so many people want to live in this area is because Sunny Isles Beach is close to literally everything that you could possibly want or need in the Miami area. You will be just a short drive from the city of Miami, as well as the city of Fort Lauderdale. The airports are close by, and the beach is just steps outside most of the condo towers in the area. You are going to be close to Bal Harbor Shoppes, Aventura Mall, downtown Miami, and more. Shopping, dining, and entertainment is always just a few minutes away.

Real Estate Is Selling Briskly

Over the past several years, real estate sales have picked up in many places around the country. One of the areas that has continued to impress in terms of sales and development is Sunny Isles Beach. The location, as well as the fabulous developments and buildings in the area, help to make it perpetually popular. With the number of new developments in the area, it appears as though the trend of a good real estate market in the area will continue.

You Have Many Options

Buyers who are interested in real estate in Sunny Isles Beach have a number of options available. Some of the most popular towers and complexes from which they can choose include Acqualina, Jade Beach, Jade Signature, Trump Palace, and the upcoming Muse. This is just a tiny sample of the many buildings and developments in the area. If you are looking to buy quality real estate and you want to live in luxury, take the time to see which buildings have units for sale. You are sure to find several potential residences that will work well for you and your family.

You can locate traditional condo buildings in the area, as well as ultra-modern towers that have the latest smart home technology incorporated into the units. Whether you are single, married, have a large family, or you are just looking for a vacation property that you rent out during other parts of the year. Sunny Isles Beach is the place to look.

Choose a Good Real Estate Agent

When you are looking for properties in the Sunny Isles Beach area, make sure you are working with a high quality real estate agent with a great reputation in the business. Lana Bell and her team have the experience and the dedication you need to help you find the perfect luxury condo to call home. You want to have a beautiful home, and the right real estate agent can help you find it.


Why Should You Choose Ocean Three in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 5th, 2016

Ocean Three Sunny Isles

Have you been searching high and low for a place to call home in Sunny Isles Beach? It’s one of the most popular areas in Miami for those who are seeking luxury living, and there are a number of buildings and units from which you can choose. One of the top options for prospective home buyers is called Ocean Three – view current listings here. It provides residents with a number of amenities, as well as beautiful units. The 32-story building could be the perfect place to call home. Let’s look at some of the reasons this building remains so popular with buyers.

The Ocean Three Building Offers Plenty of Amenities

The building is set on beautifully landscaped grounds, and it provides 300 feet of oceanfront. Being so close to the ocean – just feet outside your door – is great, and you will likely spend quite a bit of time enjoying the water. You can even purchase one of the beach cabanas if you would like.

You will also be able to enjoy the pool and spa that overlooks the water, the tennis courts, and the beach club bar and grill for when you are feeling hungry or just want to have a cool drink.
The building also offers a valet service and secure covered parking. The elevators provide private access to most of the units in the building. You will have space to store your belongings on the site, and you can be sure everything is safe thanks to the 24hr security. Though the building has a large number of amenities and features that help to make it a good option to choose, the features in the residences are what really helps to set this tower apart.

What Do the Units Offer?

The views from the units are fantastic, and thanks to the floor-to-ceiling windows and the wraparound balconies, you will be able to enjoy them from many different areas of your home. The glass is energy efficient, so the windows help to keep the temperatures normal within your unit. The home also has dual air conditioning and heating systems to help you keep the temperature just the way you like it.

The kitchen has an eat-in breakfast area, as well as a glass cooktop and a built-in microwave. You will also love the stainless steel countertops.
The his and hers master bathroom has imported marble flooring, as well as a granite vanity top and full width mirror. The service area features a full washer and dryer. In addition, the units are prewired for cable and phone systems.

Imagine coming home to one of these beautiful homes at the end of the day or when you are heading to Sunny Isles Beach for your vacation. The building is full of great amenities, and the residences have features that you will fall in love with. If you have been hunting for a perfect condominium unit in the area that will work for you and your family, then choosing Ocean Three could be a very good option for you.