Find Your Next Home at Faena House

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

Faena House Miami Beach

The Faena House – (see the website here) is a project that holds the distinction of being the first property in the Faena District, a new Miami Beach neighborhood. This is a very exciting area that will attract a lot of attention thanks to the Faena Saxony Hotel, as well as an arts and performance center, retail, dining spots, nightlife, and more. The Faena House is a 16-story building that includes just 47 units. It sits right on the ocean and it is on the border between South Beach and Miami Beach. When it comes to locations, it does not get much better than that.

In addition to that fantastic location, the building has quite a few other amenities that will make it a great place to live.

Amenities at Faena House

The building offers a 24-hr doorman, along with a valet and concierge services. They want the residents to feel safe in their homes, so they have 24-hr security surveillance, as well as private and secure underground parking that has valet service.

Those who are looking for a place to relax will want to unwind in the sauna. There is a separate sauna and steam room for men and women. There are naturally separate showers, dressing rooms, and bathrooms as well.

If you want to stay in shape or get into better shape, you can spend time at the onsite fitness center. This facility has direct views of the ocean, wood flooring, and excellent equipment that will help you to keep fit.

The building also has a children’s playroom, a private beach club for the residents along with cabana service, landscaped pools for the adults and children, and beautiful outdoor spaces. The building is gorgeous and burgeoning with amenities and features. You are probably wondering about the units though. Fortunately, they offer a lot as well.

What Do the Units Offer?

The size of the units varies quite a bit, and you can find quite a few different options when it comes to floor plans. It should be possible to find something that fits your needs quite well. The units have high ceilings, and the homes that have between two and five bedrooms have a service entrance. Some will have private elevators or semi-private elevators.

The entry foyers have stone flooring and the doors are made of teak. The master bathrooms have double sink vanities and separate tubs and showers. There are midnight kitchens in the penthouse master bedrooms. They have a laundry room, beautiful kitchens and bathrooms, and much more.

When you live in Faena House, you will find that you are often steps away from the things you want to see and do. The beach is close, as are places to dine and find entertainment. Of course, if you need to head to downtown Miami, Bal Harbour, or Fort Lauderdale they are nearby.

This is a very popular and very exclusive property. It has plenty to offer, and it could be the perfect place to call your next home.

For more information on available properties please contact One Sotheby’s International Realty or call (305) 336-0457.


Home of South Florida Philanthropist Up for Sale

By Sunny Isles Real Estate Expert on August 21st, 2016

Golden Beach home

Barbara Schlesinger was a wealthy woman who lived in South Florida. She was married to a man named Sheldon Schlesinger, a prominent attorney in Fort Lauderdale. Her massive estate is up for sale currently, but we’ll come back to that in a moment. First, let’s get to know more about Barbara and the type of person she was.

Who Was Barbara Schlesinger?

Barbara was the type of person to live well, but she also liked to put her money toward good causes, and was a philanthropist. More than that, she was well liked. She still wrote handwritten notes to friends and she was heavily involved in the social, education, and art scene in Miami, Fort Lauderdale, and Hollywood, Florida. She threw great parties as well, including annual Halloween parties and Thanksgiving gatherings where she would invite a hundred people or more.

Through her life, she also occasionally rubbed elbows with celebrities. Some of those include Marilyn Gleason (Jackie Gleason’s wife) and Audrey Hepburn. She was the head cheerleader in high school, she was a wonderful mother and grandmother, and she brought happiness to the people around her. Those who knew her knew that she was generous and hospitable. When she recently passed away at 82 years old, she left a hole in the lives of many.

Her Home Is Now for Sale

After her passing, her Golden Beach property went up for sale. It’s a very impressive home that sits on a 62,750 square foot lot, and the current asking price is $42.5 million. The estate is located right on the beach at 387 Ocean Boulevard. The home has 10 bedrooms and 10 bathrooms, and was erected in 1941. The home has a lot of history, and the Schlesinger family bought it in 1985. At the time, they paid only $865,000 for the home.

The home has a Mediterranean style design and is painted entirely white. It includes a wealth of fantastic features including a large oval swimming pool, a cabana, a movie theater, and an onsite gym. One of the other nice features of the property is the fact that it also includes a large two-story guesthouse, which has its own kitchen, pool, and beach. This is the first time the home has come up for sale since the last time it sold.

Golden Beach (see all homes for sale in Golden Beach here) is a wealthy area. It’s located just to the north of Sunny Isles and just east of Aventura. The town of Golden Beach only encompasses 247 acres, but it is home to some of the wealthiest people in the world including Bill Gates. It is a very exclusive property and it is certainly going to make headlines when it sells again.

While the home might not be within the budget of everyone who is looking to buy in the South Florida region, it’s still a home that’s worth knowing about given its history and the wonderful, generous woman who called it home since 1985.


Bath Club Offers Plenty for Residents to Love

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

Bath Club Miami Beach

While there are many new buildings cropping up in Miami Beach all the time, it is important that you do not overlook one of the older and most popular buildings in the area. The Bath Club – (view website here) has been in the area since the 1920s, but don’t let that fool you. It has undergone a massive renovation that helps to make it a true contender when it comes to luxury living in the Miami Beach area. The Bath Club has true luxury, and it is an exclusive property that has a wealth of amenities and benefits for the residents. Let’s look at some of the features that help to make this such a great place to live.

The Features of the Bath Club

One of the best features is the semi-private beach. The residents and the guests are able to spend as much time out on the sand as they would like. Since the weather is great most of the time, this might be just what you plan to do with your time once you make the Bath Club your home.

The property also offers formal ballrooms, as well as a billiards room and a game room. You can cool off in the swimming pool, which features lap lanes as well as cabanas. If you would like to stay in great shape, or get into shape, you can take advantage of the health spa and the personal trainers, as well as the two clay tennis courts. The outdoor hot tub is a nice place to relax with someone special.

The building also offers a valet and a full service concierge. Security is on the grounds around the clock, and there is a business center you can use as well. The residents have a private lobby, and they can make use of the maid service on request. In addition, the building has a gourmet market as well as a newsstand.

What Do the Residences Offer?

While the building certainly has a substantial amount of amenities to enjoy, you are probably curious about the residences as well. They have quite a bit to enjoy too. The units have natural wood and stone to convey an earthy feel. They also have great views of the bay and the ocean, as well as hurricane impact resistant glass. The have Miele appliances, built in refrigerators and freezers, European cabinetry, and Italian marble floors. The villas that are available have four stories and private elevators, as well as direct access to the beach.

A Great Location

If the amenities of the building and the residences aren’t enough, you can also enjoy the fantastic location. When you live at the Bath Club, you are only going to be a short distance from everything that you want to do in the area. You can head into downtown Miami for work, shopping, dining, and entertainment. Fort Lauderdale is only a short distance away as well.
As you can see, the Bath Club has quite a bit to offer. Even though it’s not one of the brand new buildings, it is certainly worth considering.


Foreign Investments on the Rise Again

By Sunny Isles Real Estate Expert on August 15th, 2016

W Miami Beach

Over the course of the last couple of years, things have been changing in Miami. While it has had a good reputation for being a strong real estate market for residential buyers, some investors, particularly foreign investors, were shy about putting too much investment into the city, as they weren’t sure it was a good idea for the long-term. That’s changing though, as the city has been showing that it is a serious contender when it comes to solid investments that can appreciate in value.

Purchase of the Viceroy Hotel

One of the most recent signs that foreign investment is picking up in the city is the purchase of the former Viceroy Miami hotel by Al Rayyan Tourism Investment Company, a business out of Qatar. They paid $64.5 million for the 148-room hotel. They consider this to be a good purchase, and they believe that Miami is going to keep growing, which will help the value of the building, and their business, grow.

Massive Sale to Sumitomo

Miami is growing considerably. Consider the recent purchase of Miami Tower in the downtown area by Sumitomo Corporation. This Japanese company does not make investments lightly, and they have only a few real estate investments in the United States. Miami Tower was one of those investments, and they paid $220 million. This shows their belief that the city is going to continue to grow and that their investment will pay off.

ARTIC

Another massive purchase comes from ARTIC. In 2014, they bought the St. Regis Bal Harbour for $213 million, which is more than a million per room. This is not their only investment though. They also bought the Brickell Hotel and paid $436,000 per room for the property. They then renamed the property W Miami.

What Are the Companies Looking for When They Buy?

The managing director of ARTIC, Tarek M. El Sayed has said that his company looks for three specific things when they are deciding whether or not they will make an investment. They look at the quality, the location, and the architectural design. It’s quite likely that this is what most other investment companies are looking for as well, and it actually correlates quite well to what individuals are looking for when they buy property.

One of the great things about the designs in Miami is that you don’t have a lot of cookie cutter buildings. There are some truly stunning concepts and building designs throughout the city. Paired with their great location, and the quality of the buildings, it is easy to see why so many investors have been looking toward this city in recent years.

Other Cities Are on the Rise Too

Miami isn’t the only city in the country that is finding more foreign investment opportunities though. The Pebblebrook Hotel Trust, the same company that sold the Viceroy, sold the Redbury Hotel in Los Angeles for $40.9 million and land in Boston for $6 million. They sold everything on the same day and announced the transactions at the same time.


Akoya Could Be the Next Place You Call Home

By Sunny Isles Real Estate Expert on August 12th, 2016

Akoya Miami Beach

Akoya is a beautiful oceanfront property (see website by clicking here) that has a substantial amount to offer those who are looking for a new place to call home. Whether you are buying property that you want to use as an investment, or you are buying a place to retire, a vacation home, or somewhere you want to live full time, this building could have what you need. It is located right on Miami Beach, and it has a number of benefits. Let’s look at some of the reasons to call this building home.

What Does Akoya Offer?

One of the first things you will want to do is think about the location. The building is in a fantastic area. Residents are never more than a few steps from the sand and the surf. They are also close to all of the wonderful things that Miami Beach has to offer including shopping and dining. You can drive in to the city, to Fort Lauderdale, and anywhere else you might need to go with little trouble. Then you can come home to the beautiful tower where you can enjoy some great views from any of the residences. The views are even more impressive thanks to the floor to ceiling glass.

You will enjoy European styled kitchens that have gorgeous cabinetry, granite countertops, and stainless steel appliances. The bathrooms are just as incredible. The master bath features a marble bath and a whirlpool tub, which is the perfect place to unwind at the end of a long day.

Some of the other features of the units include oversized wraparound balconies with sliding glass doors. You can spend your time out on the balcony enjoying the day, entertaining, or just relaxing with a drink in the evening. The units are nice and large, and they are a nice option for young couples, retirees, or anyone else who is looking for a great place to call home.

The Building Amenities

In addition to the amenities that you will find within the units themselves, there are also plenty of reasons to love the building itself. If you want to keep in shape, as so many of the residents do, you can spend time working out at the state of the art fitness center. There is also a putting green, as well as tennis courts and racquetball courts. You can also go swimming. With all of these ways to stay active and fit right in Akoya, you will never get bored, and you could get into the best shape of your life.

Another one of the great features of the building is that it is pet friendly. This is not the case with all of the buildings in the Miami area, so if you have a pet that’s just like family, you will want to make sure your new home will accept them. With all of the other benefits that Akoya can offer, it makes sense to consider it when you are buying your next property.


Jorge Perez Wants to Sell Home for Four Times Purchase Price

By Sunny Isles Real Estate Expert on August 10th, 2016

One Ocean Miami Beach

When most people buy real estate, they aren’t just buying a place to call home, even though that might be their primary goal. They are also buying an investment. Even if they don’t plan to rent out the place and use it as an investment property, they do want the home to go up in value. This way, they can sell the home later and hopefully make a profit. The amount of money that you can expect the home value to increase by varies based on a number of factors. However, it’s quite rare that you can expect the home to quadruple in value, especially in a short time.

Jorge Perez is hoping that his efforts to sell his penthouse, located at One Ocean – see website here will pan out though. When he bought the home in May of 2016, he paid $4,233,600 for the property. At that time, the price was $1,200 per square foot. Little more than a month later, Perez decided that he would sell the home, Unit 706, and he was asking more than the purchase price. He wasn’t only asking for a little bit more money though, as one might expect from a house flip. Instead, he was asking for $20 million for the home in the South of Fifth neighborhood. This equates to $5,669 per square foot.

Is It Worth the Price?

The unit is on the top floor, and it features a beautiful wraparound terrace that offers a view of the pool. By all accounts, it is a lovely condominium, but most real estate professionals in the area do not believe that it is in line with the market. On the MLS, two penthouses that were on the same floor as Unit 706 sold for much less. Unit 701, which offers 3,534 square feet, sold for $7.072 million. Unit 707, which has $3,206 square feet sold for $6.412 million.

As you know, the market demand will dictate the price of real estate in many cases. With Jorge Perez’s unit, the asking price seems very out of line when compared with the other prices for units in the building. While it is certainly possible for Perez to make a nice profit with the unit, getting that $20 million asking price might not be possible.

That’s not to say that homes in Miami don’t go for astronomical prices sometimes because they certainly do. At Faena House a property is selling for $18 million, and another one, owned by Ken Griffin, is selling for $55 million. It is possible to sell homes for a large sum of money. However, the experts are quick to point out that those other two sales are happening at Faena House, which is at the top end of the market.

It’s unclear whether Perez will be able to find someone who will buy the unit at the price, or if he will end up having to lower it. Since there are so many other comparable units in the building and the area, which cost far less, it is likely going to be very difficult to sell it for so much. Only time will tell.


Excellent Amenities at Estates at Acqualina

By Sunny Isles Real Estate Expert on August 8th, 2016

Estates at Acqualina Sunny Isles

When Estates at Acqualina is finished – (click here to get additional info), it promises to be a fantastic building with a host of amenities and features residents will adore. The two towers will be 51 stories high, and it will only include 90 units. This means that the units are going to be larger than what you will find in many of the other area buildings. The size of the units will range from 4465 square feet to a little more than 5000 square feet.

What Will the Building Offer?

The development will place Estates at Acqualina near Acqualina Resort and Spa as well as Mansions of Acqualina. The building will feature a number of amenities. There are only going to be two units on each of the floors, which helps to provide residents with not only more space but also more privacy. The wrap terraces are a great place to spend some time relaxing with a book and a cold drink, and you will love the panoramic ocean views. Each of the towers will also include a tower suite and a single family home, which will be around 8000 square feet. They also have a two-story penthouse. These are massive, coming in a 13000 square feet.

Residents will also be able to enjoy the 500-square feet of beachfront. It is nice to simply step outside and walk a few steps to the beach so you can enjoy the water. It’s one of the many benefits you will find when you choose to make your home at Estates at Acqualina.

The Residences

Of course, even as much as you love the location and the building, you also need to consider what the residences offer to be sure this is the best choice for your next home. Fortunately, the features in the units will impress. All of the residences have beautiful flooring, and they have smart building technology. This will link each of the residences with amenities in the building. There is also internal audio wiring, lighting controls, climate controls, and a monitoring system for intruders.
The bathrooms and some of the hallways in the unit will have recessed lighting. Everyone can gather around the vent-free fireplace in the family room as well. It’s a nice place to spend some quiet evenings.

All of the door casings and baseboards are paint grade, and the walls are white throughout. There are floor-to-ceiling bronze tinted impact resistant windows as well as sliding doors to the terrace. The ceilings are 10’6” high, and the double doors to the entry way are 8’ high and lead to a large foyer.

The kitchens have European designed cabinets as well as state of the art appliances. There is a wine station and a wine storage area, dishwashers, a coffee system, a garbage disposal, and center island. The master suite has a midnight bar, a his and hers bathroom, a steam mist shower, and a freestanding tub.

Those who want to live in luxury will find a lot to enjoy when they purchase one of the residences at Estates at Acqualina. Please call One Sotheby’s International Realty Sunny Isles Beach Branch at (305) 336-0457 or visit our website – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Estates-At-Acqualina/


What Did the Miami Real Estate Survey Show?

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

Miami Beach real estate

Bendixen & Amandi International along with the Miami Herald conducted a survey of 100 real estate professionals in the Miami area to learned quite a bit about the real estate market in Miami-Dade and the outlook the professionals have for the city. The results are quite telling, and they are quite promising. Let’s take a quick look at some of the most important information gleaned from the survey.

What Miami Neighborhood Is the Hottest?

This was naturally one of the most important questions for many who looked at the results of the survey, and the answer wasn’t really much of a surprise. Far and away, Miami Beach was the hottest area of the city, and also the most overvalued. Consider the sheer number of different neighborhoods in the Miami Beach area. There are islands, single family homes and estates, brand new and preconstruction towers – (View list of pre-construction properties in Miami), and older remodeled towers. All of these areas in Miami Beach are popular and the homes in those locations tend to sell out quickly.

They agree that those who are retiring, as well as the empty nest couples, might want to move to Miami Beach. This is especially true if you are looking for a condominium.

Little Havana Could Surprise You

Another one of the things learned from the survey is the fact that Little Havana is undervalued. However, this could change soon. The community is close to the hottest urban areas, as well as public transportation and plenty of things to do for residents. Many of the real estate professionals feel it is ripe for gentrification, and it could be where developments and real estate pros start to push next.

More Lessons Learned from the Survey

In addition, the survey has helped to shine a light on some other important facts about the area’s real estate market. For starters, the inventory is higher than it has been, and many of the real estate pros consider the current market to have a “high inventory”. What does this mean? It means that right now is actually a good time to buy, but it is not a great time to sell.

Even though the inventory is high, the majority of the available properties are higher than the $200,000 range. They feel that it would be nice if there were some more homes that were in this range and lower, as it means more people could buy. Right now, the trend is toward renting rather than buying for many who simply don’t have the budget.

Coral Gables is doing quite well, which is to be expected for one of the top communities in Miami Beach. Those who are looking for single-family homes in the Miami Beach area will certainly want to check out what Coral Gables has to offer.

These are some of the most important pieces of information from the report. It’s an interesting survey that can help not only real estate agents who are working in the area, but those who want to buy as well.


Turnberry Ocean Club Offers Real Luxury

By Sunny Isles Real Estate Expert on August 3rd, 2016

Turnberry Club Miami

This upcoming property is going to be located at 1850 Collins Avenue in Sunny Isles Beach, one of the most desirable areas to live in all of South Florida. The 52-story building will have 154 units when complete, and the size of the units will vary dramatically. The smallest, which is still quite large by most standards, will be 2750 square feet. The largest of the units will be more than 10000 square feet. CLICK HERE to view Turnberry Club’s details

Amenities to Be Found at Turnberry Ocean Club

One of the main goals of this development is to provide the residents with the utmost in luxury, and the building looks as though it will be able to make good on the promise. The owners at the building will be able to access a private pool and a beach cabana. In addition, they will have access to a private club that offers a number of wonderful features. Some of these features include an infinity edge pool that’s more than 300 feet above sea level, a spa, massage room, wine room, relaxation rooms, and a gym so they can stay in shape. In addition, they will have access to a library, locker rooms, and a private dining area.

The building’s lobby is also going to be spectacular according to the design. The lobby will have a doorman around the clock, as well as a valet. The building will also have security personnel, so you and your family will always feel safe.

What Do the Residences Offer?

The three-bedroom units are 2900 square feet and up, while the four-bedroom residents start at 3635 square feet. Five-bedrooms start at 6695 square feet, while the large six-bedroom units are 10645 square feet. All of the residences also come with a family room and quarters for the staff. The staff quarters have their own full bathrooms.

The closets in the units are walk-in, and the residences have 10’ ceilings throughout, except for the duplex units, which have 20’ high ceilings for the living room and balconies. The balconies are 11’ deep and they overlook the bay. The residences have a summer kitchen along with a barbeque grill. Heading out to the terrace to do some grilling is a great way to spend the day!

The kitchens have all of the appliances you would need including a convection oven, a dishwasher, a built-in gourmet coffeemaker, wine climate storage, and a combination steam oven. The units also have a full size washer and dryer. All of the bathrooms have marble walls and flooring, beautiful fixtures, and a toilet and bidet in all of the master bathrooms.

It is easy to see why Turnberry Ocean Club is quickly becoming one of the most popular places to buy in the area. From the three pools, the private dining areas and bars to the fantastic amenities and features in the units, this building provides residents with some of the most luxurious accommodations in Sunny Isles Beach and beyond. The units go quickly, so if they interest you, be sure to follow up quickly – call our office at (305) 336-0457 or visit our website – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Turnberry-Ocean-Club


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.