miami lakes mall

Developer Triple Five, which is the same company responsible for the current largest mall in the world, Minnesota’s Mall of America, wants to go even bigger in Miami. This new location, which would be called American Dream Miami, would occupy more than 200 acres at the intersection of Florida’s Turnpike and I-75, and could cost as much as $4 billion.

Triple Five has already submitted plans to the officials in Miami-Dade, and this project would be a major undertaking. Rather than simply being a mall, the developer wants to create a space that will also double as a theme park. It would include a Legoland, sea lions shows on one side, submarine rides on another side, and simulated ski slopes that would include 800 feet of artificial snow. There would also be a skating rink, miniature golf, indoor gardens, and a water park. The gardens would be included in a part of the complex that would include condominiums and hotels.
Carlos Jimenez, the Miami-Dade mayor, has said that the proposed project would be the largest development in the county’s economic history. Included in the proposal was the fact that it would require the creation of 25,000 new jobs just to build the development, and an additional 25,000 to operate it once completed.

The mostly farmland property in which Triple Five is interested currently has three different parties that would be affected:
• Graham Companies, which owns most of the land
• Florida, which owns 80 acres
• Miami-Dade Public Schools, which leases part of the land from Florida

If the project is approved, Triple Five will provide compensation of $7 million to the school system for surrendering its lease, and pay $11 million to Miami-Dade for the land.

miami lakes mall

The entire project is proposed to top that of the Mall of America, which has 520 stores and includes 50 restaurants, all covering 4.2 million square feet. Aventura Mall, which is currently the largest in Florida, has only around 2.7 million square feet, and 300 stores.

The proposed complex is modeled after a 3-million square foot project that is planned in New Jersey with the same name. Triple Five took over the development in 2010 after financing complications, and it is expected to open in 2016. Triple Five is intending for American Dream Miami to outdo all of the other famous projects that they have in all respects.

miami lakes mall

The current site proposed for American Dream Miami is in the Urban Development Boundary in Miami-Dade. In order to move the project forward, Triple Five will only need to have the zoning of the land changed. If the project is built, it is estimated that the developer will spend $50 million in annual taxes. At this time, Triple Five has not requested any tax breaks or subsidies as a part of the proposal.

Talks are still on-going, but if the proposal is accepted, it could mean major changes in the economy for that area of the county.


fisher island condo for sale

Exclusive Fisher Island real estate, which is home to a number of CEOs, athletes, billionaires, and stars from over 45 different countries that make up its 675 families, ranks as one of the highest per capita income zip codes in the US. It is to be expected that there are going to be some pricey homes in the area. However, even the residents who are accustomed to luxe homes and posh surroundings were impressed by the Palazzo del Sol penthouse that recently sold for a record-breaking $35 million.

Highest Island Sale Ever Recorded

The Palazzo del Sol, which is scheduled to be completed in early 2016, is a 47-unit tower and the first new construction in the area in over 7 years. The units are currently 47% under contract, and the buyers are from locations all over the world including Spain, London, Mexico, New York, Turkey, Venezuela, and Brazil. Penthouse 2 was purchased by a Russian buyer, who paid $3,602 for each square foot of the 9,715 square foot space. This is more than 2.5 times higher than previously recorded record sale, which was $13.5 million for a 6,170-square foot penthouse that had been built in 1992 and owned by Oprah Winfrey.

The $35 million penthouse #2 is one of three available in the space, and has many amenities, including:

• A private elevator
• 18-foot windows that provide panoramic views that include South Beach, the skyline of Miami, the Atlantic Ocean, and the Biscayne Bay
• An open floor plan
• Seven bedrooms
• Seven and a half bathrooms
• A theater
• An exercise room
• A bar and lounge
• Separate family and dining rooms
• Four terraces
• A zero-edge swimming pool
• Outdoor entertaining areas and a summer kitchen designed by Enea

The kitchen and bathrooms are Boffi, and include SubZero, Duravit, Dornbracht, and Gaggenau fixtures. Together, the combined indoor and outdoor spaces total 8,595 square feet.
The Palazzo del Sol itself is also designed to provide luxury and amenities that are meant to impress. These include a The Wright Fit fitness center, a hair and makeup salon, cinema style theater, professional fur storage, two lobbies, an aperitivo bar, private massage rooms, Kidville playroom, and integrated media meeting rooms.

Fisher Island itself has undergone $60 million in renovations to locations such as the Vanderbilt Mansion, the oceanfront Beach Club, and a wealth of additional amenities that include a championship P.B. Dye professional golf course, marinas, and a Spa Internazionale, which have all gone to attract even more of the international spotlight.

However, the addition of the Palazzo del Sol is adding to that international appeal and according to the leader of pre-construction sales for the development, Dora Puig, it is also “reasserting its position at the top of South Florida’s trophy real estate market”.

While the $35 million penthouse is in a class of its own, the rest of the units in the tower start at $5 million, which is none too shabby for the Fisher Island locale. With these prices, the island just might be making its comeback. See all condos on Fisher Island currently available for sale here: http://www.sunnyislesmiamirealestate.com/South-Beach/Fisher-Island/


Miami Beach apartments for sale

If the sun, sand and amazingly luxurious homes weren’t enough to make everyone love Miami, there is one more thing to add to the list. According to Livability, a research site dedicated using research to explore cities throughout the country to determine what’s great about them, Miami ranked number four on the top ten list of healthiest cities.

What Goes Into the Rankings?

The rankings on this list were determined by several different factors in order to come up with a complete picture of the overall healthiness. These factors include:

• Access, affordability and quality of healthcare
• Obesity rates in adults
• Access to healthy eating options
• Doctor to patient ratios and number of hospitals
• Whether the city promotes healthy lifestyles with walking paths, parks, and farmer’s markets
• Cleanliness of the water and air

Miami’s Results

Miami’s number four ranking was based on a few different things, beyond its overall beauty that most associate with it. The most important considerations for their healthy living ranking were:

• Number One Ranking in Florida – As far as healthiest lifestyle options, this county ranked the highest in all of Florida! This is due to most residents exercising at least three times per week, an obesity rate of less than 23 percent and a lack of residents that partake in smoking and drinking.
• Many Beaches, Parks, and Recreation Areas – Miami offers numerous areas and locations that promote healthy exercise and activity, including playing in the surf, visiting parks, deep-sea fishing, golf, and tennis.
• Everglades National Park – This factored into the ranking due to the miles of biking and hiking trials, as well as kayak and canoe opportunities.
• Healthcare – Miami offers a high doctor to patient ratio, high-ranking doctor’s offices and hospitals in the healthcare community and most residents report that they make annual health screenings a priority.
• Access to Healthy Eating – Miami also offers numerous co-ops and farmer’s markets that provide organically grown produce, as well as juice bars, smoothie shops and many different vegan and vegetarian restaurant options.
• Clean Air and Water – When compared to the rest of Florida, both the air quality and drinking water quality are considered clean.

All of these reasons landed Miami in their fourth place finish. However, there are other locations that were just a bit better. Minneapolis, Minnesota ranked as number one due to 17% of the city being part of the park system, a high number of insured residents and a low number of smokers.

On the other end of the spectrum, Yonkers, New York ranked 10th due to its high number of walkable areas and parks, and a recently unveiled Green City initiative and a high doctor to patient ratio.
When comparing Miami to some of those other cities, there is no denying that the city has plenty to offer residents. After all, a beach bod doesn’t happen by itself! With all these benefits thrown into the mix, it only makes Miami an even better place to live, work and play. To see Miami Beach properties for sale please click this link: www.sunnyislesmiamirealestate.com/Miami-Beach/


Bal Harbour home for sale

Homebuyers in foreign countries are interested in Miami real estate, and the Miami Association of Realtors reports that Brazil is currently leading the pack of those looking for second or investment homes.

The association compared the number of foreign visitors to their website between January 2014 and 2015. Topping the list of visitors was Brazil, followed by Columbia. Both of these locations surpassed Venezuela, who went down three spots on the list for their number of website visitors. A new addition also made the list this year with Russia breaking into the top ten.

Foreign Interest in Miami

The number of people looking for property in Miami increased nearly 40% since last January with potential buyers from Europe, South America, and other countries all over the world. One that is gaining attention, even though they were not included on the list, is China. There has been quite a bit of discussion about the interest that Chinese buyers are showing in South Florida, and Dr. Shanjie Li, the businessman behind American Da Tang Realty, is hoping not only to drive China onto the list but up it, as well. See all Miami Downtown properties for sale here: www.sunnyislesmiamirealestate.com/Downtown-Miami/

American Da Tang Realty

Li’s firm is focused on working with the American Da Tang Group, which is a service that is geared towards the Chinese elite, and provides high-end concierge services for those coming to United States. The combined efforts of this team is to assist Chinese buyers with finding and acquiring luxury Miami properties. It is important to note, however, that the firm will also assist non-Chinese buyers as well.

Reasons for Growing Foreign Interest

There is no denying that foreign interest in Miami and throughout the South Florida continues to grow, and the reasons for this are rather diverse. They include:

• Affordability – When compared to the luxurious condos and properties in global, world-class cities, Miami is still much more affordable.
• Amenities and Benefits – Miami also provides a wealth of benefits, including the year-round temperatures and a strategic location. Additionally, the opportunity to take part in the exciting lifestyle that the city offers, as well as the multicultural environment that already exists in the area are also major draws.
• Currency Value – Another major factor behind the interest in Miami, and one that goes with the affordability factor, is the value of the currency in foreign countries. Buyers can invest in properties in the US and preserve and protect their fortunes from the decreasing value of their home currencies. The monies invested are in American dollars, which means there is little threat of significant losses, which can be a big problem in other countries.

There have already been numerous foreign buyers in the city over the past few years, and many of them pay cash for their new properties. This trend is still going strong, with increases in cash sales remaining high. It is also not expected that this will change in the near future, which means Miami’s title as a hot spot will continue to grow.


Bal Harbour home for sale

A new waterfront mansion is being added to the many other luxury homes in Bal Harbour, and this one is sure to gain notice. With an incredible $35 million price tag, it shows that there is no end to what luxury homebuyers are willing to pay to the home that meets any needs they may have.

Chad Oppenheim Design

The luxe spec home was designed by Chad Oppenheim, of Oppenheim Architecture, and developed by Shlomy and Oren Alexander. It has an “urban subtropical modern” design according to Oren, and takes the stunning beauty of Brazilian nature and incorporates it into the home. The result is 13,500 square foot mansion that combines indoor and outdoor living spaces to total 20,000 square feet of space.

Features

This home has plenty of features that make it stand out as a truly luxurious space. Once completed, it will have a total of eight bedrooms and eight bathrooms, with numerous courtyards, and nearly every room in the home opening up to either an ocean view or a garden. There are also sliding doors that lead directly to outdoor living spaces, as well as a rooftop Jacuzzi, fire pit, and bar.

The home will also include a wealth of high-end materials, including personal chosen Romana Italian travertine stone, Belgian oak, and over $1 million worth of furniture for staging.

The mansion is being built on a 20,197 square foot lot that was purchased in 2012, according to the property records in Miami-Dade, for $5.55 million.

The developers’ goal in creating this spectacular home was simple, and involved three points:

• Purchase the best available property
• Hire only the best architect
• Use only the highest-quality, high-end materials throughout

One of Many Developers Helping with Spec Fever

There has been a major influx of luxury spec homes in South Florida, and the Alexanders’, which is slated for completion in May, is only one of several. Developers are attempting to cash in on the major buyers, most of them foreign, who are choosing south Florida as their second home, but still expect the absolute best. Some of the most notable beyond the Alexanders include:

• To Better Days Development – Launched by the investor, Peter Fine, this developer is currently building three different waterfront spec mansions, ranging from price from $18 million up to $30 million
• Posner Group – Developer Todd Glaser has a $35 million, 11-bedroom mansion on Star Island
• Home builder Bart Reines recently sold a $10.5 million waterfront home on North Bay Road

There are also other spec homes that are currently being built or have already been completed in Pinecrest and Coral Gables. See all Bal Harbour homes for sale here: http://www.sunnyislesmiamirealestate.com/Bal-Harbour/.

The surge in these multi-million dollar homes leaves little doubt that the market is certainly back, and perhaps even better than ever. Developers and real estate firms are confident that the switch to luxury spec homes will continue, as more foreign investors continue to flock to South Florida for their second homes, which also helps them to secure their fortunes in the process – and this creates a win-win situation for all parties involved.


rent or buy in Miami

The recent trend of dramatically increasing home prices and the sharp rise in mortgage rates in Miami-Dade has left many potential homebuyers considering that age-old question of whether it’s cheaper to buy or rent. According to a recent study on housing affordability conducted by RealtyTrac, the answer is that buying is still cheaper than the cost of renting, but only by a small margin.

Study Findings

The study was conducted to determine if it was more affordable to rent or buy a standard three-bedroom home in Miami-Dade (click here to view all rentals in Miami) here based on the percentage of median income that each option would require. Previous information from the last quarter in 2013 showed that house payments had risen from $614 per month in the previous year to $790 per month for a 29% increase based on a fixed-rate, 30-year mortgage.

According to the study, renting a similar home in Miami-Dade last year was $1,539 each month, based on the US Department of Housing and Urban Development’s fair market rent average in the area.
Based on these numbers, the study showed that renting in Miami-Dade currently requires tenants to pay 45% of their salary.

Conversely, those who choose to buy a home with the traditional 10% down payment and 30-year mortgage should expect to spend 34% of their paychecks to cover the monthly house payment. While this is cheaper than renting, the difference between the two is quickly lessening.

According to Daren Blomquist, RealtyTrac’s vice president, the results of this study show that “From a purely affordability standpoint, renters who have saved enough to make a 10% down payment are better off buying in the majority of markets across the country”.

A National Trend

The decreasing gap in Miami-Dade between renting and buying, with buying still being the cheaper option, is reflected on a national level as well. Out of 461 counties nationwide that were involved in the study, 351 had similar results. While Miami-Dade came in fifth on the list of highest market rents, the Bronx is by far the national leader – renting in that area requires 69% of the renter’s salary. However, due to the high costs of purchasing a home in the area, renting is still the better option overall.

Median Home Prices May Be Out of Reach

While owning a home is still cheaper than renting, another issue enters the equation. The median price of a home in Miami-Dade, with a 20% down payment is around $265,000. This means that the qualifying income comes in at a little over $58,431 per year. Unfortunately, the median income in the area in 2014 was approximately $47,884. This paints a clear picture of the issues facing homebuyers in Miami-Dade County – while the costs of homeownership continue to rise in the South Florida area, wages just aren’t keeping up. While there is always the hope that median income levels will rise to allow more residents to choose the buying option, this discrepancy also shows that owning rental properties in the area is still a worthwhile venture.


Miami Beach house for sale

There’s a rumor going around right now that pop star Shakira could be selling her home in Miami Beach, and that the current asking price is $12.9 million. The price asked for the home in 2013 was 14.95 million, and this discount may help the property to gain more traction amongst potential buyers. The house is not currently listed on the multiple listing service, or MLS, and there’s no guarantee that the house is actually up for sale. Ben Moss, the managing director of the sports and entertainment division for One Sotheby’s International Realty, actually says that the house is not up for sale at all.

However, others dispute this claim. DesignTrend.com, the New York Post, and the Miami New Times all say that the property is indeed for sale, and that the asking price is $12.9 million. Shakira has been the owner of the home since 2001, and at the time, she paid a mere $3.38 million for the property. The home is 8,355 square feet and features six bedrooms and nine bathrooms. It is located at 3140 North Bay Road and is on Biscayne Bay. Click here to view all North Bay Road homes for sale here. It features a nursery, gym, dock, and much more. Some of the former celebrity neighbors include Ricky Martin and Matt Damon. Last year, Damon actually sold his neighboring home for $15.4 million.

While it’s still up in the air whether the sale is real, most of the signs seem to point to it, just that it will be a quiet affair. Given the fact that Shakira now lives in Barcelona with Gerard Pique and their son, chances are high that she’s looking to sell the home now that she no longer lives there. It’s a large property that’s too large for a vacation home for most people, so selling makes sense.

Why Don’t Celebrities List Houses on MLS?

When celebrities sell their homes, it’s often done rather quietly and for good reason. They do not often put their homes on the MLS, as it simply invites too many people who have no real intention of buying and who only want to see where a celebrity lived to come out to the property. This can be distracting and problematic when it comes to trying to sell these types of homes. Thus, keeping things quieter and private is generally the order of the day. This is a whisper listing, and it’s what the NY Post believes is happening with Shakira’s home. Given her high profile, this makes quite a bit of sense.

They will be able to limit the number of people who come through the home, and they will be able to prescreen the potential buyers to see if they are motivated and legitimate. This helps to keep provide the celebrities with a bit more privacy. You will find that most high profile people, whether they are singers, actors, athletes, or simply very wealthy, like to keep as many of the details of selling their homes private whenever possible.


Miami real estate for sale

Over the course of the past few years, some people were able to take the rough real estate market and make the most out of it. A great example of this is Jeff Greene, who became a billionaire during the recession. He was able to foresee that a number of homeowners would not be able to make their payments and would eventually default on their mortgages. This allowed him to know which homes to buy and then resell. While it was a dark time for real estate during the economic downturn, things are different now, and Greene has a very different take on the field. He believes things will continue to get better, and that the area will be able to sustain the higher prices for homes today.

Greene’s Road to Wealth

Greene owns a number of luxury hotels, including the Tideline Ocean Resort and Spa, and is working on developing even more, including two 30-story towers in downtown Miami. They would be hotels as well as condos, and he feels that the influx of wealth to the area will certainly be able to support the continued real estate growth.

Mr. Greene is not only investing in the Miami area though – see Miami real estate here. He also has property in other prime parts of the country, including a 25-acre property in Beverly Hills, CA. He’s been working on improving the opulent home and making it something truly special. It is 35,000 square feet and has 12 bedrooms, 23 bathrooms, and two kitchens. In addition, it is in a prime location and has some great views of Los Angeles. It offers even more including a garage that can hold up to 24 cars, a bowling alley, a rotating dance floor, and a vineyard. This is appropriate, since the wine cellar is able to hold up to 1,000 bottles.

He’s been building the estate for seven years, and he finally put it on the market. The asking price for the property is $195 million. This makes it potentially the most expensive public listing in the nation right now. Mr. Greene feels that the price is reasonable though, considering what the buyer will be getting, as well as the location.

Last year, there were only three properties in the US that sold for greater than $100 million, so selling the $195 million property in Beverly Hills may seem as though it will be a bit difficult. Greene feels that the property will sell though, and he believes that the probable buyer would be a sheikh or a Russian oligarch. It could also be a billionaire from China who wants a property in the United States. Greene believes that new wealth is coming to the US, and that the house will surely sell.

If his history is any indicator, then he’s probably right. He’s known as a very crafty investor, and he never spends his money unwisely. He looks toward the future and tries to predict the outcomes of the real estate market – www.sunnyislesmiamirealestate.com, and it has served him well thus far.


Miami apartments for sale

When most people think about living in the Miami and Broward area, the strength of the area’s real estate comes to mind. While there are certainly a large number of homes and condominiums available in the area – click here to view Miami real estate, it’s important to think about the apartment market as well. The forecast for 2015 looks quite good for those who are renting apartments.

Why Will the Need for Apartments Grow?

Not everyone wants to own a property, and not everyone will be able to afford a property. Apartments are still in high demand because of this. In 2015, the number of renters could rise by more than 30,000, and this is great news for apartment complex and homeowners who are renting their property. There are likely to be an additional 35,000 jobs in the Miami area in 2015, and those people who take up those new jobs will certainly need to find somewhere to live. Check out Miami apartment rentals here: www.sunnyislesmiamirealestate.com/Miami_Rentals.htm

The vacancy rates in the Miami area could rise a little bit, but it will still be just 3.5%, which is extremely low. The vacancy rate in Broward County will be only 5.1%. Broward expects around 25,000 new jobs in the coming year, and this could help to push down the vacancy rate even more. In addition the rent prices will be around 24% higher than they were six years ago.

As more people move into the city, there will be a greater need for apartments. It’s as simple as that. Those who have units available for rent will want to make sure that they are in shape and ready to go as soon as possible.

How Will Investors Benefit?

Many people who come to Miami and buy property may not want to live there full time or at all. Instead, they are looking to use the property as an investment. With the need for rentals increasing, having a property in the area right now could mean that it’s an easy time to find a renter.

Some more good news for owners who are looking to rent is that the rents will likely rise by about another 4% in the coming year. They already rose 3% in 2014. This means that landlords will be able to make more money on their properties. Those who are thinking about investing and renting out a unit should make sure that they have someone available in the area to help deal with any issues or questions that the renters might have. This is especially important for those who happen to reside in other cities.

Now could be a great time to invest in new property in the area, even if you already own a home or if you have no intention of moving to Miami. The improving economy and the influx of new people to the city means that the need for quality places to call home are going to increase as well. By offering this to tenants, it’s possible to make a nice extra income on your property.


Ritz Carlton Sunny Isles For Sale

There’s no better news to a developer than to hear that the units for their new development are selling briskly. That’s just what’s happening with Ritz-Carlton Residences in Sunny Isles Beach, according to Lionheart Capital. They recently announced that the building is now 70% sold.

What Makes Ritz-Carlton Sunny Isles Special?

Located at 15701 Collins Avenue, the building will be a beautiful luxury complex that features 210 luxurious residences. The prices for the properties will vary greatly – between $2 million and $5.2 million. The building will feature a wide range of amenities that will help to make it a truly high class, luxurious place to live.

Ritz-Carlton Residences will include steam rooms, a sauna, spa, medication garden, indoor and outdoor yoga studios, and an onsite day yacht with a captain, and more. If you have your own boat, there are docks available. There will also be a state of the art fitness center that will make it easy to stay in great shape. The building will have 24-hr personalized concierge services, a pet salon suite, valet parking, a dining area, music rooms, a rooftop pool, and other amenities that make it an ideal place to call home. Keep in mind that these are just some of the upcoming features available at the Ritz-Carlton Sunny Isles Residences. They hope to ensure pure luxury for their residents.

Why Are Sales So Great?

In addition to all of the features and amenities mentioned, you will find quite a few other reasons that the sales are so brisk in the area. The demand for property in Sunny Isles Beach is at an all time high, and there seem to be buyers for just about any unit that comes available. While there are still a number of foreign buyers who have an interest in the property, many of the potential buyers in Miami are from the US. Namely, they are coming from the northeastern part of the country.

Many New Yorkers love the area, and the Ritz-Carlton Sunny Isles provides just the type of luxury they want. Buyers from NYC who have an interest in Miami Beach are finding that even the luxury properties are cheaper than options in the northeast. The cost of living is lower as well, and they can buy more for their money.

A number of people want to bring their entire families down with them. There are some great schools in the area, and Sunny Isles Beach can be a great place to raise a family. Others are retirees who are looking for a little slice of heaven. It makes a great place to have a permanent residence, or you can use the property as an investment if you choose.

If you have an interest in one of the units at the Ritz-Carlton Sunny Isles or Ritz-Carlton Miami Beach Residences, you do not want to wait to move on the property. They are very popular and going quickly, as you can see. Look at the different options and features available at the building and see if one of the units currently available will work well for you.

Please call our office today (305) 336-0457.


Content published by Lana Bell

Content published by Lana Bell