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.


Downtown Miami condos for sale

There’s a rather large and impressive real estate boom in Miami – http://www.sunnyislesmiamirealestate.com/Downtown-Miami/, and it doesn’t show signs of slowing anytime soon. Many buyers from out of town, and from out of the country, are buying in the area, and this interest is only growing as the number of excellent luxury properties in the area continues to grow. However, some still have a bit of a healthy fear about what could happen with the sales.

Opinions Vary About Real Estate

The drop in sales in November is causing some to worry that the cycle is starting to slow down once again. Some fear that the fact that the economies in some foreign nations are weakening could mean that fewer foreign buyers will want to own property in Miami. These real estate experts and developers are taking a cautious and “wait and see” approach to see just what the coming year might hold for the real estate field.

While they do not feel as though it is necessarily the end of sales in the area, they simply worry that it will not be quite as robust as it has been over the past couple of years. There is certainly nothing wrong with being cautious. Yet, others do not have these same trepidations. Richard LeFrak, a developer, feels that the current sales cycle in Miami will not slow down. He feels that the interest rates are still good, and that there is still a substantial amount of consumer confidence. The economy is stronger than it has been in years, and the stock market is doing well.

Even as there has been a slight drop off seen by some developers by foreign buyers, there is an increase in domestic buyers. The main influx of buyers is coming from the northeastern part of the US. Those who live in the expensive city of NY, for example, see the prices in Miami to be more than reasonable. In fact, compared to some of the prices of homes in NYC, they see them as relatively cheap. They also know that when they buy in Miami, they tend to get more for their money. The cost of living is cheaper as well. Many are moving their families down from the northeast to take advantage of everything that Miami can offer, including the great housing opportunities.

What’s happening in the other countries that is causing a slowdown in foreign buyers? The dollar is increasing in value, and this is making it more difficult for some foreign buyers, such as those from Brazil and Argentina, to afford homes in Miami. The low oil prices are devastating many in Russia, and this is causing some potential foreign buyers to rethink their decision to purchase in Miami.

One thing is certain. Everyone has his or her own opinion about the state of real estate in Miami. It’s important to make up your own mind and to watch the changes in the market to get a better sense of everything that’s happening.


Paramount Worldcenter Condos for sale

When you generally think about the features and amenities that someone might want in a luxury home, what typically enters the mind? You generally think about large windows, a spa and fitness center, and perhaps an onsite restaurant. However, here’s something a bit different that’s sure to get some attention, particularly from buyers from Latin America. At Paramount Miami Worldcenter, designed by Daniel Kodsi, there will actually be an outdoor soccer field!

What Does the Tower Offer?

The project is already quite ambitious. It’s a 60-story luxury tower that will feature pools, a running course, tennis course, and more in the outdoor sports complex on the ninth floor. On the same floor will be twelve two-story villas in a Balinese style, as well as water features and additional pools. There will also be a boxing studio and fitness center, and even a “jam room”. In this room, residents can play drums, guitar, piano, and even use the recording studio.

These amenities, especially when you include the soccer field, are unlike what you will find in most condominium complexes across the country, including other luxury complexes in the Miami area. The roof will feature a multistory resort area that includes an indoor lounge. Above this will be a yoga deck and fire pit, along with an outdoor pool. All of these features are unique, and that’s something that the designer is hoping will really bring in the buyers from Latin American and from elsewhere around the world.

The building is not underway quite yet, but sales are starting very soon. The sales center, which will be just as opulent and interesting as the building, will be at 1010 Northeast Second Ave. It’s already a popular building, and has received reservations for more than 10% of the 472 units that will be in the building. The sales team has been working hard to ensure sales, and will continue marketing in areas such as Brazil, Mexico, Colombia, and China in the coming months. They will also market to domestic buyers who are looking for something that’s a bit different.

The development of the tower should be complete sometime in 2018. They are working hard to make sure that the residences are just as interesting as the features in the building. They will have private elevators, access to the mall, which will occupy the third floor, and more. They will have 10-foot high ceilings, outdoor living areas, convertible dens and laundry rooms.

The size of the units varies. They have one-bedroom units with a den and two bathrooms, up to three-bedroom units with a den and four bathrooms. They range in size from 1,300 square feet up to 2,300 square feet. The prices start at just $700,000 and go up to $1.5 million. The villas and the penthouses will go for up to $5 million. It is a great opportunity to buy a property in a truly unique tower that is sure to get quite a bit of attention in the coming years.

For more information or to reserve your unit please visit the site – http://www.sunnyislesmiamirealestate.com/Downtown-Miami/Paramount-Miami-Worldcenter/


Brickell condos for sale

Developers always want to make sure that their units are selling, and they often set up certain benchmarks to help give them an idea of how well they are doing, and to determine what else they might need to do as a means to market their properties better. Reaching 50% sold is considered good and impressive for most. However, there are occasionally condo projects that are able to sell even faster. Look at the newly completed BrickellHouse in Downtown Miami as an example of a property that is selling remarkably well. They’ve actually sold 98% of the 374 units in the 46-story tower.

The developer, Harvey Hernandez, has successful transactions for 366 units, and has been able to bring in more than $157 million. This makes the current average purchase price around $489 per square foot, which is quite impressive. The units in the building varied greatly in price. Some were selling for as little as $150,000, while others were selling for as high as $4.9 million. Currently, there are only eight properties left in the building.

Resale and Renting

Despite the fact that the units are nearly all sold by the developer, there are actually a number of owners in the building who are already looking to sell. Most know that they got their condos at a good price and are seeing the values rise. They are asking for an average of approximately $615 per square foot for the units.

Currently, there are about 60 units on the resale market. This is good news for buyers who are looking for a property in the area, although they may also want to check the prices with the developer to ensure they are getting the best possible deal. In addition to the properties that are up for resale, there are about 20 units available for rent at BrickellHouse. The median rental price for these units is $2,850 per month.

The Success Was Not Certain

While it is easy to say that the building is a success now, that was not always what people thought might happen with BrickellHouse. In the early stages of development, they had some financial issues, including a foreclosure lawsuit for $15.8 million, which they eventually resolved. After the financial troubles were in the past, the developers were able to concentrate on what they do best – building great units.

Will Other Towers Have the Same Success?

One of the big questions on the minds of many in Miami, and those who are considering buying in the area, is whether other towers will have the same success. There are a number of new towers being developed across Miami right now, and this will add thousands of new units to the market. One such example is Brickell City Center – http://www.sunnyislesmiamirealestate.com/Downtown-Miami/Brickell-City-Centre/. Some fear that they will not be able to sell all of these units. However, the market still looks to be quite strong, and there seems to be no lack of interest when it comes to new properties in the area. It’s not certain how long this will last, but there doesn’t seem to be any stopping the love for properties in the Miami area right now.


Fendi Chateau Surfside

Everyone has an interest in the real estate renaissance that is happening in the South Florida region today website here. This is true for buyers who are looking for great units in the area, as well as companies looking to get into development. Individuals and companies from South America, Russia, Europe, and China have great interest in the development of the area. Look at the recent purchase of a Brickell development site by a Beijing company as a perfect example of this. The company paid $74.7 million in cash for the site, and it promises to be an interesting move as we wait to see what they do with the site.

The company, an affiliate of China City Construction and Americahttp://blog.sunnyislesmiamirealestate.com/n Da Tang Group from New York bought the site at 1430 South Miami Avenue. While it is unclear exactly what they will be doing with the 2.39-acre site, chances are that it will be a residential tower or a hotel. The chief executive of American Da Tang Group, Dr. Shanjie Li, said that he felt Miami was a beautiful city that also had a very impressive economy. He was excited by the possibilities that if offers.

This sale was a long time in coming. The former property owners, Cabi, were holding up the sale due to a Chapter 11 bankruptcy. Now that the sale is through and final, it’s only a matter of time to see just what the new investors will be doing with the property.

More Opportunities for Chinese Investors

One of the big reasons that Miami is seeing more Chinese investors is the change to the immigration restrictions. They are now allowing some Chinese individuals to apply for 10-year visas for creating businesses in Miami. Since the construction that will take place at the site will create jobs for the local community, it certainly falls under this purview.

You can expect to see quite a bit more foreign investment in the area, and it covers more than just those who are investing in single properties. Many larger companies are likely to start getting in on the action when it comes to real estate development in the area, both for residential and commercial applications.

This has some great potential for the city, and it could help to improve the overall economy even more. With more buildings and properties going up in the area, it means that there will be greater employment opportunities. It brings in more money to the city and makes it a better place overall.

Keep an Eye Out

While it’s still too early to know exactly what the Chinese affiliate will be doing with the property at 1430 South Miami Avenue, it’s a good idea to keep an eye on what’s happening. It may present some good investment opportunities. If they are building a residential complex, buying property early can sometimes offer some nice savings. Keeping abreast of the changes in the real estate market in Miami is always a good idea.


SkyRise Miami Condo For Sale

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

The Ayes Have It

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

Up, Up and Away

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

About the Location

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

Not the Only Project in the Works

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


One Thousand Museum

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

Where

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

Regalia Partnership

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

Outlook

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

Another Feather in the Cap

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


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.


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.


Content published by Lana Bell

Content published by Lana Bell