Condos Not Selling as Fast in Miami

By Sunny Isles Real Estate Expert on January 20th, 2017

Brickell condos for sale

While the condos in South Florida are still selling, some say they haven’t been selling quite as fast as many sellers would like. This is due to the slight slowdown that the residential market has been experiencing. Currently around 77% of the units in the preconstruction market have sold, but some see this as being too slow. However, it is important to realize that the units are still moving. They are still being sold, but it’s happening a bit slower than the developers want.

Loss in Buyers

The sales of both currently built and preconstruction condos have dropped over the past several years by several percentage points. The slowdown varied based on the building, location, popularity, brand, marketing, etc. Some have only dropped by a single percent, while others are down around 10%.

Brickell and Miami River condos are reporting that around 85% of the area’s units have sold. Condos In Downtown Miami have sold around 70%. In North Miami, Key Biscayne, and Coconut Grove the number is reaching 90%.

The buyers that developers have counted on in the past, namely those from the northeast and those from Latin American, are not buying as much as they were. Those in Latin America are contending with a stronger American dollar now, and many countries in that region have internal problems. Even though they aren’t buying as much as they once were, they are still buying and renting more often.

Experts believe things are going to be changing though over the course of the next year. They see the Brazilian real as getting stronger against the dollar. They predict that they will start to see a larger number of Brazilian buyers when that happens. Another one of the reasons that professionals believe more purchases will be coming soon is because of the cost of the rents. In some cases, the rent can be as high as $75,000 a month. The renters will quickly see that it makes far more sense to buy one of these properties rather than to continue renting.

What About the Remaining Buyers?

For the buyers, this appears to be some very good news. It means there will be more of a surplus in units available, which means they will have more choice available to them, and they should also be able to negotiate for better prices. While the prices certainly aren’t dropping like a rock, they are starting to come down a bit. The sellers should still be able to make a decent amount when they sell a home, but the buyers should start to see some better deals coming to the market.

This is especially true of the condos that are already on the market and that are for sale by owners. The preconstruction condos that are for sale in Miami, while they are suffering from a slowdown, will likely not see any drastic price drops, at least not unless the market takes a deeper dive.

Whether buying or selling, always keep a lookout on the market to know when the best time to make a move will be. It’s the smart thing to do.

Call our office today – 1.305.998.9922 – to consult with Leon Bell – one of the top realtors in Miami, vice president of One Sotheby’s International Realty Sunny Isles Beach branch.

Aston Martin Makes Luxury Condo

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

Miami luxury condos

A number of companies have been getting into the real estate development market recently, including some companies that you might not have expected. Aston Martin is known for making high-end automobiles and helping to make James Bond look great on the silver screen. However, this British carmaker is now expanding its ventures. Not only have they started to make powerboats, but they are also working on a new luxury condominium in Miami.

The New Building

The building will be located on a 1.25-acre lot near the mouth of the Miami River. The building, when completed, will be 66 stories high and will include 390 units. Of course, when Aston Martin does something, they do it with a sense of style, and that’s just what you will find when it comes to this building’s sailing-inspired design.

The building, which is going to be called the Aston Martin Condo Miami, will feature seven luxury penthouses, as well as a duplex penthouse. Each of these large units will have their own oversized terraces as well as a private pool. The rest of the units that will make up the building will include between one and four bedrooms. Many of those units will have fabulous views of the surrounding area.

Overall, this seems like a very smart licensing deal for the auto manufacturer, and it will give them the opportunity to tackle some other residential condo projects in the future if they choose. It’s about more than just having the Aston Martin name on the building though. An Aston Martin design team will be designing the common areas of the building, as well as the spa, lobbies, and the fitness center. Of course, you can certainly expect to see quite a bit of branding throughout the building including the door handles and even the color palettes used.

The goal is to give the buyers a unique experience and to make this more than just another Miami condo. By using Aston Martin, they can immediately equate luxury with what they are offering with the building.

Of course, Aston Martin is not the first car company to get into the real estate business. Porsche Design Tower is another popular option when it comes to branded condominiums.

When Will It Be Ready?

Construction of the building is not scheduled to start until sometime around mid-2017. They believe that it should be completed by 2021. Currently, there is no information on the overall price of the construction or of the individual condos. Since this is going to be a luxury complex though, you should expect the prices to be in line with the price of similar units in the area.

If you have always wanted to live a James Bond lifestyle and you’ve been contemplating getting a Aston Martin condominium in the Miami area, you might just want to wait to see what Aston Martin Condo Miami has to offer. It might just be the perfect place to call home for international super spies and those who simply want a luxurious life.

Pharrell Sells His Brickell Home

By Sunny Isles Real Estate Expert on October 13th, 2016

Bristol Tower Miami

Pharrell is a highly talented songwriter, producer, and performer with a litany of hits under his belt. One of his most popular songs is entitled “Happy”, and without a doubt, he is quite pleased right now regarding the sale of his penthouse in the Brickell area for $9.25 million.

The Journey to the Sale

It doesn’t seem to be overly difficult to sell property in the Miami Beach area, as the units tend to sell quickly when they go up for sale. That’s not always the case though, as Pharrell found out. His penthouse has been on the market, and off the market, and back on again since 2012. Pricing could have been a factor as to why it took so long to sell.

When he first put the home on the market, he priced it at $16.8 million. When he bought the unit in 2007, he had paid $12.52 million for it and he naturally wanted to make a profit on the sale. That’s often part of the reason that people invest in real estate in the first place. However, it was not moving at this price, so the following year, he decided to drop the price substantially – all the way down to $10.9 million. When it didn’t sell, it was taken off the market for a time. It sold recently, but for several million less than what Pharrell had initially paid for it.

What Does the Penthouse Offer?

The penthouse certainly has a lot going for it. It is more than 9,000 square feet of luxury living at the top of one of the most impressive buildings in the city – Bristol Tower. It is a home meant for a star, that’s to be sure. It offers a beautiful venetian plaster spiral staircase. When you take the stairs up to the top of the property, you arrive at a transparent dome. Much of the home features floor to ceiling windows, and the owners will certainly enjoy spending time on the oversized balcony, which has a pool as well as a summer kitchen.

The home has five bedrooms, six and a half bathrooms, and seven parking spaces. It also features a designer kitchen, teak hardwood floors as well as Italian travertine floors, and more.

Why Did Pharrell Sell the Property?

The producer spends the majority of his time in Los Angeles, as that it is where he does most of his work in the music business. Since his primary residence is on the West Coast, it didn’t make sense to have such a large and lavish property in Miami Beach when he didn’t spend much time there. Even though he may not have gotten as much as he had paid for the property when he sold it, he’s likely very happy that the property did eventually sell. Some might feel that he should have held onto the place a bit longer and waited for the demand to rise, but most believe that it was a better decision to get out of the property when he could sense he would have been wasting money on the upkeep and property taxes if he didn’t live there.

Watch the Stars at the Paramount Miami Worldcenter

By Sunny Isles Real Estate Expert on October 1st, 2016

Paramount Miami World Center

The Paramount Miami Worldcenter – (CLICK TO SEE WEBSITE) is likely to be one of the most impressive luxury condo complexes in the city when it is finished, and things just keep getting better. The condominium complex will reach 60 stories, and now the open space on the SkyDeck is set to become a glass enclosed observatory, and it will even have a telescope. Not only that, but the telescope will be hooked up to a screen so everyone who is in the room will be able to get a view of what the telescope sees. The residents will be able to reach the 1,200 square foot observatory by taking a glass elevator up to the deck from the lounge on the 56th floor.

Other Amenities and Features at the Paramount Miami Worldcenter

While the news of the observatory is impressive, and it provides the building with something unique in the world of luxury condo complexes, it is certainly not the only amazing amenity it will offer. Let’s look at some of the other features of the building to see why it is getting so popular.

There is third floor access to the Mall at Miami Worldcenter, which means the residents are never more than a few steps from shopping. The building will feature a conservatory, an outdoor lounge, and a kid’s playroom. It will also have a recreation deck on the ninth floor. However, this isn’t like many other recreation areas that you would find in a typical complex. Instead, this has pools, tennis courts, and even a soccer field.

Naturally, the building will have a state of the art fitness center along with an area for aerobics and a boxing studio. It will feature a spa and a salon with treatment rooms, outdoor bath gardens, a hair and nail bar, and more. The social lounge will feature billiards. There will be a video game room, as well as a jam room and a recording studio. Once again, Paramount Miami Worldcenter goes above and beyond with amenities, as not many buildings in the area will have their own recording studio.

The residences themselves have quite a bit to offer as well including 10’ ceilings, outdoor living rooms, designer kitchens, rain showers, spa tubs, full size laundry rooms, and more.
When you start to look at all of the features and conveniences available at Paramount Miami Worldcenter, it is very easy to see why it is becoming one of the most popular and sought after buildings in the area.

The Building Is Popular and the Units Are Selling Fast

The development, which will contain 513 units, is likely to be complete by 2018. Even though this is still several years away, they have already sold around half of the units in the building. With new features such as the Rooftop Observatory, you can expect that the number of sales will increase even further. If you are interested in one of the homes, it is a good idea to look into buying as soon as possible.

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.

Super Rich? Miami Is the 12th Top City for You

By Sunny Isles Real Estate Expert on May 31st, 2016

1000 Museum Miami Zaha Hadid

For those of us who live in or around Miami, it comes as no surprise that there is a lot of money here. Sure, there’s been a bit of a slowdown recently to our famous condo market, but that hasn’t done much to stop the ultra-wealthy from making Miami their home (or at least one of them). According to Knight Frank, though, our beautiful city is actually the 12th best place for the super rich to live.

Dropping Out of the Top 10

Knight Frank made these comments to the Real Deal last month. Although it’s definitely good news—wealthy people bring lots of money—there’s a bit of bad mixed in with it too.

As it turns out, Miami was actually ranked number six last year. This year, we fell out of the top 10 by a fair amount. Still, it’s not like we’re not in good company. Tokyo is right ahead of us. Furthermore, 12th place makes us second place for cities in the United States. New York City took the cake there.

Still, are you curious what caused us to slip?

A Dent in Foreign Currencies

Unfortunately, it’s mostly out of our control. Frank claims that weakening Latin American currencies are actually to blame.

On top of that, it doesn’t help that the U.S. dollar has been getting stronger. While it’s definitely good for the economy as a whole, a lot of foreign currencies simply don’t have the buying power they once did, meaning investors from other countries will look for other opportunities.

Frank even said that he regarded this drop in the rankings as nothing more than a “blip.”

For his part, he recommended keeping an eye on Coconut Grove and Miami Beach as the top neighborhoods in Miami for future investment opportunities.

The Top 10

As we mentioned above, we lost to Tokyo, which came in at number 11. The rest of the top 10 looks like this:

1. London
2. New York City
3. Singapore
4. Hong Kong
5. Dubai
6. Shanghai
7. Paris
8. Sydney
9. Beijing
10. Geneva

Making the List in 2017

Hopefully, Frank is right and Miami bounces back next year. Again, wealthy people represent money and opportunity for the rest of us.

That being said, there’s some reason to remain cautious with your optimism. The Financial Crimes Enforcement Network began requiring that title insurance companies essentially verify the identity of anyone who wishes to purchase property in Miami.

Why is this a big deal? Well, there are suspicions that much of the money that helped the condo market explode in the last few years is coming from foreign shell companies that operate as illegal tax havens.

While it’s good to ensure these investors aren’t breaking the law, cutting them off could hurt Miami’s economy.

At the end of the day, Miami is still an amazing place to live and people are going to continue trying to find a home in Miami to enjoy this incredible city. Still, here’s hoping our economy picks up again and we start making some progress on that list for next year.

Famous Architect Zaha Hadid Left an Amazing Legacy

By Sunny Isles Real Estate Expert on May 27th, 2016

1000 Museum Miami Zaha Hadid

The world of architecture lost one of its greats at the end of March with the death of Zaha Hadid. Although she had started her own architecture practice in 1980, Hadid achieved notoriety in 1988 when some amazing architecture drawings of hers were shown at New York’s Museum of Modern Art in the groundbreaking “Deconstructivism in Architecture” exhibition curated by Philip Johnson and Mark Wigley. However, her amazing work would eventually come off the page and amaze admirers from all over the world.

Buildings from Another Place and Time

520 West 28th Street NYC

Al Wakrah Stadium | Qatar

Glasgow Riverside Museum of Transport

Guangzhou Opera House | China

London Aquatics Center

Hadid is considered to be a boundary-breaker because of her success as a woman. Despite the fact that many women have pursued architecture, Hadid is largely considered to be the best.

Still, buildings generally don’t betray the gender of their creator and such was the case with Hadid’s. Instead, her buildings looked as though they came from another place and time entirely.
For example, the Al Wakrah Stadium in Qatar looks like it would be right at home in a sci-fi movie. Despite all the steel that went into creating it, the result appears to be something organic, though otherworldly.

Wangjing Soho, located in China, has a futuristic look like something you’d expect to find on the moon or at the bottom of the ocean.

One of her most famous and beloved works was The Heydar Aliyev Center in Azerbaijan. Again, it hardly looks like metal from a distance.

Then there’s MAXXI, the National Museum of the 21st Century Arts in Rome. This building is much more punctuated with angles and cubes. While it doesn’t look as futuristic as some of her other designs, MAXXI is still like nothing you’ve ever seen.

Are Hadid-Designed Properties About to Appreciate?

While it’s very sad to lose such a talented member of the architecture community, some people may see their home values go up because of it. As her buildings were definitely pieces of art, it probably shouldn’t come as much of a surprise that their prices are about to mimic what happens to a portrait when the famous artist who painted it passes away.

Investors who own Hadid-designed buildings may see their value appreciate now that their creator has passed on.

Keep in mind, too, that Hadid had several projects in the works at the time of her death. For example, a condominium she designed is currently being constructed in Manhattan. The fact that 50 West 28th Street has the address it does would be enough to justify the $50 million price tag for its biggest penthouse—at least to some people.

Another massive project currently is being built in Miami – 1000 Museum – which is an ultra-luxury condominium currently in pre-construction phase. One Sotheby’s International Realty is the exclusive sales office, please call to learn more about this project – (305) 336-0457.

Certainly, part of its appeal was that it was conceived by the first female winner of the Pritzker Award. Now, though, this is literally one of the last chances many people will ever have to own a piece of her legendary portfolio.

Zaha Hadid was an absolute visionary who created some of the most beautiful buildings imaginable. Although she has passed on, her legacy is spread across the world in monuments that will be enjoyed and admired for generations to come.

Buildings Designed by Hadid May Hold Unexpected Value

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

1000 Museum Miami

It’s a well known fact amongst those who collect art that the death of an artist automatically makes their work more valuable. After all, they won’t be making any more of it. As grim as it can be to think about tying someone’s death to an appreciation in value of their work, it turns out that this may also happen in other creative fields as well. For example, the architecture world was shocked recently to learn that Zaha Hadid—a trailblazer and unbelievable talent—had passed away. Does this mean that the buildings she designed are now worth more?

“A Surge in Inquiries”

Keep in mind that not all of Hadid’s work had been finished yet either. She was still hard at work leading up to her death, so there are a number of buildings all over the world that haven’t been completed yet but were designed by the famous architect.

One of these is One Thousand Museum, presented by One Sotheby’s International Realty. Located in Miami—where Hadid kept a residence—One Thousand Museum is a condo building that bears many of Hadid’s hallmarks (if she can be said to have any). It’s a combination of Miami-style glass condos with metal veins running up each side.

At 62 stories high and located right on the beach, the complex was going to get a lot of interest and come at a steep price no matter what. Add Hadid’s name to it and it’s understandable that the price increased a bit more.

However, since Hadid passed away on March 31st, the developers have received a surge of inquiries about the project. It would seem many people either realize this is one of their last chances to own a piece of their favorite architect’s work or—equally likely—investors understand these condos are about to appreciate significantly.

Adding to the potential for One Thousand Museum is that it’s the first high-rise residential building Hadid had done in the Western Hemisphere.

Possible Designs

Furthermore, it’s worth thinking about all the designs Hadid either left behind or which hadn’t even reached the development stage yet. You can bet a lot of those are going to get green lighted now, especially if other buildings she designed show that the public is willing to pay more in the wake of her passing.

Whether or not this will happen in Miami—where the condo industry is sort of slow at the moment—is yet to be seen. However, there is a build going on right now in Manhattan of one of Hadid’s designs, so other areas are definitely paying attention as well.

Commercial Works

Of course, Hadid didn’t just design residential buildings. Her best known works would almost all be commercial buildings like the Riverside Museum in Scotland, Hungerburgbahn in Innsbruck or the Heydar Aliyev Center in Azerbaijan. It will be interesting to see if her death influences any of the owners to sell to a new bidder.

Hadid’s death represented a huge loss to the international architectural community. However, with her passing, it would make sense that her life’s work will now be considerably more valuable.

To get more information on available units, please contact One Sotheby’s International Realty at (305) 336-0457 or click here to view the site –

A Look Back at the Hot South Florida Real Estate Market for 2015

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

downtown Miami real estate

The real estate market for 2015 was, to say the least, hot. With a number of record-breaking sales, it does not appear that this trend is going to slow down anytime soon. However, these huge sales were not the only result of this great year. There were a number of design companies that developed a number of impressive renderings for new developments and even created images that illustrated what the region may look like down the road.

A Vision of Downtown Miami in 2030

Thanks to VisualHouse, a rendering of what Downtown Miami would look like in 2030 was created. Assuming that there are not any new projects that will a be proposed and constructed between now and then, this image shows an authentic photo of the existing Miami skyline, along with a computerized version of 11 planned skyscrapers that have been approved, or that are already being built. Several of the buildings that are going to be built include the SkyRise Miami, which is a 1,000-foot tall observation tower, as well as the Ugo Colombo’s Brickell Flatiron. This is similar to the Flatiron Building in New York.

Elysee Residences

During the latest building boom in Miami, there was a new addition to the Edgewater community called Elysee. This is a unique all-glass tower, which is going to reach 57 stories when complete. The project has been headed by the Two Roads Development team, which is also part of the Biscayne Beach project that is currently being built and located just a few blocks away. When the tower is complete in 2018, it will be the tallest in all of Edgewater.

Apeiron Located at the Jockey Club

Spearheaded by the past CEO of the Ritz-Carlton Hotel Co., a development that was designed to help and revitalize the older condo complex found in the area of North Miami, which is referred to currently as Jockey Club. Some of the plans of this new development include dual towers that will have 240 individual residences, as well as 90 hotel rooms. The uneven elevations of these towers will give the impression of four towers, rather than two, even though the glass exteriors have a sharp contrast to the existing 1960s style buildings.

Convention Headquarter Hotel at Miami Beach

In an effort with designers from the John Portman & Associates, the Miami Beach Convention Center began a redevelopment project that will feature a hotel portion that will include 800 individual rooms, a rooftop lounge, as well as a number of beverage and food outlets. However, in order to have the project move forward, it still needs to receive 60 percent of the votes from residents of Miami Beach. The firm has hopes to have the hotel fully constructed by sometime in 2018.

There are a number of projected and in-the-works projects going on in Miami Beach right now. This construction is leading to more and more appeal in regards to new residents and something that is being embraced by the existing residents.

According to Economist, Miami Real Estate Getting Close to Peak

By Sunny Isles Real Estate Expert on April 9th, 2016

Four Seasons Miami for sale

According to a national economist who spoke at the Four Seasons Hotel –, the majority of Miami’s real estate sectors are currently at, or about to reach their peak levels.

While the majority of other real estate sectors across the nation are positioned to expand, there are a number of local markets that have currently seen quite a bit of growth, including Miami and according to Hugh Kelly a clinical professional and member of the Counselors of Real Estate, it is about time to start playing defense.

Existing data has suggested that there is still some room for the Miami office market to grow, but it also shows that the apartment and hotel sector have reached the peak. Rental and industrial sectors in Miami are getting close to peak levels, as well.

Monetizing Gains in Miami Real Estate

When it comes to ensuring those gains are preserved and monetized, if possible, there are a number of things that must be considered. For example, is it a hold or sell strategy? If acquiring it is important to base a purchase on existing cash flow, rather than future appreciation. Thinking defensively will help a person figure out where they stand in this cycle and ensure that it runs in their favor, rather than reacting to the cycle as it is turning.

However, most trends are favoring Miami in the long-term. For example, Miami is considered to be a 24-hour city, which is a location that tends to be extremely beneficial for real estate investors who are in it for the long term. Also, financial markets are currently going through a volatile period, which will cause an increase in the flow of cash toward the real estate, making it what is considered a “safe haven.”

In many cases, the reasons above are why gateway cities (such as Miami) do so well in regard to foreign capital.

Current Challenges

However, because of increasing capital rates, interest rates and rises in regulations, there has been a deceleration in regards to international capital flows. This is going to result in some marginal deals falling apart across the nation. This results from the capital pool being deep, but not limitless.

The bottom line is, if an investor knows what they are doing and remain awake, knowing when to play defensively and offensively, they will do fine in the US real estate market. Also, there is not much talk of major corrections in the majority of hot real estate markets, except for some places that are extremely overpriced and saturated, such as Manhattan

The fact is, even in hot markets, building 5,000 apartment units that require buyers at $10 million or more will experience a thinner customer base.

Future Outlook

With the foreign currencies dropping steadily, it is believed that Miami may be heading for a price correction. It is only a matter of time before an investor from South America sells their units for under market value. Also, there are quite a few residential units being constructed. This may eventually lead to an oversupply of the market from a residential standpoint.