1500 Ocean Drive Miami Beach

L’Hermitage Condo is situated directly in Fort Lauderdale on Oakland Park Blvd and the ocean. This development offers luxury spacious condo properties. Perfect for those who love the sun, warm climate and the ocean, L’Hermitage Condo offers privacy, security and wonderful grounds to enjoy activities such as clay courts tennis, 4 swimming pools, kids grounds, cafe and state-of-the-art landscaping.

The Property

L’Hermitage Condo has a contemporary feel to it, with luxury in every regard. This is a gated community, offering a very private place to live. Pets are welcome at L’Hermitage Condo. Take your dog for a walk and you can enjoy the walk along the ocean in a private single family oriented area. There are also private roads and plenty of security provided for residents.

The units include luxuries such as marble floors, high-end finishes and more. The kitchens are provided with top-of-the-line appliances. There is a clothes washer located in the units and a dryer, as well.

All of these make L’Hermitage Condo a great place to call your own. Prices generally range into the six-figure end of the scale and beyond, making this a genuinely luxury property. The square footage of the condominium units gets above 4500 feet at the highest end. The condominium units come in many different configurations, all away up to five bedroom units that are ideal for people who have families.

Getting In

Watching the listings and see when they become available is imperative for condominium developments like these. Fort Lauderdale has been enjoying brisk real estate sales recently and the market has largely recovered. With so much demand on the market, it’s likely that anything that becomes available at luxury development such as L’Hermitage Condo is not likely to stay available for long, so you’ll want to be working with a realtor who knows when to jump on a good deal and who knows how to negotiate so that you get the best price possible. L’Hermitage Condo is only one of the excellent properties available in the area that offer waterfront access and plenty of amenities.

For more information or to see available units for sale please visit:

L’Hermitage Tower I – http://www.sunnyislesmiamirealestate.com/Fort-Lauderdale/L%27Hermitage-I/
L’Hermitage Tower II – http://www.sunnyislesmiamirealestate.com/Fort-Lauderdale/L%27Hermitage-II/


Miami celebrities homes for sale

Miami Beach Luxury Estates

Miami has a reputation for attracting celebrities. Particularly areas offering luxurious homes for sale in Miami Beach, luxury waterfront homes in Fort Lauderdale and most beautiful Coral Gables estates, which have many of the qualities that celebrities look for in housing. Aside from large price tags and luxurious estates, there are some aspects of housing in this area of the nation that make it particularly amenable to the needs of celebrities and other individuals who have high profiles for other reasons, such as government officials.

Privacy

Many areas in and around Miami have gated communities or, at least, security that is available to help maintain the privacy of residents. For many people who have a high profile, this is an absolute necessity. As just one example, Fisher Island residences is one of the most expensive places to live in the United States. Some of the people who live there live there because they are wealthy enough to afford such luxury, but other people live there because the island is entirely private. People who are very well known can go about their lives normally without worrying about being recognized, hassled or having to deal with any of the other drawbacks that do come along with being publicly known.

Exclusive Areas

In addition to having a very vibrant and diverse culture, Miami does have some very exclusive areas of town. Areas such as Bal Harbour real estate, of course, open to anyone and everyone who wants to come down and enjoy some of the most upscale shopping in the world, but there are many well-known people in that area most of the time and, because of that, people who do have a high profile can enjoy going out and about and not standing out among the crowd. This is one of the more attractive elements of living in the Miami area, given that it doesn’t necessarily mean having to live in a gated community all the time.

Nightlife

Of course, if you happen to be living well, it doesn’t make much sense to not enjoy it. Miami has some of the best nightlife in the world. Take the distinctive music of the city, the characteristic colorful lighting and the very active and energetic streets and you have the recipe for an incredibly gratifying night out on the town. Whether you want to go somewhere casual and enjoy some dancing or go to some of the most exclusive establishments in the country, you can do it in Miami.

Miami real estate

has a lot to offer for people who are easily recognizable in public and who want to simply live a good life and not have to worry about being singled out constantly. Of course, many people of means do want to invest their money and, because the Miami real estate market has been picking up remarkably well in recent years, more people are moving here all the time. For privacy, upscale living and the ability to choose between many different types of luxury homes, Miami is very difficult to beat. These are only some of the many reasons that so many famous people are attracted to the city.


Fort Lauderdale real estate For Sale

Fort Lauderdale Homes For Sale

The news for Fort Lauderdale real estate

has been very good lately, as well as for the entire Broward County. According to recent reports, the median price of existing single-family homes in Broward County improved in October of 2012, compared to their performance in October of 2011.

The median price of a home was $211,000. This marks a 15.9 percent increase in the median price compared to October of 2011. A similar jump in price was reported for townhouse condominium properties, with those properties rising 14.6 percent during the same timeframe.

The performance of single-family homes in Fort Lauderdale has been bolstered by the movements of the market in general.

The Inventory

These price gains are supported by the fact that the single-family home inventory declined in Broward County over the last year. In October of 2011, there were nearly 50 percent more homes available than there were in October of this year. In fact, the inventory fell 49.1 percent during that timeframe, with 4806 units in total being available in October of 2012. This has some important implications for the market, particularly for those who are considering selling a home, though it is also good news for those who are interested in purchasing a property in Broward County.

The Real Estate Market

Declining inventory and increasing prices mean that the market is likely to be more amicable towards sellers in the near future. As the performance of real estate in Florida has started to recover, the buyer’s market has leveled out a bit, making selling a home a more attractive proposition for people in general.

Declining inventory demonstrates that homes in Broward County are most certainly in demand, which means that sellers may have a bit more leverage when trying to negotiate a good selling price for their property. The assistance of a qualified realtor is imperative in these market conditions, as it is possible to end up with a bad deal, whether you are a buyer or a seller.

How Expert Realtors Can Help

With home values on the rise, it’s easy for sellers to become unrealistic about what constitutes a good price on their home. While the market is improving all-around, there is always the possibility that sellers will get a bit too taken with the performance of the market and will assume that they can start asking unrealistic prices for the properties. Even though the median home value may be going up, that doesn’t mean that buyers are in a position where they have to take any sort of a deal offered.

Realtors have excellent information about the market, inventory and all of the other factors that play into pricing a property. If you are considering selling your home or if you’re interested in purchasing a house in Broward County, contacting a qualified Fort Lauderdale real estate agent to give you assistance will ensure that you get the best possible deal, no matter which side of the transaction you happen to be on. With the real estate market improving, there’s never been a better time to investigate your options, whether you are a buyer or a seller.


Miami real estate for sale

Miami Condos For Sale

The news was good all around for property prices and sales in Florida in October of 2012. According to data compiled by and a report released by Florida Realtors, the number of sales of condominiums and townhouses, as well as the number of single-family homes, rose in October of 2012 compared to the same month in 2011. Not only that, the average price climbed in all of those categories, showing performance that had the chief economist for Florida Realtors saying that everything that should be going up is going up and everything that should be coming down is coming down.

The Miami Real Estate Report

For townhouses and condominiums, there were a total of 8,252 units sold in October of 2012. Compared to the same period in 2011, that marks a 16.4 percent increase in sales. There was also good news in terms of pricing. In 2011, the average price for a townhouse or condominium property was 20.2 percent less than it was this year. For those who are considering selling a townhome or condominium, this obviously bodes very well for the amount of money that they will get in the transaction.

Miami Homes For Sale

Single-family homes also performed very well compared to how they performed in 2011. In October of 2012, the median price for a single-family home was $145,000. According to the report, this marks a nine percent increase over the median price in 2011. At the same time, existing single-family homes saw an impressive jump in sales. In October of 2012, there were 17,779 closed sales of such homes. This marks a 25.3 percent increase over the market in October of 2011. Pending sales of single-family homes rose even more significantly. According to the Florida Realtors numbers, there were 56.7 percent more homes that were part of a pending sale in October of 2012 than there were in October of 2011.

Understanding the Numbers

While recovery may not have come to the Florida real estate market quite as quickly as many people would’ve preferred, it has certainly arrived. The increases in sales and pending sales – along with the overall increases in the price of properties – have been slow but steady over recent years. For people looking to sell a property, this means that the once very skewed buyer’s market has leveled out a bit, making it easier to get a good price on an existing property, due to increased demand and the higher prices that come with it.

Because the increase in sales and price has been observed in both single-family homes and townhouses and condominiums, the recovery seems to be rather broad-based. For those looking to purchase a property in Florida, it would seem like a good investment, as property prices have been more or less steadily increasing lately. For those who want to sell off a condominium property, a townhouse property or a single-family home, the fact that sales are happening at the brisker pace comes as very good news, as well, and means that, with the assistance of a good Miami realtor, making a good deal should be entirely feasible.


Sunny Isles Condos For Sale

New Construction Condos in Sunny Isles Beach Miami Florida

There may have been a time when the housing market throughout the United States has struggled, but that time is over. Now, South Florida is seeing a rise in homes and home construction that is sure to appeal to any buyer interested in the area. Just take a moment to look at Sunny Isle Beach real estate. This greatly sought after area, ideally located on the Atlantic ocean in the North Miami Beach, has quickly become the most desirable area to live in. In fact, according to Forbes magazine, Sunny Isles Beach falls into the top three cities in the world to live in. With its close proximity to the city and its perfect location along the beach, this is a residential area with lots of shops, supermarkets and activities, which makes it the area to move to. Nestled on a strip of beach between the upper scale areas of Golden Beach and Bal Harbour, Sunny Isle Beach is certainly a hot spot.

Nine New Condominiums In Sunny Isles Beach

The best way to see just how hot Sunny Isle Beach is would be to look toward the future. Not just one or two condominiums will soon be built. In fact, nine new condominiums will go up in the near future. Are you looking for luxury living right on the ocean? Then consider one of these luxury condominiums that will soon grace the sandy waters of Sunny Isle Beach:

Regalia
Porsche Tower
Mansions at Acqualina
400 Sunny Isles
Chateau Beach Residences
• Three new St. Tropez Towers

The Life of Luxury

Anyone knows that condominiums on the beaches of Miami offer the life of luxury. Why not choose to live in a location that is brand new? These new condominiums are sure to offer the very best security from top of the line security and technology to pampering options like spas and saunas.

Sunny Isle Beach itself offers plenty of luxury as well. For the most part, this area has not been discovered like other areas of the coastline. For that reason, the area offers more parks than any other community in the Miami area. This means you will be able to offer a more private life of luxury. You will be able to get away from the busy life of Miami so that you can enjoy beautiful beaches and plenty of open space. Then, when you want, you will just be minutes away from the main areas of Miami. It is like having the best of both worlds!

Choosing South Florida

There are many reasons to choose South Florida for a condominium. This area offers plenty of sunshine and golden beaches. In addition, there is plenty to see and do. The Miami area is the center of activity for Sunny South Florida making it a sought after place to live. Sunny Isle Beach is certainly gaining attention as the best location in the South Florida and Miami area.

Are you ready to choose a top of the line condo with plenty of private beaches? This is just what you can gain from Sunny Isle Beach. There are plans for not one or two condominiums but actually nine different condos that will offer the true life of luxury in the world renown city of Miami. Come home to the sun and sand.


Miami Condos For Sale

South Beach Condos For Sale

The luxury market in South Florida is exploding, with record-breaking residential listings as high as $125 million for the recently-listed former Versace mansion. But with prices that look like those of 2006, some are warning that Miami’s high-end market might be forming another bubble, CNBC reported. It is the type of speculative, largely foreign buyer in South Florida that worries experts. If Europe’s economy collapses, or if global markets fall back into a recession or even slow, the market for Miami’s pricey real estate could collapse overnight. “This is flight to safety for these buyers, an investment decision,” said Jonathan Miller of Miller Samuel Real Estate Appraisers and Consultants. “The question is, how long and how far will it go? Does this create a bubble at the very high end in these specific markets?”

In the meantime, the new condo transactions at the St. Regis Bal Harbour Resort & Residences as well as Mansions at Acqualina are off to a great start. About 170 units have been closed at St. Regis Bal Harbour Resort & Residences totaling more than $623 million in the first seven month of sales! In addition, deposits for about 80 units were collected at Mansions at Acqualina in the first 5 weeks of the sales center being open.

Buyers are purchasing these super-luxury, ultra-exclusive properties at an average $1,500 sq.ft. and paying on average between $1,2M to $13.5M dollars. This is a sure sign of Miami real estate exploding once again with prices breaking all previous records. The properties are up by 20 percent just this year, which even breaks the peak of 2006 year.
“Miami is hot and it’s not just the weather!” said Jack Levin, chairman of the Miami Association of Realtors.

Consider the stats: The lion’s share of Miami’s high-end real estate is now bought by foreigners. In 2010, according to the National Association of Realtors, Florida accounted for more than a quarter of the $82 billion in sales to international buyers.

The average price paid by those buyers was $400,000, against an overall U.S. average of $212,000. Sixty-two percent of international purchases were all cash, a percentage that has been increasing since 2007.

Real-estate economists and brokers say most of the foreigner investors are rich families from Brazil, Argentina, Venezuela and Russia. These families are growing increasingly nervous about threats to their wealth from economies and governments back home and are looking for a safe place to store their cash.

Miami is an ideal location, offering all the safety of the United States with the fun and mildly exotic feel of southern Florida.

In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.

As of the end first quarter in 2012, buyers had purchased nearly 45,000 condos in Miami, Fort Lauderdale and Palm Beach areas. They’ve spent over $22 billion dollars. Currently the developers are proposing at least 32 new condo projects with nearly 6,300 units in each of the tri counties Miami-Date, Broward and Palm Beach.

As of June 2012, nearly 1,300 luxury condos priced at $1 million or more are available for resale in the South Florida market where buyers are purchasing an average of about 75 units monthly between January and May of this year, according to the data.


Miami Real Estate For Sale

Sunny Isles Beach Condos

A thousand years ago it was said that “all roads lead to Rome”. Today, there are real estate buyers from Rome as well as hundreds of other cities around the world are all buying Miami real estate as well as properties in South Florida.

During the most recent 2012 Real Estate and Economic Forecast Conference in Orlando, John Tuccillo, chief economist of Florida realtors, had said “I think we’ll see a steady and stable stream of international sales this year”. The residential demand is up again this year from buyers from Canada, Latin America, Europe and other parts of the world. Lower prices and favorable exchange rates have promoted purchases in Florida.

International buyers are ideal clients. They buy higher priced properties and most of the transactions are all cash, according to studies done in 2011 – Profile of International Home Buyers in Florida, prepared by National Association of Realtors. In fact, 77% of sales professionals reported that they had worked with an international customer in the preceding 12 months, up from 65% in 2010.

“This number may even be lower than the true number, because many foreign buyers do not use their foreign address” said Lana Bell, owner and founder of Sunny Realty. Many foreign buyers have already established residences in Miami and are looking to upgrade. In addition, many companies are relocating to Florida, including job-creating multinational companies, which is another positive factor for Miami’s international market.

According to 2011 survey, Canada is Florida’s top international market, accounting approximately 39% (up from 36%). In contrast, United Kingdom accounts for 7%, German buyers – 5%. The biggest jumps occurred in Latin America, where Brazil’s share of International market rose to 8% and Venezuela’s to 7% (both had been 3% in 2010).

Overall, foreign buyers were likely to purchase in a resort area or in a central city, like Miami. In Miami, Brazil and Russia are leading sources of international buyers, especially for condominium purchases in areas like Sunny Isles Beach, Miami Beach, Hollywood, Hallandale, Aventura and Bal Harbour. In areas like Key Biscayne, we see buyers from Argentina, Peru and Europe.

“Our agency serving buyers from South Africa, Australia, UK, Norway, France, Brazil, Russia, Canada and Latin America”, says Lana Bell, founder and owner of Sunny Realty. “About 85% of our transactions involved a foreign buyer” said Lana. From luxury Miami homes to stunning Sunny Isles Beach condos the real estate in Miami offers more than anywhere else in the world.

Two words sum up Florida’s appeal for international buyers: vacation and value. With its beaches, golf, tennis, shopping, boating and cultural and tourist attractions, Florida has been a global vacation destination for four decades now. Today, Florida also offers excellent value for international buyers compared with vacation destinations in Europe, the Middle East and Latin America.

The 2011 survey found that 41% of foreign buyers purchased a property as a vacation home, 23% intended to rent it, 25% planned a dual use and 6% bought it for a retirement home. While many foreign buyers prefer easy to maintain condos, others buy single family homes and some purchase multiple properties in the same location. “We attract international buyers in many different ways”, says Lana Bell of Sunny Realty. “I speak Russian, but my agents speak Spanish, Portuguese, French, German, Hebrew, so there is never a language barrier between us”.

We can expect a continued pattern of strong activity in the international sector, led by demand from Latin America as well as other emerging markets, according to Lawrence Yun, chief economist of the NAR (National Association of Realtors). Follow the trends in foreign currencies, because exchange rates are definitely a driver for international buyers, and Florida continues to be seen as a desirable place to buy.


Fort Lauderdale Real Estate For Sale

Ft. Lauderdale Condos For Sale

When talking about “booms” in any sort of market or industry, we are usually trying to illustrate some sort of massive growth in production or sales. When we discuss Fort Lauderdale real estate or Miami Beach real estate we are talking about condominium projects constructed between 1999 and 2009.

After that period, there was a downturn in the economy (and particularly in the housing industry) and much of the purchasing and construction slowed substantially. Things have started to rapidly change, however, and recent data indicates some very surprising results. For example, of the 5,135 condos constructed in Ft. Lauderdale during the boom years, only roughly 140 remain available as of February 2012. This represents only 2.7% of all of the units built.

This means that Ft. Lauderdale has surpassed the Miami market, which is most often viewed as the “hottest” in terms of sales.
Currently, the Miami and Brickell areas have around ten to fifteen percent of their “boom” units unsold – which also seems a bit unprecedented when thinking of the modern economic conditions.

What is behind this? In all areas, there is a tremendous amount of interest from Canadian and Latin American buyers. Their housing prices run at much larger figures than those of the Miami area, and without all of the benefits that come from a property in a dynamic region. Consider that condominiums in Ft. Lauderdale, Miami or Brickell can make ideal retirement, vacation or rental properties.

Thus, international buyers used to high “price per square foot” figures or substantial rental amounts are more than happy to get into the current Miami area markets. Consider that the current average price per square foot for a Miami condominium (whether pre-existing or in preconstruction) is going to be around $400 per square foot. This is a huge difference between the $1,000 per square foot being demanded in locations such as Rio de Janeiro, Bogota, Buenos Aires or Toronto.

A recent article in the “New York Post” pointed out that it is the top of the line condominiums selling at the $1,000 per square foot prices and that the traditionally upscale projects are now at this remarkable $400 average. This is a tremendous value to international buyers who are looking for a new home, a second home, or some fabulous income properties that are also seeing increasing rates. For example, rentals have risen by seven percent in the last year alone.

This all speaks well for the condominium market throughout this entire region.


Miami real estate

Hallandale preconstruction condo

The latest report from Miami Herald (http://www.miamiherald.com/2012/02/08/2631956/construction-spending-finally.html) indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

The Hollywood and Hallandale Condo resales

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

In addition to single family homes in Miami

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.


Miami real estate for sale

 Miami Beach Condos For Sale

Being a broker of Sunny Realty and providing one of the most used resource for Miami real estate (http://www.sunnyislesmiamirealestate.com/) I’m often asked: “how’s (Miami) real estate these day?”. Unfortunately I can’t just answer this question simply – “good” or “great” or “better”. When I start to explain that Miami basically has the best and worst real estate in the country, people think I’ve gone nuts and trying to sell them a story. However, here is The New York Post recent article By ANDY WANG.

Summer was hardly a vacation for those in the business of selling Miami condos.

“I didnt go to St. Tropez because of this”, says developer Gil Dezer, whose Sunny Isles Beach condo projects include the 384-unit Trump Royale and the three-building, 813-unit Trump Towers.
Dezer reports that he sold more than $100 million in Trump units during June, July and August ($50 million alone in August, including a $29 million, 34-unit bulk deal). He has closed more than $1 billion in Trump condos overall and has only about 75 units left.

Recent Trump Towers Condos sales

have been priced at about $525 per square foot. Thats significantly less than the $1,000-per-square-foot contracts buyers walked away from in 2009 after the financial crisis hit, but Dezer, whos paid off the construction loans for all four buildings, seems satisfied. (Donald Trump participated in a ceremonial Trump Royale condo mortgage-burning ritual, lighting the document on fire himself, in January.) The downturn made the job challenging, Dezer says. Every day was a battle. But when youre winning, its fun.

Winning could also be used to describe the situation at Icon Brickell. That nearly 1,800-unit downtown colossus, built by the Related Group with designs by Philippe Starck, seemed to be in peril not long ago, and two of its three towers were deeded back to its lenders in May 2010. But Icon Brickell Condos now nearly sold out, with more than 1,500 units closing for a total of more than $700 million. When you factor in units in contract, only about 30 condos remain.

I think the market has consumed the inventory in a much more rapid way than I and probably everybody thought, says Related Group chairman and CEO Jorge Perez, who adds that most buyers have been foreign. The Latin American economy has been strong.

The forecast was that we would sell all the units in three years at an average price of $350 per square foot, says Edgardo Defortuna, president of Fortune International Realty, which started selling Icon Brickell apartments in June 2010.

Less than a year and half later, Fortune is almost done and seeing prices at about $400 per square foot.

Demand has been so strong that Perez is now building another downtown development. The 192-unit MyBrickell is a couple years away from completion, but Relateds received over 60 reservations for condos before officially launching sales. Unlike Icon Brickell, MyBrickell isnt on the water, and Perez is passing on the cheaper construction costs and the deal we got on the land to offer units, with interiors by Karim Rashid, for about $300 per square foot.

Defortuna, meanwhile, is now selling downtowns Paramount Bay, a 346-unit building resurrected out of foreclosure by owners iStar Residential and ST Residential. Musician Lenny Kravitzs Kravitz Design firm is working on the building, where prices are about $400 per square foot.

South Beach real estate

with significantly pricier properties, is seeing lots of action, too. The summer was uncharacteristically busy, says Lana Bell, president of Sunny Realty, which has an office in South Beach and Sunny Isles Beach. We certainly didnt take a vacation.

According to Sunny Realty latest Miami market report, South Beach condos sold for an average of $515 per square foot during the third quarter. But this factors in distressed properties, including units bought out of foreclosure.

At the markets top end, the W South Beach Hotel & Residences has closed about $260 million in condos at an average of $1,700-plus per square foot, developer David Edelstein says. The W South Beach sold more than $50 million during the summer. One penthouse went for $7.7 million, north of $3,000 per square foot, Edelstein says.

As with much of Miami, foreign buyers have been key at the W. (Douglas Elliman translated its market report into Spanish and Portuguese to spur international interest.) From May through September, about 65 percent of Edelsteins purchasers were foreign, and about half of those were from Brazil.

The allure of the W has helped nearby condo buildings lure in buyers, including those from New York.

Fashion designer Irina Shabayeva, who won season six of Project Runway, owns a one-bedroom with a balcony at the 52-unit Boulan South Beach development just south of the W, but on the other side of Collins Avenue.

I like the Boulan because it was so new, really fresh and modern, says Shabayeva, who primarily lives in the East Village. And its across the street from the beach and the W.

Shabayeva says she enjoys the New Yorker-friendly amenities at the W, which include a Warren Tricomi salon and a Mr. Chow restaurant. And Edelstein says that the Dutch, an outpost of Andrew Carmellinis SoHo restaurant, will open in the W by Thanksgiving.

Boulan, which has sold 22 condos and has one-bedrooms on the market for upward of $600 per square foot, is busy filling its own retail spaces, as well. An art gallery should open in time for Decembers Art Basel festival. A Mexican/Asian fusion restaurant and a nightclub are also in the works.

Neighborhoods all over Miami are getting big residential and retail makeovers. The 56-acre Midtown Miami developments second phase, which will start next year, will include a boutique hotel, a movie theater and 100,000 square feet of retail.

Well definitely have a fashion component, says developer Jack Cayre.

And the nearby Design District is getting a Louis Vuitton store.

There was probably a point in time here someone said, Whats Chelsea? or Whats Meatpacking? and eventually, they became a place because New York was ready to have another place, says Greg Masin, senior director at commercial real estate firm Cushman & Wakefield. When we look at the Design District and at Midtown, what we see is the evolution of the next place in Miami.

Plus, the downtown Metropolitan Miami developments third phase will include rental apartments and a Whole Foods Market. Plans for downtowns eight-block Miami Worldcenter site include residences, restaurants and retailers. And the Genting Group, an Asian casino operator, has unveiled plans for its $3.8 billion Resorts World Miami mixed-use complex. But the scope of the latter two projects will depend on approval for casino gaming, something thats the object of much speculation and uncertainty all over Miami.

Dezer says he has been talking to major Las Vegas casino operators about land he owns in Sunny Isles (13/ acres on the beach and 6/ acres directly across the street that hits the intracoastal waterway) that could accommodate a gaming resort with more than 2,000 rooms and 3 million square feet.

They’re both good real estate, Masin says of the Genting and Dezer sites. If they both had a casino, theyd both be successful.

Whatever happens, Dezer has options.

We originally bought [the land] to build condos, he says. We could build five condo buildings.

That idea would have seemed ridiculous in 2009, but now its more plausible.

Defortuna has sold out the 256-unit Jade Beach condo building in Sunny Isles Beach and has just three apartments left (for about $700 per square foot) at its 252-unit Jade Ocean sister property.

In terms of quality inventory, oceanfront, he says, you can make a strong argument that you need to start building now.

Originally published by ANDY WANG.

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Content published by Lana Bell

Content published by Lana Bell