Jade Signature Sunny Isles

The times are busy for Fortune International since they’ve broke the ground on one of the last oceanfront parcels in Sunny Isles Beach to construct the fourth high-rise tower – Jade Signature. The new tower will soar 57 stories and will offer 192 residences, all with 10 foot ceilings and ocean views, ranging from 1,378 sq.ft. to 9,183 sq.ft. penthouse. The apartments in the luxury condominium tower will range from $1,950,000 to $28,000,000. The new Jade Signature tower will have the characteristic parallelogram shape, which gives an interesting look and a very modern feel to the structure. The tower also feature units with floor-to-ceiling windows. Each of the units is provided with a 25-foot wide terrace and an ocean view.

The new site is located next to both sister properties – Jade Beach (view Jade Beach site here) and Jade Ocean (view Jade Ocean site here) in the heart of Sunny Isles Beach. There is another Jade tower located on Brickell called Jade Residences (view Jade Residences site here).

Sunny Isles Beach – The New Florida Riviera

Ever since the beginning of Sunny Isles real estate boom era, the developer – Edgardo De Fortuna has had a dream to transform Sunny Isles Beach into the Florida Riviera. For those already familiar with the South Florida real estate market, it’s readily apparent that Sunny Isles Beach and other upscale areas come very close to meeting that goal already. The Jade properties are good examples of some of the most popular types of luxury real estate in South Florida. With amenities that would be at home at a five-star resort, they provide residents with an easy way to enjoy the sunny weather in South Florida, provided with private and valet parking, state-of-the-art security and privacy enhancements for their units and, of course, excellent views of and access to the ocean.

Condominium properties have constituted the majority of property sold in Sunny Isles Beach over the past years. In fact, 375 condominium properties have sold over the last six months, while only seven single-family homes have sold in that same time period, rather revealing the popularity of condominium properties in the area. Condominium properties on the waterfront tend to be, by far, at the highest end of the luxury real estate market. Nonetheless, they have attracted a steady stream of investors, many of whom come from international destinations, adding to Miami’s very diverse population and bringing a vital injection of cash into the local economy.

The average demographic for properties such as any of the Jade towers is well educated, affluent and someone who is looking for a property that affords them excellent views, access to the highest standard of living and, quite often, people who are looking for diverse area to call their home. In recent years, in addition to many new residents from Latin America, South Florida has managed to attract money from Europe, Russia, Italy and France, making it a truly international place in which to live. Combined with new developments such as Jade Signature, the influx of money from around the world promises to bring to Florida a truly vibrant and unique real estate market moving forward into the future.


Sunny Isles real estate

June turned out to be one the busiest months for Miami real estate market. From sales of celebrities homes to latest Miami pre-construction projects, to commercial real estate deals, the Magic City’s fame as an international business and hospitality center continues to draw foreign cash buyers and baby boomers to more expensive luxury Miami real estate rather than to cheaper Broward and Palm Beach counties.

Here are some of the exciting news which took place in Miami in June 2013:

Al Capone’s former Palm Island mansion sold for $7.43 million

The house, at 93 Palm Island, is said to be where Capone allegedly planned the St. Valentine’s Day massacre and died of syphilis years later. The estate, which the gangster reportedly purchased for $40,000 in 1928, boasts a private beach area on 100 feet of Biscayne Bay frontage, a spacious swimming pool and cabana area and multiple balconies.

Singer Billy Joel has sold his Miami Beach home for $13.75 million

This was all-cash deal, $1 million off its listed price. The Mediterranean-style mansion at 82 La Gorce Circle was built in 2004 and boasts 8,881 square feet of living space, including seven bedrooms and eight and a half bathrooms, a wine cellar and expansive outdoor kitchen. TMZ reported the buyer as Diego Della Valle, owner of Tod’s and a majority shareholder in Saks Fifth Avenue worth a reported $1.55 billion. A spokesperson for One Sotheby’s was unable to confirm. We are excited to report this was ONE Sotheby’s International Realty’s listing.

Introducing Baltus House – the latest Related Group pre-construction project in Miami!

Baltus House will be built within the next two years on Biscayne Blvd and 43st Street in the most trendiest Midtown Miami area. With prices starting at just $230K it offers spacious modern design, great amenities and most beautiful water views.

Jade Signature Sunny Isles

is one of the most anticipated projects in Miami and many investors and end users can’t wait for it to be built. The new 57-story technological wonder will be rising in the heart of Sunny Isles Beach, one of the most sought after residential areas on the ocean. Take a look at the sneak peak video below to see why it is so popular and desirable:

Oceana Key Biscayne project is more than 90-percent sold-out while still in pre-construction phase. It is being developed by the first U.S. development of Argentine real estate mogul and art collector Eduardo Costantini, leaving only 1 penthouse and 6 villas on the market 10 months after sales opened.

Miami commercial real estate

has always been one of the most desirable assets for investors, especially on Lincoln Road. This month Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported. Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million dollars.


Pre-construction Condos Miami

Jade Signature Preconstruction condos for sale

Something new is coming to the Sunny Isles Beach market. Soon, developers plan to begin construction of a new pre construction condos in Sunny Isles Beach. There are 1,200 total proposed new units which include Unique, Porsche Tower, Jade Signature, Regalia, Chateau Beach and Mansions of Acqualina. The pre-construction condos in Sunny Isles Beach comes on the heels of an upswing in the market that seems to be moving away from the market crash that began in 2007.

These new condo projects come from a variety of local investors as well as international professionals. There are 10 different towers in separate proposals. These new buildings will house more than 350 floors of units and they will all be available as beachfront property, either facing the Atlantic or the Intracoastal Waterway. This information has been compiled by the February 2013 preconstruction condo projects list.

Proposals in All of South Florida

Because of the real estate upswing, there are numerous proposals throughout the south Florida area. In fact, there are over 100 total towers proposed throughout areas such as Broward County, Palm Beach, and Miami-Dade. This would add close to 15,000 new condo units to the area.

Developments in the Past

The Sunny Isles Beach area has seen a great deal of growth since 2003. In the past years, 26 different projects have been completed, and they added in a total of 6,350 new units available. The Sunny Isles Beach area has become very popular for new real estate, and before the real estate market crash, a total of 60 different condo projects were completed in the same area.

Selling Out Quickly

Because the new real estate boom has begun selling out condos in the area, new developments have been proposed to offer more real estate. The condos in the proposals will cover a vast range of prices and amenities to suit a wide variety of needs. In fact, as of now, there are only about 2,000 condos available in the Sunny Isles area. International investors continue to back these projects, and this quick sellout has led to the new proposals. Most of the new proposals include plans to complete condo buildings by 2014.

Transactions in Progress

Most of the new condos will go up and be available at various times. The properties are in various stages of transactions, and a transaction does have to be completed before the construction can begin. Some of the new projects could start within the next few months while others won’t actually begin until early 2014.

This is all good news for the Sunny Isles Beach condo market. Anyone who wishes to move to the area will have a variety of choices in the coming months, allowing them to pick the right combination of amenities and prices on beachfront properties. With the recent upswing in the South Florida real estate market, these proposals are expected to be successful in providing a new boom in the area.


Jade Ocean Condo

Jade Ocean Sunny Isles

Jade Ocean Condo in Sunny Isles Beach

is probably one of the most striking and recognizable structure in South Florida. The 55-story all glass structure looks like something from not so distant future, and resembles a gigantic sale of a ship. This is really no surprise if you’re familiar with work of architect Carlos Ott. Carlos always loved Miami and always wanted to leave an impression in the city with his sheer talents in designing modern structures with a distinctive character. Well, Jade Ocean Sunny Isle definitely possess such character. The unique design allows residents to fully maximize the nature elements as well top amenities offered in the building.

Jade Ocean is the only building that offers oceanfront entrance and it definitely adds to an already grand entrance appeal that you get when entering the building. The lobby leaves an astonishing feeling of sheer beauty and elegance from the beautiful art decorated walls to all Fendi furniture. All apartments in Jade Ocean face the ocean. This is another rare design feature which keeps units in this condo in a very high demand. Other amenities include “smart” building features, which basically allow you to utilize and integrate modern technology with every day life. Overall Jade Ocean is considered the top address in North Miami Beach.

Turnberry Ocean Colony

Sunny Isles Beach

on the other hand does not look like extraordinary from the outside. The complex comprises of two towers – Turnberry Ocean Colony North and a South Tower. However, the minute you turn off Collins Ave and drive up to the gate, everything changes. All of a sudden you start realizing that you should not judge the book by it’s cover.

The massive courtyard after you pass the gate greets you with a beautiful water fountain and the circular valet drop off area is very comfortable and allows for a good traffic flow so you never have to wait in line. The lobby in Turnberry Ocean Colony is a combination of Manhattan style tradition and super luxurious furniture perfectly blends with variety of hard wood and intricate design of marble. Among the many amenities in the building, they gym, restaurant and the beach service stand out from the rest of the buildings, including Jade Ocean.

There are only 4 apartments per floor in each tower. Each unit offers direct ocean views and one of the best layouts among any buildings. Both towers are connected and share amenities such as gym, restaurant, spa and game rooms. The spa is also a combination of top equipment for sauna and steam rooms, relaxation room with coffee, tea, snacks, massage and beauty areas with masseuses always ready to treat you and again outstanding service which is unmistakably part of Turnberry Colony experience.

Having to know both complexes extremely well, my conclusion is if you’re a full time Florida resident and looking for extra service and amenities, Turnberry Ocean is the place for you. If, on the other hand you’re using your residence part time and drawn by the architecture and the looks, Jade Ocean is the place for you. Either way, both places are among the top luxury Florida condos and will for sure appreciate over the next several years.


Indian Creek Homes For Sale

Indian Creek Miami real estate

Miami Beach condos for sale

go far above and beyond what the average condominium in the country has to offer. These magnificent hi-rises were built in the 21st century and reflect the progress and architectural achievements of modern times. These are not at all like the traditional boxy buildings that were built in the 60′s and the 70′s in Miami Beach with long corridors and endless doors on the right and the left. In fact, modern day condos are very similar to single family homes, but offer so much more, like the ocean location, ocean views, top amenities which include numerous facilities like gym, spa, tennis courts, and much more. This is why so many residents and investors prefer to buy a condo over a single family home.

Here is a quick look at some of the most luxurious and most expensive condominium properties currently available for sale in Miami Beach.

Continuum on South Beach, Penthouse-2 and Unit 3603-4

This condominium unit is 11,031 square feet in area and comes at a price of $39 million. It is located at 100 Pointe Drive in Miami Beach. The property features 13-foot ceilings, a private elevator, family and staff quarters and separate guest suites for entertaining. Located on the waterfront, the property affords a beautiful view and includes a beachfront loft and cabana. The community includes amenities such as a spa, tennis courts, security and exercise areas, adding to the overall luxury of this property.

Unit 3603-4 – priced at $35 million, this seven bedroom, seven bath condominium offers the best of Miami luxury living. Custom lighting, security and an audio video network are controlled by touch panels in each room. The condominium includes a home theater and, of course, the resident of the condominium will have access to all the amenities provided by the property itself.

One Bal Harbour Unit 2604

This condominium property is priced at $38 million. It has five bedrooms and five baths and a total of 7779 square feet of area. This condominium unit features wraparound terraces that allow you to take in the ocean, the bay and the city. Inside, you’ll find marble slab floors, a custom sauna and a hot tub and, of course, you’ll have access to all of the amenities available at the Bal Harbour community. Those amenities include a 24-hour concierge, a restaurant, a spa, security and much more. This property is located on Collins Avenue.

The Setai Condo Unit PHVB

This luxury condominium property includes a private rooftop pool and spectacular views. This one-level penthouse property is in a building that has amenities including restaurants, beach services and a 24-hour concierge. The unit itself has for baths and four bedrooms and is priced at $36 million. At 7107 square feet, you will have plenty of space to entertain and there is a Steinway piano included in the music room, just to make sure you do have a classy way of providing entertainment.

1500 Ocean Drive Unit T-1

This $25 million condominium features five bedrooms and seven bathrooms. It is 8400 square feet in total area and was built in 1999. A gourmet kitchen, advanced electronic controls for each room, large closets and a driftwood-inspired design define this luxury condominium property. Enjoy the wine rooms or spend your time in the great room, which features 270-degree views of the ocean and beach.

Apogee Miami Beach Unit 2201

The $25 million condo features six bedrooms with seven and a half bathrooms. It is 6,850 square feet in total area and was built in 2008. Apogee South Beach had always been considered the top of the top in architecture, amenities and service. Built by the Related Group, this magnificent South Beach condo always attracted celebrities and successful business entrepreneurs. Although not directly on the ocean, it is literally steps away from the beach and all the excitement.

St. Regis Bal Harbour unit 2501+

Now here is something truly spectacular in one of the most beautiful and sought after areas of Miami Beach. Directly across from the Bal Harbour mall St. Regis is the newest and most luxurious structure in Miami. The brand new penthouse – built in 2012, is priced at $24,9M. It offers 11 bedrooms and 11 full bathrooms and 3 half bathrooms. This gem is still in “designer-ready” mode which gives you a chance to finish it to your taste with the design elements you desire. St. Regis Bal Harbour is an oasis that combines thousand feet of pristine beach combined with top of the line amenities which includes spa, private butler, housekeeping, dry cleaning, laundry, gym and more.

Jade Ocean Sunny Isles Beach unit 4601

Penthouse 4601 in Jade Ocean is priced at $10,9M and is truly one of a kind duplex residence with 360 degree panoramic views from the top of the world – 46 and 47th floors. The finishes and the furnishings of this 6500 square feet beauty are top of the line. All Fendi furniture throughout the 5 bedrooms and 71/2 Bathrooms. Private elevator entry, 5 wine rooms, crestron system wired with electronic sheers and blackouts, music, lighting and a/c just to name a few features. Enhanced by Calcutta Gold floors and the finest woods in the bedrooms make this furnished unit an absolute show place.

Luxury condominium properties are among the most popular types of real estate in Miami. Not all of them ascend to this level of luxury, but the Miami real estate market certainly does offer some of the finest condominium properties in the world.


Sunny Isles Condos For Sale

Sunny Isles Beach Condos

Luxury oceanfront condominiums

go hand-in-hand with living in Miami. You’ll find some of the highest-end condominium properties located in Sunny Isles Beach. This area includes some of the most well known developments, as well, and that contributes to what people are willing to pay for a condominium property.

Jade Ocean

The top two spots for condominium prices are both currently held by Jade Ocean, a tower development with five-star amenities and beyond. The highest prices at this development include $10.95 million for a 6,500+ square foot, 5-bed, 6-bath two-story penthouse. At the same development, you’ll find a $9.95 million property with the same number of beds and baths available, as well. Both are Sunny Realty’s listings and both properties constitute the highest of the high end in this development and in Sunny Isles Beach on the whole. Please see the movie of this amazing penthouse below.

Turnberry Ocean Colony

Turnberry Ocean Colony also makes a strong showing in the listings, taking the number four spot with a 5,690 square foot property priced at $9 million. Just above it in price, Jade Beach has an 8,210 square foot condominium property priced at $9.9 million. The spacious property, of course, will make this particular condominium interesting to those who are moving in with a family or who just happen to need a lot of space for business and relaxing.

Trump Palace

Trump is certainly a well-known name and the Trump Palace development had one showing on the 10 priciest condominiums in Sunny Isles Beach. A 5,509 square foot property is on the market for $6.5 million. The price works out to approximately $1,570 per square foot, a bit pricier than are some of the condominium properties that actually placed higher on the list.

The Full List

The full list of the top 10 prices for condominium properties in Sunny Isles Beach is as follows:

1. Jade Ocean: 6,518 square feet for $10,950,000
2. Jade Ocean: five-bedroom for $9,950,000
3. Jade Beach: 8,210 square feet for $9,900,000
4. Turnberry Ocean colony: 5,690 feet for $9 million
5. Jade Beach: 8,210 square feet for $8,900,000
6. Turnberry Ocean colony: 5,900 square feet for $8,000,500
7. Trump Palace: 5,509 square feet for $6,500,000
8. Acquilina Condo: 3,903 square feet for $4,980,000
9. Turnberry Ocean Colony: 3,735 square feet for $4,500,000
10. Jade Beach: 4,141 square feet for $4,250,000

You can always view the list and additional details of the most expensive condos in Sunny Isles.

Why Sunny Isles Beach Real Estate

Sunny Isles Beach is a popular location for luxury properties because of its proximity to some of the most affluent and desirable areas of Miami. It is also located conveniently close to the center of Miami, making it a good choice for people who work and live in one of these spectacular properties.

The Florida real estate market, including the real estate market at the luxury end, has been recovering as of late. The price is currently being asked for these condominiums may be subject to change given a good offer. Like condominiums in other areas of the city, these may be subject to discounts depending on the disposition of the seller and the state of the market at the time that the purchase is finalized.

Call today for a free consultation with the local expert Lana Bell – 1.954.336.1016


Jade Ocean Sunny Isles

Jade Ocean Penthouse For Sale

Imagine living in a one of a kind residence right in sunny South Florida. This is just what you could gain from the Jade Ocean Penthouse. This one of a kind piece of property is waiting for its new owner right on the Atlantic ocean in Sunny Isles Beach, FL. Not only does the home offer a breathtaking view, but it provides details and features to offer any resident a life of luxury. Designed by a renowned architect, this penthouse offers a style that could be your own.

Jade Ocean Sunny Isles Beach Penthouse Details

Unlike any other property in the area, the Jade Ocean Penthouse offers details that are sure to catch any eye. This home is two stories and offers more than 7.500 square feet. Boasting five bedrooms and 6.5 bathrooms, there is space for everyone. When viewing the home, one of the first things to notice would be the view. This penthouse offers a 180 degree view and this means that residents will be able to enjoy the breathtaking beauty of both the ocean and the Miami skyline.

Residents will be able to relax is a private Jacuzzi that affords amazing ocean views and the home is filled with amenities to love. Top of the line options like gold marble and high tech systems provides a luxurious way of life for residents.

Jade Ocean Penthouse Specs

When you view the Jade Ocean Penthouse it includes the kind of upgraded amenities to love. The amenities available in this one of a kind home include the following.

• Calacata marble used throughout the home
• A control panel for lighting, sound systems and more
• Automatic shades for the picture windows
• 6518 square feet of living space
• A private balcony
• Private Jacuzzi
• High tech full detail kitchen with electric range, refrigerator, and microwave
• Full scale security system
• Walk in closets
• Hardwood and marble floors throughout
• End unit with southeastern views of the ocean and city skyline
• Design by Boure Therrien

Jade Ocean Sunny Isles Amenities of the Location

Choosing the Jade Ocean Penthouse offers a number of community amenities as well. The amenities will add to the life of luxury in this home. The community, located close to Miami, offers the following.

• Exercise areas
• Playgrounds
• Swimming pools and saunas
• Gated community with 24-hour security
• Available parking for more than three vehicles including a covered garage for two vehicles.
• Access to a private beach

There is no other home quite like the Jade Ocean Penthouse condominium. With a style and design that cannot compare, this home offers a one of a kind space that provides a true life of luxury within minutes of Miami. The condominium is full of features that will leave a buyer awestruck. With large picture windows, the home provides sunlight and spectacular views as well. The Jade Ocean penthouse is a part of a condominium community that provides plenty of features as well, like full scale security, an onsite spa, and a private beach for residents to enjoy all of the time.


Jade Beach Sunny Isles For Sale

Jade Beach Condos

There is no doubt that the current recession still has homebuyers wary. With such financial distress happening throughout the country, it’s hard for anyone to take a chance on a large purchase, especially when that purchase might be seen as a luxury. With all of these economic troubles whirling, home sales have been down for quite some time, and prices are lower than they’ve been in years. Everyone remembers the mortgage crisis, and that makes it hard to step out on faith and make a purchase. Even so, there are signs that the recession is coming to an end, even if those signs are showing slowly. If you take a look at the available condos in Jade Beach, you’ll see the signs for yourself.

These condominium units are certainly the height of luxury, so the fact that they’re selling at a higher rate than they have in the past few years is a great sign for the economy. The prices are still lower than they were five years ago, and that gives buyers a chance to really take advantage of the situation. With the purchase of a Jade Beach condominium, there are quite a few amenities that come with the deal. Some of these amenities are enough to convince anyone that the lap of luxury is where they want to be.

Seeing the sales reports for the year 2011 is very encouraging, but it does signal buyers that now is the time to make the move. With over 21 condominiums sold in the last year, there is little doubt that the market is beginning to wake up again. The prices for these condos still advertise prestige, with some selling for over $500,000 and others commanding prices upward of $2,000,000. These sales prices were still lower than the asking prices in most cases, but they’re still solid prices that show a trend. Prices are rising steadily, especially in places where people really want to live, like Sunny Isles oceanfront condos.

With the prices, there are quite a few features included. You can be certain that your new residence will have designer touches that can’t be found just anywhere. The kitchens can only be described as gourmet, with upgraded countertops and lighting and top-of-the-line appliances. Bathrooms feel like a visit to the spa, with clean lines and comfort in every corner. Best of all, there are amazing views of the ocean no matter where you turn. It all adds up to some pretty amazing luxury, and that’s just inside the unit. You can also enjoy swimming pools, fitness centers, and a private beach, as well as the service and security of a dedicated staff.

Today prices at Jade Beach are on the rise

once again. The minimum asking price for one bedroom condo is $675K and upward to over $10M for a palatial penthouses. Because Jade Beach is ultra-modern architectural wonder, it draws a lot of attention with the Europeans and South Americans who just love the looks and the amenities in the building. From private restaurant, and private movie theater, to state of the art gym and spa, the amazing 5-star service and management makes this place stand out even among similar top-line residential towers that Miami is so famous for.

If you want to take advantage of the prices before they rise any further, you can contact any of our agents. We’ll be more than happy to walk you through any of the units at Jade Beach that catch your eye. Then we’ll show you how easy it is to buy the property of your dream and enjoy your life in the paradise called Jade Beach.

For more information please call Lana Bell – 1-954-560-7802 – expert Jade Beach realtor.


Jade Ocean Condo

Jade Ocean Sunny Isles

There is no doubt that the state of the economy has had an effect on home prices all over the country, and the condominium units in Jade Ocean Sunny Isles were certainly victim to this development. For about a year or two, even this most prestigious address experienced few sales, but this trend is changing. It’s true that the recession is slowly coming to an end, with particular areas of the country experiencing better market conditions than others. Miami real estate has been and always will be a coveted address, and that fact is all too clear with the recent sales records for Jade Ocean.

Living in Luxury Ocean Front Condo in Sunny Isles

One of the reasons these condos are so coveted is the sheer luxury that residents can experience. Living here is like living in a resort, with amazing residences, fun and helpful amenities, and some pretty amazing views of the ocean from almost every vantage point. Inside the units, those who live here can enjoy designer touches, upgraded lighting, gourmet kitchens, and bathrooms with a spa-like atmosphere. To top everything off, there are picture windows and terraces that bring the beauty of the ocean into the home. It’s paradise, and it’s still more affordable than it was five years ago. With the current purchases taking place, it’s clear to see that this buyers’ market will come to a close soon, and that means prices are already starting to creep back up.

As of December of 2011 Jade Ocean Condos Are Completely Sold Out!

Jade Ocean Miami experienced a jump in sales throughout 2011 with help from Brazilian and South American buyers. However, there are quite few resale units currently available. Of the ten units that were sold, the least expensive unit sold at $820,000. It’s not unusual to see these units command prices over $1,000,000, with some of the most luxurious calling for more than $4,000,000. As you might imagine, there is a great deal of prestige associated with the purchase of one of these condominium residences, with amenities you’ll love. Your purchase will gain you access to swimming pools, a private beach, service and security from a well-trained staff, and a living space that will pamper you beyond your wildest dreams.

It’s not too late at all to take advantage of the buyers’ market that still exists. We have the number one selling team in Miami! Our trained and qualified real estate agents would be more than happy to show you the differences in prices over the last few years so that you can see how times are certainly changing. With the higher prices looming in the near future, you may decide that right now is the time to buy. We’ll help you find that perfect condominium unit, negotiate the price, walk you through the policies associated with living in a condominium, and carry you right to the closing table.

Your Purchase Is an Investment In The Future

By purchasing now, you’ll avoid the eventual higher prices, which will give you something of an investment to keep. There is no question that prices will continue to rise, and that means you’ll be in possession of a very lucrative asset when you purchase a residence in Jade Ocean. Let us help you make that dream a reality.

Check out sister property Jade Beach to find good deals for oceanfront condos in Sunny Isles Beach.


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.

(c) 2011 The New York Post. Provided by ProQuest LLC. All rights Reserved.


Content published by Lana Bell

Content published by Lana Bell