Miami Beach Is the Top Luxury Destination Two Years Running

By Sunny Isles Real Estate Expert on July 31st, 2014

Miami Beach real estate

When people think of luxury, they think of Miami, a city that has it all. Whether you make your home in Miami (view Miami homes for sale website here), or you visit occasionally, it’s easy to see and appreciate the opulence the area offers. This is the second year in a row that Christie’s International Real Estate put the city on their list of the top ten luxury property destinations. Some of the other cities that also made the list include Los Angeles, New York, Paris, London, and Hong Kong.

One of the things that many brokers say helps Miami stand out from those other cities is the fact that it is still relatively affordable, even for luxury accommodations. Those who choose to buy in the area tend to get far more for their money than they would in a city such as New York or London, for example. Let’s take a look at some numbers for comparison. In 2013, the average price per square foot for a luxury home in Miami (see all Miami luxury homes for sale here) was $559. During that same year, the price per square foot of a comparable home in San Francisco was $829, and in London it was an astounding $4,683.

It turns out that luxury is about more than just the price, though. Luxury is about much more, such as the features and the location. Let’s look at what Miami can offer.

The Location

First, think for a moment about the location. You are right on the water, and it’s never more than a few minutes away no matter where you might be in Miami. You are close to a host of attractions, the water, and even the Keys and Bahamas if you might want to take a quick weekend jaunt. Luxury is about living the good life, and that’s easy to do with such a great locale.

The Properties

The properties themselves are very important too. The designers and architects who create the condominium towers know luxury. The buildings feature every amenities that you could want, including pools, security, gyms and spas, on-site restaurants and lounges, modern design, and so much more. The units themselves often have the latest cabinetry and flooring, as well as balconies and terraces for relaxing or entertaining. One of the best things about those buildings is the views they can offer.

The Culture

Of course, one also has to look at the culture of Miami to get just why it is so special and so different from all of those other cities. It’s a great melting pot of cultures, and it has quite a strong Cuban and Latin influence in the area. This colors the city and makes it unique and special. From the food to the nightlife and beyond, culture in Miami equates to great living, and really, that’s what luxury is all about in the end.

If you’ve been considering buying a home in the Miami area, now is a great time to do it. You want to get in on the action before all of the best properties are gone! Please visit our site which offers complete resource on buying real estate in Miami, including real-time listings, rentals and sold history – http://www.sunnyislesmiamirealestate.com/Miami-Beach/ or call our office today – (305) 336-0457

Do Not Fear the Supposed Condo Bubble Yet

By Sunny Isles Real Estate Expert on July 3rd, 2014

Miami new condos

Some people are starting to worry that we could be facing another real estate bubble in the South Florida area, but many experts feel that these fears are premature. They feel that there is still plenty of room for growth in the counties of Palm Beach, Broward, and Miami-Dade. One of the reasons for the fear is that developers in the area are already proposing a large number of additional condominium units in the area – more than 33,000 of them in fact.
Click Here To View All Pre-Construction Condos In Miami

Where Will the New Units Be?

Currently, the downtown area of Miami looks as though it will be getting approximately 17,400 units across 59 new towers. While this might seem like a substantial amount, it is important to remember that during the last boom, the area became home to 22,200 units with 84 towers. Sunny Isles, another very popular neighborhood in the area, is slated to have 14 new towers and an additional 1,800 units. During the last boom, developers created 6,200 units among 28 towers.

Because of this boom though, people fear that history could repeat itself. After the last boom, they remember the crash of 2007. While it is understandable that people want to be cautious, the world and the economy today are in a different place. It’s not nearly as likely that this type of crash will happen again. Still, caution is always smart no matter the state of the market.

What Makes This Different

Even though there might be a large number of proposed units in the pipeline, there is not the same rush as there was before. The towers and buildings are going up more slowly. Less than twenty-five percent of the proposed units is under construction right now. Many of the others are still waiting for approval. It’s important to remember that these are only proposed units. The ones that are not awaiting approval, having already cleared, will be units that go forward only when the developers can get enough presales to show that there is still an interest in the units in the area, and that they’ve already sold enough to make it viable. This means there will be no vacant towers desperately looking for owners as we’ve seen in the past.

This keeps the progress at a slower pace, which may actually be much better for the overall real estate market. It ensures that the growth does not happen too quickly, so there is far less of a chance of the bursting bubble and crash as there was seven years ago. Despite the skepticism that some have, it’s far too early to know what the market will be like in a few years. As always, buyers and sellers alike need to watch carefully in order to get an idea of where the market will be moving. Still, given the current popularity of the South Florida area from a buyer’s perspective, it does seem as though the market could be looking up for quite some time still.

Both Prices and Active Listings Up in South Florida

By Sunny Isles Real Estate Expert on June 25th, 2014

Miami real estate

The price of homes located in the Miami Beach area is on the rise according to data recorded by Standard and Poor’s/Case-Shiller between March 2013 and March 2014. They showed that the prices for homes in Miami-Dade, Broward, and Palm Beach counties showed an increase of 1.6 percent between February and March during the usual seasonal adjustment. They also showed that the price of homes across the nation took a jump of about 10.3 percent over the course of the year. In South Florida, the price rose by about 16.2% in that time.

What Could the Numbers Mean?

This shows us several things. First, it shows that interest in the properties in the area is at an all time high and that the interest is still growing. It also shows that, even though the prices are rising, people are still willing to buy for several reasons. The location is great. They will be near the things they want to see and do, making it perfect for a fulltime home, a vacation home, or even an investment property.

Of course, a good location close to the water also helps when reselling, and smart buyers know that. Waterfront properties, for example, tend to gain quite a bit of interest from buyers, so being in a beach area is always a good thing for buyers.

One of the other nice things to note is that it is currently a buyer’s market in South Florida. Even though the prices of the homes are rising, and it is a good idea to act fast when you see a property that you life, there are plenty of options out there. This means that the price of the homes will still need to stay in line with what the market will bear.

South Florida Active Listings on the Rise

Listings come onto the market all the time, so buyers will always have new properties coming onto their radar. The South Florida housing inventory rose to 41,712 active listings in late may. Sales dropped just slightly from 22,000 to 22,157 over the last week, and the number of pending sales dropped by approximately 375 over the course of the month.

As you can see, there does not seem to be a shortage of properties available for those who want to buy in the South Florida area. When choosing property though, it is important to look at everything that you can in regards to the location, amenities, and features. Having a property right at the beach is a great thing, and many condominium complexes in the area have places available for buyers right now. However, buyers also need to consider the quality of the place, the size, and the price to make sure it really is a good investment. Working with a good real estate agent who has experience in the area is the best way to make sure that you are getting access to the best possible properties.

Visit the website to view all available homes for sale in Miami Beach

Is the Housing Market in Miami and South Florida Healthy?

By Sunny Isles Real Estate Expert on June 15th, 2014

Miami condos

Just how healthy is the housing market in Miami today? Around the country, we’ve seen quite a big change since the crash of 2007, and things have completely reversed. This includes Miami as well as entire South Florida, although it can be a bit difficult to predict the future. Still, looking at the way things are right now, the real estate investments are looking very strong, and there is a healthy amount of competition in the area. Agents feel that one of the reasons that it is difficult to get a full picture of the market is that each of the different areas are a microcosm unto itself. They have their own supply and demand, and people have to take a step back and look at the big picture to try to understand just how things are going. (Visit Miami real estate website HERE)

What Types of Properties Are Available?

One of the nice things about South Florida is the fact that you are never going to be at a loss when it comes to different styles and types of properties. You can find some relatively simple single-family homes if that is what you are after. You can also find some massive luxury estates right near the water if that is what you prefer. Of course, you many find that buying a unit in a luxury oceanfront condo is more your style. Buyers have many different types of properties at their fingertips.

Is It a Buyer’s Market?

Right now, it appears as though there is about six to seven months worth of inventory available in the Miami area, although different neighborhoods may have more or less depending on a number of factors. Still, this is a good amount. They consider anything more than a six-month inventory to be heading into the realm of the buyer’s market, even though some agents will not say that it is there quite yet.

What does it mean to be in a buyer’s market? It essentially means that the number of properties available is greater than the number of buyers. Even though South Florida is hugely popular and there is not a shortage of buyers, there could be a surplus of homes in the short-term. This means that the buyers will have more leverage, and that they could potentially get the homes for a better deal since the sellers have so much more competition. If a buyer does not like the price of one property, he or she can go and find a similar property for a price they do like. This puts a bit more pressure on the sellers.

A seller’s market would be just the opposite. There would be a shortage of available properties, and the prices for them would go much higher, sometimes resulting in bidding wars for certain properties.

It’s best for both parties when the market is balanced, and that looks to be where South Florida could be headed soon. The number of buyers and the number of homes should balance one another. Overall, the strength of the market right now in South Florida appears to be quite good.

Tourism Hits All-Time Highs for Miami in 2013 – And the Future Looks Even Brighter

By Sunny Isles Real Estate Expert on April 14th, 2014

Miami condos for sale

For the fourth year running, Miami has shown record-breaking tourism numbers. The tourism numbers are in, and Miami-Dade played host to over 14 million overnight guests in 2013. If the rest of the country – or the rest of the world – is experiencing lulls in tourism due to a slumped economy, you couldn’t tell from looking at Miami. Not only has Florida bounced back from the recession caused by 2008’s housing crisis, but Miami real estate is showing better numbers than ever. What’s driving it?

The actual number of visitors to the Miami area only increased by about 2.2 percent over 2012. However, tourism expenditures increased by more than twice that, at 4.6 percent. That’s a record $22.8 billion that came into Florida from tourism.

Getting a Reputation for Luxury

Tourism bureau president and CEO, William Talbert III attributes this increase in expenditures to changes in the city. Miami has garnered a lot of attention over the past few years, and it’s becoming known, more and more, as a luxury destination. That means that more people with disposable income are likely to come to Miami and spend their money in and around the city.

However, our fair city’s reputation for luxury is a bit of a double-edged sword. If that reputation goes too far, Miami will be seen as a playground for the very wealthy, closed off to the middle class. This could result in tourism numbers dropping.

Fortunately, the city of Miami has been hard at work, with marketing campaigns all over the world. The tourism board is not just interested in making Miami a destination for US residents. It wants Miami to be a serious international vacation destination.

Becoming an International Destination

Domestic tourism numbers weren’t the only ones going up in 2013, either. The number of visitors from Venezuela, Argentina, and Colombia increased by 4.4 percent, reaching just over 7 million visitors. In fact, international tourism is really the reason that Miami saw another record-breaking year. If you look at the breakdown, domestic tourism only increased by about a half of a percent.

Miami’s tourism board members know that if the city wants to see future increases in tourism that the marketing focus has to be outside the United States. Domestic travelers often think of Miami for a fun, sunny, vacation with beautiful beaches all day and tons of chic urban shopping, dining, and clubbing at night. To really grow the numbers, Miami will have to appeal to international travelers, and the tourism board is already on it.

Though Europe has been experiencing a minor recession, marketing campaigns aimed at European tourists have already brought an increase in visitors from the UK, France, and all over Europe. The tourism board is also hopeful for emerging tourist markets in India and the Middle East. In fact, as of June of this year, Qatar Airways will have 4 flights per week to Miami, opening up a previously totally untapped market for Miami tourism. The future is bright for domestic and international tourism to Miami and even brighter for Miami condos (CLICK HERE TO VIEW THE SITE)

What Florida Real Estate Has To Offer

By Sunny Isles Real Estate Expert on March 9th, 2014

Miami real estate

ONE Sotheby’s International Realty Sunny Isles Beach Branch is gearing up to provide the best real estate resource for the South Florida real estate market. Our site covers the markets for commercial real estate (view site) as well as residential properties. In addition to this, we provide top-performing brokers as well as valuable insights to the local market place. Our knowledge of local market is superb when it comes to luxury oceanfront condos and waterfront homes.

Listings

Miami Florida has some of the finest luxury real estate in the world and, because of that, the most expensive properties on the market are always of interest to not only investors, but simply to those who want to know what’s out there for people who are looking for something that is a bit beyond luxurious. Our Trends Magazine is a semi-annual, comprehensive study of South Florida real estate market activity from Miami to Fort Lauderdale, including in-depth data analysis by neighborhood. (Click here to view).

What’s In Store?

There are plenty of reasons to be optimistic about South Florida’s real estate market. Not only has the worst of the financial crash long since passed, the real estate market is showing a great deal of promise in terms of how it may shape up in the future. In fact, some real estate experts are predicting that the boom and bust cycle that has characterized South Florida real estate has switched and now the market is once again heating up. Interestingly, one of the reasons, at least in part, is because of one of the greatest strengths that South Florida has always had: it’s appeal to international residence.

Brining in the Cash

Investors, as well as new residents from Latin America, Russia and Europe who are looking for luxury real estate have been picking up some of the most desirable properties regularly. This has brought some stability to the market and, in the future, it may ensure that the boom and bust cycle isn’t so much a part of South Florida’s real estate market at all. With a diversity of properties available, including waterfront properties that sell in the millions and residential homes that sell for very reasonable prices, South Florida has enough diversity among the real estate market to keep such investors happy.

Our website offers all currently available listings in from Fort Lauderdale to South Miami all with photos, maps and extensive statistics information to provide all available data to our clients. Please see the site here – http://www.sunnyislesmiamirealestate.com/. In addition, we’re always eager to help and educate our clients in using the tools we provide as well as our professional opinion. If you’re looking to list a property, please contact our office at (305) 336-0457 and we will provide market analysis report and well as comparable properties report and will get you the best possible price on the market.

Contact us today to learn about the future of the market and how it may stack up in terms of investment potential. With great properties being available and investors from all over the world demonstrating an interest in picking them up, the real estate climate in South Florida is likely to be just as sunny as the weather in the near future.

Statistics Show Miami’s Real Estate Selling Rapidly

By Sunny Isles Real Estate Expert on February 28th, 2014

Miami commercial real estate

Miami’s luxury real estate comeback continues to be the “phenomenon story” in the world of residential real estate as the inventory keeps shrinking and the prices keep rising. Condominiums remained among the most popular properties in the area. In many cases, these condominium statistics – which are rather promising – are being driven by cash purchases from foreign investors eager to get in on the Miami real estate market and, of course, to enjoy what Florida has to offer as a place to call home.

Promising Numbers

In 2007, buyers pulled out of approximately 10,000 condominiums. While that might’ve been rather terrifying news, particularly at the time it was happening, a full 95% of the 23,000 condominium units that were built during the last condominium real estate boom have now sold. People may have been pulling out at one time, but there certainly not anymore. Putting these two numbers together illustrates just how far the real estate market has come, in recent years.

Big Numbers

It’s certainly no secret that Miami is home to many affluent people and, by looking at the numbers associated with real estate, it’s sometimes possible to drive that point home. According to the reporting, two side-by-side penthouse units located at the development Edition Miami Residences sold for $34 million each. This is still the largest real estate condo deal in Miami-Dade County history, according to Forbes.

Despite that being the largest deal, that is not the largest price. Palazzo D’Oro, a penthouse located at Mansions at Acqualina, is listed for $55 million, the most expensive condominium property in all of Miami. Where prices are concerned, a preconstruction oceanfront condominium in Miami-Dade County will typically start at about $1200 to $1500 per square foot.

Construction Is Moving Forward

The numbers also reveal that construction is still underway in the Miami-Dade area. There are 6200 residential units that have been proposed for the downtown Miami area. There are also 3036 residential units being constructed in downtown Miami already. Of course, for investors looking to get into the Miami-Dade real estate market, these constitute great buying opportunities.

Go Big

The new construction now days offers some of the tallest and most luxurious condos in the world. Panorama Tower downtown Miami will be the tallest building in Florida. It is projected to rise 830 feet over Brickell Avenue. Miami, of course, is no stranger to tall towers and some of the best luxury properties happen to be located in them, but this will definitely take things to another level.

Constant interest from affluent individuals abroad and individuals within the United States have brought real estate in South Florida to the new levels both in luxury and price per square foot. Not only it is selling, there is construction going on to make certain that there is enough inventory to satisfy future need.

Foreclosure Reviews Handled Poorly, Report

By Sunny Isles Real Estate Expert on August 9th, 2013

Miami real estate for sale

According to reports in the New York Times, the Government Accountability Office has found that federal regulators did a remarkably poor job trying to provide relief for families whose homes were in the foreclosure process. The report held that unnecessary bureaucratic delays were created by officials and that, on top of that, the reviews of loans that were in trouble were carried out by private consultants who billed too much and did very little.

The reporting held that, when having cases reviewed, the private contractors hired to take a look at loans that were in trouble and look for signs that homeowners had been kicked out of their properties improperly were not examined efficiently at all. In fact, only a very small portion of the foreclosed loans that were supposed to be reviewed were actually reviewed at all. In addition to not coming through on behalf of homeowners, the private consultants hired to review these loans racked up a total of $2 billion in fees. This, of course, has raised the ire of government officials and, predictably, of homeowners who are caught up in the foreclosure process when they should never have been.

Florida’s real estate market has been doing remarkably well in recent years, despite the fact that it was one of the hardest hit areas of the nation when the real estate market crashed not too many years ago. Many Miami homes were put into foreclosure and, even among real estate developers, there is still a great deal of discussion about how this happened. At a recent convention, one major South Florida real estate developer said that he felt that there was a certain breakdown of etiquette in the lending process, allowing homeowners to get a huge amount of funding whether or not they really had the means to pay that back. Of course, it was the mortgage writers who gave this money out, even though basic banking practices may have told them that it was a bad idea.

Return of the Affordable

Since the Miami real estate market has been picking up again, there has been a tremendous demand generated for affordable housing. Florida, South Florida in particular, is associated with luxury real estate. Some Florida real estate is among the most opulent in the world, in fact, and attracts people from all over the globe who want an estate property in an area that is undisputedly one of the most beautiful in the nation.

Even though that is the case, developers have increasingly been looking toward the affordable housing market as a good place to generate new revenue. As the Florida real estate market evolves, it may become more diverse, calming down some of the demand for housing in the affordable range and still preserving the vibrant Miami’s high-end real estate market that characterizes some of the areas of the state. Despite the fact that many homeowners suffered – and continue to suffer – as a result of the real estate crash, the Florida market is doing very well these days and people are hunting for housing again rather than being foreclosed upon.

Miami Condo Living and Why People Choose It

By Sunny Isles Real Estate Expert on July 25th, 2013

Miami condos for sale

Miami Condos

Miami Beach, as well as other oceanfront areas such as Sunny Isles Beach, South Beach and others, are very well known as being places where getting condominium property is one of the most popular real estate buying options. There are numerous condominium towers located in these areas and all of them compete vigorously to attract new residents and to keep their existing residents. What attracts people to condominium living is complex. Condominium living allows people to have all of the luxury of an estate property with some distinctive differences that make it even more appealing to some people looking at the high-end of the market.

Miami Condo Living

is oftentimes characterized by having access to the same sort of amenities that one would find at a five-star resort. In fact, for many residents of condominiums, this level of service is expected. The most luxurious Miami condos offer valet parking, 24 hour security, private beaches, restaurants, fitness centers, spa, childcare centers and much more. This all makes it very easy for people to live in these properties, as they don’t have to drive to many different places to take advantage of all of those services.

Many of the people who live in condominiums live and work in their condominium properties. Most condominiums at the high end of the Miami real estate market provide a variety of business services to the people who live in the condominium properties. This is invaluable to people who still need to get work done but who may also be spending part of their year living in Florida to enjoy a more laid-back lifestyle, taken some time at the beach and so forth. Instead of having to go to Downtown Miami to get business done, many of the people who live in condominium properties are able to take care of just about everything in their own homes. Many of the condominiums being built today, in fact, are equipped with high-speed lines and other features that make it easy for people to move in, plug in and get to business.

Miami Oceanfront Condos allow a huge number of people to enjoy living close to the ocean. In this regard, they are enormously efficient. Despite that efficiency, however, people are still able to have a very private experience in their own homes. For example, most condominiums come with expansive balconies, at least at the top end of the real estate market. These balconies feel very private, afford people beautiful views and, in many cases, have plenty of room to entertain.

This combination of a private atmosphere combined with easy access to a lot of people to spend time with, to entertain with and to simply enjoy makes Miami condo living a unique experience that is very hard to mimic. For people who aren’t interested in having their own estate property, condominium living oftentimes allows them to get the same high-end real estate experience without all of the maintenance requirements that go along with owning a large estate, which is particularly attractive for people who don’t live in Miami year-round.

La Gorce Island Miami Home Sold For $30M

By Sunny Isles Real Estate Expert on July 14th, 2013

Miami real estate

Miami homes for sale

Castello del Sol – home on La Gorce Island Miami Sold For $30 Million

setting a record for La Gorce Island, on which the luxury property is located. La Gorce Island is located in Miami Beach and offers tranquil living on the golf course and walking distance to the beach. This sale set a new record on the island and is also probably in the top five most expensive sales among Miami Beach homes.

This property was actually purchased by a corporation, and a corporation was also the seller in the deal. The corporation that sold the home has the somewhat unwieldy name of 1418518 Ontario Incorporated.

This home is so large, it almost resembles a resort in its scale and luxury. However, this home is quite unique among the many luxury Miami Beach properties located on the Eastern Seaboard.

Castello del Sol Estate is located in the heart of Miami Beach, on La Gorce Island, which is one of the more exclusive islands in the Miami area. The property comprises 2 acres in total. The island on which the property is located is gated and guarded, offering a very private experience for the homeowner.

A full 349 feet of the 2 acre property consists of this Biscayne They frontage. The property has enough room for yacht owners, with three docks of its own – all made of teak – and plenty of space to dock even a large yacht.

Castello del Sol has just about every feature that one would expect out of an exclusive resort. The property is outfitted with its own theater and has two kitchens. All of the ceilings in the property are hand-painted and the finishes in every regard are luxurious and upscale.

Miami homes for sale

The home is even supplied with its own library and, in total, there are 17,000 ft.² of air-conditioned space that comprise the home. The square footage is divided up between different bedrooms, offering plenty of room for guests and, of course, the corporate visitors that are likely to frequent this property now that it has been purchased by another corporation.

The amenities at Castello del Sol certainly include some that range into the extremely exclusive, particularly the three docks. According to reports in the Associated Press, the three docks were permitted by bribing a mayor. This is connected to the original owner of the home, David Paul, who owned a savings-and-loan in the 1980s.

The island on which this property is located is certainly no stranger to celebrities. La Gorce is home to many affluent individuals, and most of the homes on the island certainly meet the definition of estate properties. The values of these exclusive estate properties have sky-rocketed within the last several years, recording many multimillion dollar sales.