Stars Buying and Selling in the Miami Area

By Sunny Isles Real Estate Expert on February 23rd, 2015

Miami waterfront homes

Miami is a popular location for home buyers of all stripes, whether they are northerners who want to find a warm and fun getaway for the winter months or they are some of the biggest stars on the planet. Many of those celebs are buying and selling homes in the Miami region – View All Miami Waterfront homes for sale here.

Celebrity Real Estate Deals in South Florida

Singer Shakira who owns a home at 3140 North Bay Road is currently in the market to sell her home. Although the home does not have a current listing, brokers in the area are aware that it is actually for sale, and the current going price, according to those in the know, is $15 million.

Rumor has it that David Beckham is looking at properties in the area as well. As many people know, he wants to start a MLS team in Miami, and it’s natural that he would be looking for a place to call home for him and his family. Latest reports say that he’s been looking at a Key Biscayne home going for $13.9 million. The 755 South Mashta Drive home is on a private, gated road, and it offers 13,898 square feet of space. It’s also right along the ocean.

Oscar winning actor Matt Damon listed his home, at 6020 North Bay Road last year. The list price for the home was $19 million. It features ten bathrooms and seven bedrooms and is currently under contract.

Producer and actress Poonam Khubani recently bought two units in the new Miami Beach EDITION. The hotel offers 26 unique residences, and she’s now the proud owner of two of these luxury units. Khubani is also vice president of the company Telebrands, known for their As Seen on TV products. Her husband A.J. is the president of the company.

Why Do Celebrities Love Miami?

These latest movements in the real estate market in the Miami region highlight just a small number of the celebrities who have homes in the area and those who are looking for properties to buy. Miami has been a very popular location with celebrities for a number of years now, and there are quite a few good reasons for this. Miami is a fun place, a good place to spend a few months or an entire lifetime. Celebrities enjoy the area for most of the same reasons that everyone else loves Miami and the South Florida area.

One of the reasons they are looking to purchase in the area is that they are able to get quite a bit more for their money when compared with places like New York or Los Angeles. It’s a beautiful location and the beach is never far away. The city is home to many hot clubs and restaurants, and celebrities are finding that many of their friends and peers have homes there already. They like being around other celebrities, and they often find that they can live in a bit more anonymity than they can in other areas.

Recession Fades in the United States, Miami Real Estate Improves

By Sunny Isles Real Estate Expert on February 15th, 2015

Miami real estate for sale

Several years ago, when the United States was in the grips of the Great Recession, things were looking rather bleak for a large number of people at every economic level. People were losing jobs and finding it difficult to get more work. The financial bubble the country lived in burst and the economy, the stock market, and the real estate market fell quickly and deeply. They fell to a level that made it seem almost impossible to recover fully. It was a very frightening time for a number of people in the country. They lost homes, marriages, and their livelihood. It was the biggest financial fall the nation had suffered in many decades.

Now, years later, things are really turning around in a good way. Most of the experts agree that the United States is seeing a large surge when it comes to recovering. The Federal Reserve even certified that the economy is stable. President Obama points to a drop in the deficit as well as a massive boom in the energy output of the United States. These things are helping the country get stable footing in the world economy. More people are going to work, businesses are growing, and things are looking good for every sector of the country.

The unemployment rate in October of 2014 was 5.8%. This is the lowest it’s actually been since July of 2008. The forecast for growth in the U.S. economy is 3.1% in 2015. This is far higher than the expected growth in other countries around the world, and that should be very exciting for people in the U.S. It means that things really are turning around for the better. They even closed down the stimulus program, feeling it is no longer necessary as a means to beef up the economy.

Another area that’s been providing some relief to the wallets of people across the country is gas. The price of gas is lower than it has been in years, and saving at the pump means more savings in the bank, or more money to put back into other areas of the economy.

Miami Real Estate Market Improves

One of the areas hit the hardest was the real estate market. People could no longer afford their home, and they were losing property and going bankrupt. It was difficult to sell properties at all, and the number of homes that were on the market vastly surpassed the number of buyers. This drove the price of homes down, but even then, it was difficult for most people to even contemplate buying a property at that time. However, the improved economy means that more people today have the means and the savings to buy a nice home. It’s easier for them to get loans, and they and the banks are smarter this time around. They will not get into loans that could turn around and bite them in a couple of years. Miami real estate market is doing phenomenal, especially the luxury segment. The prices have gone up over 20% during 2014 and there is no slowdown anywhere on the horizon. It is predicted to rise even more in 2015.

Thinking of Building a Home in Miami Beach? Think Again

By Sunny Isles Real Estate Expert on December 29th, 2014

Miami Beach homes for sale

Picture the city of Miami Beach and South Beach. Chances are good that condo properties loom large in that mental image. There’s a good reason for that. They’re immensely popular throughout Miami-Dade County. However, that doesn’t mean that single-family homes have fallen out of favor or aren’t in demand. Many would-be homeowners would prefer to have their own home designed and built on their own land, rather than buy into a condo property. The problem is that few people can actually manage that. Why is this the case?

Little Land

One of the problems here is that the Miami Beach area is highly developed. That means in order for something new to be built, something else usually has to be torn down. In the absence of empty lots and buildings that need demolishing, would-be homeowners are finding it harder and harder to locate a parcel of land that suits their needs. (View All Miami Beach Homes For Sale Here)

There’s also the zoning problem – what little available land there is may not be zoned for residential use. Most of it has already been zoned for commercial use (including the building of condos). Why? There are two primary reasons. First, the demand is there. Second, the area makes more in tax revenue from land that’s been zoned commercial rather than residential.


While the impact of the land conundrum has been felt by homebuyers, it’s homebuilders that have been hardest hit. The Atlantic Ocean bounds builders on the east, and the Urban Development Boundary prevents expansion to the west. Builders have nowhere to go, and that means smaller builders have actually gone out of business. Very few builders remain operating in the area that aren’t big businesses. Even large construction companies are finding the going tough, though.

Down the Road

Currently, the Miami-Dade area has a three-month supply of existing homes on the market, but the problem comes from the lack of replacement lots. Once those vacant homes are sold, there are fewer and fewer empty lots available to build on to replace them. Lot shortages have already had an impact on the industry, and that effect will only become stronger in the coming months. Experts predict that things will get worse before they get better.

One way that builders are coping with the shortages is to change their development and building habits. In the past, massive, sweeping neighborhoods were constructed. Those are largely gone now, though. Builders are instead focusing on the smaller 20-acre lots, or even 10-acre lots, and developing them as best they can.

The Condo Market

In direct contrast to the single-family home construction segment, condo construction is thriving. Sunny Isles Beach alone had 15 multimillion dollar developments (View all preconstruction projects in Sunny Isles Beach) in the last 10 years, and the greater Miami area has seen countless more. Condos are viable because they require a much smaller initial footprint, and can be home to hundreds, even thousands of families. A single 20-acre site might accommodate 900 units.

It remains to be seen just how long it will take the single-family housing industry to recover, but in the meantime, the condo industry continues to thrive.

Six Year High Reached for Miami-Dade Median Home and Condo Prices

By Sunny Isles Real Estate Expert on November 2nd, 2014

Miami Beach real estate

The prices for single-family homes and condos in Miami-Dade County (VIEW SITE HERE) have been moving inexorably upward for several years in response to the natural rebound of the real estate market, as well as the influx of investors and the area’s improving employment segment. In fact, median home and condo prices just hit a six-year high for the area. However, if you think that means Miami has become the most expensive place to live in the world, it’s time to rethink that.

In Comparison to International Markets

Miami attracts potential residents and real estate investors from all over the world. They flock to the warm, sandy shores to soak up the sun, enjoy one of the most genial living environments in the world, and to reap rewards on their investments. What they don’t do is overpay for real estate. Whether interested in a condo or a single-family home, you’ll find that reaching that six-year high point hasn’t drive Miami real estate through the roof. You can still purchase about six condos in Miami for the same price as a single apartment in London. Despite the modest cost, Miami and the surrounding area still makes it into Christie’s Top 10 list of the world’s best luxury residential markets, putting it on part with the likes of New York and Hong Kong.

What the High Price Really Means

If you take a long, hard look at the Miami-Dade real estate market, you’ll find that it’s not so much a single market area, as a lot of sub-markets stitched together. The markets mirror the layout of the various neighborhoods throughout Miami and greater Miami-Dade County. You’ve got Downtown/Brickell. You’ve got South Beach. There’s Bal Harbour, but there are many, many others, and the ultra-high multimillion-dollar properties are only located in a few of them. In reality, almost 70% of condos in the county actually sold for less than $300,000.

In addition, you’ll find that the six-year high figure is still lower than what it was back before the recession hit, sometimes considerably so. For instance, the median price for a single family home in Miami at the end of July 2007 was $382,000. Today, it’s $251,000. That’s up from the $162 grand it cost in 2011, but well below the pre-recession peak figure. You’ll find this holds true for condo properties as well. So, while the prices have increased significantly, they’re not as high as you might think, and they’re nowhere near as high as they once were. Why does the past price matter so much?

Miami real estate is still technically in recovery. Prices are rising. Eventually, they’ll make it back to their pre-recession levels, and you’ll find that those who bought early, even now at the six-year high point, made out far better than those who waited around to see what the market was going to do. Rest assured, it’s going to keep moving up. The only question is when you’ll get in.

Miami Receives EB-5 Visa Designation

By Sunny Isles Real Estate Expert on August 4th, 2014

Miami Beach real estate

Recently, the City of Miami received final approval for their EB-5 Regional Center for Foreign Investment, which has the potential to allow many more foreign investors to start putting money into the economy. This particular designation will allow many foreigners, especially those who are from China, to be able to invest in properties in the South Florida area.

Why Is It Good For Investors And Good for Locals

Mayor of Miami, Tomas Regalado feels that the approval is going to be a very good thing for both the investors as well as for those who are living in the area. The program will actually let the city help foreign nationals who are trying to put more capital into the economy by giving them special immigration status. However, not just any investors will do. They need to invest at least half a million dollars into the area, and they have to be able to prove that within two years they’ve created a minimum of ten jobs.

They hope that the program will actually encourage more investors to take root in South Florida, and they feel that it has the potential to create thousands of new jobs. This fuels more economic growth for the region and makes it a better place for all who live there. Miami is one of the pioneers when it comes to this type of program, and you can bet that a number of other cities around the country will be waiting and watching to see what happens. If it is successful, there is a good chance that many more cities will follow with their own similar programs later.

Miami will become something of a model that the other local governments around the country can follow.

What Is the U.S. Immigrant Investor Program?

It’s important to take a deeper look at the program to learn more about what it entails and what advantages it has the potential to offer. First, it allows two-year residential status for qualifying investors and their families. This residential status is conditional. The investors will need to invest at least $1 million, or $500,000 in a “designated target area”. They need to invest in businesses that will be able to create at least ten jobs for American workers during those two years.

After those two years, if the investors are able to meet the above conditions for creating jobs and investment dollar requirements, then they will be able to apply for an receive unconditional permanent residency.

The program offers many benefits and advantages for the investors. First, it does not matter what age they are, how much business experience they have, or their language. The investors can be limited partners – they do not need to be managing the investment on a daily basis. Also, they do not need to be in the United States fulltime to manage their business. They can maintain the business from their country of origin.

The program is new and it remains to be seen just how effective it might be. Still, it’s an exciting opportunity, and it could be very good for Miami real estate – CLICK HERE to view current listings in Miami Beach.

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 – 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)