Home Sales in Miami Breaking Records for 5th Year in a Row

By Sunny Isles Real Estate Expert on March 28th, 2016

Miami Beach homes for sale

Before December, the area of Miami was on track to break the all-time home sales record with almost 13,000 homes sold. For the past five years, the Miami-Dade area has put up a home sales record that it continues to beat, year after year.

When you take a look at the sales figures that were posted in November, there is no question that this area is on track to do it, yet again.

In the previous month alone (November) the Miami-Dade area saw a total of 907 single family homes sold – see website for recent Miami home sales. This brings the total for the year to an impressive 12,857 – just through the month of November.

Setting New Records

The record for the 2014 calendar year was 13,521, which means that it will not be impossible to reach and overcome. This actually equated to 21 homes sold each day, or one home per hour for the entire month of December.

This impressive sale momentum is not going to end anytime soon, either. This trend is expected to continue moving strong well into 2016, with more developments being offered and more homes coming available.

Also, the median sales price for the single family homes in the Miami-Dade area were $274,900 back in November, which was up a total of 12.2 percent from the previous year. For the condos, the prices increased by to an average cost of $203,000, which represents a seven percent increase when compared to the same period in the previous year.

Declines in some Real Estate Sectors

Even though they are nearing the record, the residential market for the Miami-Dade County is still seeing some declines. For example, the sales that were posted for November by the Miami Association of Realtors was down by 6.7 percent when compared to the year over year numbers for the single family homes in the area. However, the number of new listings being sold is still going up. In fact, the total number of new listed single family dwellings that were listed during November was up by 3.5 percent to 1,785 from the previous year’s listings from November of 1,725.

The Thriving Condo Market

However, there is another side. The condo market in Miami-Dade has sped up in the previous months and the sales are going up with more units available than ever before. The sales for the current condos for the month of November increased by 1.9 percent from last year and jumped from just 1,077 total closings to a total of 1,097 closings this year.

There is no question that the number of new listings for condos in the Miami-Dade area is going to continue to increase. There are at least 11 projects in the planning or construction phases, which equates to almost 4,000 new units, coming in the next five to 10 years. While the increase in condos from the previous month was only 12.2 percent, this is a trend that is going to continue for the foreseeable future. While these condos are coming in quickly, they are also highly sought after, which is helping to strengthen the economy.

Home Prices in Miami Up – South Florida Construction Down

By Sunny Isles Real Estate Expert on March 24th, 2016

Miami homes for sale

Compared to February 2015, developers in South Florida signed fewer construction contractors. This is the result of a drop-off in residential building.

According to a report from Dodge Data and Analytics, there was $405 million new residential contracts during the month of February, which represents a reduction of 60 percent from the $1.016 billion that were signed in the same month of 2015.

However, non-residential contracts were up by 17 percent during the same period of time. The construction spending totals from everything from churches to government offices reached about $289 million during November, which was up by $246 million from the previous year. The construction contracts that were signed in the month of November 2015 was $694 million, which is down by 45 percent from the $1.26 billion that was seen in November 2014.

The Beginning of the Decline

This falling trend started in October 2015, which was the month when here were also a number of significant cuts in residential building contracts. However, even with the reduction, the spending totals are still considered to be on track for outpacing 2015. Approximately $8.9 billion is being spent on building from the period of January to November, which is a growth of two percent compared to the $8.7 billion that was spent in the same months during 2015.

Continuing Trends

November also marked another month of increasing home prices in Miami Dade County – click here to see Miami homes for sale as well as sold history. This includes information in regards to sales for both distressed and non-distressed properties. What was discovered was that the prices had increased by 7.6 percent from 2014 to 2015, which was considered a substantial jump, even though the appreciating prices have begun to slow down recently.

From the months of October to November the home prices only increased by 0.5 percent, which means they remained steady.

Contributing Factors

There are a number of factors that impacted this, which included a strong demand, as well as a tight supply in a number of markets. These are all factors that have begun to contribute to the long running increase in prices and home equity, which is ideal for homeowners. However, on the flip side, the prices have outstripped some incomes for a number of years in several regions. This means in 2016, affordability is a more important factor in regards to home sales in some markets.

The overall home prices in the state of Florida, in its entirety, have actually outpaced the Miami-Dade area, which is where the most expensive homes in the state can be found. Florida witnesses an increase of 7.9 percent in the price of homes year-over-year.

Across the nation, home prices saw a similar amount of growth – the cost of homes in the U.S. rose by 6.3 percent year over year in November, and a total of 0.5 percent from the period of October to November.

Continuum – A Towering SoFi Partnership

By Sunny Isles Real Estate Expert on February 16th, 2016

Continuum Miami Beach

South Beach is one of the most desirable locations in the United States, both for new residents and vacationers. With some of the world’s best high-end brand and boutique shopping, a thriving culinary scene, staggering beaches, an energetic nightlife, historic architecture, and a compelling arts and culture scene, the activities and opportunities in SoBe are endless for richly cultured and well-rounded luxury living. When choosing a luxury condo in South Beach, location just might be the most pivotal aspect of starting your new chapter in the best way possible, and the Continuum Towers are unrivaled in location value.

Location

The Continuum and Continuum II towers – CLICK HERE to view the site – are a pair of towers on the southeastern-most tip of South Beach, with the North Tower (Continuum II) situated in the heart of the prestigious South of Fifth neighborhood. They comprise the largest ultra-luxury condo complex on the oceanfront, and they offer unparalleled views to their residents. Both towers overlook the Atlantic, Fisher Island, and the Port of Miami, and the front lawn beyond the complex’s gatehouse sweeps toward over 1,000 feet of fine white sands and oceanfront access.

Whichever tower you choose, you will be steps away from some of the city’s most seductive features and attractions. Joe’s Stonecrab, Smith & Wollensky, Nemo, and other culinary landmarks of the South Beach community are within walking distance, as are golf courses, quality boutiques, marinas, and much more. But such direct access doesn’t impede your private recreation – the towers share twelve acres of coveted beachfront land.

The Towers

Both towers were designed by the acclaimed Sieger-Suarez Partnership – the first built in 2002 and the second built in 2007 on the last untouched piece of property in the district. Both towers feature valet services; security personnel; and pool, fitness and spa access, as well as a shared, 12-acre resort-style space.

Continuum I South offers 15 different residence floorplans over 318 units on 42 stories of luxury units. Your options range from 1,200-4,000 square feet, excluding the 7,800 square foot penthouses, and all layout boast 10-foot ceilings and wrap-around balconies. The four-story fitness center and spa offers extensive access to fitness equipment and treatment rooms, a rooftop lap pool, a private tennis club with three championship courts, and a soul-pampering luxury spa experience. The views of the Atlantic, of Fisher Island, and of the Intracoastal waterway are stunning.

Continuum II North is a 38-story, 203-unit tower that completed the unmatched Continuum South Beach development. The North Tower’s floor plans feature slightly more customization to meet a variety of needs and tastes, such as spacious kitchens, over-sized master bed and baths, and more. Continuum II is also a more modern experience, featuring a smart-building interface to help residents connect with the concierge, valet, and other services. Its design concept is that of a gated resort, featuring lush landscaping, pools, and gardens for prime relaxation and recreation.

You won’t find a more enviable location than the highly sought-after, oceanfront Continuum South Towers, and with this kind of ocean proximity, the access to other community landmarks and activities is a marvel as well. Whichever tower you end up in, you will find a centralized, customized paradise that is a perfect fit for your new South Beach life.

For more information on purchasing your dream condo at the Continuum South Beach, please visit OUR WEBSITE or call One Sotheby’s International Realty Office at (305) 336-0457.

South Florida Real Estate Trends: What to Watch for in 2016

By Sunny Isles Real Estate Expert on February 2nd, 2016

Miami real estate for sale

In virtually all industries, January is the time to look into the future and make a prediction regarding what the next 12 months has in store. This allows businesses and industry leaders to take the right steps so they can capitalize on the trends that are anticipated.

If you are interested in the South Florida real estate market (view website here), then the trends to watch for in 2016 that are highlighted here.

The Rental Market will Start to Stall

After the 2007 crash of the condo market in South Florida, one of the main benefits that residents saw was cheap rental rates. This was the result of easy financing and overbuilding. At that point in time, owners of new construction were converting condos and slashing lease prices to help and attract tenants, which would generate more revenue. When the units were inhabited, the economy began to stabilize.

This also resulted in landlords increasing prices at an aggressive pace to get back some of the money that was lost. The higher rental rates that are now seen in South Florida have resulted in quite a bit of new construction in 2015 and this is a trend that is going to continue for, at least, the next three years. With more rental units available, it will likely mean lower costs for rent in the near future unless the economy in South Florida adds an industry that will result in higher paying jobs.

Increase in Real Estate Commissions

Due to the supply of resale and preconstruction condos in Miami being high, developers are at a point where they need and want to sell the planned and existing units. The last element that most are willing to revise is the price. Watch for commissions in the real estate market to increase in 2016 thanks to an early attempt to sell the units prior to having to reduce prices.

Cancellation of Proposed Projects

Since the current real estate cycle started in 2011, the plans for almost 20 new condo towers in South Florida, which hold over 2,800 units have been changed. These are projects that were revised for a number of different reasons, which range from the changing market conditions to the developers being able to flip the land to get a big return.

Chances are there are going to be more proposed projects that will pivot if they do not meet the pre-sale requirements.

Financing for Mortgages is Increasing

The current real estate cycle in South Florida has mainly benefited because of the cash investors that are coming in from out of town and buying up the property with the intention of renting them out to the local residents who are unable to purchase due to financial limitations.

The main question that needs to be answered is whether or not 2016 is going to be a time of transition to a period of slower growth for the real estate market in South Florida.

December saw Impressive Home Price Growth for Miami & South Florida Real Estate

By Sunny Isles Real Estate Expert on January 28th, 2016

Miami real estate for sale

While the residential real estate market in South Florida is experiencing a slight battle with the global economic crisis, this has not put a damper on housing prices in the region. These prices are steadily appreciating and there is no end in sight for this upward trend.

The prices for Miami and South Florida homes grew by 8.1 percent year over year in November. This data was gathered from a report published by S&P/Case Shiller.

In Palm Beach County, the median price for pre-existing single-family homes hit $305,000, which was an 11 percent increase from the previous year, even more than the average of 8.1 percent. However, there were several other areas that saw this kind of growth, as well. Broward County had a median home price that was also $305,000, which represents a seven percent increase from the prior year. This was the first time that either of these county’s crossed the threshold of $300,000 since over the summer.

Faster Growth in SoFla

This means that the tri-county area saw a faster pace of price growth than almost all of the remainder of the United States. In fact, the only areas that were ahead of South Florida were Dallas, Texas at 9.4 percent, Seattle, Washington at 9.7 percent, Denver, Colorado at 10.9 percent, San Francisco at 11 percent and Portland, Oregon at 11.1 percent.

It is not the entire economy that is suffering. In fact, the consumer portion, which includes automobile sales and housing, was actually quite strong in the previous year. In fact, this improved economy has provided homebuyers with the confidence necessary to actually enter into the market; however, there are some who have been less than overjoyed with the options available, specifically in the range of $150,000 to $400,000 homes. Thanks to strong sales in the past few years, a large number of listings have been depleted all throughout the region. The current owners are still unable or unwilling to test the market, with some not understanding what they could actually get for their home currently.

Economic Struggles in Miami

However, other parts of the economy are not doing quite as well. For example, businesses in the energy and oil sectors have begun to suffer from the significant drop in oil costs over the past 18 months. The strong buying power of the U.S. dollar is also resulting in slower exports. Unfortunately, the housing market is not big enough to help and offset these weak areas.

In December, the national housing market also saw a number of similar gains. In fact, prices increased by 5.3 percent year over year, which accelerated quite a bit from the 5.1 percent jump seen in October.

To get more information on currently availability, please VISIT OUR WEBSITE

Lions Gate, Domino Sugar, and Goldman Sachs Big Wigs Purchase in Faena House

By Sunny Isles Real Estate Expert on December 21st, 2015

Faena Condo Miami Beach

Faena House, the first of four ultra-luxury condo towers being constructed on Collins Avenue in Miami Beach, represents the ultimate in extravagant living. With its modernized lines and amenities like a state-of-the-art fitness room, multiple pools, beach club, and children’s playroom, it’s no wonder the project has attracted prominent buyers like Lions Gate Entertainment chairman Mark Rachesky.

Rachesky, who also heads MHR Fund Management – a $6 billion investment company – closed on his brand new pad in September, for the tidy sum of $13.5 million. Unit 11-BD now belongs to the entertainment mogul, according to public deed records. Earlier this year Rachesky sold a fifth of his holdings in Lions Gate for a reported $320 million, bringing his stake in the company from 36% to 28%.

An Elite Group

Rachesky joins an impressive group in his purchase at Faena. The chairman and CEO of Goldman Sachs, a global multi-billion dollar investment firm, has also bought into the luxury condo tower. Lloyd Blankfein, along with wife Laura, purchased unit 8-A for $9.5 million. Blankfein became CEO of Goldman Sachs in 2006, after joining the company in the early ‘90’s. According to Bloomberg the investment kingpin is now worth over $1 billion. Blankfein is rumored to have been one of the first buyers in the Faena project.

Yet another unit in the exclusive building solid to Jose F. Fanjul, Jr., manager of Sobe 8-C LLC. The Fanjul brothers, owners of Fanjul Corp., play a major role in the American sugar industry; subsidiaries of the company include Domino Sugar, Florida Crystals, Redpath Sugar, and the California and Hawaiian Sugar Company. Florida Crystals itself has become involved in development, breaking ground last year on a 395-unit project in Delray Beach called Atlantic commons.

The Finer Things

Faena House has been drawing much attention in the real estate world of late, particularly when the $60 million penthouse sold earlier this fall. The 12,000+ sq. ft. residence, which features nearly 10,000 sq. ft. of outdoor space (complete with rooftop infinity pool) was purchased by Citadel CEO Kenneth Griffin.

The rest of the building, while not quite as over the top as the penthouse, still offers the luxuriant beachfront living that is becoming all the rage as Miami developers continue to build up high-end condo inventory in SoFla. Every unit has a wraparound terrace that the developers call an “alero”, floor-to-ceiling windows, marble flooring, Miele appliances, and an automated touchpad that operates the thermostats, lights, motorized shades, and more.

This first completed complex is just the beginning. The developers, a Delaware company led by Alan Faena and Len Blavatnik, now turn their attentions to the construction of Faena Hotel Residence, Faena Versailles Contemporary, and Faena Versailles Classic (see website here). The hotel will feature 13 penthouse residence units, while the Versailles buildings will house 41 and 22 condo units, respectively.
Questions have been raised about whether the projects can attract enough upscale buyers to support such extravagant developments. Considering Faena House was sold out before it even opened, the complex’s future looks pretty bright.

How Miami’s Economy Has Become Dependent on Brazil

By Sunny Isles Real Estate Expert on December 6th, 2015

Miami real estate Brazil

There are more than 44,000 Brazilians living in Miami, not including tourists. Brazilian buying power has increased over the last several years, giving a boost to Miami’s economy. Real estate plays a pivotal role as 11% of all international deals are with Brazilians. They are also known to spend more on average per property according to NAR research.

Miami-Brazil Connection

South Florida by the Numbers is a column that reports real estate statistics in Miami (see Miami real estate website here). This column reported on the “Miami-Brazil Connection” and its future in light of Brazil’s economic downturn.

Here are a few of those statistics:

• Brazil is ranked number one for searching for real estate online in South Florida. In the last 18 months, Brazil has topped the list for all but three months. Brazilians spend the most on South Florida properties, averaging $495,000, compared to other international buyers.

• Brazil’s currency is dropping in the exchange rate. According to the Miami Harold, investors may begin to look elsewhere for properties that are less expensive. Brazil’s currency, the real, has dropped by 30% since last year. The Dow Jones is estimating that Brazil’s gross domestic product will decrease by 1.01% in 2015.

• There is an amazing amount of millionaires coming out of Brazil each week. Twenty-two new millionaires each week and many are finding homes and opportunities in Miami. It was only five years ago that Miami was in the real estate crisis and Brazil’s economy was beginning to grow. In 2015, Brazilians account for most of the cash purchases made in real estate in Miami.

• Giraffas Brazilian Grill has ten franchises in Florida with a goal to bring 150 stores across the nation by 2020. This fast growing company is helping to boost the economy in Miami. Giraffas has given Re/Max Advance Realty the exclusive power to handle lease negotiations, site selections, and market studies, among other tasks crucial to opening franchises during a dramatic growth period.

• The New York-based company, HFZ Capital Group, purchased the Shore Club for $175.3 million. Plans to reopen the hotel and residences are underway. The opening is set for the end of 2017 under the new name Fasano Hotel and Residences. This will be the first hotel opened in the United States by this brand as they currently own and operate four hotels and fifteen restaurants.

Brazil’s Economic Future

Brazil’s economic upturn helped to rebuild Miami after the real estate crisis. However, experts worry that Brazil’s upcoming economic troubles may fall over onto Miami like a domino effect. As President Dilma Rouseff faces impeachment and the economy falls into a recession, the unemployment rate skyrockets in Brazil.

The Miami Harold reports that in the first nine months of 2015, as many as 657,761 people lost their jobs. Even worse, it is forecasted that 1.5 million more Brazilians will lose their jobs in the remainder of 2015.

Miami Home Sales Break Records over the Summer

By Sunny Isles Real Estate Expert on November 24th, 2015

Miami homes for sale

This past June was a record breaker for home sales in Miami. 1,390 single-family homes were sold. This was a record-breaking month as the highest month totaled 1,310 in June 2005. The month of July 2015 closed almost as many with 1,354 homes sold.

This is exciting news in the market as the prices for these homes have continued to rise year-over-year. Currently the price for a single-family home in Miami is up 8.6% and up 2.6% for condos. A single-family home that may have sold before for $255,950 is now $278,000. Condos that sold for $190,000 will now sell for $195,000.

Miami condos this summer also saw an increase in sales growing 4.8% year-over-year. 1,471 condos sold in July compared to last year’s number of 1,403.

This rise in home sales is thought to be from the city’s improving job market and low mortgage rates. Christopher Zoller, the 2015 Residential President of Miami Association of Realtors, refers to Miami as being “a global city with the second largest financial hub in the country.”

Mortgage Loans

The interest rate is down for a 30-year fixed rate mortgage. In July 2014, the rate was 4.13%. In July 2015, it had dropped to 4.05%.

The Miami Association of Realtors had this to say about mortgage loans in Miami in a recent report, “Despite the rise in sales, access to mortgage loans for existing condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening.”

“Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 29 are approved for FHA loans, according to statistics released earlier this year from the Florida Department of Business and Professional Regulation and FHA.” The statement goes on to report that only 0.0034% of local condos are approved for FHA loans. The U.S. average is 30%.

More Affordable Condos

Although the prices have seen increase year-over-year when compared to condominiums in global cities, Miami’s condos are quite affordable. A Miami condo which sells for $149,900 is comparable to condos in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million).

The homes tend to sell near asking price. The Miami Association of Realtors reports that the average amount of days on market is only 41, compared to 43 in July 2014. The original list price received was 95.6%. As for condominiums, the days on market remained at 59, the same as July 2014 and the average list price received was 93.8%.

Cash Buyers

Cash purchases accounted for 48.2% of total home sales in July 2015. The national average is 23% in comparison. Miami’s number of high cash purchases is due to the fact the city attracts international buyers that tend to purchase properties in cash, according to the report.

The outlook for the housing market continues to be bright as increases in home sales continue despite the lack of FHA and price increases.

Brazil Is Still Ranking Number One For Miami Real Estate

By Sunny Isles Real Estate Expert on November 18th, 2015

Miami Beach real estate

Brazil is ranking number one for online searches for South Florida property, according to the Miami Association of Realtors. Brazil has held this spot for 13 months straight. When it comes to
purchasing property in Miami, Brazilians are serious buyers. They purchase more per property than other countries, averaging $495,000 per property. This accounts for 11% of all of Miami’s international real estate purchases. The only other two foreign countries that dominate the international real estate purchases are Venezuela (16%) and Argentina (12%). Most of the Brazilian buyers are upper-middle-class families working as professionals or entrepreneurs.

Christopher Zoller, the 2015 President of the Miami Association of Realtors, stated, “Brazilians not only love Miami’s shopping, restaurants, and beaches, but they love Miami’s diversity and are totally at home here. Miami, which has thousands of Brazilians living here, is America’s most international city with 51% of residents born in foreign countries.”

Russia and the Ukraine

Currently interest in South Florida properties is on the rise again for buyers in Russia and the Ukraine. Russia placed fifth in June 2015 for online property searches, while the Ukraine placed sixth, entering the list for the first time.

The following is the complete list from the Miami Association of Realtors of the top ten countries searching for South Florida properties in June 2015:
1. Brazil
2. Colombia
3. Canada
4. Venezuela
5. Russia
6. Ukraine
7. Argentina
8. India
9. France
10. Italy

U.S. Markets for Miami

The Miami Association of Realtors also tracks the states interested in real estate in South Florida. The top ten states in June 2015 included: California, Texas, New York, Georgia, Illinois, Alabama, Louisiana, Nevada, and New Jersey.

Brazil Ranked #1

However, with all of this tracking it is clear that Brazil remains the number one foreign country looking for South Florida property. Miami is considered a global city and has seen an upturn in the economy, thanks in large part to Brazilians living in the city as well as tourists. Although real estate prices have continued to rise, the properties in South Florida are still quite affordable compared to other global cities like London, Hong Kong, and New York City.

The Miami Association of Realtors describes this comparison as, “A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach costs $149,900 on average, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. The average prices for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher.”

Even with the downturn in Brazil’s economy as of late, Brazilians are still searching for properties. With more Brazilian businesses opening in the South Florida area, the trend should stay high for a while longer despite the economy and political turmoil. Brazil helped Miami during the real estate crisis five years ago during their employment boom. As more Brazilian businesses open in South Florida and are patronized by locals and tourists, perhaps this will help the Brazilian people to stabilize once again.

Faena House Attracts Big Name Buyers

By Sunny Isles Real Estate Expert on November 13th, 2015

Faena Miami Beach Penthouse

In early September the first of the four highly anticipated Faena condo towers (see all available Faena condos for sale here) reached completion. Faena House, or the 3315 Tower condominium, stands 18 stories and houses 44 ultra-luxury units. Transactions for the project started to be recorded on September 3, according to deed records in Miami-Dade County.

It wasn’t long before names of buyers started coming out in the world of real estate news. It certainly comes as no surprise that many of those buyers are highly recognizable players in finance and other high-powered industries.

Timeline of Early Faena Sales

On September 25, real estate publication The Real Deal reported that the rooftop penthouse at Faena had sold for an astonishing $60 million, a price that shattered the existing Miami residential record by $13 million. With eight bedrooms and 9900 sq. ft. in exterior living space alone (featuring a 70 ft. rooftop infinity pool), the 12,516-sq.-ft. luxury pad went for just under $4800 per sq. ft.

By early October TRL learned that the penthouse had been purchased by Kenneth Griffin, the billionaire hedge fund manager and CEO of Citadel, an investment company. This revelation shouldn’t have come as a surprise as Griffin has reportedly spent nearly $300 million on luxury real estate in New York, Chicago, and Miami Beach over the past couple of years.

On the heels of Griffin’s massive purchase came the sale of unit 9-B, to Brian and Randye Kwait of Greenwich, Connecticut. Brian Kwait is one of the founders of Odyssey Investment Partners, a private equity firm that has raised over $5 billion in funds since its inception in 1998. The Kwaits will enjoy 5400+ sq. ft. of luxury, including four bedrooms, five bathrooms, and an elevator that serves as the unit’s entrance.

On September 30 TRL revealed that yet another one of Faena House’s premium condos had sold. This one, on the sixth floor, was purchased by Aventura-based company ABF6A LLC for $11.75 million. Unit 6A boasts four bedrooms, six bathrooms, and more than 4700 sq. ft. of living space, plus a terrace nearly a third the size of the condo itself.

TRL again reported on a Faena buyer on October 12, this time the CEO of a London-based transportation company called Addison Lee (a competitor of Uber). Daryl Foster, also a shareholder in Infinity Creative Media Ltd., shelled out $8.8 million for a handsome 5466-sq.-ft., four-bedroom, five-bathroom piece of the Faena pie. Unit 7B has 4165 sq. ft. inside and 1301 outside. Foster’s address on the deed was listed in Monaco.

Faena Miami Beach condo for sale

The list of elite buyers into the luxury condo building continues with names like Mark Rachesky (CEO of Lions Gate Entertainment), Goldman Sachs chairman Lloyd Blankfein, and sugar mogul Jose F. Fanjul, Jr.

With this phase of the project sold out, developers Alan Faena and Len Blavatnik turn their focus to the remaining towers – Faena Hotel (the former Saxony Hotel), Faena Versailles Contemporary, and Faena Versailles Classic.