Interesting Real Estate Stats for South Florida

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

South Florida real estate

Anyone who has even a slight interest in real estate knows that South Florida is one of the best places to buy and sell currently (website here. The prices for the homes on the market are getting higher, and there seems to be a never ending demand for properties in Miami. Things are really looking up in the area, and that’s great news for anyone who plans to buy or sell in the area. Some interesting new towers are going up, other properties are coming up for sale, and there’s always something new happening in the area. Let’s look at some of the interesting stats in the area.

Closer to Cuba

Even though we are a mere 90 miles from Cuba, for many years, there seemed to have been a near immeasurable distance between the two countries, even though many from Cuba make their home in Miami. However, over the past few months, things have been changing. The United States and Cuba have come closer together both economically and politically. This closeness could mean quite a few changes thanks to the eased travel restrictions. What does this mean? It could mean that the real estate development of Cuba is just around the corner. The next few years will certainly be interesting to see just what happens.

More Units in the Area

People have a thirst for more properties in South Florida. Thankfully, the developers are working hard to meet those needs at every turn. In fact, in 2015, there should be approximately 6,400 new condo units available in South Florida. Of these units, around 5,400 of them will be in Miami. Does this seem like a massively high number? While it might seem high at first, it’s right in line with the demand in the city. More and more people from around the country and around the world are looking for places to buy in Miami. They want everything that the city can offer, and they love the idea of luxury condos just steps from the beach.

Making Travel Easier

Another reason to love what’s happening in Florida right now is the fact that the state is working hard to make travel between areas easier. The All Aboard Florida plan for a passenger rail service is underway. Service doesn’t begin until late 2016, but it is interesting to see just how many more travelers this will bring to and from Orlando to Miami.

More Hotels

In addition to the travel system and the additional condos, there will be 17 new hotels just in the Miami area completed in 2015. This will provide the city with another 2,761 rooms this year alone. Even more hotels are planned for the future, ensuring that the city always has enough rooms for those who are visiting.

Miami is a very exciting area to call home now, and if you are just now thinking about getting property in the area, it’s an ideal time. You will have a wide range of options thanks to all of the choices in this growing and vibrant area.

50 Percent of Fendi Chateau Residences Sold in Surfside

By Sunny Isles Real Estate Expert on March 4th, 2015

Fendi Chateau Surfside

Things seem to be going quite well for the Fendi Chateau Residences in Surfside, Miami Beach. In fact, they recently announced that they had surpassed the 50% mark for units sold, which is quite amazing. The 12-story building, which will be right on the waterfront, is at 9365 Collins Avenue, and is still under construction. The completion date for the building is June 2016. It already has quite a bit to offer, and it is no wonder that so many people are buying units.

What Is Helping the Sales?

The building will include 58 luxury residences, and more than 30 of them have already been reserved or purchased. The building is on a beautiful 2.99-acre lot and it offers some great oceanfront property, not to mention fantastic views of the ocean. These are some of the elements that are helping to make the sales so brisk. There are plenty of others though.

This area of Miami Beach requires that the buildings are all 12 stories or less, and that means that there’s a bit more of a sense of privacy in the smaller buildings. Just because they are smaller, it does not mean there is less luxury. In fact, the units at Fendi Chateau Residences view website promise to be quite luxurious. They will range in size from 3,300 square feet to more than 8,000 square feet.

The building will feature quite a few interesting amenities. There will be a number of beachfront pools, as well as private cabanas with pool services. It will include a lobby bar, as well as a restaurant and poolside bar, 24-hr valet service, and much more. As the building progresses, the developers will likely be releasing even more information about the features the building will offer.

One of the other nice features is the location. Not only are you close to Miami’s downtown area and the beach, residents will be just a couple of blocks from Bal Harbour Shops, some of the most popular places to shop in all of South Florida. In addition to shopping, residents will be close to some world-class dining too.

The area is highly popular, and more and more people want to experience life in Miami Beach. The demand for units in the area is still growing, and it does not show any signs of slowing at all. This means that sales at this site, not to mention many other sites in the area, should be quite brisk.

Since the property will not be complete for more than a year, it’s still relatively early in the sales cycle, and this is some more good news for the developers. They’ve already sold more than half of the units, and they still have quite a while to sell the rest. While anything can happen, there’s a good chance that most or all of the units will sell before the building opens. Those who have an interest in living at Fendi Chateau Residences should not delay in looking for a unit that’s right for them.

Bollywood Actress and Producer Buys Second Unit at Miami Beach EDITION

By Sunny Isles Real Estate Expert on February 10th, 2015

Miami Beach condos for sale

Famed Bollywood actress and producer Poonam Khubani, best known for Aryan: Unbreakable and Star of Jaipur, as well as being vice president of Telebrands, seems to love Miami Beach. (See Condos For Sale on Miami Beach) She recently purchased a second unit, number 1602, at the beautiful Miami Beach EDITION. Khubani paid $17.5 million for first unit she bought, number 1601, and $16.5 million for this latest unit. Because the two units are next to one another, most are speculating that they will actually combine them into one massive unit. However, the actual plans are still unknown.

Poonam Khubani is one of the most successful women in the world, and was actually named as on the list of Top 25 Leading Women Entrepreneurs of New Jersey thanks to her business savvy and success across a number of fields. While she is a popular actress and producer, much of the money and success comes from Telebrands, the company she owns and runs with her husband, A.J. Khubani. Telebrands is the “As Seen on TV” company that’s behind many of those infomercials that air for a range of different products, such as Flip Jack Pan and PedEgg.

What Makes the EDITION Popular With the Rich and Famous?

Why would someone with the wealth and power of Khubani want to live at the residences at the Miami Beach EDITION? The reason is simple. All of the units exude true elegance, and it is the epitome of living in luxury. Buyers can choose from penthouses, two-bedroom duplexes, three-bedroom duplexes, triplexes, and one-bedroom residences. The building features only 26 units though. This means that those who are fortunate enough to get into the property will actually have more privacy than they might find at some of the other buildings in the Miami Beach area.

The staff at the building can offer a range of different services as well, including housekeeping, room service, concierge service, and even taking care of daily tasks such as shopping for groceries. Residents will have all of their needs attended to at the EDITION.

The residents will have access to the features and amenities at the hotel, round the clock security, access to the business center and meeting rooms, access to the restaurant and bars at the hotel, the fitness center, massage and spa services and much more to help make the lives of the residences more enjoyable.

All of the units at the EDITION are designed by John Pawson, one of the most famous architects in the world. Each of the units is unique. They have large living areas and floor to ceiling windows. They offer large balconies and terraces, as well as the best appliances, cabinetry, counters, flooring and features that money can buy.

With all of the features and amenities at the building, it’s easy to see why someone with the status of Khubani would want to own property there. It has a fantastic location, the space and the amenities that she and her husband need, and it really does act as something of a status symbol as well.

China to Develop in Miami

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

Miami real estate

Over the years, many foreign investors have been buying properties in the Miami region, and some out of country developers have even built in the area. There is currently a new influx of developers from China that will be hitting the Miami area in the coming year. Ning Yuan of China Construction America spoke at the Urban Land Institute’s Miami Condo Market (see homepage here) Symposium and told panel attendees that a large number of developers from China are currently looking at Miami and thinking about the best way to get involved with real estate there.

China Looks Overseas

In recent years, China has been starting to expand well beyond its borders and look for other areas in which they can invest in a number of different fields. Developing real estate is one of those fields, and they see Miami as an ideal place to do it for a number of different reasons.

First, they want to develop in a region that is highly popular and sought after by foreign and domestic buyers. New York, Chicago, and Los Angeles could be good choices, but the price of property and development in those areas is typically higher. It is relatively cost effective to build and develop in Miami when compared with some of the other locations across the country. People also love the Miami area, and they are still looking for great places to live. The city and the surrounding area still have a large amount of potential, and developers and investors from China want to get in on the action.

Some of the developers from China, including Greenland Group, the country’s second largest developer, want to double their investment overseas. China Construction recently bought Plaza Construction, a developer in New York, to work on projects across South Florida. They are already working in places such as Biscayne Beach and Icon Bay.

Over the course of the next two to three years, it is quite likely that a number of other developers from China will start to announce projects in Miami and the nearby areas. Some may work on their own, while others might work in conjunction with other developers already in the United States.

What Does It Mean for Buyers?

Of course, buyers will certainly want to know what this means for them. First, it means that there will be more options and offerings on the market, and that is typically a good thing. Buyers will have more choices so they can find a property that will best fit their needs. With the Chinese developers and other developers adamant about creating more buildings in the area, it could mean that the prices start to settle rather than rise too. This is also good news for buyers.

Will the market reach a saturation point where the number of units outnumbers the buyers? While this could happen, it is not likely to occur for some time. Even now, with all of the units underway, sellers are having very little trouble with sales. Presales are strong for many buildings as well.

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.

Homebuilders

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.

New York Artist Buys into Miami Luxury Real Estate

By Sunny Isles Real Estate Expert on December 6th, 2014

Bath Club Miami Beach

Miami Beach real estate attracts all kinds of buyers, from the jetsetter crowd to the Hollywood set. The rich and powerful, lovers of luxury, sun worshippers…they all flock to the warm, sunny shores of Miami. We can now add artists to the list as well. Louis Meisel’s art gallery (represented by another company out of Soho) recently purchased a multimillion-dollar property in Miami Beach.

The Bath Club Residences

Residence at the Bath Club is located on 59th Street and Collins Ave in Miami Beach. The property developed by Don Peebles, well known real estate mogul developer. It spans 4,600 square feet under air and 800 square feet of terraces. This property was previously owned by Luis and Jennifer Villa, who purchased the property for a mere $1.8 million back in 2012. The price paid by Meisel’s firm was $5 million, netting the Villas a tidy profit on the deal.

The Artist

The artist in question, Louis Meisel, is responsible for coining the term “photorealism” back in the 1960s. He became renowned for his ability to create paintings so realistic that they resembled photographs. The company that purchased the condo on his behalf was Slam It LLC, based in Soho, New York, and the deed recorded Meisel’s gallery on Prince Street as the mailing address of the company purchasing the property. That gallery houses the largest collection of pinup art in the world, and spans 20,000 square feet.

The Reason

Why the sudden purchase of a condo in Miami? While there was no actual reason given, a lot can be inferred if you’re paying attention to the area. Miami has always evolved, but the city is changing in many new ways these days. It’s reinventing itself into one of the top global destinations for a variety of people, no longer just vacationers or jetsetters. With the development of the Brickell City Centre, and the potential offered by the planned Worldcenter downtown, Miami’s real estate is becoming more and more attractive. Add to that the ongoing performance and growth in luxury real estate in outlying areas like Bal Harbour and Sunny Isles.

This combination of factors makes Miami a very attractive destination for a wide range of those able to afford a condo property here. As real estate rates continue to rise, expect to see more high-profile individuals signing leases and deeds.

History in the Making – The Shelborne Reopens

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

South Beach condos for sale

The Shelborne Wyndham Grand South Beach is one of the area’s most iconic hotels. Unfortunately, it’s been closed for the past three years as it underwent renovations. The property dates back to the 1940s, and still offers one of the most amazing Art Deco atmospheres in the city stemming from its 1950 embellishments. Today, the property reopens after years of being closed. Part of the Wyndham family of hotels and resorts, the reimagined Shelborne now features even more luxury and enjoyment than ever before.

History of the Shelborne

The Shelborne hotel first opened its doors in 1940. In the 1950s, it was heavily embellished with an Art Deco motif. Over the years, it became an icon of South Beach, one of the most memorable properties in the area. However, the relentless march of time took its toll on the hotel, and newer properties came to the fore in terms of guest interest. The Shelborne remained a historic location, but the clientele began to wane.

The Reinvention of the Shelborne

While the Shelborne Wyndham Grand South Beach will retain much of its former charm and Art Deco beauty, there are some changes. The project cost $150 million total, and affect almost every square inch inside and out. One of the most noticeable changes is the addition of a high-end restaurant, the Morimoto South Beach. All guestrooms at the hotel have also been completely overhauled. The lobby has also been replaced by what the designer terms a “drawing room” complete with an apothecary theme.

The hotel now offers over 200 guestroom, as well as 11 deluxe suites. 15,000 square feet of event space is on offer, and the Shelborne also delivers a long list of exclusive entertainment experiences for guests to enjoy during their stay on the property.

While the designers went to great pains to maintain the property’s historic style, it is a complete renovation, and returning guests will find the difference is as noticeable as night and day.
All in all, the renovation and reinvention go a long way toward giving the Shelborne a new lease on life. Reservations are already being made by guests anxious to get a look at the new design, or to experience the vaunted restaurant. It’s just one more thing that makes life in South Beach (and Miami as a whole) so wonderful.

CLICK HERE to view South Beach condos for sale

Florida: Home to America’s CEOs

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

Miami home for sale

Different areas of the country are famous for being home to certain types of people. Actors and producers live in Hollywood and throughout Los Angeles. Authors and book moguls live in New York. Florida has its own claim to fame – more CEOs live in the southernmost state than any other area of the country. Of course, not all Florida cities have a high concentration of corporate commanders in chief.

Why Come to Florida?

What’s behind the exodus of CEOs to the sunny shores of Florida? It’s more than the beach and the state’s burgeoning economy. It’s also one of the friendliest states in the country to those with CEO-type incomes, thanks to its lack of individual income tax. There are numerous other attractions to Florida, as well. That’s particularly true of South Florida.

SoFla and particularly Miami has one of the fastest growing economies in the country, and both business and residential real estate are booming. A significant influx of foreign investors, foreign condo buyers and new residents from other US states have made South Florida a fast growing market. Some examples of this growth include the recently approved Miami Worldcenter and the SkyRise tower, as well as Brickell City Centre, which is already under construction. New luxury condos in South Beach, Miami, Miami Beach, Sunny Isles and other areas also cater to CEOs’ tastes for fine living. CLICK HERE TO VIEW AVAILABLE PROPERTIES FOR SALE

A Look at the Cities

Several of Florida’s cities made the list of top areas for CEOs, including:
• North Port – Bradenton – Sarasota – The tri-city area boasts a 1.20% concentration of CEOs within its combined borders.
• Sebastian – Vero Beach – Sebastian might not be your first thought when imagining places in Florida where CEOs would call home, but between it and its southern neighbor, Vero Beach, there’s a 1.37% concentration of business movers and shakers.
• Naples – Marco Island – Naples might be more along the lines of what most would expect for a CEO-heavy area. Between Naples and Marco Island, there’s a 1.28% concentration of CEOs.
• Cape Coral – Fort Myers – You’ll find that the Cape Coral and Fort Meyers area boasts a 1.27% concentration of America’s business moguls.
• Fort Lauderdale – Pompano Beach – Deerfield Beach – You’ll find a concentration of 1.20% of CEOs in this area of Florida.
Of course, while Florida might boast the highest concentration of chief executive officers in the country, there are quite a few other areas giving it a run for its money. Other popular areas for CEOs to settle include:
• Bridgeport, Norwalk and Stamford, Connecticut
• Oxnard, Thousand Oaks and Ventura, California
• Barnstable town, Massachusetts
• San Jose, Sunnyvale and Santa Clara, California
• Boulder, Colorado

Still, it’s clear from the list above that Florida remains the leader here, and its business-friendly environment and rapidly growing economy promise to keep it in first place for a long time to come. Not only do these factors encourage CEOs to relocate to the state, but the lack of personal income tax makes it more likely for homegrown CEOs to found and operate thriving businesses.

Palm Beach County Property Rates Skyrocket

By Sunny Isles Real Estate Expert on November 13th, 2014

Palm Beach real estate

Miami’s real estate market (view homepage here) has been surging upward for a long time, but the boom isn’t constrained to Miami-Dade County alone. You’ll find a lot of SoFla’s property prices are increasing, some by leaps and bounds. Palm Beach County is one example. August’s prices alone were almost 15% higher than the same time during the preceding year. In fact, there were only three cities in the entire country where prices rose more than in Palm Beach County (Miami-Dade and Lakeland included).

A Look at the Rise of South Florida Real Estate

The numbers for Palm Beach County include most types of non-commercial real estate, including condos and single family homes (as compiled by Trulia.com). They’re also a direct reflection of the larger area as a whole. Overall, SoFla has seen property values jump up since 2011. There are a number of reasons behind the recovery and turnaround.

2011 marked the lowest point in terms of real estate prices in south Florida for a long time. Some of the increase is attributed to nothing more than the rebound effect – the price of real estate correcting after the recession released its grip on the area. However, that doesn’t explain all of it. Other reasons noted for the increase include rising employment and a much stronger job market. While salaries haven’t changed much, particularly around Miami and South Beach, the employment market is stronger overall, with unemployment and underemployment numbers falling dramatically from what they were during the height of the recession.

The rising employment rate has several effects on the real estate market. First, fewer people are falling behind on their mortgages, which means fewer foreclosures. Because foreclosures drag down the value of a market overall, fewer of them happening means an across the board increase. Another benefit is that buyers are able to afford more house since they’re no longer underemployed, which allows them to upgrade.

Fast Sales for the Right Homes

Another aspect that has buoyed the real estate market in south Florida – site http://www.sunnyislesmiamirealestate.com/ is the fact that homes are moving very quickly. There’s been something of a shortage of homes available to meet demand, so those that do come on the market are usually purchased very quickly. However, while prices have risen dramatically, buyers aren’t able to set whatever price they want. Going too high with a price is a sure way to drive buyers away. One of the trends pointed out is that overpriced homes tend to sit empty on the market for a very long time, while those competitively priced are often purchased within just a few weeks of being listed.

The takeaway for homeowners looking to sell their property is this – property values are very high, but they should resist the urge to price their homes even higher. Competitive pricing results in fast sales. Pricing a home too high means the property will sit for 90 days or more, and that leads potential buyers to wonder why the home sat for so long, even after a price reduction to bring it back in line with the norm.

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.