Two-Story Faena Penthouse Coming to Market

By Sunny Isles Real Estate Expert on November 27th, 2016

Faena Penthouse for sale

Faena Condos Miami Beach is one of the most popular properties located in the Miami Beach area, and now they have a two-story penthouse that’s coming to market. This is a very lovely property for those who want to live in pure luxury, and for those who can afford the $50 million price tag.

What Does the Unit Offer?

You are probably wondering what the unit has available that makes it worth $50 million. There are 12 residences at Faena Miami Beach, and the unit that has come up for sale is unit 1401. The unit takes up the top two floors of the building, which means those who are fortunate enough to live there are going to enjoy some fantastic views of the surrounding area.

The unit is fully furnished and it features 9,979 square feet of interior space. In addition, it has 4,435 square feet of space on the outdoor terraces. Since it’s in Florida, the buyers will likely be spending just as much time outside on those terraces enjoying the weather and entertaining as they do inside. It includes six bedrooms and five bathrooms, along with four half baths. It has an open floor plan and private terraces, as well as a rooftop deck that provides a great view of the ocean.

About the Building

The hotel part of the building opened in late 2015, and the residences have only recently been built out. There are a number of other residences in the building that are on the market right now, but none of those units commands the $50 million price tag. They are much smaller units. One is 852 square feet and has an asking price of $2.575 million. A 1,878 square foot unit is asking $7.2 million, and a 2.472 square foot unit is asking $10.8 million.

Those who reside in the building will have access to all the hotel’s amenities, which is certainly nice. It allows them to live in pure luxury. They can enjoy the in-home spa services, and even the housekeeping and turn-down services. The building also features room service, concierge and butler service, a pool, and beach cabanas. It’s like being on a wonderful vacation whenever you are there, which is nice even for those who live there year round.

An Ideal Location

The hotel is in the Faena District, so residents are close to Collins Ave. and Miami Beach. Faena House is nearby, as is the Faena Forum, which is an arts complex. Residents will find plenty of things to love in the area, and they will never be more than a few minutes from the water. It’s one of the ideal places to live in the Miami area, and those who want the very best will certainly want to consider the penthouse that’s for sale. It might not be in everyone’s budget, but if it is in yours you would be hard pressed to find properties in the area with more to offer.

Watch the Stars at the Paramount Miami Worldcenter

By Sunny Isles Real Estate Expert on October 1st, 2016

Paramount Miami World Center

The Paramount Miami Worldcenter – (CLICK TO SEE WEBSITE) is likely to be one of the most impressive luxury condo complexes in the city when it is finished, and things just keep getting better. The condominium complex will reach 60 stories, and now the open space on the SkyDeck is set to become a glass enclosed observatory, and it will even have a telescope. Not only that, but the telescope will be hooked up to a screen so everyone who is in the room will be able to get a view of what the telescope sees. The residents will be able to reach the 1,200 square foot observatory by taking a glass elevator up to the deck from the lounge on the 56th floor.

Other Amenities and Features at the Paramount Miami Worldcenter

While the news of the observatory is impressive, and it provides the building with something unique in the world of luxury condo complexes, it is certainly not the only amazing amenity it will offer. Let’s look at some of the other features of the building to see why it is getting so popular.

There is third floor access to the Mall at Miami Worldcenter, which means the residents are never more than a few steps from shopping. The building will feature a conservatory, an outdoor lounge, and a kid’s playroom. It will also have a recreation deck on the ninth floor. However, this isn’t like many other recreation areas that you would find in a typical complex. Instead, this has pools, tennis courts, and even a soccer field.

Naturally, the building will have a state of the art fitness center along with an area for aerobics and a boxing studio. It will feature a spa and a salon with treatment rooms, outdoor bath gardens, a hair and nail bar, and more. The social lounge will feature billiards. There will be a video game room, as well as a jam room and a recording studio. Once again, Paramount Miami Worldcenter goes above and beyond with amenities, as not many buildings in the area will have their own recording studio.

The residences themselves have quite a bit to offer as well including 10’ ceilings, outdoor living rooms, designer kitchens, rain showers, spa tubs, full size laundry rooms, and more.
When you start to look at all of the features and conveniences available at Paramount Miami Worldcenter, it is very easy to see why it is becoming one of the most popular and sought after buildings in the area.

The Building Is Popular and the Units Are Selling Fast

The development, which will contain 513 units, is likely to be complete by 2018. Even though this is still several years away, they have already sold around half of the units in the building. With new features such as the Rooftop Observatory, you can expect that the number of sales will increase even further. If you are interested in one of the homes, it is a good idea to look into buying as soon as possible.

Mei in Miami Beach Offers Plenty to Love

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

Aqua Allison Island for sale

Mei Miami Beachview website here – is a beautiful condo tower that has some very inspired design that has Asian elements and influence, as well as a decidedly modern look. The building is 22 stories high and is a part of the highly exclusive Millionaire’s Row neighborhood. There are some unbelievable amenities at the complex, not to mention the fantastic residences. Let’s look at some of these amenities so you can get a better idea of exactly what the building offers and so you can see whether it might be a good option for you.

What Amenities Does the Building Offer?

In addition to being a stunning looking building, you will find that it has some impressive amenities that help to make it truly outstanding. There is a private lobby, as well as a business center. You can make use of the concierge and the valet, and spend some time relaxing or playing in the clubhouse. You are only a short distance from the beach, and you can make use of the cabanas and the beach club.

Enjoy the multifunction entertainment area, the high-speed elevators, and the tea lounge. The library is a nice place to spend some time when you want some peace and quiet and just want to read The building has smart technology as well, making it truly modern.

You can also spend time at the 4,000 square foot spa and fitness facility. If you like the idea of keeping in shape or getting into better shape, this will surely be one of your favorite areas of the building.

While there are plenty of reasons to love the amenities in the building, you are probably curious about the features in the residences as well. After all, you want to be comfortable in the place you call home.

Why Are the Residences So Great?

There are 135 residential units in the building, and you are able to choose from one to three-bedroom options. The homes all have smart technology that makes it possible to manage all of your home appliances with ease. They have full size stainless steel kitchen appliances, as well as beautiful river rock marble bathroom flooring, performance showers, and gorgeous cabinetry and fittings.
Another of the nice features of Mei Miami Beach is the fact that the units all have large wraparound balconies. These can be a nice place to spend some time enjoying the fresh air and taking in some truly amazing views.

A Location Near Everything

When you live at Mei Miami Beach, you will find that you are close to many of the places you will want to visit whether it is for entertainment or work. You are just a short distance from South Beach, downtown Miami, Ocean Drive, and much more.

You will find plenty to love about Mei Miami Beach. The building amenities, the residences, and the fantastic location make it a great place to call home. Take some time to see what’s available.

Bath Club Offers Plenty for Residents to Love

By Sunny Isles Real Estate Expert on August 19th, 2016

Bath Club Miami Beach

While there are many new buildings cropping up in Miami Beach all the time, it is important that you do not overlook one of the older and most popular buildings in the area. The Bath Club – (view website here) has been in the area since the 1920s, but don’t let that fool you. It has undergone a massive renovation that helps to make it a true contender when it comes to luxury living in the Miami Beach area. The Bath Club has true luxury, and it is an exclusive property that has a wealth of amenities and benefits for the residents. Let’s look at some of the features that help to make this such a great place to live.

The Features of the Bath Club

One of the best features is the semi-private beach. The residents and the guests are able to spend as much time out on the sand as they would like. Since the weather is great most of the time, this might be just what you plan to do with your time once you make the Bath Club your home.

The property also offers formal ballrooms, as well as a billiards room and a game room. You can cool off in the swimming pool, which features lap lanes as well as cabanas. If you would like to stay in great shape, or get into shape, you can take advantage of the health spa and the personal trainers, as well as the two clay tennis courts. The outdoor hot tub is a nice place to relax with someone special.

The building also offers a valet and a full service concierge. Security is on the grounds around the clock, and there is a business center you can use as well. The residents have a private lobby, and they can make use of the maid service on request. In addition, the building has a gourmet market as well as a newsstand.

What Do the Residences Offer?

While the building certainly has a substantial amount of amenities to enjoy, you are probably curious about the residences as well. They have quite a bit to enjoy too. The units have natural wood and stone to convey an earthy feel. They also have great views of the bay and the ocean, as well as hurricane impact resistant glass. The have Miele appliances, built in refrigerators and freezers, European cabinetry, and Italian marble floors. The villas that are available have four stories and private elevators, as well as direct access to the beach.

A Great Location

If the amenities of the building and the residences aren’t enough, you can also enjoy the fantastic location. When you live at the Bath Club, you are only going to be a short distance from everything that you want to do in the area. You can head into downtown Miami for work, shopping, dining, and entertainment. Fort Lauderdale is only a short distance away as well.
As you can see, the Bath Club has quite a bit to offer. Even though it’s not one of the brand new buildings, it is certainly worth considering.

What Did the Miami Real Estate Survey Show?

By Sunny Isles Real Estate Expert on August 5th, 2016

Miami Beach real estate

Bendixen & Amandi International along with the Miami Herald conducted a survey of 100 real estate professionals in the Miami area to learned quite a bit about the real estate market in Miami-Dade and the outlook the professionals have for the city. The results are quite telling, and they are quite promising. Let’s take a quick look at some of the most important information gleaned from the survey.

What Miami Neighborhood Is the Hottest?

This was naturally one of the most important questions for many who looked at the results of the survey, and the answer wasn’t really much of a surprise. Far and away, Miami Beach was the hottest area of the city, and also the most overvalued. Consider the sheer number of different neighborhoods in the Miami Beach area. There are islands, single family homes and estates, brand new and preconstruction towers – (View list of pre-construction properties in Miami), and older remodeled towers. All of these areas in Miami Beach are popular and the homes in those locations tend to sell out quickly.

They agree that those who are retiring, as well as the empty nest couples, might want to move to Miami Beach. This is especially true if you are looking for a condominium.

Little Havana Could Surprise You

Another one of the things learned from the survey is the fact that Little Havana is undervalued. However, this could change soon. The community is close to the hottest urban areas, as well as public transportation and plenty of things to do for residents. Many of the real estate professionals feel it is ripe for gentrification, and it could be where developments and real estate pros start to push next.

More Lessons Learned from the Survey

In addition, the survey has helped to shine a light on some other important facts about the area’s real estate market. For starters, the inventory is higher than it has been, and many of the real estate pros consider the current market to have a “high inventory”. What does this mean? It means that right now is actually a good time to buy, but it is not a great time to sell.

Even though the inventory is high, the majority of the available properties are higher than the $200,000 range. They feel that it would be nice if there were some more homes that were in this range and lower, as it means more people could buy. Right now, the trend is toward renting rather than buying for many who simply don’t have the budget.

Coral Gables is doing quite well, which is to be expected for one of the top communities in Miami Beach. Those who are looking for single-family homes in the Miami Beach area will certainly want to check out what Coral Gables has to offer.

These are some of the most important pieces of information from the report. It’s an interesting survey that can help not only real estate agents who are working in the area, but those who want to buy as well.

What Does $35 Million Get You in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 22nd, 2016

Regalia Penthouse For Sale

Sunny Isles Beach in Miami is one of the most beautiful and exclusive places to live in the country. A big part of that is due to the stunning condominium complexes in the area, which never fail to impress. One of the new condos recently unveiled is at the luxury oceanfront complex called Regalia – click this link to view the site – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Regalia/. One of the condo-penthouses in Regalia is up for sale for a record price of $35 million. Even though many of the homes in the Sunny Isles region are opulent and expensive, this one outdoes the others. Many of you are probably wondering just what that amount of money will get you. It gets you plenty, as you will see.

What Does the Home Offer?

This Regalia penthouse, called the Beach House, has 17,015 square feet of space, and it should be finished by the summer. It takes up the third and the fourth floors of the Regalia, which is a beautiful and impressive building in its own right.

It features six bedrooms, including two master bedrooms. Those who make the Beach House their home will also have six full baths and two half baths, as well as a pool bath. The ceiling in the great room is double-height to make the space even more impressive. The great room also has a floating cantilevered staircase that leads to the wraparound terrace, as well as the art gallery mezzanine.

On the third floor, there is a 360-degree balcony. The fourth floor also has a balcony, but doesn’t go quite all the way around – only 270 degrees. Both of the balconies have some gorgeous views though. It is possible to see the Atlantic Ocean, Miami Beach, and more. The Beach House has glass paneled pools on the balconies, as well as a fire pit, outdoor kitchen, and other amenities that will make entertaining easy.

Regalia Sunny Isles Penthouse

While the exterior of the home is stunning, the interior offers quite a bit to love as well. The game lounge measures 2,000 square feet and features a theater, a billiards table, an 85-inch surround sound television, and more. the home has a 600-bottle wine cellar, a champagne bar, a full spa and Jacuzzi, designer lighting, and smart controls for the shades. The owner can use these controls to change the music, temperature, television, and more.

The Beach House has quartz countertops, limestone floors, bronze cabinet bars, and so much more. This is truly a luxurious house. Even though it has a $35 million price tag, the features and amenities in the home and the building are all worth the price.

Other Expensive and Luxurious Condos in the Area

While Regalia’s Beach House is certainly one of the most impressive condos in the area, there are a number of other high-priced properties in Miami as well. Some of the most well-known include the $55 million Penthouse at Faena House, which offers 12,516 square feet, eight bedrooms and nine bathrooms. It also has a rooftop pool that’s 70’ long. For $53 million, you could choose the penthouse at SoFi Tower. It is 6,307 square feet, and offers four bedrooms, five bathrooms, and two half baths.

As you can see, there is no shortage of luxury in Miami. It’s a wonderful place to call home, especially when you start looking at all of the high-end condos.

Panama Papers Show Secret Money Tied to Luxury Miami Real Estate

By Sunny Isles Real Estate Expert on June 23rd, 2016

Miami real estate

As you’re probably aware by now, at the beginning of April, the International Consortium of Investigative Journalists dropped a bombshell when they published leaked documents that have since become known as the Panama Papers. In total, there are some 11 million documents which allegedly make clear that worldwide corruption is happening thanks to a clandestine financial network that ensures large sums of money never get taxed.

Ties to Miami Real Estate

If some of the information is accurate, the network has fingerprints all over Miami. For years, it’s been well known that the luxury real estate market here is eyed by buyers all over the world, many of whom make purchases anonymously. This was seen as one of the driving forces behind the Miami luxury condo boom – click here to see the website.

Now, though, a much different picture is being brought to light—one that depicts these beautiful homes as simply hiding places for billions of dollars.

Shell Companies and Condos

The way it would allegedly work is that the law firm of Mossack Fonseca would set up foreign shell companies for the wealthy members of this network. This is the firm that the leak originated from and, as they’re based in Panama, that’s how the name started.

A client of Mossack Fonseca’s could then put money into one of these shell companies and that organization would then purchase a luxury unit somewhere in Miami—we’re definitely not lacking for options, after all.

This sort of transaction would effectively hide the money from governments looking to levy taxes on people like Paulo Octávio Alves Pereira, just one man who was allegedly a part of this scheme.

Paulo Octávio Alves Pereira

In Brazil, Paulo Octávio Alves Pereira is known as a politician who is under indictment on charges of corruption. However, prior to his political life, he made his fortune by developing shopping centers throughout his home country.

When his old boss had to step down as governor of Brasilia after being arrested for bribery, Paulo Octávio Alves Pereira stepped in. However, he was quickly slapped with the same charges.

At some point, Pereira took an interest in Miami real estate, though. He purchased a beautiful unit at the luxurious St. Regis Bal Harbour, where 24-hour room service is just one of many amenities available to residents.

However, this would make him just one of 19 foreign nationals named in the report who reportedly bought properties in Miami-Dade County. He also makes a much more exclusive list as being one of the eight who has been linked to some type of crime back in their home countries.

The U.S. Treasury Department’s Own Investigation

Keep in mind that the U.S. Treasury Department had launched its own investigation just a couple months ago into these shadowy dealings. They specifically took aim at the shell companies that were scooping up real estate for anonymous buyers and paying in cash.

Considering foreign nationals spent $6.1 billion in South Florida homes last year, the department certainly has its work cut out for them, though the Panama Papers definitely help.

Super Rich? Miami Is the 12th Top City for You

By Sunny Isles Real Estate Expert on May 31st, 2016

1000 Museum Miami Zaha Hadid

For those of us who live in or around Miami, it comes as no surprise that there is a lot of money here. Sure, there’s been a bit of a slowdown recently to our famous condo market, but that hasn’t done much to stop the ultra-wealthy from making Miami their home (or at least one of them). According to Knight Frank, though, our beautiful city is actually the 12th best place for the super rich to live.

Dropping Out of the Top 10

Knight Frank made these comments to the Real Deal last month. Although it’s definitely good news—wealthy people bring lots of money—there’s a bit of bad mixed in with it too.

As it turns out, Miami was actually ranked number six last year. This year, we fell out of the top 10 by a fair amount. Still, it’s not like we’re not in good company. Tokyo is right ahead of us. Furthermore, 12th place makes us second place for cities in the United States. New York City took the cake there.

Still, are you curious what caused us to slip?

A Dent in Foreign Currencies

Unfortunately, it’s mostly out of our control. Frank claims that weakening Latin American currencies are actually to blame.

On top of that, it doesn’t help that the U.S. dollar has been getting stronger. While it’s definitely good for the economy as a whole, a lot of foreign currencies simply don’t have the buying power they once did, meaning investors from other countries will look for other opportunities.

Frank even said that he regarded this drop in the rankings as nothing more than a “blip.”

For his part, he recommended keeping an eye on Coconut Grove and Miami Beach as the top neighborhoods in Miami for future investment opportunities.

The Top 10

As we mentioned above, we lost to Tokyo, which came in at number 11. The rest of the top 10 looks like this:

1. London
2. New York City
3. Singapore
4. Hong Kong
5. Dubai
6. Shanghai
7. Paris
8. Sydney
9. Beijing
10. Geneva

Making the List in 2017

Hopefully, Frank is right and Miami bounces back next year. Again, wealthy people represent money and opportunity for the rest of us.

That being said, there’s some reason to remain cautious with your optimism. The Financial Crimes Enforcement Network began requiring that title insurance companies essentially verify the identity of anyone who wishes to purchase property in Miami.

Why is this a big deal? Well, there are suspicions that much of the money that helped the condo market explode in the last few years is coming from foreign shell companies that operate as illegal tax havens.

While it’s good to ensure these investors aren’t breaking the law, cutting them off could hurt Miami’s economy.

At the end of the day, Miami is still an amazing place to live and people are going to continue trying to find a home in Miami to enjoy this incredible city. Still, here’s hoping our economy picks up again and we start making some progress on that list for next year.

Bay Harbor Islands Going Under Massive Redevelopment

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

Miami real estate for sale

Bay Harbor Islands – (view website) sits between North Miami to the west and Bal Harbor and Surfside to the east and was once the best place you could visit to see mid-century Miami Modern style architecture—often called MiMo—in the entire country. Recently, though, it’s become clear change is coming.

Some of Miami’s Best Architects

In many ways, Bay Harbor Islands can be seen as a gallery for many of Miami’s best architects. Head to Bay Harbor’s East Island and you’ll find a number of low-slung apartments and condos that were designed by legends like:

• Henry Hohauser
• Morris Lapidus
• Charles McKirahan

They took the art deco style that was so widespread in Miami during the 1930s and pulled it into the MiMo designs that cropped up during the middle of the 20th century.

The famous Bay Harbor Continental, a co-op building in a curvy wedge shape that is anchored by a cylindrical outdoor staircase, was created by McKirahan in 1948. It also features multi-colored glass that dots certain portions of the exterior.

McKirahan is also to thank for the Bay Harbor Club, the two-story V-shaped building located right on the water with great beanpole columns going from the ground all the way to the ceiling. Fans of the TV series Dexter would most likely recognize it as the main character’s home.

Times Are Changing

Although much of this history is worth maintaining, there’s a reason the National Trust for Historic Preservation named East Island to their annual list of their “11 Most Endangered Historic Places” back in 2014.

Many examples of MiMo architecture have already been demolished, though plenty more are awaiting their date with the wrecking ball.

What will this secluded portion of Miami become in its next life?

If current trends are anything to go by, it’s going to transition into boutique living. The area is truly a hidden gem. It offers a great location to anyone who wants to get around the city or hit downtown. Of course, if you want to visit the beach, you’re almost always within walking distance. This means plenty of waterfront views too.

Furthermore, the area benefits from an excellent school district. There are also Bal Harbour Shops nearby to enjoy too.

Its greatest feature, though, may simply be a sense of community. Whereas other areas throughout the city are expansive, Bay Harbor Island’s odd positioning gives it a small town feeling, despite all the big city amenities that are within driving distance.

Although most people who can afford these new developments will definitely have enough money for an automobile, public transportation in Bay Harbor Islands is very accommodating.

There is a free shuttle that runs between 9am and 5pm, Monday through Friday. It makes stops in North Miami, Surfside and other popular locations. There are also public bus routes people can jump on too.

While Bay Harbor Islands definitely had a good run, it’s clear that the time for change has arrived. Hopefully, much of the amazing architecture the area is known for will remain and new examples of Miami’s top talent can find a home as well.

Check out homes for sale in Bay Harbour Islands HERE – www.sunnyislesmiamirealestate.com/Bal-Harbour/Bay-Harbor-Island/ and call our office to set up showing – (305) 336-0457.

Was the WSJ Right in Predicting a Condo Bust in Miami?

By Sunny Isles Real Estate Expert on May 15th, 2016

Miami real estate for sale

Back in March, Anthony M. Graziano, MAI, CRE was interviewed by the Wall Street Journal. As he is the Senior Managing Director of IRR Miami, it shouldn’t come as much of a surprise that the article was about real estate in South Florida. However, what surprised many was the headline that accompanied the actual piece: “Another Condo Bust Looms in Miami.”

Graziano Responds

Well, as it turns out, no one was more surprised by the headline than Mr. Graziano himself. In his own OpEd, Graziano responded, saying he was “shocked” at how “sensationalized” the headline was.

Until the reporter issues a reply, we’ll never know exactly what they were thinking. As Graziano points out in his OpEd, this definitely isn’t the first time there’s been some kind of disconnect between what a source said or meant and what the reporter put into their piece. Still, in this case, it would seem the latter wildly missed the mark.

It’s also worth noting here that reporters don’t always choose their own headlines, so an editor could actually be the one to blame.

So What’s the Truth?

As any realtor in Miami will tell you, the condo market has definitely slowed considerably. In fact, many projects have been shelved and stopped at various points in their development.
That’s hardly the same thing as predicting a bust in the condo market, though. If you look at the past 12 to 18 months of the market here, you’ll definitely see it slowing down, but there aren’t any sudden drops or any signs that one is just about to happen.

Plenty of Good News

Keep in mind, too, that this slowdown may actually be a good example of developers and investors reacting to the market instead of recklessly pressing forward. That’s how an actual bust could happen.

Instead, shelving certain projects may have had the intended effect of correcting the market’s over-enthusiasm for more condos.

Consider, for example, that 85% of condos currently under construction in the Greater Downtown area of Miami are slated to be finished in 2016 and are already sold.

Furthermore, 7,200 units that are under construction will be delivered over the course of the next three years. In 2006, before an actual bust really did occur, that number was 18,500. Click HERE to view Pre-construction condos in Miami

Over 80% of the condo sales that went through over the past three years were purchased entirely with cash. This speaks to the foreign interest that exists in buying condos here. However, this also means that there won’t be any foreclosures resulting in empty condos long after they’ve been taken off the market.

For his part, Graziano doesn’t see a bust waiting on the horizon. He did, however, advise people to exercise caution and carry out due diligence where new deals are concerned. This is good advice to take no matter what the market is doing.

Until more buyers enter the market, you can probably expect the slowdown to continue throughout Miami, but that’s hardly the same thing as ushering in the crash of an entire industry.