Miami Luxury Homes for sale

What do wealthy people want when they are buying a property? Naturally, they want many of the same things that everyone else does – a quality home in a good, safe neighborhood. However, according to a survey conducted by Sotheby’s International Realty, they want some very specific things when it comes to their dream homes, which they are actually able to afford. The survey took information from rich buyers in four different countries – Brazil, China, the United Kingdom, and the United States.

The Features of a Great Home According to the Affluent

The survey found that the wealthy in those different nations had slightly different ideas of what would constitute the perfect property. Namely, those who were from Brazil wanted a smart home, which is a home that features lighting, heating, and electronic devices, such as a television that you can control through a computer, tablet, or even a smartphone.

Those who were in China wanted a home that had plenty of space for a display of various types of art collections. Those in the United Kingdom had a penchant for properties that had some type of historic significance. Those who were in the United States wanted a lifestyle property that was on the waterfront. They also wanted to have a large enough garage for a collection of cars, and they even wanted to have input into the design of the home.

It turns out that homes on the water are actually rather important for most people who want to buy a new home, and who have the money to buy the type of property they want. As they say with real estate, it’s all about location, location, location. Being near the water was one of the top requirements, or desires, of people in all of the surveyed countries.

Of course, in addition to the location and the features of the home, wealthy buyers also wanted something that would give them a good return on their investment. The ROI was a key factor when it came to choosing a property. Those who are wealthy know how to stay wealthy and make money, so they tend to put their money into properties that are going to help make them money if they sell down the line.

Many said they did not intend to sell a few years later though. Instead, they were looking into buying legacy homes, which are homes that they could pass down through their family.

Luxury Leads the Way

Several years ago, the real estate market took quite a hit, and it has taken some time for it to start to recover. One of the big factors of recovery during that time though was the luxury market. Many wealthy buyers were still able to buy during those lean years, and they found that it was actually a good investment to do so.

The South Florida region was one of the areas that had suffered during that time, but things are going quite well in the area now. In fact, many of the homes in Miami, Sunny Isles, and nearby neighborhoods fit in quite well with the desires of the wealthy, at least according to Sotheby’s survey.

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Miami Beach real estate

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

Why Is It Good For Investors And Good for Locals

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

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

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

What Is the U.S. Immigrant Investor Program?

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

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

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

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


Miami Beach real estate

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

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

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

The Location

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

The Properties

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

The Culture

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

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


Miami Beach Homes for sale

One of the constants in Miami as well as South Florida is that the quality of the condominiums and other properties that are available never seems to wane. However, this also means that the prices of those homes tend to rise as well. Still, as the price of the properties is rising, the number of sales is starting to slow just slightly. This tends to mean that the buyers have many more choices and they are waiting to see if they can get a better price for properties. It is starting to become a buyer’s market once again, and those who are going to be buying soon should see this as a promising sign. Plenty of homes are available in Broward, Palm Beach, and Miami-Dade counties, and those rising prices might start to slow a bit as the buyers hold off on making actual purchases.

The Numbers

Currently, the median price of a single-family home in the Miami-Dade area is up by about 8%, hitting $243,000. The median condominium price rose by an even higher percentage – 10% in that time, but it did see something of a drop in March of 2014. The sales of single-family homes in the area were up by about 5.6% from the previous year.

These changes mean that it’s becoming less of a seller’s market, as mentioned. The real estate market seems as though it is stabilizing and balancing. The same is happening in Broward County. The inventory is going up and the sales are starting to slow. In Broward, we see that the price for a home went up by 9.2% over the past year, with the median price for a home being $273,000. Condo prices rose by quite a bit more. In fact, they were up by 14.3%.

Why the Rising Price?

What is it that is causing people to raise the price of their homes? A couple of years ago, the price of homes dropped quite a bit because of the crash. Now, the economy and the real estate market are getting better and stronger. Homes have been selling briskly up until recently. This causes many sellers to feel that they can ask more for their property and that they should be able to get it. They feel that their property should get more than a home that recently sold in the area because they think their property is nicer or better.

They don’t take into account all of the other factors, including the market, that will affect the price of their home. Buyers are not biting though. They have a surplus of properties from which they can choose, and they are able to look at other options. They don’t need to spend more than they want to spend because they will find something that they love within their budget relatively soon and they know it.

The prices should start to come down, at least from those sellers who are realistic about their property and what they can reasonably get for it in the current market. Buyers just need to wait and negotiate.

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Miami new condos

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

Where Will the New Units Be?

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

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

What Makes This Different

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

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


St. Regis Bal Harbour Miami

Recently, the south tower penthouse, unit 2501, sold for a whopping $22.75 million at St. Regis Bal Harbour. The previous owner was a Delaware corporation owned by Yuriy Kosyuk, a Ukrainian billionaire who made his money in poultry and food products. Strangely enough, the buyer also happens to be a company from Delaware.

What Makes the Unit and Building Special?

The unit is massive, measuring 14,129 square feet. It includes 11 bedrooms and 12.5 bathrooms. It’s also relatively new, since the tower only went up a couple of years ago. Originally, the space was going to be five separate units, but they combined those units into one large penthouse property instead, so it takes up the entire top floor of the building.

One of the best things about this penthouse is that it offers wonderful views of the ocean, the city, and more. It features more than 4,000 square feet of terrace space as well.

As wonderful as the unit is, the building itself is quite special as well. Some of the amenities at the building include a private swimming pool, housekeeping services, a concierge, dry cleaning and laundry, and more. It even offers a gym so residents can stay in shape. They also offer onsite dining. It’s a remarkable place to call home, and it is no wonder that the units in this building tend to sell rather quickly, and for more than many might imagine.

Of course, one of the other reasons to love the building is the location. It is literally right on the beach and offers nearly a thousand feet of beautiful beachfront. The St. Regis Bal Harbour is also close to places such as Miami, Fort Lauderdale, the airport, and a host of attractions.

Why Do People Love Penthouses?

What is it about penthouses that make people love them so much? They are on the top floor, so it means that the views will always be nice, naturally. It is also something of a symbol of being on top in life, not only in the apartment. Penthouses do not come cheaply, as you can see from the price this one sold for, so it serves to show one’s status. It is true luxury living, and that’s just what someone wants when they are in South Florida. Whether they are there on a vacation in their second home, or they are using the property as their primary home, penthouses are ideal.
CLICK HERE TO VIEW ALL MIAMI PENTHOUSES FOR SALE

In addition, some people want and need to have more space. Many of the penthouse units also have more features and amenities, such as private elevators. These additional features help to make the idea of a penthouse even more attractive for those who can afford it, and they are even better in South Florida because of the great location.

Of course, you have to keep in mind that penthouses are rare. Towers generally only have one or a couple at most. This is something else that contributes to their greater cost.


Miami condos for sale

Is the condo market in Miami saturated? In January of this year, over 10,000 condos were actively listed in the Miami metro area. The spike in listings was reported back in January, by the Miami Association of Realtors. Analysts have noted that buyers have gained steam, as well as listings, though. So, is the market actually saturated, or are we seeing a spike that will even out as more buyers purchase these listed condos? (CLICK HERE to view all currently available condos for sale in Miami)

Currently, as the economy has stabilized and developers have gained confidence in the market’s future, there’s more competition than there has been in the last few years. Not only are condo owners putting their units up for resale, but there are more new construction and pre-construction units for sale on the Miami market than there has been since before the housing crisis in 2008.

Not the “Glut” You’re Thinking Of

The term “glut” is on the tips of a lot of tongues in the real estate world in Miami right now, but it’s not because of a lack of demand for properties. It’s because buyers are being given so many more choices than they’ve had in over six years. The upshot of this is that different buyers, representing different markets, will be attracted to different properties and different features.

Buyers from South America tend to be attracted to the newly constructed condo towers, with their new styles, amenities, and features. Long-time Miami residents may be more attracted to a neighborhood with the best schools or to a place near a park where they grew up. These are just two examples of the different types of buyer pushback you’ll see with this very unique type of condo market glut. However, according to the market stats, there’s nothing to worry about. The first quarter of the fiscal year is a very popular, “in season”, time of year for the housing market in Miami. This is the time of year that potential buyers traveling to the city on vacation so that they can check out new constructions, condos for resale, and neighborhoods where they might want to live. The large inventory of condos for sale during the height of the season is nothing to be worried about.

Resale Prices Are Up

In January of this year, Miami-Dade County showed significant gains in both condo sales and sales of single-family homes. (CLICK HERE to view all currently available condos for sale in Miami) This went against the plateau that the rest of the country was seeing at the time. While there may have been a lot of condos listed on the market, there were also a lot of condos being closed on. In fact, there were significantly more than were selling in January of 2013.

At the same time, the median for condo prices rose by about 20 percent this past January, and single-family homes rose by 16 percent. That means that, though at first glance the market looks saturated, that’s just simply not the case. Though a lot of developers and individuals are listing their properties, a lot of buyers are interested in those properties.

The trend is up in Miami condo prices and property values, and it doesn’t look to be going back down any time soon.


Miami real estate

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

Listings

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

What’s In Store?

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

Brining in the Cash

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

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

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


Miami commercial real estate

A $225 million transaction in Pembroke topped the multifamily stats for this year. The sale was for a 1520-unit community known as the Resort at Pembroke Pines. The sale was completed by the Carroll Organization, out of Atlanta.

Although the property was a bit rundown and outdated, the Carroll group developers were still interested in picking up this apartment complex, despite the fact that it is not quite as modern or stocked with amenities as newer complexes. This demonstrates that investors are interested in apartment complexes that already exist, rather than just having an interest in developing new apartment complexes.

Lower The Risk

According to reports, the prices of land in Florida have been going up and the costs of development have been going up, but growth as far as rental income goes is slowing. This means that, for developers, there is less risk involved in purchasing existing properties than there is in developing new properties, a process which can take two or three years to complete. The reporting states that, of course, in two or three years, the market can be remarkably different than it is at the time the development starts, adding an element of risk to the investment.

Stabilizing Market

While growth in the Miami commercial real estate market may be picking up, economic indicators show that the typical cycle of booming and busting in the South Florida real estate market may be between 7 and 12 years. With investors moving in from all over the world – Latin America, Russia, Europe, etc. it has proven to be particularly rich with people looking to make investments in South Florida real estate – real estate prices have largely stabilized and luxury properties are selling well again.

What’s Out There

South Florida may be principally known for its very high-end, upscale luxury real estate properties, but there are still many distressed properties on the market and, as this transaction shows, properties that may be a little bit outdated, but that could become very attractive provided they were given a bit of renovation. For some commercial real estate developers, it’s more attractive to invest in a property such as these, simply because they do not have to go through the development process or take on any of the extra risk associated with that process.

As the South Florida real estate market continues to grow, there are likely to be many very attractive deals that come available on the market, but it generally requires a skilled real estate agent for clients to be able to take advantage of these properties. We provide a list of Miami’s most expensive condos and Miami’s most expensive homes for sale and give forecasts about the market in general, both of which should be of great interest to individuals looking to invest in the luxury properties available in a South Florida market or, in fact, some of the older properties that could be very good investments with a little bit of redevelopment.


Miami real estate

New Yorkers have always been strong buyers in the Miami real estate market, but they seem to be making their presence known now more than they have in recent years. According to reporting in BizBrag the share of buying done by New Yorkers in recent developments in Sunny Isles and the surrounding area has gone from 10% up to 25% in the last year.

These numbers are for luxury real estate and, of course, Miami has a very strong reputation as a market that attracts buyers at the highest end of the real estate market. There are many features to Miami real estate that make it ideally suited for New Yorkers, and that has likely contributed to them buying up a great deal of the real estate, particularly over the last year.

Prices

While Miami may have an affluent real estate market, it is still generally more affordable – even at the very high end – than New York City. As the article points out, there are luxury properties available in the Miami area that will sell for approximately $700-$900 per square foot. Contrast that with New York, where it is easy to get into prices that are over $1000 for each square foot of property purchased. This makes Miami very attractive to affluent New Yorkers who are looking for something that is definitely a luxury property but who don’t want to pay New York prices for it.

Culture

Culturally, Miami and New York do have a lot in common. For instance, many of the luxury properties in the Miami area are located in areas where it is easy to get around on foot. Of course, New Yorkers are very familiar with this and it meshes nicely with the lifestyle that they are used to. Everything from upscale shopping to theaters, restaurants and most anything else can be found within walking distance of many of the most prestigious developments in the Miami area. Unlike New York, it’s also usually a very short walk to the beach and, of course, the water is always warm and the weather is almost always sunny.

Miami is an enormously diverse city, as well. This is something that New Yorkers are sure to appreciate, given that New York is so famous as a center for business and culture. Over the years, Miami has become one of the most popular places to invest for affluent foreign individuals, and there are great opportunities to live in a community that is diverse, vibrant and, quite simply, a lot of fun.

Like much of the rest of the country and nations beyond, New Yorkers are rediscovering what Miami real estate has to offer. Whether one is looking for a very exclusive place to call home or wants to live someplace that is very casual, but still very luxurious, Miami makes that possible. With so many New Yorkers entering into the real estate market, there is yet another sign that the real estate market in Miami is vibrant and picking up once again.

Check our website for a complete up-to-date Miami real estate market analysis: http://www.sunnyislesmiamirealestate.com/


Content published by Lana Bell

Content published by Lana Bell