By Sunny Isles Real Estate Expert on February 7th, 2017

Continuum Miami Beach condo

South Beach has some fantastic properties that could be a nice solution for buyers who are seeking a luxury property. One of the best options available today is Continuum, along with the sister property Continuum II. You will find quite a bit to love when it comes to Continuum. The residences have some wonderful features, and so does the building. If you are looking to live in opulence, you might find that this is the perfect choice for your needs.

What the Building Offers

From the moment that you walk into the building, you will be impressed. It features a two-story lobby that looks over the garden area, as well as the Atlantic Ocean. The building has smart service interfaces, too. Both Continuum Tower 1 and Continuum Tower II provides 24hr security on the grounds, as well as electronic key systems. These systems help to improve both privacy and security for the residents.

The building has a concierge service and 24hr valet parking is available. It offers large conference rooms, meeting rooms, and party and card rooms that have a nearby kitchen. Stay fit at the spa and fitness center, which features state of the art equipment.

Some of the outdoor amenities include a lagoon swimming pool, spa, sundeck with pool furniture, an infinity edge lap pool, and a pool pavilion. They also have three tennis courts, as well as beautiful landscaping. The residents can also enjoy the wonderful sandy beach that is just steps away.

What the Residences Offer

While the building certainly has quite a bit to offer, you will also enjoy all the great features available in the residences. They have private and semi-private elevator foyers, 10’ high ceilings, and large balconies where you can enjoy the wonderful weather and views. They also have floor to ceiling sliding glass doors that lead out to the balconies. The tinted glass windows help to keep it cool inside, and they also happen to meet hurricane standards. A washer and dryer are included, too.

The kitchens have custom European cabinetry, along with granite countertops and a glass backsplash. They have under-counter lighting, a Sub-Zero refrigerator, an oven, cooktop, dishwasher, and a microwave. Some of the residences even have a wine chiller. The bathrooms have a whirlpool tub, along with imported marble for the counters, whirlpool deck, and the flooring. You will also note the beautiful designer fixtures and cabinets, along with the glass shower doors.

A Great Location

You will be just a few short steps from the beach when you call Continuum your home. You can enjoy all the other great things to see and do in the area, as well. Great shopping, nightlife, and restaurants are all just a short drive away.

As you can see, there are plenty of reasons to make Continuum your new home. From the residences to the building and the location, it is one of the best places in South Beach. If you want to live in luxury, check to see what units might be available for you now.

1 Hotel and Residences South Beach Condos

By Sunny Isles Real Estate Expert on February 3rd, 2017

1 Hotel and Residences South Beach condos for sale

Those who are seeking sound investment or great property in the Miami Beach / South Beach area may want to consider 1 Hotel and Residences, which is a very popular 18-story building that was built in 2014. It was formerly called Ganesvoort and before that, it was known as The Perry. The building features 417 suites for guests along with 163 condos. This building is also LEED certified, which stands for Leadership in Energy and Environmental Design. The building features a range of amenities, and the residences have plenty to love.

Building Amenities

When it comes to the building amenities at 1 Hotel and Residences, you will discover some fantastic features for guests and those who live in the building. It features an oceanfront infinity-edge, heated pool that offers up a fantastic view. There is a pool deck, along with cabanas poolside.

Those who are looking to do a bit of shopping will appreciate the premium boutique retail options at the building. It also features a modern party room, covered parking including a 24-hr valet and a bellman. Those who want to have a safe living environment will be pleased to know that the building has 24-hr controlled access and 24-hr security with cameras that are monitored. The high-speed elevators feature electronic card access. The interiors of the building are beautiful, including the lobby.

You can also enjoy concierge services, housekeeping, poolside dining, the beach club, a restaurant and bar onsite, and a rooftop pool club. When you live at 1 Hotel and Residences, you can see what it is like to live in true luxury.

One of the other nice features of the building is the fitness center and spa. It features 45,000 square feet of space filled with spa and gym equipment. It is the perfect place for those residents who want to do their best to keep in shape.

1 Residence Features

Of course, the features of the residences are just as impressive as the features of the building. They have oversized balconies that include gorgeous views of the South Beach skyline along with the Atlantic Ocean. The doors that lead to the balcony are floor to ceiling glass. Units feature central air conditioning, large living rooms and walk-in closets, as well as a washer and dryer. The units are wired for high-speed Internet, data/voice, and cable television.

In the bathrooms, you will find marble vanity tops, imported marble flooring, beautiful faucets, and high-quality features throughout. The kitchens feature European cabinetry, a large oven and dishwasher, imported marble tile, and stainless steel appliances.

The building also happens to have a fantastic location. It has more than 600 feet of beachfront property right outside the doors. Residents and guests are never more than a few steps from the water and sand. The hotel is only a short distance from a variety of museums, parks, theaters, and shops. Getting into the downtown area of Miami will take only minutes, as well. It is close to some of the most popular restaurants and nightlife, as well. It is a luxurious place to call home.

Jorge Perez Wants to Sell Home for Four Times Purchase Price

By Sunny Isles Real Estate Expert on August 10th, 2016

One Ocean Miami Beach

When most people buy real estate, they aren’t just buying a place to call home, even though that might be their primary goal. They are also buying an investment. Even if they don’t plan to rent out the place and use it as an investment property, they do want the home to go up in value. This way, they can sell the home later and hopefully make a profit. The amount of money that you can expect the home value to increase by varies based on a number of factors. However, it’s quite rare that you can expect the home to quadruple in value, especially in a short time.

Jorge Perez is hoping that his efforts to sell his penthouse, located at One Ocean – see website here will pan out though. When he bought the home in May of 2016, he paid $4,233,600 for the property. At that time, the price was $1,200 per square foot. Little more than a month later, Perez decided that he would sell the home, Unit 706, and he was asking more than the purchase price. He wasn’t only asking for a little bit more money though, as one might expect from a house flip. Instead, he was asking for $20 million for the home in the South of Fifth neighborhood. This equates to $5,669 per square foot.

Is It Worth the Price?

The unit is on the top floor, and it features a beautiful wraparound terrace that offers a view of the pool. By all accounts, it is a lovely condominium, but most real estate professionals in the area do not believe that it is in line with the market. On the MLS, two penthouses that were on the same floor as Unit 706 sold for much less. Unit 701, which offers 3,534 square feet, sold for $7.072 million. Unit 707, which has $3,206 square feet sold for $6.412 million.

As you know, the market demand will dictate the price of real estate in many cases. With Jorge Perez’s unit, the asking price seems very out of line when compared with the other prices for units in the building. While it is certainly possible for Perez to make a nice profit with the unit, getting that $20 million asking price might not be possible.

That’s not to say that homes in Miami don’t go for astronomical prices sometimes because they certainly do. At Faena House a property is selling for $18 million, and another one, owned by Ken Griffin, is selling for $55 million. It is possible to sell homes for a large sum of money. However, the experts are quick to point out that those other two sales are happening at Faena House, which is at the top end of the market.

It’s unclear whether Perez will be able to find someone who will buy the unit at the price, or if he will end up having to lower it. Since there are so many other comparable units in the building and the area, which cost far less, it is likely going to be very difficult to sell it for so much. Only time will tell.

A New Kind of South Beach Luxury

By Sunny Isles Real Estate Expert on April 17th, 2016

South of Fifth Condos for sale

“South of Fifth” is not just a district in the world-renowned destination of South Beach; it has come to define a lifestyle. South of Fifth life is about vibrancy, luxury, culture, festivities, and needless to say, some of the most beautiful beaches and the finest white sands on the planet. When you live in this prestigious neighborhood, you have walking-distance access to the heart and soul of South Beach and the best of what is has to offer, from bay side to ocean side waterfront recreation, to eclectic boutique shopping, to exciting and internationally renowned cuisine, to one of the United States’ most electric and high-profile nightlife scenes. It may be surprising that the luxury condo building that shares the district’s name, South of Fifth or S5, takes a different approach than the myriad glassy, chic high-rises spotting the area’s skyline. View South of Fifth condos for sale HERE.

A Different Kind of Luxury

The neighborhood offers multiple iconic high-rise towers, such as Portofino Tower, Murano Grande, Continuum I and II, and many more. But South of Fifth is different – situated on Ocean Drive, South of Fifth offers a more intimate luxury community. Instead of a 35+ story tower with countless available units, South of Fifth offers just 28 – nine lofts, ten condos, three penthouses, three cabanas and three two-story beach houses. These units offer anywhere from 1,300 to 6,200 square feet and comprise a building that is a sheer architectural tour de force from Nichols Brosch Wurst Wolfe & Associates.

Unit Features

Residents and guests will enjoy east to west flow-through layouts that will provide them with day-long natural light from sunrise to sunset. The sunlight radiates into the units through floor-to-ceiling windows that provide stunning views of the seductive waters and the infectious energy of Ocean Drive. These luxury living units are equipped with wireless lighting control and custom home theaters. The kitchens feature elegant granite countertops and top-performance appliances, and the bathrooms boast limestone and glass-encased showers. Each unit provides private elevator access and service quarters with a separate entrance.


South of Fifth residents have access to an exclusive Residents’ lounge and a private courtyard to find deep relaxation or to socialize with friends and neighbors. Other services that can be taken advantage of around the clock are complimentary valet parking, 24-hour concierge service, 24-hour maintenance, the on-site fitness center and sauna, the climate controlled bicycle room, and an oceanfront lap pool with Jacuzzi and cabanas. You can swim laps for fitness or fun in the comfort of your own complex with an ocean side view – it’s the best of both worlds. Moreover, South of Fifth residents live with uncompromised privacy and the utmost peace of mind with the community’s 24-hour on-site security personnel.

Not only do residents at South of Fifth experience a different kind of architectural design and luxury from any other complex in SoFi, but they also enjoy unparalleled access to the neighborhood’s culinary spots, clubs, shops, and other points of interest. With a superior luxury and location offering the most exclusive serenity in SoFi, South of Fifth carries one of the most in-demand profiles in South Beach.

Portofino Tower: Setting the Standard for South Beach Luxury

By Sunny Isles Real Estate Expert on April 11th, 2016

Portofino Tower Miami Beach

South Beach luxury high-rise living (check site for active South Beach listings) has become a culture unto itself. Visitors and residents from around the world have been seduced by South Beach’s elegance, style, and broad offerings in entertainment, nightlife, cuisine, arts, culture, architecture, and of course, the fine white sands of the bay and ocean side beachfronts. Nothing completes the luxury of vacationing or residing in South Beach like the condominiums and penthouses that now define the neighborhood’s skyline. These structures cascade above Ocean Drive, over the Biscane Bay, and throughout the prestigious South of Fifth neighborhood, putting their residents and guests within walking distance of the best that South Beach has to offer. The one that started it all – Portofino Tower Miami Beach.

The First of Its Kind

Portofino Tower was the very first luxury high-rise building in South Beach, a pioneer and an immediate symbol of SoFi life. With its instantly iconic salmon walls and ocean blue windows, the 44-story tower was situated at city’s southern extremity directly in front of the Port of Miami on Government Cut, securing perhaps the best possible vantage point for sweeping panoramic views of the ocean, the bay, and the city itself. Legendary developer Jorge Perez’s project set the standard for SoFi ultra-luxury, featuring expansive floor plans and floor-to-ceiling windows to make breathtaking views an element of everyday Portofino Tower life. In fact, the enduringly high profile of the tower, combined with the best in round-the-clock security, has attracted residents of both national and international celebrity.

Exclusive Luxury

Certain lavish elements are available only to Portofino Tower residents, such as the exclusive Club Portofino, a 29th floor destination including a variety of services and amenities, such massage, sauna/steam rooms, a bar terrace, theaters, game rooms, and the Tower’s state-of-the-art fitness center. Residents and guests also enjoy a variety of swimming pools and tennis courts, as well as the Portofino Poolside Café which serves daily lunch. Other services include 24-hour on-site security, concierge services, and round-the-clock complimentary valet parking.

When you enter the stunning Portofino Tower lobby, you’ll be welcomed into a four-story masterpiece featuring a beautifully serene fish pond. The unbelievable living spaces of Portofino Tower are accessed via semi-private elevator foyers and double door entry. Each unit boasts 9-foot ceilings, floor-to-ceiling windows providing breathtaking panoramic views, Italian designed Snaidero kitchen cabinetry, large outdoor terraces, master bath Jacuzzis, spacious closets, granite vanities and more. The kitchens are equipped with top-of-the-line Sub-Zero and Miele appliances and feature breakfast areas as well. The considerably sized units are available in floorplans from one to four bedrooms and from 1,090 – 4,510 square feet.

Portofino Tower isn’t just South Beach, South of Fifth luxury living – Portofino Tower defines it. And on top of the ideal living community of the building’s residences and amenities, Portofino Tower offers convenient access to the beaches, cuisine, shopping, and culture of South Beach. A well known standard-setter in luxury amenities and services, a trendsetter in South of Fifth architecture, and the first addition of its kind in South Beach, Portofino Tower has earned all of the high-profile respect that it’s been given.

Capri South Beach – Two Worlds at Your Fingertips

By Sunny Isles Real Estate Expert on April 7th, 2016

Capri South Beach condos for sale

South Beach is renowned internationally as a luxury destination, both for new residents and vacationers from around the world. With a wide array of live performance art, museums, world-renowned shopping, culture, iconic dining and nightlife, and astonishing architecture like the iconic Art Deco District, South Beach offers a rich life and a variety of experiences to its luxury residents that will never get old. However, finding the right location in South Beach can be tricky. You want all of these magnificent experiences to be accessible, but you don’t want to sacrifice the exclusivity, privacy, and quiet relaxation of luxury living. Capri South Beach is tucked away on the 16th Street waterfront west of Bay Rd. When you choose South Beach Capri, you will have the world-class offerings of South Beach right at your fingertips while still being able to enjoy relaxation, seclusion, and privacy in your exclusive luxury space.

Design and Access

Capri South Beach – (view listings here) is situated on two acres of highly sought-after waterfront real estate in the heart of South Beach. The area’s art, live performance, entertainment, nightlife, culinary establishments, remarkable architecture, and much more is well within reach of Capri SoBe residents. In fact, residents can easily walk to things like Lincoln Road shopping, the historic Art Deco District, Ocean Drive, gorgeous beach fronts, and compelling museums. For frequent travelers, the Miami International Airport could hardly be any more conveniently located – just about a 15-minute drive.

With design by the award-winning Kobi Karp, this three-building complex is a masterpiece of contemporary design. The buildings of Capri South Beach – Marina Grande, Marina Piccola, and Ana Capri – feature 16 significantly unique floorplans to suit the spatial and aesthetic needs of any resident. Choose a 1-, 2-, or 3-bedroom layout finished with travertine flooring, custom European cabinetry, custom built-in closet systems, white marble bathrooms, floor-to-ceiling windows, and appliances by Subzero and Miele. Each bathroom features a soothing, romantic soaking tub and a double rain shower with glass enclosure, so if you prefer to be indoors, you can find your relaxation in your own personal paradise.


Capri South Beach residents take daily advantage of luxury resort quality amenities. The complex’s enclaved swimming pool and Jacuzzi are surrounded by marble, stylish Euro furnishings, and smooth teak wood, and both of them face the waterfront. In this exclusive oasis, you are surrounded by gorgeous tropical landscaping and have direct access to a 500-ft. promenade on the Bay Walk. Other amenities include a private spa; a top-quality, on-location fitness center; in-room dining service; dry cleaning service; a private marina; and 24-hour valet, concierge and security services. If you want South Beach quality cuisine without leaving the comfort of the complex, visit the on-site Capri restaurant for an evening in that feels like an evening out.

Capri South Beach brings its residents a perfect marriage of lavish exclusivity and immediate access to the area’s most exciting public attractions. At the snap of a finger, you’ll be able to step away from uncompromised privacy and into the thriving pulse of the city.

Murano at Portofino – Exclusive Luxury on Biscane Bay

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

Murano at Portofino

Nothing is more paradisiac than life in South Beach, and nothing is more quintessentially South Beach than the South of Fifth neighborhood. When you live in SoFi, your life is defined by the heart of what South Beach represents. One of the signature icons of the South of Fifth neighborhood’s exclusive variety of luxury high-rise residencies is Murano at Portofino – see listings for sale. You may see it as chic and hip, a symbol of modernity; or as timeless and elegant, the pinnacle of taste. Either way, you’ll adore its curvaceous, tri-level exterior of glass. It’s hard to say who benefits more from the buildings curves: exterior admirers or interior residents, who enjoy the benefits of the broadest range of views in SoFi, including Miami Beach Marina, Biscayne Bay, the Atlantic Ocean, and the city itself.

Exclusive Features

It’s not just unique views that you get from Murano at Portofino. Some of the access features of Murano life are just as unique – life at Murano is a life of style. For starters, select units at Murano feature private elevator foyers. Residents also enjoy access to the private, exclusive Bay Side Beach and Yacht Club, called La Piaggia Beach Club, which features a fantastic restaurant and a saltwater pool. The 2nd and 3rd floors of the building house the state-of-the-art health and fitness center, which features top-quality equipment for an outstanding on-the-premises workout. If you’re looking to relax, you can skip the workout and just visit these floors for the facility’s sauna and steam rooms.

Other exclusive features that are a part of the Murano lifestyle are its heated Bayfront pool and spa, over 600 feet of bay frontage to enjoy, and full access to on-site, lighted tennis courts. You’ll enjoy access to the multi-level porte-cochere and accompanying 24-hour valet parking, and you’ll have round-the-clock access to concierge services. Another important 24-service is building security, providing you with uncompromised privacy, safety, protection, and peace of mind. Your expansive Murano at Portofino entrance is an impressive 20-foot welcoming into the grand lobby, and for outdoor recreation, Murano boasts four and a half acres of tastefully landscaped grounds with lush tropical vegetation.

Luxury Living

Your unit will come with a smooth, nine-foot ceiling; tinted and tempered, hurricane-resistant glass; enormous, walk-in closets; central air and heat; pre-wired cable capability; panoramic view; and a beautiful living and dining room. You’ll love spending your early mornings or your relaxed evenings on your oversized terrace with glass and aluminum railings. Your unit may even be designed with an ocean to bay see-through floor plan for some of the most comprehensive views in SoFi.

Your kitchen is equipped with a Sub-Zero refrigerator and freezer unit, a full size microwave and oven, a ceramic radiant cooktop, custom Euro cabinetry, granite countertops, and a sound-insulated dishwasher. Some units incorporate a fully separate laundry room with its own cabinetry, and some include a wine chiller.

If you are looking for style, world-class amenities, a world-at-your-fingertips location, and the moment-to-moment choice between privacy and full integration into the heart of South Beach life, life at Murano at Portofino will be exactly your speed.

Find Your Tranquility at Setai

By Sunny Isles Real Estate Expert on March 26th, 2016

Setai Condos for sale

South Beach is one of the most dreamed-about locations on the planet. Whether you’re planning a vacation visit or becoming a full-time resident, South Beach offers an amazingly diverse and richly layered culture including its thriving culinary scene, its high-end brand and one-of-a-kind boutique shopping, its number of museums, the historic Art Deco District architecture, some of the finest white sands and beachfronts in the world, and of course, the pulsing nightlife. Sometimes, when there’s so much energy all around you, it helps to find a place to stay that offers the opposite energy – a quiet, relaxed getaway. The Setai Miami Beach is just that – situated in the heart of South Beach, it is an oasis of peace and serenity amidst the neighborhoods electric energy.

The Setai’s beginnings were with its Collins Avenue Art Deco building, which was constructed between 1936 and 1938 as the renowned Dempsey Vanderbilt. Next to this landmark fixture is the Setai’s sleek and elegantly designed 40-story tower of glass-enclosed residencies and suites, the envy of all surrounding buildings in design and magnitude. The vision of the hotel’s design embraces all that is Art Deco, integrating the celebrated Art Deco District traditions of South Beach with the style’s international influences, particularly in Asia.

The Suites

The Setai’s Ocean Suites are a retreat for the mind, body and soul. A luxurious escape, discreet and exclusive, the Ocean Suite can be reserved in a one- to four-bedroom floor plan. With personalized service including concierge, valet, flexible check-in and check-out times, luggage assistance, daily breakfast en suite or in the Setai restaurant, a 45-minute spa treatment, and more, each Ocean Suite boasts dazzling views of the ocean and artistry that embodies serenity. Other luxuries available in these suites include handmade Swedish Duxiana king beds, rainfall showers, gourmet kitchens, and much more. Ask about the one-, two-, three-, and four-bedroom penthouse options available to find out more about the personalized comforts of each one or view the website for available units for sale.

Perhaps you’d prefer to stay in one of the Art Deco Studio Suites. Also incorporating Asian-inspired artistry and craftwork into an atmosphere of exquisite escape, these spacious suites are a marriage of timelessness and modernity. The design is chic and contemporary, yet minimalistic and inclusive of genuine artifacts that bring a tone of ancient, eternal tranquility to the studios’ décor. These are located in the historic Art Deco building, which is richly layered with generations of history and tradition. Have your choice of the City View suites, which overlook Collins Avenue and the districts exuberant Art Deco colors and designs, or the Courtyard View suites, which orient you toward the Setai’s central courtyard and serenity pond.

Inexhaustible Service

You’ll experience the best in luxury service in the most elegant and tasteful settings that South Beach resort-style living has to offer. Whether you’re visiting one of the many restaurants – the Jaya, The Setai Grill, The Bar & Courtyard, or the Beach Bar – or attending complimentary, exclusive beach yoga available only to guests and residents, you’ll be amazed at the quality service that comes with this unforgettable environment. From Spa by Thémaé treatments to en suite services, The Setai will leave you feeling pampered and rejuvenated to take on the pace of the outside world.

South Beach – The Quintessential Vacation

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

South Beach real estate

In addition to being widely recognized as one of the finest beach destinations in the United States, South Beach (click to open site here) is often associated with the bright colors and the stunning architecture of its historic Art Deco District. And while fine white sands and brilliant Deco stylings are certainly vital pieces of the South Beach experience, South Beach’s essence is so much more. A destination for shoppers from around the globe, a thriving culinary hub, a beacon of art and culture, and an unforgettable nightlife experience, you could spend years in South Beach and hardly scratch the surface of what this remarkable location has to offer.

The Beach

Any Miami resident will tell you that South Beach’s oceanfront just doesn’t get old. It’s a regular recreational spot for locals and an absolute must for visitors. There are ideal spots for everyone, as the beach features walking trails, beach volleyball courts, ample lifeguards and beach patrol, and other specially-designated areas. When you visit, be sure to explore Lummus Park, South Beach’s most famous beachfront park, which features large grassy spaces, enormous palm trees, and the wavy Promenade which connects with the boardwalk at 21st street.

The Shopping

South Beach has gained a well-deserved reputation as one of the most exciting shopping destinations on the planet. World-class designers and an incredible variety of retailers have flooded into the district, resulting in a shopping experience that will touch on high-end brand fashion, one-of-a-kind designer boutiques, the elegant, the funky and hip, and everything in between. Visit the pedestrian-only Lincoln Road shopping district for one of the most extensive, festive shopping areas in South Beach. The outdoor Lincoln Road Mall boasts over 400 stores, and you can visit the Sunday morning farmer’s market for some fresh food and market merchant grabs. The Collins Avenue Fashion District features retailers such as Barney’s, Guess, Kenneth Cole, and many more, and if you’re looking for something a little more fun and youthful, try Ocean Drive.

Arts & Culture

South Beach is also a world-class destination for architecture buffs, museum and history lovers, and fine arts inclined visitors. It’s hard to even begin to touch on all of the culture that the area has to offer! For architecture lovers, the Art Deco District is a given (schedule a free walking tour or visit the Art Deco Welcome Center for extra info), but other sights include the Versace Mansion and Espanola Way. For museum-goers, South Beach offers the ArtCenter, Bass Museum of Art, Miami Beach Botanical Garden, The Holocaust Memorial, and many more. Finally, theatre lovers can enjoy a live production at the Colony Theatre or the Jackie Gleason Theatre.

Eats & Nightlife

Needless to say, after all of these touring activities and food cart snacks, you’re going to want to enjoy South Beach’s amazing cuisine and iconic nightlife. Ocean Drive, Lincoln Road, Espanola Way – all of these places are home to some of the best dining and partying spots in the world. There is a range of options on the cuisine side for any taste and for any budget, especially if you’re saving some of that cash to party well into the night at one of South Beach’s amazing clubs.

South Beach may just be one of the world’s most interesting places to live or one of the most well-rounded vacations you could plan. No matter what your interests, your budget or your pace, you will find fulfilling and exciting activity in one of the most gorgeous settings you’ll ever encounter.

For more information on available properties for sale on South Beach please contact One Sotheby’s International Realty at (305) 336-0457

Wealthy Brazilians Flocking to Miami Real Estate but Local Economy not Benefiting

By Sunny Isles Real Estate Expert on March 20th, 2016

South Beach real estate

There are many wealthy Brazilians that are attempting to escape an unstable economy at home by investing in an area they deem as safe: South Florida.

Many other people are doing this, as well, including the French, Turks, Venezuelans, Mexicans, Colombians and Argentinians – virtually anyone who has a bit of money to shelter are taking a direct flight to Miami.

The influx of cash has worked to drive the latest change in the ever-evolving transformation of Miami. No longer a 19th-century rail stop, but instead, a retiree and tourist hub that is also considered a haven for Cuban refugees and a harbor for global investors, the Miami lifestyle has changed drastically. The fact is, there is no skyline in the US that has experienced a more dramatic change due to foreign investment in the past 10 years than Miami. What was once empty, worn-down lots are now filled with swanky retail shops and Miami luxury condo towers. Developers have no expectations that this high demand will end anytime soon.

The Problem for Miami Residents

However, the Miami people as a whole have not really benefited from all this glitz and the influx of money. Since the area is catering to wealthy investors from all over the world, they often jet off, which means there are a number of highly visible investments but not the broader income gains that would benefit the majority of residents.

The fact is, wages have actually fallen for workers in Miami in the previous year. The unemployment rate is over the national average. The Miami area has the largest number of renters in the country who have devoted more than 30 percent of their total pay for housing, which is a level that the government sees as “burdensome.” According to data from the census bureau, high rents are a burden to 66 percent of tenants in Miami, compared to 52 percent around the nation.

The benefits of this income are not being seen in the local economy. Due to the higher rent costs, local businesses are being impacted and the number of opportunities to offer year-round housing for workers is being minimized. Instead of staying, they are moving out.

While it is easy to access and considered a glamorous locale, Miami real estate is offering an asset that is appreciating during a time when other types of investments have been reduced or turned volatile.

The Growing Construction Projects

There are no less than 126 residential towers that are planned for construction in the South Florida area. One of the signs that indicate the influx of wealth from around the world is that most foreign purchases are being funded with cash, rather than debt.

In the previous year, people from around the world spent $6.1 million in real estate in Miami, which accounts for 36 percent of the total investments in real estate in Miami.

Miami is also an appealing destination for investors from around the world due to the lower tax rate that is present. While this is leading to more development, the local economy has yet to see the benefit, which could prove troublesome in the near future.

CLICK HERE to check out Miami Beach real estate properties for sale