Miami real estate

One of the hottest types of sales to happen in the Miami real estate (view homepage website) industry over the past year have actually been for air rights, which might seem somewhat strange to some. Air rights are the rights to the air space above one and two story buildings. What does this really mean though? Often, people call air rights the “transfer of developmental rights”, as this is what it really means. A person or company that owns a short building can sell the square footage above the property to a developer who wants to create a high rise building.

While this type of sale has been growing in frequency and popularity in the past year, it’s been around for some time. One of the areas famous for this is Sunny Isles Beach (view high-rise condos for sale here), which has countless high-rise properties on Collins Avenue. They have also been popular in places with limited space, where the only way to build is up, such as NYC. The system set up in Miami works well for the buyers as well as for the sellers.

How Do Air Rights Work?

Miami 21 Zoning Code says that “qualifying sellers are those who own building in Miami designated as historic or that are within a historic district.” The revenue from the sale of the air rights then needs to go into renovating and maintaining the “historic character” of the building. This helps to ensure that some of the older buildings with a bit of history behind them will get fair treatment rather than just being bought up and demolished. It helps to preserve the history and the flavor of the area. Ultimately, it adds more character, and it still allows the developers to build the luxury high-rise properties that are so popular today.

Developers in the area know that the total square footage and not merely the base square footage is the important number to consider. They can buy up the air rights and then build upward, just as they might do on a piece of land that did not already have a building on it. This gives them greater development potential, and a greater chance of earning more, naturally.

The price per square foot varies depending on just where in the city the developer is considering buying. Some areas with space that are more popular and in demand will have higher prices. The city sells air rights to some of their buildings, and these tend to be higher than what private sellers are offering. In order for a private seller to get developers interested, they will need to come down from the city’s asking price, which is typically around $15 to $16 per square foot.

With the amount of interest that people have in living in the Miami area, there’s still a need for more developments. This will grow even more in the coming years. Many traditional building projects are underway now, but selling air rights to developers will help them to meet the growing need of a city that’s poised to become even larger and more populous.


Turnberry Ocean Club

One of the most popular developments in the Sunny Isles Beach area is the Turnberry Ocean Club. Designed by architect Carlos Zapata, the property has a range of elements that help to make it a standout choice amongst the many options in the area. Turnberry Associates reports that they have actually been selling these properties quite briskly as well. The property has 154 units, and they have already reported sales of more than two dozen of the units. Interestingly, many of the people who bought in the building are from Europe or South America. Investors from those nations often look for high quality luxury properties in the Miami area that they can use as vacation homes, permanent residences, and investment properties.

Construction of this property will not actually begin until 2015, but that is doing nothing to slow down the presales. Daniel Reardon of Turnberry Associates actually believes that they will sell 50 to 70 of the units by the time the construction starts. The completion date for the building is 2018. The units in the building vary quite a bit in size – from 2,900 to 10,645 square feet. The prices differ as well, naturally. They range from $4 million to $35 million. These are, without a shadow of a doubt, true luxury properties that will have all of the features and amenities an owner could want.

Turnberry is a popular developer, but Riordan says that the Turnberry Ocean Club is something of a departure for them. In the past, they’ve worked with a number of traditional designs and styles, but this building has a far more modern appearance. The 54-story property will have a wide range of features and amenities that will appeal to many different types of buyers.

Why Choose Turnberry Ocean Club – (view site and brochure here)?

The property will feature a Sky Club on floors 30 through 32. The club will include amenities such as saunas, spas, an indoor and outdoor dining area, and a fitness center so residents can stay in great shape. Having this area in the middle of the building will help to set it apart from many of the other properties in the area that will typically have these features on the lower floors.

While Turnberry understands that a number of investors will be looking into the company, they are focusing on families that actually want to live in the building and make it their home. They want to have a true family building rather than having investors simply renting out all of the units to vacationers. The area really is ideal for those buyers who want to raise a family.

Although it is still quite early in the development of the building, now is the best time to look and see what properties they have available for anyone with even a small interest in buying. It’s better to buy now rather than wait and regret missing what is sure to be one of the hottest properties in the Sunny Isles Beach area in the coming years.


Miami Beach homes for sale

Picture the city of Miami Beach and South Beach. Chances are good that condo properties loom large in that mental image. There’s a good reason for that. They’re immensely popular throughout Miami-Dade County. However, that doesn’t mean that single-family homes have fallen out of favor or aren’t in demand. Many would-be homeowners would prefer to have their own home designed and built on their own land, rather than buy into a condo property. The problem is that few people can actually manage that. Why is this the case?

Little Land

One of the problems here is that the Miami Beach area is highly developed. That means in order for something new to be built, something else usually has to be torn down. In the absence of empty lots and buildings that need demolishing, would-be homeowners are finding it harder and harder to locate a parcel of land that suits their needs. (View All Miami Beach Homes For Sale Here)

There’s also the zoning problem – what little available land there is may not be zoned for residential use. Most of it has already been zoned for commercial use (including the building of condos). Why? There are two primary reasons. First, the demand is there. Second, the area makes more in tax revenue from land that’s been zoned commercial rather than residential.

Homebuilders

While the impact of the land conundrum has been felt by homebuyers, it’s homebuilders that have been hardest hit. The Atlantic Ocean bounds builders on the east, and the Urban Development Boundary prevents expansion to the west. Builders have nowhere to go, and that means smaller builders have actually gone out of business. Very few builders remain operating in the area that aren’t big businesses. Even large construction companies are finding the going tough, though.

Down the Road

Currently, the Miami-Dade area has a three-month supply of existing homes on the market, but the problem comes from the lack of replacement lots. Once those vacant homes are sold, there are fewer and fewer empty lots available to build on to replace them. Lot shortages have already had an impact on the industry, and that effect will only become stronger in the coming months. Experts predict that things will get worse before they get better.

One way that builders are coping with the shortages is to change their development and building habits. In the past, massive, sweeping neighborhoods were constructed. Those are largely gone now, though. Builders are instead focusing on the smaller 20-acre lots, or even 10-acre lots, and developing them as best they can.

The Condo Market

In direct contrast to the single-family home construction segment, condo construction is thriving. Sunny Isles Beach alone had 15 multimillion dollar developments (View all preconstruction projects in Sunny Isles Beach) in the last 10 years, and the greater Miami area has seen countless more. Condos are viable because they require a much smaller initial footprint, and can be home to hundreds, even thousands of families. A single 20-acre site might accommodate 900 units.

It remains to be seen just how long it will take the single-family housing industry to recover, but in the meantime, the condo industry continues to thrive.


Estates At Acqualina Sunny Isles Beach

The real estate recovery has been a long slog for most of the nation, but South Florida’s been looking up more and more. While Miami and its surroundings are doing well, Sunny Isles is outperforming some of the traditional leaders. With 15 condo properties now under development, the city’s boom is more than just a trend. The newest project involves the Trump Group and a planned 51-story condo building to be branded Estates At Acqualina.

A Look at the Project

The Trump Group marks the third attempt in the past 10 years (under the name GSF Acquisition LLC) to build a condo on Collins Avenue in Sunny Isles. The site itself comprises 5.6 acres, and was once home to the Golden Strand Ocean Villa Resort. The new development will be called Estates At Acqualina and will comprise of two towers, 51 stories each. Each tower will feature only 90 residences. The residences will range in size from 4,465 square feet to just over 5,000 square feet. Just two lots south of its location is the site of another Trump Group project, the Mansions at Acqualina, which will eventually boast 79 units spread across 46 floors.

Villa Acqualina skating rink

The club house for Estates of Acqualina will be called Villa Acqualina and will be built by an acclaimed architect, Rafael Portuondo. The new Estates at Acqualina will offer top of the line amenities including beautifully landscaped gardens featuring multiple infinity pools, a FlowRider® for surfers, a basketball court, a romantic beachfront restaurant and bar, and 502 feet of Atlantic oceanfront on a 5.6 acre site with all the benefits of Acqualina’s five-star lifestyle. Residents can enjoy the sun’s splendor and dip into the cool ocean in an atmosphere of absolute privacy, which is unparalleled in South Florida. Villa Acqualina with more than 45,000 square feet of remarkable facilities including a spa and fitness center, one of a kind dining with a world renowned restaurant and Circus Maximus, a full floor of magical amenities such as ice skating rink, bowling lanes, a Wall Street Trader’s Club room, and a movie theater among many other attractions to delight people of every age. Villa Acqualina has something for everyone, creating a never-before-seen ocean-side lifestyle.

The existing Golden Strand Ocean Villa Resort has stood on the beach for over 32 years, and comprises a number of residential and commercial buildings. The president of that project signed termination paperwork in June 2014, which cleared the way for the property to be sold and ultimately demolished before construction of the new Acqualina tower can begin.

That move comes only months after the purchase of 134 units at the Golden Strand Ocean Villa Resort by GSF Acquisition back in January of 2014 (giving the development company a controlling interest of 80% and the ability to press for a sale).

Will the towers sell out quickly? That’s the multimillion-dollar question. The Trump Group is banking on buyers maintaining their appetite for luxury south Florida real estate in the coming years, even as other projects come to the market. As this is the 15th such project to be announced in Sunny Isles alone since the beginning of the current boom cycle back in 2011, there will be lots of competition for the Acqualina. Whether the company’s gamble pays off remains to be seen, but it’s definitely a sign of the times.

For Sunny Isles, and most other areas of SoFla, the real estate bust is long gone and business is booming. Thousands of new units are slated to come to market within the next three years, giving buyers more choices in luxury living than ever before.

Prospective buyers have an incredible array of options in Sunny Isles alone. With 15 new projects in development as well as existing properties on the market, it’s an interesting mix of both a buyer’s and seller’s market, giving benefits to both sides. Buyers get their choice of luxury living in some of the finest condo properties ever built, and sellers get to take advantage of surging demand for their offerings.

Click Here To View Additional Information About Estates At Acqualina or to reserve your unit today please contact our office at (305) 336-0457.


Regalia Sunny Isles Beach

Miami has long been known for ultra-luxury properties that command multimillion-dollar price tags. It’s not unheard of for a particularly prime condo unit to go for $7 or $8 million, with some topping $10 or $12 million. However, there are a few properties that stand head and shoulders above the rest. In fact, there are four on the market right now that have a list price of over $25 million. Which homes can command that type of money?

Continuum Miami Beach

Number one most expensive condo currently in Miami is Continuum South Beach. Located at the southern end of Miami Beach, this duplex condo offers just over 8,200 square feet, and boasts seven bedrooms. Six and a half bathrooms can be found on the property as well. There’s a home theater for enjoyment, and a custom security system is in place to provide safety and peace of mind. That security system is integrated with a whole-home audio-visual system as well. The price? A reasonable $29.9 million. Click here to view Continuum Penthouse

“>Regalia Sunny Isles Beach

With only 39 luxurious private residences (there is only one residence per floor), Regalia Sunny Isles offers a contemporary residential oceanfront masterpiece featuring characteristics that have never been constructed in any of the Miami’s luxury condominium. Spacious residences with more than 7,600 square feet of livable space, 5,515 interior square feet, 2,100 exterior square feet, feature floor-to-ceiling glass walls framing the dramatic ocean and 360 degrees of unobstructed views. Each residence offers 360 degrees of oceanfront views.

Currently there is a penthouse unit available for sale in Regalia for a cool $29,000,000. Click here to view the unit. The unit offers 9,550 under air square Feet (888 square meters) with a price of just over $3,000 Per Foot ($32,694 Per Square Meter).

One Bal Harbour

One Bal Harbour has recently announced that Ritz Carlton will be managing the hotel which is great news for this proerety. However, the condos at One Bal Harbour have long been known as one of the most luxurious properties in the Miami area, especially the penthouse. It features five bedrooms, as well as five and a half baths. In total, the condo comprises almost 8,000 square feet, which includes a wraparound balcony featuring its own hot tub. The unit also has a private two-car garage, as well as its own sauna. It can be yours for just $27 million.

Click here to view list of most expensive condos in Miami

Miami’s Single Family Homes

Number one on our list is a mansion in Coconut Grove called La Brisa – Click here to view the property. It is a rare opportunity to own peace of history and to travel back in time with this 9 acre oceanfront property in the heart of Miami. The private gated estate offers 9 beds & 11 baths, 207′ waterfront includes dock for 70′ yacht. The price is $65,000,000.

Mashta Point Key Biscayne Home For Sale

This by far is one of the greatest property in south florida, EVER! Captivating waterfront offers 2 acres of gated grand estate on a private peninsula overlooking Biscayne bay with the Miami Slyline as a backdrop. The estate offers 2000 feet water frontage, 5 story 12,000 sq ft 6 bedrooms 8 full baths with stunning 360 degree water and city views, fabulous pool and gazebo area, private deep water yacht harbor. This property was the playground of America’s elite at the turn of the century, with Vanderbilt’s , Carnegie’s and others partied here. The price is $60,000,000.

Star Island Home For Sale

Star Island has always attracted the word’s rich and famous. The celebrities have discovered the fountain of youth and are now living in Star Island homes. To name just a few: Gloria Estefan, Enrique Iglesias, Lenny Kravitz, Jannet Reno, Shakira, OJ Simpson, Oprah Winfrey, Rosie O’Donnell, Madonna, Sylvester Stallone, Shaquille O’Neal and the list goes on and on.

40 Star Island is currently for sale offering almost 10,000 square feet under air and 88,266 square feet lot directly on the water. Magnificent home priced at $45,000,000.

Click here to view list of most expensive homes for sale in Miami

If you’re looking for elite Miami real estate, please contact our office at (305) 336-0457.


Miami World Center Tower

Miami is no stranger to large-scale development. There are plenty of examples already built and under construction, including the Birkell City Centre. However, there’s something even larger looming on the horizon – the Miami Worldcenter. The project recently cleared its second to last challenge before it officially becomes a reality and construction can begin.

The Hurdles

There have been several challenges facing the project since it first entered the consideration phase. Some of those challenges have stemmed from outspoken objection by residents of Miami. However, the city’s commissioners voted unanimously to approve changes to zoning laws in the city, as well as an agreement that lets the Worldcenter project move forward. Critics of the project cite problems like closing streets and allowing LED billboards on media towers. Others cited the economic devastation that would come to businesses located in areas that were open only to foot traffic.

The Project

For those not sure what the Worldcenter actually entails, it’s an exciting prospect – a transformative project, according to the developers. It would encompass 17 acres of Miami real estate, and it would house almost 1,200 condos, as well as a 600,000 square foot convention center, and a hotel with 1,800 guestrooms. There would also be a shopping mall measuring almost 800,000 square feet. Anchors for the mall have already been selected, and include the likes of Macy’s and Bloomingdale’s. In terms of location, the project would run from North Miami Avenue and Northeast Second Avenue to Northeast Sixth Street and 11th Street.

Points in Favor

While there has been vocal dissent concerning the Worldcenter project, there are many points in its favor. One of those would be the enormous revenues such a project would generate for the city. Another benefit would be the revitalization of an area that has long been in decay and decline, as well as the creation of an additional 18,000 jobs for the city’s residents. In addition, the project would also create more than 25 bars and nightclubs in an area where such facilities are largely absent, rundown or going out of business due to lack of patrons.

A Sign of the Times

As mentioned, the Worldcenter project is far from the only large-scale development in Miami. The Brickell City Centre project is another massive undertaking that’s sparked both praise and criticism. There are numerous others as well. All are signs of the changing times – Miami is reinventing itself as an international destination for travelers of all economic classes, from the rich and powerful to family vacationers to those looking for an exciting city to call home.

It’s also in line with the city’s exploding real estate scene. The area recovered quickly from the real estate meltdown and has seen year after year of growth since 2011. It’s quite the boom, as can be seen from the number of condo developments (Sunny Isles Beach alone has seen 15 luxury condo developments (CLICK HERE TO VIEW) kick off in the last decade).


Miami home for sale

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

Why Come to Florida?

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

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

A Look at the Cities

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

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


Sunny Isles Preconstruction Condos

It’s no secret that south Florida has triumphed over the recession and one sign of that victory is the booming real estate industry. The 15 new pre-construction condos in Sunny Isles alone is ample sign that the real estate woes of the past are well behind SoFla. Or are they? The Fed indicates that while recovery is complete and new growth is strong, there are still many problems waiting in the wings that might derail the real estate sector. What are those issues? According to a Fed representative speaking at Coral Gables, they include rising interest rates, stagnant or dropping income levels and changing market conditions.

Loans

Real estate deals require financing. Financing comes with interest. Given the significant boom that south Florida’s seen in the past few years, there’s a lot of money tied up in interest and loans that will come due soon. For many properties, that due date is approaching pretty quickly. According to the Fed, more than $7 billion in real estate loans extended through south Florida will come due in 2015 and 2017. Most developments will seek to refinance, but if interest rates rise, that could spell trouble and eventual stagnation or even backsliding into recession. While interest rates remain low and the Fed has insisted that it will keep them there for now, they will eventually rise. It’s only a matter of time.

Market Conditions

Another factor affecting the SoFla real estate sector is the shift from commercial to industrial space. More and more retailers are ignoring physical properties and opting for virtual real estate instead. That makes good sense since more and more consumers are buying predominantly online these days. In terms of properties, that means that more businesses are looking for industrial real estate where merchandise can be stored, stocked, shelved and shipped, and fewer are looking for physical stores.

The Income Conundrum

Rents are rising throughout SoFla, with Miami-Dade seeing an increase of 6.3%. Palm Beach and Broward County saw similar hikes. While that’s good news for property owners, it’s bad news for renters, as the income rates have not kept pace. In fact, most income rates have stagnated completely, with others actually decreasing. The impact of this trend on renters cannot be understated. Residency rates might be at all-time highs for south Florida, but things can change very quickly. The Fed representative remarked directly on the organization’s worry that people will soon no longer be able to afford rent in the area.

What does that mean for property owners, managers and other decision makers? Actually, it really just means they need to be cautious and keep an eye on the market. There’s nothing to be done yet, although quick action might be necessary if income continues to decline, or if interest rates look like they’re going to increase. Be watchful and wary, but confident, seems to be the ultimate message that came out of the Coral Gables meeting.


Sunny Isles Beach Panorama

We could all do with more global collaboration and less warmongering, but finding a bright spot on the world’s stage has been tough to do in recent months. However, there are uplifting moments of collaboration and a coming together for mutual benefit still happening, even if they’re overshadowed by other, less humanity-benefiting occurrences. One such event was the meeting between Mayor Miriam Feirberg-Ikar of Netanya, Israel and the Mayor Norman Edelcup of Sunny Isles Beach and his delegation.

About the Meeting

While not a national summit, the meeting between Eastern and Western representatives yielded perhaps more international good will and achieved better results than many political meetings. The purpose of the meeting was to help leaders of both cities share methods of promoting education, art and culture to their residents that have worked in the past. As such, both cities had interesting things to bring to the table.

The core of the meeting centered on two foundations – the City of Sunny Isles Beach Foundation and the Netanya Foundation. Each foundation has a mission to solicit funds from private donors to help improve life in their respective cities through social, educational and cultural programs.

Netanya Israel

About the Cities

Netanya, Israel and Sunny Isles Beach are actually sister cities, formalized with an official union back in 2007. The two mayors have met each other twice now. The first was during the union ceremony, and the meeting in question was the second time. Both mayors have served their respective cities for over a decade, and have a lot of knowledge and experience to share with one another. It wasn’t limited to mayoral discussion, though. Both mayors had a full delegation of experts that shared information and methods to help improve the lives of the other city’s residents.

While the two cities are worlds apart in terms of geographic location, they’re very close in terms of attributes, attitudes and even physical geography. Both share warm waters and lovely beaches, and both are rich in cultural diversity. Both share the moniker “Riviera” as well – Netanya is the Israeli Riviera, while Sunny Isles Beach is the Riviera of Miami.

Click Here to research Sunny Isles Beach real estate for sale


Brickell City Center Condos

Cinemex is a celebrated company founded in Mexico. It’s long eyed potential locations in the US, but until now, it has not opened any cinemas north of the border. Today, all that changes as Cinemex and Brickell City Centre jointly announced that the firm would open its first US location in the mixed-use project located right in Miami.

About the Development

The new development will consist of almost 36,000 square feet of dine-in cinema. The property is expected to open in 2016, and Cinemex will partner with Chef Mikel Alonso (the name behind Biko), and Mica Rousseau of Mexico City mixology fame. Within the 36,000 square feet will be 11 viewing rooms and a total of 622 seats. The design and construction work for the project will be handled by Miami’s own Loguer Design.

About Cinemex

Cinemex is the world’s sixth largest cinema chain. The company’s focus here is to “bring the success of Cinemex to downtown Miami,” according to one of the firm’s VPs. Brickell City Centre makes the ideal setting for this type of establishment, and its interesting combination of film and food. Cinemex joins a growing number of businesses that have agreed to anchor the $1.1 billion Brickell City Centre project, including Saks Fifth Avenue.

Far from the Only Project

The Brickell City Centre project might be one of the most visible in the city of Miami, but it’s far from the only one. There are numerous others, including the proposed Worldcenter, which would occupy 17 acres of downtown Miami real estate and create an estimated 18,000 jobs. The development would contain a massive shopping mall, a huge convention center, a hotel with almost 2,000 rooms, and a new luxury condo development in addition to numerous bars, nightclubs, restaurants and more.

What It Means for Investors

Miami’s real estate is red hot at the moment, and most of south Florida is actually in the midst of a real estate boom, unlike many other areas of the country. The addition of Cinemex to the Brickell City Centre is just another feather in Miami’s cap, and another reason that real estate values continue to rise. As the city reinvents itself into one of the world’s top destinations for vacationers and hopeful residents of all types, those values will continue to increase. This benefits areas beyond just Miami downtown area, including South Beach, Bal Harbour, Sunny Isles and many others as well.


Content published by Lana Bell

Content published by Lana Bell