Miami Real Estate Today: March 2014

Monday, March 31, 2014

202 Towers East of I-95 Announced From Miami to Palm Beach

202 Towers East of I-95 Announced From Miami to Palm Beach

Factors such reduced condo inventory, strong demand, double digit appreciation and low interest rates make South Florida fertile ground for new developments.

Since the first new condo project launched presales in May 2011, developers have announced plans to build at least 202 towers with more than 28,350 units east of I-95 in Miami-Dade, Broward and Palm Beach counties according to Crane Spotters, a company related with the Miami Association of Realtors.

Even as condo developers attempt to cash in on strong buyer demand by announcing a series of new towers to be built in coastal South Florida, less than 28 percent of the proposed units are currently under construction or recently completed while the other 72 percent of announced condos are still in the planning or presale phase. To date, developers have completed five towers with less than 450 units and are currently constructing an additional 58 buildings with nearly 7,350 units. These two categories represent a grand total of less than 7,800 new condos for South Florida.

South Florida has less than 24,500 units available for purchase as of March 24 in the tri-county region. At the 2013 sales pace of nearly 4,400 monthly condo transactions, South Florida has less than six months of available inventory. As a general rule, a healthy real estate market has six months of resale inventory. Inventory levels below that represent a seller’s market, while greater inventory represents a buyer’s market. * Notes taken from the Real Deal.

Call me now to schedule a complete presentation of any project in Miami. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.comTime is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Saturday, March 29, 2014

Miami Single Family Home Median Price Rose 17 Percent in February

Miami Single Family Home Median Price Rose 17 Percent in February

In Miami-Dade County, the median price of an existing single-family home rose 17 percent in February from a year earlier to $227,000, and was a hair above January’s level of $225,000, according to the Miami Association of Realtors.

The median price of a Miami-Dade condo rose 7.3 percent to $177,000 in February from a year earlier, but was down 4.8 percent from January. Single-family home sales in Miami-Dade totaled 860 in February, up 1.3 percent from a year earlier, but down 4.9 percent from January.

Condo sales in Miami-Dade fell 4.1 percent in February from a year ago and were off 7.3 percent from January, as resales face intense competition from the rapidly growing selection of pre-construction condos on the market.

The nationwide median home price rose 9.1 percent year over year to $189,000. NAR chief economist Lawrence Yun predicted home sales “should trend up modestly over the course of the year.’’But many investors now are pulling out as the bargains diminish. That's cooling off the market and offering more opportunities for first-time and "move up" buyers who plan to live in the homes.

"Call it the return to the old normal," Jonathan Smoke, chief economist for Hanley Wood in Washington, D.C., said in a statement. "The old normal is good for housing, and much better for the economy than what we have been living through for seven-plus years." Smoke added that "no one should fear this is a harbinger of housing deteriorating -- it's actually a reflection of the existing home market getting better." * Some Notes from the Miami Herald.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Thursday, March 27, 2014

SkyRise Miami & Bayside Renegotiations

SkyRise Miami & Bayside Renegotiations

The owners of the Bayside Marketplace in Miami stand to gain — if the city allows Jeff Berkowitz’s Skyrisetower to be built — due to the harsh terms of a proposed lease renegotiation. Bayside is currently leased to General Growth Properties of Chicago for 46 years, according to ExMiami.

SkyRise Miami would be an amusement center in downtown Miami that could be considered the city’s analogue to the Eiffel Tower. If built, SkyRise would rise 1,000 feet along the waterfront and would feature an observation deck and a nightclub. Shaped like a hairpin, the sleek structure would be open on the sides to allow hurricane-force winds to flow through and would contain observation decks, an upscale restaurant and ballroom and a pair of attractions for high-altitude thrill-seekers: A bungee jump and a Tower of Terror-like ride that would drop some 50 stories along the shaft.

The proposed renegotiation would allow Berkowitz to build Skyrise on an underused lot. In exchange, GGP would gain a 99-year lease extension, the ability to refinance in exchange for a one-time payment, no benefit to the city if the lease is sold or transferred, a slight rent reduction and a commitment to invest a mere $10 million into the property over 10 years. Skyrise Miami tower might receive $10 million from the State as part of the House’s $11.49 billion transportation and economic-development budget plan.

The deal, which was first proposed in mid-2013, has been reportedly sweetened, but the terms are still far from favorable for tax payers. *Notes taken from the Miami Herald & Exmiami.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Tuesday, March 25, 2014

Condo & Home Prices In the Rise in Broward

Condo & Home Prices In the Rise in Broward

Single-family home and condo prices in Broward County substantially increased last month.

The latest figures from Greater Fort Lauderdale Realtors shows the year-over-year median price of a single-family residence in Broward rose 12.3 percent to $255,000 in February, the Miami Herald reported. Condo and townhouse prices jumped 38.1 percent to $121,500 during the same span.

Broward had 979 single-family sales, a year-over-year increase of 1 percent, in February. Condo sales dropped 5.9 percent to 1,172, however.

Even as inventory levels rise, sales velocity is expected to slow down this year. Steadily rising home and condo prices and elevated interest rates are hindering the affordability of Broward residences. * The Real Deal.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Monday, March 24, 2014

4 Million Homeowners Transitioned from Negative Equity Into Positive Territory

4 Million Homeowners Transitioned from Negative Equity Into Positive Territory

The economy may be growing at a frustratingly slow pace, but one piece of it is booming: American homeowners' equity holdings — the market value of their houses minus their mortgage debts — soared by nearly $2.1 trillion last year to $10 trillion.

Big numbers, you say, and hard to grasp. But look at it this way: Thanks to rising prices and equity levels, about 4 million owners around the country last year were able to climb out of the financial tar pit of the housing bust — negative equity.

Negative equity gums up people's lives and the real estate marketplace as a whole. It makes it difficult or impossible for many owners to refinance out of a higher-cost mortgage into a more affordable one. It makes it painful to sell — you've got to bring cash to the table to pay off what you still owe to the bank. Plus almost no one wants to lend you money, at least not at reasonable interest rates secured by your real estate, when you're deeply underwater. So you're likely to spend less and invest less, and you're probably not going to buy another house. Nor will potential new buyers be able to purchaseyours.

Bottom line, when 4 million owners manage to transition out of negative equity into positive territory, that's significant news not just for them personally, but for the economy overall. *Excerpt Taken from LA Times.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Friday, March 21, 2014

Downtown Miami Flagler Street Ready for a $12M Facelift

$12M Facelift For Downtown Miami Flagler Street

The Heated Enthusiastic condo developments have brought thousands of new residents to Downtown Miami and with some many more luxurious condo projects in the works it is absolutely indispensable to give all Downtown surroundings an appropriate facelift. Miami Dade County along with City of Miami are investing $12M to upgrade Flagler Street. At one point, downtown Miami’s Flagler Street was Miami’s retail core but unfortunately after years of neglect Flagler’s store are in need of a major overhaul.

A partnership between private property owners, the City of Miami and Miami-Dade County wants to restore Flagler Street to its 1950s and 1960s glory through a $12 million improvement plan, the Miami Herald reported. South Miami-based Curtis + Rodgers Design Studio designed a overhaul that would get rid of on-street parking to make way for valet stations. Sidewalks would be extended to give more room to pedestrians, restaurant tables and bike racks. DDA deputy director Javier Betancourt said Flagler should preserve and build on its distinctive qualities — the kind of historic, authentic urban ambience that people increasingly seek out. Betancourt believes the street has the potential to become Miami’s Lincoln Road.The aim overall is to make it more walkable, more active, and a place where we can have visitors and residents congregate. Unless the goal is accomplished every Downtown visitor will definitely opt to go the upcoming Miami World Center, Brickell Citicentre, Brickell Mary Village, Edge water mall or othe place much more attractive.

In the works for three years, Miami’s Downtown Development Authority is in charge of overseeing the plan. Flagler Street stakeholders eagerly agreed to a special assessment of about $1 million to help fund the project. The city is covering about $6 million, while the county is kicking in up to $6 million from unused bond revenue. *The Real Deal.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Thursday, March 20, 2014

Miami Commercial Land Prices Soar

Miami Commercial Land Prices Soar

Industry specialists had to conclude after a study of 537 land sales over the past 2 years that commercial land is selling at a robust pace compared with four or five years ago. Evidently now investors have more confidence and are seeing the benefits of an improving economy.

For the entire Miami Dade County “the average price per square foot of commercially zoned land in the last quarter was over $35 compared with less than $15 per square foot back in 2009,” Sandra Goldstein, broker and owner of Sandra Goldstein & Associates, told Miami Today. “The charts show demand is strongest in the downtown and central business districts.” The average price of commercial land in Edge water has reached $574, $461 in Brickell, $259 in Aventura, $147 Miami Beach, $125 Coral Gables and $4 outlying Miami Dade County.

Prices for commercially zoned land have increased throughout the county by about 20%, said Tom Dixon, president of Dixon Commercial Real Estate. Land prices rise and fall more than other categories in real estate, said Jack Lowell, vice president of Flagler Real Estate Services LLC. “It has the biggest incremental value due to changes in zoning and, if the cycle is strong for residential, the demand for development becomes stronger,” he said.

“The sales volume taken over the past five years indicates a growing strong demand for commercial land in Miami Dade,” Goldstein said. “Over $700 million worth of commercial land was sold last year compared with $150 million in 2010.” With some many other approaching projects such us the Beckham soccer Stadium, Tommy Hilfiger buying the Raleigh hotel in South Beach, the Genting investment in the Omni CRA area, Brickell CitiCentre and Miami World Center entrepreneurs and financiers are eager to invest their capital with the expectation of above the market returns. The condominium boom in Miami Dade is in large part responsible of driving commercial land prices up. * Miami Today.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Wednesday, March 19, 2014

Miami Board Approves Wynwood Rezoning

Miami Board Approves Wynwood Rezoning

Following 3 consecutive record sales years and more than 2 years of robust appreciation, the Miami real estate market continues to strengthen marked by double-digit increases for sales, prices and new listings. Thousands of these new listings are in fact units of the now 198 condo towers under construction.

A City of Miami board has allowed a developer in Wynwood to construct the densest building in the expanding neighborhood. The Planning, Zoning and Appeals Board voted 7-1 in favor of developer Wynwood 250’s request for a zoning change giving it the ability to build one or more eight-story structures and up to 80 apartment units on a half-acre property on Northwest 24th Street, Daily Business Review reported. City staff had recommended a denial of the request. Wynwood 250, a partnership between David Polinsky and Bradley Carlson, previously announced plans to construct a six-story, 11-unit luxury condo building on about half of the property.

“What’s happening in Wynwood right now is exciting, but it’s been limited to adaptive re-use so far,” said attorney Steve Wernick, who represents Wynwood 250. Miami architect Carl Levin is working with New York architect Laith Sayigh on project designs.

The Wynwood Arts District is home to over 70 Art Galleries, Retail Stores, Antique Shops, Eclectic Bars, and one of the largest open-air street-art installations in the world. * Some notes taken from the Real Deal.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Friday, March 14, 2014

Miami’s Sun, Ocean & Beaches Sound Like the Perfect Therapy While Recovering

Medical Tourism in Miami

Who could deny the therapeutic effect and mood enhancer power of the Sun, the Ocean, the whispering sound of the waves and the beach?

A new bill, SB 1150, gathering support in the Florida Senate would promote the state as a destination for “medical tourism.” The bill hopes to set aside $3.5 million for marketing campaigns that advertise “sun-and-surgery” packages in the state, according to the South Florida Business Journal. The bill also asks hospitals and other medical care providers to submit proposals for involvement in the promotion.

These types of partnerships between the state and health care providers are already happening in some places in the state. The Miami Convention and Tourism Bureau are currently partnering with seven area hospitals to provide what it calls “medical excellence with a tropical flair.”

A similar program hoping to attract Canadians to Sarasota County saw underwhelming results, according to Steven Roskamp, a partner at the retirement community Sarasota Bay Club.

Now, this is fantastic news to every one in Florida but especially to the city of Miami at very different levels. The tourism will have to open an even larger door for the increasing influx of tourists to the city. The economy will get an extra boost not only through tourism related business but also from the medical field. Lastly, Miami Medical institutions and faculties could develop a greater depth and level of excellence as they respond to the demanding challenge of more serious patients seeking their services.

If I didn’t live in the city and I would be in need of medical treatment, I guess I would chose Miami to be treated since the Sun, the Ocean and the beaches definitely would encourage a faster recovery. *Notes taken from the South Florida Business Journal.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Tuesday, March 11, 2014

Tommy Hilfiger Near to Give the Raleigh Hotel A Make Over

Tommy Hilfiger Close to Give the Raleigh Hotel A Make Over

Miami's position as a prominent global market continues to generate demand from both U.S. and foreign buyers long into the future, adding great value to our city, our market, and our properties.

Fashion Icon Tommy Hilfiger has set eyes on Miami anticipating the phenomenal growth and development of the city. Hilfiger is planning to make his stylish mark in South Beach this time in the construction department. The Raleigh Hotel is due for a make over and Tommy Hilfiger would like to transform the South Beach property beyond the landmark that used to be when built in 1940.

Expanding into the hospitality sector, Tommy Hilfiger is on the verge of acquiring the Raleigh Hotel in South Beach for an undisclosed price.

Hilfiger is in discussions with Raleigh owners David Edelstein and Sam Nazarian about buying the 1775 Collins Avenue property and extensively renovating the hotel, the Miami Herald reported. The designer told Women’s Wear Daily he wants to transform the Raleigh into a five-star hotel and make it the flagship property of his new Hilfiger Hospitality venture. Hilfiger and the sellers began talking about the potential deal during Art Basel Miami Beach last December.

Edelstein and Nazarian paid $55 million for the property in December 2012. Nazarian’s sbe operates the Raleigh and is set to continue managing the 105-room hotel if the sale to Hilfiger closes. A Michael Schwartz-run restaurant is also expected to stay put. If Hilfiger’s plans are fruitful, renovations could begin next January.

Miami-Dade continued its streak of record-setting tourism numbers last year, welcoming 14.2 million overnight visitors. Without a doubt some of these tourists would love to stay at the more fashionable and luxurious Raleigh Hotel whenever is ready. South beach’s appeal does not disappoint but in fact unceasingly keepsattracting people from all walks of life. *Notes taken from the Real Deal.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Monday, March 10, 2014

In Miami More than 100 High Rise Crane Permit Requests are Pending

More than 100 High Rise Crane Permit Requests are Pending In Miami

Building construction has not slowed down in the Miami area in 2014. Miami's skyline keeps rising in more locations and a great variety of styles. Most of the 197 towers in pre-construction in the Tri-county region are being built in Miami Dade. Construction and development are major economic indicators, and in Miami-Dade County, Florida, more than 100 high-rise crane permit requests are pending.

The critical concern is that the demand of skilled labor is greater than the supply. The Associated General Contractors of America recently surveyed general contractors around country and two-thirds expressed a sincere worry that they won't find the people they need to fill all the jobs.

"The irony is, the places that were hardest hit during the construction downturn – cities like Miami, Phoenix, Las Vegas, parts of the central valley of California," said Brian Turnmail of the AGCA, "are the exact same areas that, now that they're growing again, are having the hardest time finding skilled workers."

What's needed, he believes, to keep this economic rebound positive, is a national re-emphasizing of the value of trade and vocational schools. The nation lost 2 million construction jobs during the Great Recession, with Florida taking the biggest hit. The construction jobs dried up back in 2008 and 2009, and many of those workers moved into the energy sector, with a lot of the older ones retiring early. Many of those jobs have returned and skilled labor is in great demand opening a door of opportunity for those who were looking for a job.

Even so, the sense in Miami among developers is that, with plenty of construction jobs already underway and with plenty of new projects in the pipeline, this will be the best year in a long time. As long as enough skilled labor is available. All these luxury condominium projects keep breaking in new ways the Miami skyline as Miami continues its push to become an even greater metropolitan city.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Friday, March 7, 2014

Miami Mayor Inspiring Residents to Dream Big

Miami Mayor Inspiring Residents to Dream Big

Miami-Dade County Mayor Carlos Gimenez promoted the idea of a convention center in downtown Miami during his annual “State of the County” address where he stated that we need to dream big. In that spirit, Gimenez endorsed a downtown convention center, saying the presence of the Miami Beach Convention Center should not be a deterrent according to the Miami Herald reported. Gimenez has long pushed for renovating the Beach convention center, and he said Wednesday he would continue to do so. However, he added, “There’s also room for more than one convention and conference center in Miami-Dade County.

MDM Group is planning to build a tower with 500,000 square feet of convention space within the Miami World Center mixed-use development site. The multi-block Miami Worldcenter project includes a Marriott convention complex to be built at the site of the old Miami Arena, with 1,800 rooms and enough exhibition space to fill about one of the Miami Beach Convention Center’s four halls.After the speech, Gimenez noted he is not pushing for public funding for a downtown convention center.

The Miami World Center is one of the largest urban renewal projects in the United States and qualifies to be a renowned World-class destination by all standards. The Miami World Center is a nine block mixed-use development immediately north of the Central Business District in downtown Miami. It is defined by NE 2nd Avenue to the east, North Miami Avenue to the west, NE 11th Street to the north, and NE 6th Street to the south. Spanning over twenty-five acres, the Miami World Center includes a dynamic mix of retail, residential, office, and institutional uses. It will create a vibrant, walkable pedestrian environment with a unique sense of place: a modern design statement driven by Miami’s unique physical context, culture, and architectural heritage.

The mayor also reiterated his support for several different projects like a light rail system connecting the mainland to Miami Beach and Beckham’s new soccer stadium. Though Gimenez did not go into the status of the talks, he argued that Beckham chose Miami because of its potential. Someday, Miami might host the Pan-American Games — or even the Olympics, the mayor suggested inspiring many more Miami residents to dream big.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Monday, March 3, 2014

Privé Aventura

Privé Aventura

Quick Facts

Address: 5000 Island Estates Drive

Area: Aventura

Completion Date: 2015

Developer: Gary Cohen & Bh3 Management Llc

Bedrooms: 2 - 5

Floors: 16

Total Units: 160

Unit Size: 2,585 - 9,000

Price Range: $1.8 up to $10+ Million

Privé is being built in South Florida’s last private island and they are selling fast. Currently they're about 75 percent reserved in the south tower and they just began releasing units in the North tower and they've been getting gobbled up. They have decided to open up inventory in the north tower because certain lines and floor plans are all sold out in the south tower.

The eight-acre private island project is a joint venture between developers BH3 -- led by principals Gregory Freedman, Charles Phelan, and Daniel Lebensohn -- and Gary Cohen, developer of Island Estates, the 21-mansion community south of the island, and part of Aventura's founding families.

Features

10,000 square foot gym and spa

Private dining and social rooms

2 pools with each offering a poolside Cafe

Wine and cigar rooms

Kids rooms

Tennis court

Private Marina with 50 slips (available for purchase by owners)

Private pier

Nature trail

Private beach

Jogging path

24-hour gated and roving security

Full-time concierge service

Privé is accessible through the gated enclaves of Williams Island and Island Estates. The project's design calls for two mirror-image 16-story buildings, each featuring 80 units, a 10,000-square-foot gym and spa, as well as wine and cigar rooms, and social and business rooms. Amenities on the luxury property include two pools, a private beach, tennis court and jogging trail. With an expected delivery date of mid-2016, unit sizes will range from 2,585 square feet to more than 9,000 square feet. Prices start at $1.8 million to more than $10 million for penthouses. *Notes taken from World Property Channel.

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com