Russian Developer Investing At Brickell Flatiron

Russian Developer Investing At Brickell Flatiron

Russian developer Vladislav Doronin of Capital Group has decided to join the group of Russian developers investing in Miami. Veteran Miami developer Ugo Colombo is finalizing negotiations to jointly develop a high-end condominium, the Brickell Flatiron with Vladislav Doronin.

A new rendering of the Brickell Flatiron project shows a flowing, curvy structure soaring 65 stories on a triangular lot at South Miami Avenue and Brickell Plaza. Plans for the fledgling partnership include developing a second tower on a lot Doronin controls at Brickell Plaza and Eighth Street, according to Colombo, of CMC Group Inc.

Colombo plans to launch sales of units at the Brickell Flatiron, 1001 S. Miami Ave., on Tuesday. The Flatiron name — most famously associated with the iconic Flatiron building at Fifth Avenue and Broadway in Manhattan — comes from the triangular shape’s resemblance to the old-fashioned clothing flatirons that were heated on stoves.

The project — which comes as the Brickell neighborhood is in the midst of a condo building boom — is planned to include 552 units and 40,000 square feet of retail development, including restaurant, lounge and shop space. Units will have an average size of 1,250 square feet. Plans for penthouse units are yet to be announced.

The 750-foot skyscraper is designed with floor-to-ceiling glass exteriors throughout the units, which will feature 11-foot-deep, elliptical balconies. “I’m very hands-on. I like to get involved in the details,” said Colombo, whose earlier projects in Miami include Epic and Santa Maria.

The developer plans to use the Latin American financing model that has been used in the current round of condo projects, relying on large deposits from unit buyers to fund much of the construction.

CMC will require a 20 percent deposit from buyers upon signing a contract, 10 percent at groundbreaking, 10 percent when construction reaches the 18th floor pool level and 10 percent at top-off. * Article reported by The Miami Herald.

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

  

Miami Condos Median Sales Price Increased 17% During 1Q 2014

Miami Condos Median Sales Price Increased 17% During 1Q 2014

The number of sales increased 2% to 3,160 from the same period last year. Inventory rose faster than sales, up 16.6% to 8,846 over the same period.  As a result the monthly absorption rate slowed to 8.4 months from 7.4 in the same period last year.

Median sales price increased 17% to $227,500 from the prior year quarter. Average sales price and average price per square foot increased 16.6% and 14.2% respectively. These figures reflect the average for Condos in North Miami, Miami Beach, South Beach, Downtown and South Miami. *  1Q 2014 Elliman Report.

 

 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

1Q 2014 Miami Report Summary

1Q 2014 Miami Report Summary

The demand for Miami’s real estate unfaltering continues to rise as the city welcomes more and more visitors and residents coming from all the corners of the world. The Miami housing market began the year where it left off last year, having both the highest number of first quarter sales and the fastest marketing time in 8 years. Prices continued to rise, reaching their highest point since 2008 and it remains predominantly a cash market. These are some of the most relevant figures describing the behavior of the Miami real estate market during the first quarter of this year. To see the full report visit the Douglas Elliman website.

 

Median Sales Price

Median sales price increased 16.1% to 244,000 the highest point reached since 2008.

Square Foot Average Price

Price per square foot exceeded $305 for the first time in 6 years.

Days on Market

Days on market fell to 58 days, the lowest level in 8 years.

Total of Sales

Sales rose 3.9% to 5,133 from the prior year quarter, to the highest total in 8 years.

Listing Inventory

Listing inventory rose 15.2% to 12,664 from a year ago, as rising prices pulled more inventory into the market. Fortunately along with the rise of supply, demand continued to rise.

Distressed Inventory

The market share of sales, excluding short sales and foreclosures, rose to 69.4%. The volume of distressed listings and distressed sales continued to fall. Distressed sales fell 16% and distressed inventory fell 23.1% respectively from the same period last year.

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

Miami Coastal Houses & Condos Averaged 58 on the Market

Miami Coastal Houses & Condos Averaged 58 on the Market

Miami’s residential market completed its most first-quarter residential sales in at least eight years during the first three months of 2014, a new report shows.

The coastal communities in Miami posted a combined 5,133 closed sales during the first quarter for a year-over-year gain of 3.9 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. Miami’s year-over-year median sale price rose 16.1 percent to $244,000. Homes and condos spent an average of 58 days on the market, the fastest in the eight years that Douglas Elliman has produced the quarterly report.

Fort Lauderdale’s year-over-year luxury condo and townhome median sale prices jumped 28.6 percent to more than $1.1 million, while luxury single-family prices rose 32.7 percent to nearly $2 million during the quarter. Luxury condos in the market spent an average of 113 days on the market, a decline of nearly 36 percent. Luxury single-family residences averaged 189 days on the market, a gain of 1.1 percent.

The Palm Beach luxury market had a substantial year-over-year surge in its median sale price and a major decline in how long homes and condos stay on the market. The median price for luxury condos and homes jumped 51.1 percent to about $10 million. Properties spent an average of 176 days on the market, down 48.8 percent from the first quarter of 2013. * 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

US Foreclosures Fall to Lowest Quarterly Level since Mid 2007

US Foreclosures Fall to Lowest Quarterly Level since Mid 2007

The U.S. housing market is back on its feet, aided by rising home prices, steady job growth and fewer troubled loans. More U.S. homeowners are also keeping up with their mortgage payments. March was the 42nd straight month where U.S. foreclosure activity dropped from year-ago levels.

The number of U.S. home foreclosure filings slid 23 percent in March from a year ago, helping bring first-quarter foreclosure activity to its lowest level since the second quarter of 2007, a report from RealtyTrac showed on Thursday.

 

There were 117,485 U.S. properties with default notices, scheduled auctions and bank repossessions in March, RealtyTrac reported. That lifted overall foreclosure activity by 4 percent last month from February, when it posted an over seven-year low. The monthly increase was driven by a 7 percent rise in foreclosure starts, which is the initial public notice starting the property seizure process. "Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,'' said Daren Blomquist, vice president at RealtyTrac.

Banks are expected to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold, said Blomquist. Currently, about 10 percent of so-called bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or renter.

A total of 28,840 U.S. properties were repossessed by lenders in March, down 5 percent from February, and marking a drop of 34 percent from the same month a year ago to their lowest level since July 2007. * Notes taken from Reuters.

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

Miami Medium Priced Home Owners Were the Big Winners in 2013

Miami Medium Priced Home Owners Were the Big Winners in 2013

Miami real estate continues to yield solid returns not only for the large investment companies and the wealthy but also for the owners of medium price homes. It was precisely the owners of medium-priced homes in Miami-Dade and Broward counties that were the big winners in 2013, according to a new report from One Sotheby’s International Realty.

Homes priced between $250,000 and $500,000 in Miami-Dade and Broward enjoyed a 35 percent jump in sales from 2012 to 2013, the firm’s “Trends 2014 Market Report” shows.

 

Miami-Dade’s residential market totaled 31,909 transactions in 2013. That is an 8 percent increase from 2012. The county’s average per square foot sale price rose 8.3 percent to $273.

Broward had 29,952 transactions in 2013 for a gain of 5.8 percent from 2012. The county’s average price per square foot of $155 was a 15.3 percent jump from 2012.

 

With an average sale price per square foot of $1,692, La Gorce Island was Miami-Dade’s priciest residential market in 2013. Hillsboro Beach was Broward’s most expensive at $919 per square foot. The secret is out and nationally Miami is consistently one of the top markets for most of the highest-ranking countries searching for property in the U.S.

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

Gibson Plaza the First Major Development in 50 Years to Kick Off in West Grove

Gibson Plaza the First Major Development in 50 Years to Kick Off in West Grove

With great anticipation Miami residents look forward not only for the construction of more luxury high rises but particularly the increasing of affordable projects that will make the city a more pleasant and attractive place for everyone.

On April 28, after decades of broken promises, construction will finally start on Gibson Plaza, a $15 million apartment project that will be the first significant development in the very heart of West Grove in half a century. The Miami’s West Grove residents will soon witness the groundbreaking ceremony with the expectation of a more prosperous future.

 

The five-story, 56-unit building will consist mostly of affordable housing units tailored to elderly and low-income tenants. The property will also feature a job-training center run by Miami Dade College on the ground floor, according to the Miami Herald.

“It’s been a long time coming,” Thelma Gibson, 87, whose last name the project bears, told the Herald. Gibson and her late husband purchased 11 lots from their neighbors over the years for the affordable development. “It’s long overdue. We’ve been waiting for it.” *Notes taken from Miami Herald.

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

Russian Developer Drives Up Edgewater Land Prices By Paying 218% Premium

Russian Developer Drives Up Edgewater Land Prices By Paying 218% Premium

The average price of commercial land in Edge water has reached $574 per square foot, compared to $461 in Brickell, $259 in Aventura, $147 Miami Beach, $125 Coral Gables. Land prices for new residential condo development sites have surged too over the last 45 days in the Edgewater neighborhood.

In a most recent development, Russian developer Baybakov paid a combined 218 percent premium for the properties over the 2013 assessed market value of less than $9.5 million, according to the Miami-Dade Property Appraiser’s Office. In other words, Baybakov ended up paying $30million dolar for 1.7 acres of land in a trio of adquisitions.

Baybakov’s first and largest investment in the Edgewater area under the 700 Edgewater Development entity occurred on Feb. 21, when he paid $21.5 million for a 32-year-old rental building standing 12-stories tall on a 37,500-square-foot lot on Northeast 26th Terrace that fronts Biscayne Bay.

With the three purchases, Baybakov now owns more 60 percent of the entire block that stretches from Biscayne Bay west to Northeast Fifth Avenue and from Northeast 26th Terrace south to Northeast 26th Street. It would be no surprise if the Russian developer ends up buying the whole block.

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

Russian Developer Oleg BaybakovJoins List of Developers Flocking to EdgeWater

Developers are flocking to the Edgewater area that stretches from Northeast 17th Terrace North to Northeast 36th Street and from Biscayne Bay west to Biscayne Boulevard. Developers have already proposed, completed or are constructing at least 10 new condo and condo-hotel towers with a combined 2,400 units in a 19-block stretch located just east of the up-and-coming Design District, Midtown Miami and Wynwood neighborhoods.

Russian developer Oleg Baybakov during the last month acquired 1.7 acres for $30Million in a trio of deals in the coveted Edgewater neighborhood.

The Edgewater area represents 17 percent of the nearly 13,850 condo units proposed for the Greater Downtown Miami as reported by Cranespotters.

 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

New Yorkers Moving to Miami

New Yorkers Moving to Miami

Numerous New Yorkers tired of paying hefty taxes are finding their way to Miami. Another New York businessman is set to relocate to Miami after buying cash a St. Regis Bal Harbour condo for $6.5 million. The buyer is expected to move his entire company from New York City to downtown Miami.  Light, the agent representing the buyer stated that over the last five years, 90 percent of his real estate clients are relocating to Miami. These individuals understand not only the value of properties in South Florida, but also the value of Florida’s tax laws. This relocation practice is becoming more frequent as many New Yorkers are recognizing the new status of Miami as a global city where their business can yield a higher return. The extra bonus tax-free of course is the astonishing pleasant weather all year long!

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

Beckham’s Soccer Stadium in Conflict with Vision for World Trade Center Miami

Beckham’s Soccer Stadium in Conflict with Vision for World Trade Center Miami

No doubt there are a lot of contenders who want a piece of the action that the Port of Miami offers. Many different entrepreneurs are fighting to implement their vision in a place with such colossal potential. For the moment the only conclusion is that Port Miami’s World Trade Center vision crashes with Beckham soccer stadium dream.

David Beckham continued to share his excitement Thursday over plans to build a waterfront soccer stadium on Dodge Island’s southwest corner. His main allies were entertainment entrepreneur Simon Fuller, local billionaire Marcelo Claure and Miami-Dade County Mayor Carlos Gimenez. The world’s second largest cruise company, Royal Caribbean Cruises shun on the plan.  

Port Miami Director and World Trade Center Miami chairman Bill Johnson recently promoted the World Trade Center Miami complex featuring a hotel, a convention center, retail space and a mega yachts’ marina but certainly not a stadium.In September, more than $700 million in debt downgraded the port’s credit rating. The port is in need of allies with deep pockets. Johnson wanted to find a developer to design, build, finance, maintain and operate the complex under a 75-year term. His recent trip to Asia was in part to gauge interest in World Trade Center Miami. 

One way or the other, the Port will benefit in either situation. If not in the Port, Beckham’s stadium will be built in an iconic location within the city and will attract thousand of local and international spectators. * Notes from Local 10 News & Miami Herald.

 

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

  

Positive News About Miami Real Estate Market

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