Countdown has Begun for the Massive Watson Island Project

Countdown has Begun for the Massive Watson Island Project

The deadline to begin construction for the colossal project is near and work should begin before the end of the month. Flagstone Property Group must begin on the massive Island Gardens mixed-use development on Watson Island by June 2 – a requirement of the latest lease extension – but that cannot happen until state officials reaffirm their approval of the project.

Flagstone has a hurdle to clear before the $640 million project planned for Miami’s Watson Island can begin. State officials have to sign off on the latest version of the company’s agreement with the City of Miami.

The state gave the island to the city many years ago. Its 2011 approval of modifications to the uses allowed on the land expired in January 2012, according to Miami Today.

City commissioners are expected to address the project’s status during their Thursday meeting.

Island Gardens would include a five-star hotel, four-star lifestyle hotel, fractional ownership residences and retail and restaurant space on the 6.5-acre site. * The Real Deal

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Skyrise Miami Might Break ground Before June

Skyrise Miami  Might Break ground Before June

The Miami City Commission looks to get project off the ground before June when the FAA height approval expires.

Developer Jeff Berkowitz’s vision to build an iconic observation tower hugged by downtown Miami and Biscayne Bay could begin to materialize with a shovelful of dirt within a month. It all depends if a proposal from the Miami City Commission is approved.

The planned tower would feature an observation deck, a nightclub and a “bungee jump-like platform.” * Miami Today.

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Downtown Miami Met 3 on the Rise

Downtown Miami Met 3 on the Rise

Met 3 is part of new Metropolitan Miami, a complex of four modern skyscrapers in the central business district of Downtown Miami.

The Montage at Met 3 is on the rise a month after the project’s developer ZOM secured the building’s air rights for $23 million.

Suffolk Construction has poured several of Montage’s levels since late March. Renters can pre-lease one of the building’s 462 apartments beginning in the fourth quarter of 2015, according to exMiami. According to the Herald, Montage will "have more of the feel of a hotel than an old school apartment building" with "a yoga lawn, a barbecue area, two outdoor bars, an outdoor grill and kitchen, a screening room with theater-quality sound, a community lounge, a demonstration kitchen, a full-service gym and a spa with treatment rooms." By the way, this rising tower is where Downtown Whole Foods Market will be located.

The project is one of two buildings ZOM has planned for Downtown Miami.

Construction is scheduled to begin on the developer’s 420-unit Brickell Baview Center next year. ZOM purchased that property for $17 million. *exMiami.

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1Q 2014 Singly Family House Report By Area

1Q 2014 Singly Family House Report By Area

North Miami

Single family sales rose sharply. There were 43 sales, 22.9% more than in the same quarter last year.

Miami Beach

Single-family price indicators jumped with larger sized sales. Median sales price jumped 62.3% and average square footage rose 12.6% respectively.

South Beach

Single family price indicators surged. Median sales price jumped 49% to $3,575,000 as the volatility form a unique submarket continued.

Downtown & Brickell

Single family sales expanded as price indicators rose sharply. There were 1,567 sales, up 7.5% as median sales price rose 13.8% to $227,500.

South Miami

Single family price indicators continued in the rise. Median sales price expanded 15.1% to $677,500 as number of sales edged up 1.9% higher to 268. * To see full report go to Douglas Elliman Real Estate.

 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!

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6 Commuter Rail Stations for Easter Miami Dade by 2020

6 Commuter Rail Stations for Easter Miami Dade by 2020

If the plan is executed as of today by 2020 the Tri-Rail Coastal Link should be up and running.

Eastern Miami-Dade might become home to six train stations if work on a commuter rail chugs forward and Tri-Rail Coastal Link begins service in 2020 as planned.  One of the stations would be in downtown Miami, and it would be the joint southernmost station for the Tri-Rail Coastal Link and All Aboard Florida, an express passenger rail that would link Miami to Orlando.

The commuter rail service would connect Jupiter and Miami, with a total of 25 stops. The train stations will likely be set up near 36th Street, 79th Street, 125th Street, 163rd Street and Aventura Boulevard, Miami Today News reported. Tri-Rail Coastal Link is expected to cost at least $800 million, which includes costs of constructing a station structure and acquisition of land.

“There’s been years and years of work with the cities’ planning staff to site these locations,” Amie Goddeau of the state Department of Transportation’s Planning and Environmental Management Office told Miami Today.  The Tri Rail Coastal link website states “We are a regional partnership dedicated to reintroducing passenger rail service to the historic downtowns of 
South Florida along the Florida East Coast Rail Corridor.” * Notes from The Real Deal.

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1Q 2014 Condo Report By Area

1Q 2014 Condo Report By Area

North Miami

All condo price indicators were up from last year. Median sales price increased 8.5% to $320,000. Average sales price and average price per square foot were up 14.1% and 15.2% respectively.

Miami Beach

Condo price indicators continued to post sharp gains. Median sales prices increased 16.8% to $353,250 as sales declined 6.7% to 306.

South Beach

Condo price indicators posted double-digit gains. Median sales price jumped 19.6% to $335,000, as sales slipped 11.7% to 362 from the prior year quarter.

Downtown & Brickell

Condo price indicators jumped as sales edged higher.  Median sales price jumped 22.1% to $160,000 as sales increased 5% to 1,689 from the prior year quarter.

South Miami

Condo price indicators surged with shift to larger sizes sales. Median sales price surged 50% to $345,000 as the average square footage jumped 13.5% to 1,360.  * To see full report go to Douglas Elliman Real Estate.

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!

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US Pending Home Sales Up For the First Time in 9 Months

US Pending Home Sales Up For the First Time in 9 Months

Good news on housing — pending sales of existing homes rose in March for the first time in nine months.

The National Association of Realtors’ index of pending home sales, which is based on contract signings, rose 3.4 points to 97.4 in March. That’s still nearly 8 points below where it was a year earlier, however.

Pending home sales are strongest in the South, where the index gained 5.6 points to hit 112.7, and weakest in the Northeast, which rose by only 1.4 points to 78.8. A score of 100 is equal to the average level of contract activity in 2001.

Lawrence Yun chief economist for the NAR, said the index’s increase was due to the end of “a dismal winter.”

“More buyers got an opportunity to look at homes last month and are beginning to make contract offers,” he said. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Yun expects U.S. sales of existing homes to top 4.9 million this year, but fall below 2013’s 5.1 million. With inventory shortages in much of the country, average prices will grow by more than 6 percent, he predicts.

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!

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Swire East Miami Hotel to Open in 2015

Swire East Miami Hotel to Open in 2015

 Hong Kong-based Swire Properties' Swire Hotels group has just announced the opening of EAST, Miami at Brickell City Centre, a $1.05 billion mixed-use development in Miami's Brickell downtown district. Once opened in 2015, it will be the company's first hotel property in the United States and the third hotel under the EAST brand, after the successful openings of EAST, Hong Kong in Island East in 2010 and EAST, Beijing at INDIGO, Beijing in 2013.

"Interest on the part of premiere hospitality companies in flagging a Brickell City Centre hotel was robust due to their desire to secure a prime location in the tony Brickell market and due to the inclusion of luxury retail in our project," said Stephen Owens, President of Swire Properties Inc. "We were ultimately able to select from among ten upscale hotel brands in choosing Swire Hotels' EAST for our flag."

 

Brian Williams, Managing Director of Swire Hotels said "We are very excited to be expanding our portfolio to the United States with EAST, Miami. Our hotel aims to create different and surprising experiences that complement the lives of our guests and enhance their lifestyle. EAST is designed to meet the needs of travelers in Miami whilst complementing Brickell City Centre's offerings."

 Designed by award-winning architecture firm Arquitectonica with interiors by New York-based Clodagh Design, EAST, Miami will offer 263 rooms and 89 serviced apartments known as EAST Residences, essentially long-stay hotel rooms with kitchen and laundry facilities, amidst Brickell City Centre's over 5.4 million square feet. Meeting rooms, common areas, guest rooms, and serviced apartments boast beautifully modern décor.

 Brickell City Centre is a massive $1.05 billion, 5.4 million square feet, mixed-use development in downtown Miami from Swire Properties Inc, one of South Florida's leading international developers of real estate known for its $1 billion master-planned development of Brickell Key. The project's first phase includes a luxury shopping center, two residential towers, a hotel with serviced apartments, a wellness center and a Class A office building.  The project is LEED-registered for Neighborhood Development - currently one of the largest in the U.S.  Sustainability elements include the exclusive CLIMATE RIBBON, and elevated trellis composed of steel, fabric and a continuous surface of glass that will connect all components of the development and create a comfortable microclimate for shoppers.  As the largest private-sector project currently under construction in Miami, Brickell City Centre began vertical construction in 2013 and the first phase of completion is scheduled for the end of 2015. *  World Property Channel

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Miami Office Market Surges During 1Q 2014

Miami Office Market Surges During 1Q 2014

Miami’s business and commercial activity keep growing and consequently office and commercial space are in great demand. The Office market is picking up steam throughout Miami-Dade County and the outlook is bright based on good employment growth, limited new construction, scarcity of premium space and new-to-market tenants.

The county’s year-over-year office vacancy rate fell from 16.5 percent to 16.1 percent during the first quarter of 2014, according to Miami Today, which cited CBRE data. Year-over-year asking rents increased 29 cents to $30.72 per square foot. Miami’s Central Business District led the way, with asking sublease rates at certain Class A buildings reaching as much as $60 per square foot.

“We’re very bullish on office rents and vacancies poised to decline a couple of percentage points over the next few years before stabilizing in about 2015-2016,” CBRE director of research and analysis Quinn Eddins told Miami Today.

JLL reported steady vacancy declines in Miami’s Class A office sector since mid-2010, when the rate exceeded 22 percent. The current direct vacancy rate is 16.6 percent. All this activity is a positive indicator that Miami continues to develop its economy becoming a city with a wider panorama of financial and commercial opportunities. * Miami Today

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!

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