NY Investors Continue Allocating Their Own Money in Miami

NY Renowned Investors Continue Allocating Their Own Capital in Miami

New York City branding mogul Chris Burch, who is the founder and CEO of Burch Creative Capital, a firm that manages venture investments and brand development, has picked up a new Miami Beach home.

Burch is purchasing a condo in Argentinean developer Alan Faena’s Norman Foster-designed South Beach project, Faena House, according to the New York Post. Burch is already an investor in Faena Hotel in Buenos Aires.

Many units in the Miami building include wraparound terraces and unobstructed waterfront views. However, it’s unclear exactly which unit Burch is buying.

In April, a $50 million duplex penthouse at the building that went under contract.

Other notable buyers in the building include Goldman Sachs’ Lloyd Blankfein, Larry Gagosianand Apollo Global chief Leon Black. * NY  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 atJuanSolerRealtor@gmail.comTime is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

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South Florida Condos Still 15% Cheaper than During The 2006 Peak

The average price for a South Florida condo east of I-95 is still 15% cheaper than it was during the 2006 peak. According to data from the Southeast Florida MLXchange, between January and June of this year, buyers have acquired an average of about 1,911 condos and townhouses a month at an average price of about $298 per square foot in Miami-Dade, Broward and Palm Beach counties. By comparison, buyers acquired about 1,068 units monthly at an average price of $352 per square foot in 2006. The infusion of investment dollars from foreign buyers combined with luxury-oriented domestic buyers searching for value as well as high rents and the unprecedented development in the area has turned the condo and townhouse resale market around in South Florida.

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 atJuanSolerRealtor@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 Office Continues The Trend Reducing Vacancies

As Miami continues to become a more influential global city and an increasing number of corporations, businesses, financial institutions and banks chose Miami to conduct their operations the office spaces available are being notoriously reduced.

A recent report from CBRE states that the lack of new office construction in Miami is allowing area landlords to chip away at the market’s vacancy rate.

Miami’s office sector finished the second quarter of 2014 with a 15.5 percent vacancy rate, down from 16.2 percent during the first quarter and 17.3 percent during the second quarter of 2013. Landlords completed 160 lease transactions totaling 877,000 square feet during the quarter. The market’s average asking rental rate was $30.83 per square foot, an increase of 12 cents from the first quarter.

The largest transactions completed during the second quarter included Pricewaterhouse Coopers’ lease for more than 43,000 square feet at Wells Fargo Center and Prestige Health Choice’s deal for 49,230 square feet at 9250 Northwest 36th Street in Doral.

Only 280,103 square feet of office space is under construction in the entire Miami market. CBRE’s report predicts the eventual return of office development, but at a “more moderate and drawn-out” rate than past cycles. * CBRE

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 atJuanSolerRealtor@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

Half of Brickell Centre Tower's Condos Sold in 60 Days

It is not much of a surprise that the most anticipated project in South Florida,The Brickell City Centre Tower is halfway sold in nearly two months. Two 43-floor towers, each with 390 units, named Reach & Rise, are being built as part of the first phase of City Centre.

Swire launched sales of Reach condo tower on the east side of the site May 29 and, so far, nearly half of those units have been sold, said Maile Aguila, senior vice president for Swire Properties in Miami.

Prices for a one-bedroom unit in the building range from $580,000 to $700,000 and fortwo-bedrooms are between $700,000 and $1 million. The majority of the units at the tower will have three or fewer bedrooms, but some will have four and five bedrooms. Larger units range from $2.15 million to $2.7 million. Penthouses will go for between $3 and $8 million.

Most buyers are coming from the New York City area, but also from South American markets such as Brazil. Swire is expecting to deliver the first-phase units by late 2015 or early 2016 * 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 atJuanSolerRealtor@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

Armani is Now Designing & Building His First Condo In Miami

Armani is Now Designing & Building In Miami For the First Time

The renowned Designer Giorgio Armani is getting into Miami Real Estate with the construction of a 60-story condo in Sunny Isles.

The Armani-designed condo will be called Residences by Armani/Casa and Construction is expected to be complete sometime in 2016. 

The fashion house is teaming up with developers Dezer Development and Related Group and famed architect César Pelli to develop the  high-rise luxury condo building at 18975 Collins Avenue in Sunny Isles Beach.

Residences by Armani/Casa will include 260 units that will be priced from $1.2 million to up to $5.5 million.

The Armani/Casa Interior Design Studio, headed by Giorgio Armani himself, will be responsible for interiors, as it has been for other condo buildings around the world in places like the Philippines, India, and Turkey. This will be the studio's first condo project in the United States.

César Pelli, the man who designed the Arsht Center, will design the actual building.

This isn't the first time Gil Dezer's Dezer Development has attached a luxury brand name to a condo project. The Porsche Design Tower is currently under construction in Sunny Isles as well. That tower features a robotic parking lot that allows residents to park two to four cars in an interior elevator-assisted garage. The Armani project won't be quite as fancy, as units will be smaller and less expensive on average. * Miami New Times

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 atJuanSolerRealtor@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

Brickell City Centre Just Opened the Condo Sales Office

The Condo Sales Office is Now Open At Brickell City Centre

Miami- based Swire Properties Inc just opened a condo sales office for the much-anticipated Brickell City Centre. The developer of the massive downtown work-live-play complex, is building two 390-unit condo towers, dubbed Reach and Rise, but it initially has launched sales only for Reach with units ranging from $550,000 to $2.5 million, excluding penthouses.

Brickell City Centre is widely regarded as a centerpiece of Miami’s downtown redevelopment and a catalyst that has added juice to a host of other projects in its orbit. Swire’s expansive sales office at 700 Brickell Ave. has large models of the project and mockups of interiors. The project will include a fancy fitness center, several swimming pools, a spa, a library and other features.

The splashy $1.05 Billion development will have 5.4 million Square Feet of office, residential, hotel, retail and entertainment space and underground parking. The Project spans 9.1 acres acres along South Miami Avenue between Sixth and Eighth streets.

The first phase, scheduled to be finished by the end of 2015, will include a high-end shopping center; a hotel branded EAST, Miami by Swire Hotels; a wellness center; and class-A office space. Another condo tower, known internally as North Squared, is planned for a block of the project closest to the Miami River, but details of that project have not been firmed up.

Swire, a unit of Hong Kong-based Swire Properties Ltd., has a long track record in Miami. It previously developed the island of Brickell Key. Swire has embraced the buyer-deposit model that has dominated Miami condo construction in the latest cycle. According to its materials, Swire is asking for a deposit of 20 percent of the purchase price at contract. A second deposit of 15 percent is due 120 days later; another 15 percent is due 240 days after the contract date; and the remaining 50 percent is due at closing* 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 atJuanSolerRealtor@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