Miami Real Estate Today: November 2014

Friday, November 21, 2014

Miami Condos Sale Average Price Rose 12.5%

Strong demand for existing Miami properties fueled sales and price growth in September despite strong new construction sales, according to the 33,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
Single-family home prices, which again increased in September, remain at affordable 2004 levels despite 34 months of consistent year-over-year increases for single-family homes. Condo prices also increased in September, marking 39 months of growth in the last 40 months. Condo prices declined in August for the first time in more than three years but rebounded in September.

The median sale price for single-family homes increased 11.1 percent, up to $250,000 from $225,000 in September 2013.
The average sale price for single-family homes decreased 0.4 percent from $372,191 in September 2013 to $370,880 last month.

Compared to September 2013, the median sale price for condominiums increased by 7.3 percent to $195,000 from $181,749 a year prior. The average sale price for condominiums increased 12.5 percent to $355,156 from $315,615 in September 2013. “Strong demand for Miami real estate is fueling healthy market activity for both single-family homes and condominiums,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. “New construction condos are also selling rapidly, reflecting all-around robust market performance fueled by both domestic and international buyers.”

Sales Rise for Condos & Single Family Homes
Single-family home sales in Miami-Dade County increased 5.3 percent relative to September 2013, from 1,107 to 1,166. Compared to September 2013, condominium sales also increased 5.3 percent from 1,353 the previous year to 1,425 last month. Combined, residential real estate sales therefore also increased 5.3 percent to 2,591 compared to 2,460 in September of 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

Monday, November 17, 2014

EdgeWater Not on Edge

EdgeWater Not on the Verge Anymore

Edgewater — a 1½-mile-long and four-block-wide piece of land sandwiched by the Venetian Causeway and Biscayne Boulevard, bordering the happening neighborhoods of Wynwood and the Design District — went from being an overlook and almost forgotten neighborhood to become the city’s newest hot neighborhood in the blink of an eye. An article in the New York Post this week detailed the impact of Jorge Pérez’s announcement in 2012 that the Related Group would build Icon Bay. Now more than a dozen projects are currently under construction and everyone of them is selling rather fast!

Like much of the rest of South Florida, Edgewater is luring an international clientele — particularly Latins — who demand amenity-rich developments. Tennis courts, swanky club rooms and interior design by Thom Filicia, for example, add allure to Biscayne Beach Residences, at 711 NE 29th St., which is being put up by Eastview Development and GTIS.

With brand-new buildings, innovative comforts (like a “dive-in” theater at ION that allows movie-viewing while floating in the pool), easy access to watersports and a 50 percent or so discount from South Beach, Edgewater sales have been brisk. “What took 10 years at South of Fifth is taking five years at Edgewater,” says broker Alicia Cervera, managing partner of Cervera Real Estate.

Anyone who’s surprised by the neighborhood’s rapid ascent shouldn’t be. “Edgewater is the biggest no-brainer in all of real estate development,” Perez insists, sitting in his art-filled office in Brickell, less than a mile away from where he is putting up four more area towers in Edgewater — Paraiso Bay Towers 1 and 2, Paraiso Bayview and One Paraiso. The combined projects will offer 1,397 units selling for $450 to $1,200 per square foot on a block of land between NE 30th and 31st Streets.

While brokers and developers talk about Edgewater eventually attracting families, the Melo Group is already there. Its 38-story Bay House, at 600 NE 27th St., is designed for the baby-makes-three set. Its 165 units are all three-bedrooms with private elevator entries and priced at $550 per square foot. Only five apartments remain at Bay House, with resident amenities like a playroom, theater and summer kitchen. “Young people live in the area, they start having children and they don’t necessarily want to move to the suburbs,” says Melo Group principal Carlos Melo, whose building is scheduled to open by the end of this year.

EdgeWater without a doubt will be one of the trendiest neighborhoods of Miami located close to all the uncountable attractions the city offers.* New York Post

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

Friday, November 14, 2014

Blazing Midtown Emergence

By all accounts, Midtown is exploding with growth and undergoing a massive transformation in both residential and commercial development. Midtown is the central core of Miami where a lot of expansion is happening and will continue in the coming years.

This 55-acre development, which spans from 29th to 36th streets and from North Miami Avenue to the Florida East Coast Railway, was developed by the partnership team of Midtwin Equities of New York and Samuel & Co. of Boca Raton, said Josephine Pampanas, broker for EWM Realty International who specializes in the Wynwood and Midtown markets.

“Today, developers of commercial properties can pick and choose who they want to rent to,” Ms. Pampanas said, adding that the retail rents are $60 to $65 per square foot. That’s in comparison with the Design District, where retail rates can be $150 to $200 per square foot, she said. “Midtown is still a bargain compared with what’s going on just minutes away.” “We still have space to develop, there’s still plenty of land,” she said. “That’s why it’s a neighborhood with so many options for residential, commercial and entertainment.” A catalyst for the popularity of Midtown is what’s going on in the Design District, Ms. Pampanas said. “Just one block away, there’s an abundance of retail but no residential,” she said. “Midtown is feeding the need for residential.”

On the horizon is the Hyde Midtown Suites & Residences, a mixed-use project developed by the Related Group’s Jorge Perez and Dezer Development. The project has yet to break ground but the sales center was established three months ago, said Grissell Tudisco, in-house sales executive for Hyde Midtown. She said sales are to launch Nov. 18 and the building is scheduled for completion at the end of 2017. Once completed, Ms. Tudisco said, there will be 60 designer suites that can be rented on a daily basis (much like a hotel), 400 luxury condos with attributes of a five-star boutique hotel (including in-room dining and concierge services) and a hotel component with lobby, piano bar and lounge with rotating art installation. Another project that’s in the works is Midtown 5 which is to be a luxury rental apartment with about 400 units. “The plethora of options this self-contained neighborhood has to offer,” said Ms. Pampanas, “makes it unique, vibrant and truly an urban oasis.” * Miami Today.

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

Tuesday, November 11, 2014

Upcoming Miami World Center Mall

Miami World Center Mall

Florida has the 4th largest population in the United States at 19.3 million, just behind New York at 19.5 million. Florida will surpass New York in 2014 to become the 3rd most populous state in the U.S. Miami sold more than 12.5 million hotel rooms last year, with revenue per available room ranking only behind New York and San Francisco. More than 1,000 multi-national corporate offices are currently headquartered in Miami. Miami is home to 73 Foreign Consulates, 21 Foreign trade offices and the Largest concentration of domestic and international banks south of New York. Miami International Airport, less than 5 miles west, serves more than 39 million passengers annually -- the second leading gateway to the U.S. following JFK Airport. All Aboard Florida will break ground on a $2.5 billion project to build a privately run passenger train between Miami and Orlando beginning operations in 2016. 5 million people are expected to ride All Aboard Florida during its first year of operation. The Port of Miami is the number one cruise terminal in the world, welcoming more than 4 million passengers annually. The Panama Canal expansion opens in 2014 which will allow for increased cargo capacity to the port. American Airlines Arena, a 20,000 person capacity, hosts more than 200 events annually attracting more than 3 million guests. There is more than $5 billion of recent, current and planned construction activity within the immediate vicinity. Zaha Hadid, the first woman to win the Pritzkar Prize for architecture, is designing her first residential tower in the western hemisphere in Miami. Units in the up to 80 unit tower will range from $4 million to the $35 million penthouse units.

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.com Time 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

Monday, November 10, 2014

Miami Office Market Experiencing 18 Consecutive Quarters of Positive Absorption

In the broadest sense of the expression Miami is a keen strategic location thus an increasing number of corporations, banks and financial institutions continue to move to our city. When Panalpina, the giant Swiss freight and Logistics Company, was looking for a place two years ago to locate its Americas regional office — covering the United States, Canada, Latin America and the Caribbean — it chose Miami because of its location that facilitates and maximizes Panalpina’s operations. That same rationale is behind many more companies that are relocating in Miami and by doing so are fueling our local office market.

Leading indicators for Miami-Dade County’s office sector point to strong gains that could support new construction. According to the Daily Business Review, a report from Newmark Grubb Knight Frank shows that the sector has achieved its highest occupancy in five years. The report noted that the area’s office market has experienced positive net absorption for 18 consecutive quarters, an occupancy rate of nearly 85 percent. Rents have also increased enough to support new construction. “Usually in the past, new construction compressed pricing a little bit because we had new supply. But I don’t think we’ll see that this cycle,” said Patrick Duffy, a vice chairman in Newmark Grubb Knight Frank’s Miami office. There are just three new office projects are in the pipeline for Miami-Dade * Daily Business Review

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

Friday, November 7, 2014

64 New Condo Towers Proposed for Greater Downtown Miami

18,500 Units Proposed for Greater Downtown Miami

As of now, developers are proposing 64 new condo towerstotaling nearly 18,500 units in the Greater Downtown Miami market that stretches from the Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to I-95, according to Peter Zalewski.

Only 8 new condo towers totaling more than 1,300 units were announced for the Miami’s Central Business District submarket that stretches from the Miami River north to the MacArthur Causeway.

By comparison, 32 new condo towers totaling nearly 10,100 units in the Brickell Avenue Area submarket that stretches from the Miami River south to the Rickenbacker Causeway.

An additional 24 condo towers totaling nearly 7,100 units have been announced for Greater Downtown Miami’s Biscayne Boulevard Corridor submarket that stretches from the MacArthur Causeway north to the Julia Tuttle Causeway. Peter Zalewski writing for 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 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