Miami Cash Sales at 59% Double the National Average

Miami Keeps Leading the Nation in Cash Sales at 59%

Cash sales in Miami increased relative to last month, but are down compared to the same time period last year. Access to mortgage loans for condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening.

 

In Miami-Dade County, 58.8 percent of total closed sales in February 2015 were all-cash transactions -- up from 57.2 percent from the previous month. Cash deals in Miami are down relative to February 2014 when 62.5 percent of transactions were all-cash. Miami condominiums comprise a large portion of Miami's cash purchases as 71.1 percent of condominium closings were made in cash in February compared to 43.9 percent of single-family home sales.

Miami's percentage of all-cash sales is more than double the national average. About 26 percent of all national housing transactions were in cash in February 2015, according to NAR. Since 82 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect Miami's ability to attract international buyers.

"Miami's location and proximity to the Caribbean and Latin America have always attracted foreign buyers," said Carlos Gutierrez, a 13-year Miami-based Realtor and the 2015 Residential President-elect of the Miami Association of Realtors. "Miami's home prices are still very affordable when they are compared with other major cities such as Los Angeles and New York and even in comparison to cities with less attractive lifestyles and amenities."* NAR & World Property Journal

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Miami Ranks 6th in the 40 Top Global Cities for the Ultra Wealthy

Miami Ranks 6^th in the 40 Top Global Cities for the Ultra Wealthy

According to Knight Frank's new Global Wealth Report for 2015, London is still the most important global city for the world's ultra-high-net-worth individual (UHNWI), followed by New York and Hong Kong, but changing fortunes across the global over the past 12 months has seen Hong Kong and Singapore continue to slug it out for pole position in Asia.

Yet Miami, over the last decade, has quietly moved further up the list of the 'Top 40' most important global cities for the world's super rich. In 2015, Miami now is ranked number six worldwide, ahead of cities like Paris and Dubai.

 

Liam Bailey, head of global research for Knight Frank further reports Hong Kong has also edged ahead, moving from fourth to third position in Knight Franks' global top 10 cities.  With Shanghai maintaining its steady rise, Asia holds four of the top 10 slots in our list. Although Geneva loses ground this year, Zurich's strengthening helps maintain European representation.

Focusing purely on the population of wealthy residents, Knight Franks data confirms that London remains the single biggest centre for global UHNWIs, followed by Tokyo, Singapore and New York. Ten years hence and the expectation is that London will retain its top spot, but Singapore will have closed the gap with a 54% growth in its population of UHNWIs over that period.

With the exception of London, European cities will see a relative decline in their rankings based on the size of their UHNWI populations over the next decade, despite an average 27% growth in wealthy residents.

Europe's relative, if not absolute, decline is reflected in North America, Australasia and even the Middle East, with one standout reason - the dramatic growth of wealth in Asia. On average, cities across that region will see a 91% growth in their UHNWI populations over the next decade.

The most rapid growth in wealth will be seen in the likes of Ho Chi Minh City, Jakarta, Mumbai and Delhi. One-fifth of the cities assessed are expected to see greater than 100% growth over the next decade, all of which are in Asia or Africa.

Geographic concentration of wealth remains a key facet with 10% of all additional growth in UHNWIs taking place in just five cities - Singapore, Hong Kong, New York, London and Mumbai - over the next decade.

Knight Frank further states when they focus on the broader measure of dollar millionaires, or HNWIs, rather than UHNWIs, we see some resilience in the performance of cities in the developed world.

Tokyo contains the biggest single cluster of HNWIs today. At 466,000 the HNWI population is nearly a fifth larger than the number two city, New York, with a little under 400,000.

In 10 years there will be a reversal, with New York expected to be home to the biggest global total, with over 520,000 HNWIs, and Tokyo slipping to second place with 508,000.

By this point Beijing will sit in third position, with 350,000 dollar millionaires, a rise of 55% over the decade.

Despite the US and Japan hanging on with the two biggest city counts, growth even at this wealth level will be dominated by Asian centers, with six of the 10 biggest growth cities in absolute terms being in Asia.

Collectively they are expected to add 600,000 new HNWIs to their populations over the period to 2024. In Mumbai alone forecast growth is a phenomenal 125,000 - a 128%. Knight Frank's Attitudes Survey points to the cities that UHNWIs believe will yield the best investment opportunities in 2015 - led by New York, London, Berlin and Los Angeles.

Looking to the future, Knight Frank says one constant remains: the rise of the Asian powerhouse cities, the relative decline of the European centers and the tussle between the two global behemoths - New York and London, with New York expected to be the most important city for global UHNWIs in 2025  * World Property Journal

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!

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Brickell Retail Space Sold at $650 Per SqF

1100 Millecento Retail Space Sold For $10.5M

Retail space at 1100 Millecento in Brickell sold for $10.5 million, The Real Deal has learned. A group of South American investors purchased 17,500 square feet of ground floor and mezzanine retail, Fabio Faerman of FA Commercial Advisors told TRD. Faerman brokered the deal.

Future tenants include: Freddo Gelateria, which has a location on Lincoln Road; Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge. The price per square foot for the sale comes out to $650 per square foot. Faerman said the buyers will invest about $11 million in the space’s buildout. The 10-year leases will total $14 million, he said. 

The 42-story tower has 382 units and was completed in January. The tower was originally scheduled to begin construction during the last cycle. Related Group is the developer. 1100 Millecento is located near the future site of the 1.05-billion Brickell City Centre developed by Swire Properties. * 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!

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Panorama Tower Ahead of Schedule

Panorama Tower Ahead of Schedule

 

The 83-story, $800M Florida East Coast Realty project has just secured a $340M loan from Well Fargo. Wells Fargo Bank, acting on behalf of a group of lenders, provided the mortgage to TWJ 1101, an FECR affiliate, a publication reported. FECR expects 20 percent of the $800 million project’s funding to come from the EB-5 visa program, the South Florida Business Journal reported. The project landed its EB-5 designation because it’s expected to bring 1900 construction jobs, 192 management employees, 800 tenant employees and 220 visiting students to the city. The 83-story multi-use tower, at 1101 Brickell Avenue in Miami, will have 821 apartments, 208 hotel rooms, 50,000 square feet of retail space and 100,000 square feet of medical space, the publication reported. The building will have amenities including a gym, theater, spa, music room, restaurant, pet spa, daycare, coffee bar, cafe and a pool. 

Construction is already underway 3 months ahead of schedule and is slated to finish in early 2018. *South Florida Business Journal & 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!

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FiveFold Increase in 3 Years in Land Sold in Wyndwood

FiveFold Increase in 3 Years in Land Sold in Wyndwood

 

Public records are the best witness of the progress and growth of Wynwood. Here’s more proof of rising prices in Wynwood: a 78,050-square-foot lot sold Monday to an investor for $15 million, or $192 per square foot, The Real Deal has learned. That’s more than a five-fold increase within three years.

Jeronimo Hirschfeld, developer and CEO of Miami-based One Real Estate Investment, bought the vacant land at 2201/2245 North Miami Avenue in Miami. “My plans are to develop the property, as it is in a great location and the area has a lot of demand for mixed-use projects including retail and residential,” Hirschfield said in a statement.

Gaston Miculitzki, agent with Brightway Properties, represented the sellers, 2201 Wynwood LLC and 2245 North Miami Avenue LLC. Both companies show Glenn Leonard as the registered agent and Felipe Yalale as manager, according to corporate records.

“I am really happy to be part of this progress of the Wynwood area, and I am looking forward to continuing to do great deals in the area,” Miculitzsi, who also represented the entities when they assembled the properties in 2012 and 2013 for a total of $3 million, told TRD.

Undoubtedly Wynwood has become an extremely attractive neighborhood for numerous inverstors like RedSky Capital, a New York-based investment firm that has spent nearly $100 million in the past few months on sites in Wynwood and the Design District. * 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.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

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NY Thor Equities & London JZ Capital Management Expand their Miami Design District Portfolios

NY Thor Equities has Spent Almost $100 Million on Its DD Portfolio

Numerous renowned developers as well as investment groups from all over the world continue to bet their money and reputation in Miami believing the city has its shiniest days ahead. The fact is that Miami can boast of a great record of steadily attracting and capturing foreign and domestic capital at a unprecedented pace.

New York-based Thor Equities has bought two more properties in Miami’s Design District, as it expands its sizable retail portfolio in the neighborhood, The Real Deal has learned. Thor on Thursday paid a total of $16 million for 56 Northeast 40th Street and 55 Northeast 39th Street. The properties, which abut each other, total 9,700 square feet of land, with 50 feet of frontage on 40th Street and an additional 50 feet of frontage on 39th Street. The properties are mostly empty with one remaining tenant, Designers Tile. The seller of the sites is the estate of James H. Michael, according to Miami-Dade property records.

Chariff Realty Group represented the buyer and was the only broker in the transaction. “It’s a deal that we worked on for over two-and-a-half years,” Lyle Chariff, president of Chariff Realty Group, told TRD. “We were dealing with the gentleman who owned it, and in the middle of the negotiations, he passed away. After he passed away, his estate started to handle the property… and had to understand the market, and thank God we were able to come to terms.” Attorney Alex Perkins of Perkins Law Offices represented the seller.

The new properties add to Thor’s large roster of properties, which includes 2-54 NE 40^th St, 43 Northeast 39th Street, 53 Northeast 39th Street, 75-81 NE 39^th St, 120 Northeast 39th Street and 3925 North Miami Avenue.  The company has spent about $100 million on its portfolio, Chariff said.

“It was the missing link, and now they have assembled their contiguous space,” he said. The company’s holdings now approach nearly a quarter of the district, Chariff said. “Thor is working on a redevelopment plan, and is looking for high street retail tenants,” he said. A Thor spokesperson declined to comment.

Miami’s Design District is undergoing a transformation to a luxury shopping destination, spearheaded by Craig Robins, president and CEO of Dacra. By 2016, the 10-square-block district is expected to have more than 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, as well as large-scale public art, design and graphic art installations.

Other buyers in the district include Brooklyn-based RedSky Capital and London-based JZ Capital Management, which last week purchased 35 NE 40^th St, the home of Oak Tavern for $28 million; and a week earlier, 1 NE 40^th St for $29.25 million. Thor, led by Joseph Sitt, has honed in on the Design District, as well as Lincoln Road and Collins Avenue in Miami Beach in recent years.

In New York, Thor’s portfolio includes such retail sites as 597 Fifth Avenue, 693 Fifth Avenue, 685 Fifth Avenue and 680 Madison Avenue, according to the company’s website. Earlier this month, Thor announced that it has leased a property at 155 Mercer Street in SoHo to Dolce & Gabbana for the brand’s flagship retail store. * 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!

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American Dream Miami to Become the Largest Mall in America

American Dream Miami to Become the Largest Mall in America

 Triple Five® Worldwide Group of Companies has developed, owns and manages the world’s first, second and third largest tourism, retail and entertainment complexes of its kind; West Edmonton Mall® in Canada, Mall of America® in the United States and American Dream™ in Metropolitan New York. Now Triple five is planning to outdo itself in Miami. Dubbed American Dream Miami, the mall would double as a theme park with simulated ski slopes, a Legoland, submarines and sea lions. Developer Triple Five recently submitted plans to Miami-Dade County officials for the project, which  could cost up to $4 billion and would stretch over 200 acres at the intersection of I-75 and Florida’s Turnpike, a publication reported. Miami-Dade Mayor Carlos Gimenez called the project the largest economic development in the county’s history. The proposal said 25,000 jobs would be created to build the project, with another 25,000 employees to operate it, the Miami Herald reported. Triple Five would acquire most of the land from the Graham Companies, with much of it being farmland. Roughly 80 acres is owned by Florida, and some of that is leased to Miami-Dade Public Schools. The developer would pay $7 million to compensate the school system for waiving its lease, followed by another $11 million to the county for the land itself, the newspaper reported. Triple Five has not requested any subsidies or tax breaks and would spend an estimated $50 million in taxes annually for the project if it is built.  * Miami Herald, The Real Deal & WSJ.

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