Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

Wednesday, July 17, 2013

September 17, 2013 will prove an interesting day in Miami Beach real estate, as the Versace Mansion will be auctioned off live! The auction will be held at the mansion and prospective buyers must deposit $3 million in the owners law firm escrow account beforehand. The lawfirm is Marshall Socarras Grant in Boca Raton. Further, the bidders must show proof of $40 million in funds. It is possible the incredible and historic home will sell for far under the asking price of $75 million. The home was originally listed last year for $125 million and has undergone several price reductions. It was once home of Gianni Versace and has a rich history in Miami Beach. Most recently, it has been used for special events and private parties, however the owner underwent financial difficulties leading to this auction.

Casa Casuarina, aka the Versace Mansion, was originally one structure, however Gianni Versace bought a neighboring art deco hotel to expand his property. It has gold embellishments in nearly every surface and it has over 23,000 square feet of interior space. The home accommodates room for many guests with 10 bedrooms and 11 baths. The pool is custom mosaicked and there is a chef ready kitchen, equipped for commercial cooking as well as private. If you are looking for the most historic and luxurious home in the heart of South Beach, this is the place. For more information on attending this auction, contact us today!

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Tuesday, July 16, 2013

The National Association of Homebuilders announced that the Housing Market Index rose to 57  in June from 51 in May. To give you an idea of what a healthy market entails, any indice above 50 is considered a positive outlook. This is the third consecutive month of gains in homebuilder confidence and it is easy to see why in the Miami market in particular with inventory at such short supply. Further, the index has not been this high since January of 2006! David Crowe, the chief economist for NAHB released this statement regarding the recent numbers, "Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten."

Currently in South Florida there are over 160 planned commercial and residential developments with no sign of slowing down. This last index is the result of a poll of 281 builders, and economists predict continued improvement in this indice. Several factors are attributed to these gains. Hiring has been steady and mortgage rates, while increasing this year, are still relatively low compared to in 2006. Nationally, inventory of existing homes was down 10%, so the demand for new homes is really necessary. Demand for homes is up and existing homes are simply not available in many markets. Sales of new homes is at the fastest pace than it has been in 5 years. We are pleased to report these numbers and will continue to update you with the latest in regional and national real estate news.

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Friday, July 12, 2013

Related Group is at it again! They just announced their Design District project called Baltus House, and it already is sold out 50%. The 15 story project will have 167 residences and the starting price is a very reasonable $199,000. At this midrange price point, it is no wonder that the building is selling out in less than 30 days. It is considered Spanish Contemporary and is still a luxury development, as are all Related Group projects. Views are of water and overlook the Bay Pointe neighborhood and the interior features include stainless steel appliances, European style kitchens, and a mix of carpet and tile flooring.

The designer of the project is Javier Martin and he released this statement regarding the Baltus House Project, “An exclusive interior design from Baltus Collection will be the perfect complement to the artistic experience the building has to offer. Baltus House was meticulously designed to bring residents an exquisite living experience in this one-of-a-kind project.” Residences come in 1-3 bedroom floorplans and the Design District is quickly becoming the most sought after neighborhoods in Miami. Cartier, Prada, and Louis Vuitton are just some of the major luxury retailers that have relocated from Bal Harbour to the Design District, and the new designs for the neighborhood have many eagerly awaiting its completion. For more information on this neighborhood and other condo opportunities nearby, contact us today!

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Thursday, July 11, 2013

Two interests from New York purchased the Plymouth Hotel, located on 21st, for $18.25 million. This is a remarkable gain for the New World Symphony, whose property was appraised at $1.3 million. The hotel was built in 1926 and the new owners plan to retain some of the historic elements, while giving it a complete update. BankUnited funded the interest with a $15 million loan. The new owners formed Plymouth LLC and the managers are Shawn Vardi and Mark Shemel. Shemel released the following statement regarding the acquisistion, "We are planning two hotels and would also like to restore the historic facades and original signage to bring the properties to their original form.”

As the hotel stands today, it is 40,000 square feet with 95 units. It will likely join the ranks of luxury boutique hotels that have enjoyed a resurgence such as The Gale, The Betsy Ross, and The National. The margin of profit The New World Symphony enjoyed is exemplary of the kind of transactions that are occuring in today’s market in Miami Beach. International and domestic buyers in both the residential and commercial markets continue to buy up properties at list price or above. Property values have sky rocketed and if you have thought about selling your commercial or residential property, you could not find a more conducive climate. For more information, contact us today.

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Monday, July 08, 2013
Tags:   Murano Grande Penthouse B, Murano Grande

We have witnessed an incredible two years in the Miami Dade County real estate marketplace. There are scarcely homes on the market and they are selling for top dollar. These gains must come at a price and that is property taxes. Tax increase numbers were announced via the Miami Herald and the Miami Dade tax appraiser’s office last week and there were some astounding numbers in the luxury market. Keeping in mind that if the taxes increase, so do your property values, if you are looking to sell, you will get optimal pricing.

The steepest increases were felt in the highest luxury neighborhoods, with the lowest density of homes or condos. So given that criteria, Indian Creek witnessed incredible gains of 19.5%. Next highest in increases was Bal Harbour whose increases were 15.14%. Sunny Isles was the third highest with an increase of 10.32%. Next year, with the coming inventory in Sunny Isles with the developments of Porsche Design Tower and Mansions at Acqualina, it will be interesting to see the resulting tax effects. If you are a resident in these areas, it is an excellent time to sell. If you are a permanent resident in this area, make sure you check to see if you qualify for homestead exemption. Great news!

 

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Monday, July 01, 2013
Tags:   Miami Beach

4th of July is one of the best holidays to be in Miami. From the Biscayne Bay, to Key Biscayne, to Miami Beach; the fireworks displays are out of this world and there are festivals all day to celebrate.  From bounce houses to the vibrant food truck scene, there is something for everyone and most of these festivities are absolutely free. Here is our guide to the festivities whether you are a party of five or a party of two! Happy Fourth of July!

Bal Harbour Beach  9:00pm- 9:25pm. At the south jetty of Bakers Haulover Inlet the fireworks display is intimate and best viewed by boat. Bring a bottle of bubbly and a date and you are set!

Coconut Groves Peacock Park  Family festivities all day and fireworks at 9:00 pm. 2820 McFarlane Road, Coconut Grove

Biltmore Hotel Coral Gables  A dignified first date for the 4th would be at the elegant Biltmore with a symphonic performance at 7pm and fireworks at 9pm. Refreshments and libations are additional but the event is free.

City of Miami Beach This is an extravaganza on 8th and Ocean Drive. Come early and stay late as the fireworks begin at 7pm and last until, well, they last.

Key Biscayne This all day family affair begins at 11am and concludes with fireworks at sunset.

Bayfront Park: Bayfront Park is in the heart of downtown Miami and is an excellent place to watch fireworks. Festivities begin at 3pm and fireworks are promptly at 9pm. Bayfront Park 301 Biscayne Blvd. downtown Miami.

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