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, May 19, 2010

Instead of Miami Beach condos let’s focus on a slightly different type of Miami Beach real estate, in this case the Venetian Islands and more specifically Belle Isle.  There are some new developments currently taking place in this small residential neighborhood but moving from development to actual construction is proving to be a little tricky.

Designers are seeking to build a pair of new apartment complexes near the northwest corner of Belle Isle to be located at 31 Venetian Way.  The buildings would stand at five stories (54 feet high) and would include a total of 181 apartments available as new Miami Beach real estate complete with amenities such as a tennis court.  The two new buildings would replace the existing Belle Isle Key Apartments, a slightly smaller building at three stories.

Local residents and city officials haven’t been entirely thrilled with the new idea, forcing the designers to tweak certain aspects of the building.  The biggest concern is the uncommonly large size of the two buildings and to a lesser degree, traffic concerns.  On July 6 the Miami Beach Design Review Board will evaluate the project; does it stand a chance of becoming the next desirable piece of Miami Beach real estate?

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Tuesday, May 18, 2010

You don’t need anyone to tell you that pricing is one of, if not the driving factor in spurring sales of Miami Beach real estate.  In fact, that may very well be the reason why the high rises of downtown Miami just across the water are doing significantly better in terms of sales than the arguably more alluring Miami Beach.

During the first three months of this year, only seventeen Miami Beach condos have actually closed.  That number is a huge difference from the more than 700 units purchased in neighboring downtown Miami.  The reason once again comes down to price: in South Beach, the average price per square foot for new condos was $1,364.  Compare that number to the $326 per square foot of downtown and everything makes sense.

While Miami Beach condos may be experiencing slower sales, some buildings are seeing considerable sales growth, the Caribbean and Canyon Ranch condos being two good examples.  Will prices per square foot come down even further in Miami Beach in order to spur more buyers to purchase in the city?

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Monday, May 17, 2010

Miami Beach condos that simultaneously function as hotels tend to generate a lot of hype and are among the most popular hangouts in the city.  W South Beach, Gansevoort and the Fontainebleau are perfect examples of this but they may end up having another competitor with the impending opening of the Wyndham Garden Hotel Miami South Beach.

The Wyndham Garden Hotel Miami South Beach will be located in the South Beach area itself on Washington Avenue and will feature just over 130 rooms and suites.  The building itself has been around for quite a while but its massive multimillion dollar revamp promises to make it all new again and may give neighboring Miami Beach condos a run for their money.  In addition to hotel amenities the Wyndham Garden also has features like marble countertops, lacquered vanities and more.

Like other Miami Beach condos, Wyndham Garden will be very close to many popular sights like the Miami Beach Convention Center, Catch 10 Seafood Bistro, Lincoln Road and the Wolfsonian Museum.  Make sure to stop by, you may find it to be just as good as the other condo hotel mainstays.

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Wednesday, May 12, 2010

The recent upticks in sales for condos and homes is a result of a number of factors, and few will disagree that one of these factors is the increasing presence of international buyers seeking to take advantage of the huge discounts for Miami Beach condos and Miami condos in general.  In the latter case, one buyer got a 25 percent discount on a new unit at the Epic condo in the downtown area, and managed to convince several friends to do the same.

In case you haven’t been following the recent news, condos in Miami-Dade alone skyrocketed nearly fifty percent in the first quarter alone and as the median prices continue to go lower, the demand for Miami Beach condos from deep pocketed buyer increases with interest coming from countries like China, Spain and Greece.  According to recent numbers, there is now less than 40,000 condos for sale in South Florida.

Another major contributor to improved sales of Miami Beach real estate and Miami condos has been the federal tax credits but those perks are now over.  We’ll have to take the wait and see approach to find out whether international buyer interest will keep fueling South Florida condo sales.

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Tuesday, May 11, 2010

Short term rentals aren’t anything new in Miami Beach.  During special events like Art Basel or even the Super Bowl, it’s become increasingly common for owners of Miami Beach condos and such to rent out their properties to visitors who’d rather stay in something closer to a home than a hotel room.  For some however, short term rentals are essentially hotels where tenants get too loud and now the city plans to do something about it.

The complaints of Miami Beach real estate short term rentals functioning as hotels is growing increasingly louder as pundits single out the fact that hotels are not allowed in zoning areas per the city code and neighbors decry the noise.  Miami Beach officials are now working out new legislation that could impose new restrictions on these rentals but may put an end to many rental properties altogether.  The new criteria will require that owners register their properties as a “resort dwelling” and that there are few complaints from neighbors.

Should this new law go into effect, it will follow last year’s ban on single family home short term rentals, a ban that hasn’t really been enforced.  Could this negatively affect demand for Miami Beach condos during peak seasons and lead to a drop in much needed tourism?

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Friday, May 7, 2010

Whether you live in Miami Beach condos or if you’ve been to the city at all, you don’t anyone to tell you that it’s among the top nightlife destinations in the country.  In case there were any doubts before, this widely held belief has now been solidified by leading travel website TripAdvisor.

Along with Key West way down south, Miami Beach managed to place seventh among the top ten of nightlife destinations, competing against a formidable list of popular places throughout the United States.  Rankings were determined by general popularity, comments left by visitors to TripAdvisor and longtime favorites.  Chances are recent Miami Beach condos like the Gansevoort and W South Beach certainly helped.

If you’re reading this and you’ve never experienced Miami Beach, this is yet another reason to try and plan a summer vacation to the barrier island.  During the summer season, many Miami Beach condos that offer hotel accommodations also promote very attractive packages that include multiple nights, concierge and additional features at significantly reduced prices.

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