Miami Beach, FL Real Estate News

By Adrian Salgado
(DASH - A Real Estate Company)
Earlier this week, City of Miami Beach commissioners unanimously approved a package of incentives for affordable housing in a new district designated as Cultural Arts Neighborhood District Overlay b.k.a. CANDO (you know - for marketing purposes ala “Health District” f.k.a the Civic Center), making Miami Beach the first city in Miami-Dade County to create a district that attempts to offer affordable housing for artists. The Arts Neighborhood’s boundaries are 24th Street and North Lincoln Lane to the north, Meridian and Lenox Avenues to the west, South Lincoln Lane to the south, and the Atlantic Ocean to the east. Some of you may know this area as Collins Park (CANDO, I guess, is much, much sexier), an area currently home to the Bass Museum, the new Miami Beach Regional Library, the Jacki...
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By Aventura | Bal Harbour | Sunny Isles Beach | REALTOR® 786-229-7999
(SIB REALTY, Llc // WaterWayRealty.com)
Condo Hotel Trends - A Look at the Big Picture in Vacation Home Ownership Condo hotels are one of the hottest products in todays real estate market. New properties are cropping up in different parts of the country and new buyers are entering the market daily. Things have been moving so quickly in terms of condo hotels, but sometimes it's worth taking a moment to step back and look at the big picture. Condo Hotels In General: There is a spreading enthusiasm about the condo hotel concept. More people are recognizing its potential and therefore creating demand for more inventory.Condo Hotel Buyers: The average buyer is 35-50 years old. Buyers for Florida properties, where condo hotels are most prevalent, come from all over the U.S. On the international front, most foreign buyers interested...
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By Juan Leal, Miami South Beach Real Estate
(Douglas Elliman)
September has historically been the slowest month in Miami Beach rentals and Flamingo South Beach is certainly not an exemption. The last half of September has been incredibly slow with some top realtors reporting little to no leases closed and the Leasing office Relocation agents indicating a 50% drop in business. We have seen inventory almost double since its peak in early August. For example just looking at available listed 1 bedrooms in August there were 10 units then and now we have 19, but this is soon to change. High Season is very fast approaching and along with the sexy super models (and end of the wet season....finally please) come higher prices and less inventory. Tenants now is the time to get a deal, landlords get ready to kick it in high gear.DealsThe best deal on the mark...
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By Hector Lesende
(Internet Realty and Assoc)
 One of the most desired beach resorts in the United States, Miami Beach is a city in Miami-Dade County in the state of Florida. It was incorporated on the 26th of March, 1915. Though it is a distinct municipality, the city of Miami Beach is taken in the same category as Miami and the two jointly are referred to ‘Miami'. According to a recent estimate, Miami Beach has inhabitants of nearly 88,000 in which more than 55% are foreign born and came to Miami at some point. It is located at 25°48'47", 80°8'3"W and has an area of about 19 square miles. This place basically has a tropical climate. The real estate market in Miami Beach is resilient . The average listing price of a single family home in Miami Beach is $1,017,000. Average listing price for a condo is $454,000. The average listing ...
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By Kevin Tomlinson, Miami Beach Real Estate
(One Sotheby's International Realty- Miami Beach Real Estate)
    With the real estate market in a state of flux, absorption rates are increasingly used as an indicator to assess how long it would take to sell ALL the existing condos in each condominium, assuming the rate of sales stays constant and no new listings are added to the inventory. Additionally, absorption rates are the best way of tracking market performance. They are usually used to indicate "overall real estate market performance," or how an entire market is doing. To calculate monthly absorption rate, I have taken all the condos that are currently on the market in each building in the South of Fifth Street (SoFi) neighborhood of South Beach, and divided them by the number of listings that have sold in their respective condo in the past six months and divided that number by six. Many...
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By Allan Kleer
(The Kleer Team)
I've been asked recently as to the purpose "vision", if you will, for this blog.  It's meant to be an upfront, authentic, and honest space for communicating to consumers and colleagues my view of the state of the real estate market.  While I try to be as expansive as possible, my emphasis is on the Miami Beach real estate market.The latest residential market update:  Greater Miami/Ft. Lauderdale residential sales keep sliding  South Florida's housing market continues its slump. In Miami-Dade County, existing single-family home sales in August dropped 45 percent from the same month a year ago and 24 percent from July. Broward single-family home sales in August were off 23 percent from August 2006 and 4 percent from July. It was a similar story for condominiums. Miami-Dade condo sales fel...
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The following are significant Commercial Real Estate developments of the past few weeks (some reprints from South Florida Business Journal), which I believe demonstrates the long-term strength and resilience of S.E. Florida Real Estate market:  Vinnci Hotels Opens in South Beach + Bentley Beach News! South Beach's newest luxury hotel, the Regent, lost its operator in September after a year of disappointing occupancy levels and room rates. Regent Hotels & Resorts officially left, nine months after opening the condo-hotel. Vincci Hotels, a chain based in Spain with properties in New York and Palo Alto, Calif., took over Friday. Table 8, the celebrated restaurant in the hotel's first floor, will remain, a spokeswoman said. The abrupt switch ends Regent's plan to take on the Delano, the Ri...
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By Juan Leal, Miami South Beach Real Estate
(Douglas Elliman)
new law that can impact the private property rights of every condominium owner in Florida took effect on July 1, 2007.  The "condo termination law" could make it easier for developers to purchase existing, older condo buildings that currently sit on land that is very valuable so that they can redevelop it for a sizeable profit.  The condo termination law requires only 80% of unit owners to consent to the takeover.  Before the new law, all owners in a condo building had to consent before the sale could occur (allowing for a few resistant to selling out to prevent a sale).  Under the new law, the takeover plan can only be stopped if a minimum of 10% of the unit owners of the complex object in writing within 90 days after the date the plan is recorded (the "effective date"). However, accor...
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By Nelson Gonzalez, Miami Beach Waterfront
(EWM Realtors )
 FORECLOSURE: Single family Waterfront home Located on Sunset Island #3, this home was completely renovated (gutted) about 7 years ago by Tutt Construction who renovated Gianni Vesace and Cher's homes on Miami Beach.  A perfect family home in a great location, this property is walking distance to Lincoln Road Mall and South Beach.For more information, please go to my blog (below)1440 W 23 Street, Sunset Island #3, Miami Beach, Florida
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By Nelson Gonzalez, Miami Beach Waterfront
(EWM Realtors )
 Seven luxury homes on Palm Island have sold in 2007 between $4-7M averaging $1,536.86/sqft    Sales for 2006 averaged $706.93/sqft      Current Listings are between $5.6 - $17.9M averaging $1,350.89/sqft Two Pending Sales are both listed for $5,250,000 Land Value. Lot sizes 30,000 each  On the adjacent Hibiscus Island no sales have materialize since 2006 when the average price was $868.27/sqft.The current 11 listings average $1,461.53/sqftBest Deal on Hibiscus Island:150 S. Hibiscus Drive, Miami Beach Fla  $4,199,000.                                                                    *********Palm/Hibiscus Island Park Re-Opened!"I am pleased to inform you that the Palm Island Park will be re-opened, Tuesday, August 14th!As you know the Park has been closed for the last few months for m...
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By Bill and Bryan Sereny, Ultra Luxury Real Estate
First off, let me say that I don't have a crystal ball. No one does.  What I do have are two eyes and ears out on the streets of Miami and Miami Beach.  I consider myself a true barometer of the Miami Luxury Condo Market.I receive calls practically on a daily basis from both sellers and buyers.  The sellers, especially the pre-construction investors, are eager to listen to a Realtor that will give them a glint of hope of brighter days on the near horizon.   Some are wishful, others have given up hope, while others are outright unrealistic holding tight to their high expectations. On the other side of the table are the Buyers.  Local buyers for the most part have been paralyzed by the media, unable to make a move on even a true "fire sale" opportunity.  Then there are the relocaters.  Th...
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By Rick & Ines - Miami Beach Real Estate
(Majestic Properties)
Because Miami is so large, we have a number of "featured neighborhoods" on our Miamism site.  The idea is to keep the content local and to provide useful information about each neighborhood that we specialize in.  So here's our take on Miami Beach, Florida.Miami Beach is known as an International Mecca for travel, business and to establish a home.  From its small hotels with moderne lines along lower Collins Avenue and Ocean Drive to its major hotel chains along the beach.  Its Art Deco District and South Beach area are world-famous.  Cities within Miami Beach include:Biscayne Point Normandy Shores Normandy Isles North Shore La Gorce Oceanfront NautilusBayshore Venetian Islands Star Island Palm Island Hibiscus IslandSouth Point  The 1980s and early '90s brought a multi-billion dollar in...
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By Karen Kafin
(South Beach Investment Realty)
  The lumping of Miami Beach with Miami drives me crazy! Especially when it comes to the buying and selling of Real Estate! Yes, we are in Miami-Dade county but we are not Miami! Miami Beach doesn't have thousands of new condos coming on to the marketplace now and through the next two years. (Our company of agents has sold a lot of those-we look forward to a close!) Miami Beach has it's infrastructure is in place. The city is bustling with people with plenty of places to go and things to do. You can find plenty of adventures 24/7 and some for free such as people watching on the boardwalk, Española Way, Lincoln Road etc. (Oh the people you will see!!) There are major events like Art Basel, The Boat Show, Wine & Food Festivals, Beach Volleyball that attract people from all over the countr...
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This past week, I had the privilege of working with one of the most skilled and capable real estate attorneys in the business. She delivered one of the smoothest closings that I have ever had, and all parties involved in the transaction were thrilled!  To celebrate, we went out to lunch and my team and I were very honored and proud that she also told us that we were the best real estate brokers/salespeople she had ever worked with in her many years of practice. I'm communicating this here not to stroke my ego, but to inform anyone reading this the importance of working with experienced, detail-oriented, flexible, informed, and skillful Realtors in this challenging real estate environment.  In a seller's market with many buyers and limited inventory, I believe that the Realtors handling ...
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By Kevin Tomlinson, Miami Beach Real Estate
(One Sotheby's International Realty- Miami Beach Real Estate)
Apogee South Beach The Related Group's Apogee South Beach in the sexy SoFi neighborhood of South Beach marketing slogan is "More than you need. All that you desire." It seems that Related seems to "need" to net a little more out of the crown jewel of the developer's portfolio. According to the Miami Herald:Dellacasa, a maker of kitchen and bathroom cabinets, sued developer Related Group and the project's general contractor John Moriarity & Associates, claiming they sought to steal its designs and oust the company in order to ``replace it with a cheaper, low-end contractor.''Kevin says: This has got to be a tad bit mortifying for the Related Group who has touted the luxury condominium to be the "very best of the best."I'm sure that the buyers who trusted the developer's promise to delive...
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By Allan Kleer
(The Kleer Team)
I believe that the housing market is at the beginning of a healthy balancing process, in other words, the capitalist system of supply and demand is in the process of adjusting to economic reality.  This week, I took the opportunity to check in with clients that live in the greater Miami area and happen to be high earning (by most upper middle class standards) professionals i.e. doctors, attorneys, accountants, business owners, and high ranking Fortune 500 executives.  The commonality is that all say that their living expenses have gone up disproportionately in comparison to their incomes (taxes, windstorm insurance, maintenance fees, homeowners insurance, etc.).  The affordability of Greater Miami real estate must be closer in line to the income of area residents.Buyers that are willing...
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By Allan Kleer
(The Kleer Team)
What a turbulent week it's been!  There is no denying that the credit markets have been in turmoil over the past week- particularly the interest rate for jumbo loans for *well qualified* buyers in the real estate market.  The good news is that the Feds have stepped in and lowered interest rates this morning (interbank rates), eventually we WILL see a stabilizing effect on the real estate market.  As the financial news outlets are reporting, this is a healthy cleansing process that will eventually lead to a stabilization and (eventual) recovery of the real estate market.My team and I have had an incredibly busy week doing the following:Reviewing property pricing with sellers (and planning for appropriate adjustments in the next few weeks).  This pricing will be determined by how the fina...
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By Juan Leal, Miami South Beach Real Estate
(Douglas Elliman)
  • 543 sq. ft. apartment - $269,500 USD South Beach, Miami Beach  -   LOWEST PRICED STUIDO IN THE FLAMINGO. JUST 2 BLOCKS FROM THE PULSE OF SOUTH BEACH IN LINCOLN ROAD AND A SHORT WALK TO THE SAND. PROPERTY IS SITUATED ON 17 ACRES ON BEAUTIFUL BISCAYNE BAY, 2 RELAXING BAYFRONT POOLS, 14,000 SF DAVID BARTON GYM. LOWEST PRICED UNIT IN COMPLEX. INVESTORS "NO RENTAL RESTRICTIONS" BETTER THAN DEVELOPER PRICE Property information
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By Kevin Tomlinson, Miami Beach Real Estate
(One Sotheby's International Realty- Miami Beach Real Estate)
  Photo taken 6/25/2007The first phase of Canyon Ranch Living Miami Beach closings are expected to start after Labor Day.  The first units to close will be floors 7 -10 in the south tower.  From what I have been told, the center (Carillon building) tower will start closings about 60-90 days after that, so probably right around the end of the year.  The Canyon Ranch Living Miami Beach resort hotel should be operational right around the beginning of the new year.The project has been extremely successful.  The first phase (south & center towers) is sold out and north tower still has exceptional units available.  Units start around $1M.  Re-sale units are available in the south & center towers as well. To Continue Reading "Canyon Ranch Living Miami Beach: Update on Closings" Please follow o...
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By Bill and Bryan Sereny, Ultra Luxury Real Estate
A few years ago, I was enjoying a leisurely twilight cruise through Miami's Biscayne Bay.  It was a beautiful summer evening, with spectacular weather and great company.  As we passed under the 195 bridge, my friend Shannon muttered a question, "I wonder what that building is called"? I quickly responded, "that's Blue Condo, the building to the left is the Hamilton, and the one under construction behind the two is called 2 Midtown".  At first Shannon assumed I was just lucky, but soon she came to realize that I in fact did know each tower. She asked me to name just about every high-rise from 195 to our final destination (Big Fish) on the Miami River. By the time we sat down, Shannon couldn't help but ask me why I knew so much about all of the buildings. The answer is simple:My knowledge...
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