Miami Beach Real Estate Blog

Miami Beach Real Estate Blog

Wednesday, December 19, 2012
The largest retail deal in all of Florida was just closed, in our backyard in Miami Beach. Affiliates of Terranova and Acadia Realty Trust paid out $139 million in cash  for three buildings along the pedestrian shopping district of Lincoln Road. The addresses of these buildings are 801, 826, and 719 Lincoln Road. This is the prime area of Lincoln and in the spaces leased already are Kiehls, Dylan’s Candy Bar, and Fossil. Properties were sold by South Beach Tristar Capital. Terranova and Acadia purchased another 3 buildings on Lincoln earlier this year. Terranova formerly invested in suburban real estate, however they now own nearly 120,000 square feet of retail space on Lincoln Road, which makes them the largest owners on the street.
The growth of Lincoln Road has been incredible this year with rising commercial rents and commercial prices and it is now in the top five streets in the nation for shopping. Retailers are paying from $1,000- $2,000 per square foot to have shops along Lincoln Road. Terranova also brought some new tenants with it, Khong River House Eatery, which opened yesterday, Armani Jeans, and Muse Café, which will open next Spring. Lincoln has witnessed a number of national retailers clamoring for space such as H and M and Forever 21 that opened recently and the opening of 1100 Lincoln Road with Rosa Mexicana and the incredible Juvia, Nespresso, and Juicy have made the road all the more desirable. Great news for commercial and residential real estate in Miami Beach!
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Tuesday, December 18, 2012
This week the National Association of Home Builders/Wells Fargo announced the index for home builder confidence has increased to 47, which is the highest it has been in 6.5 years. It rose 2 points from 45 in the month of November, and is at the same rate as April 2006. Further, the increase has been steadily increasing since October 2011. While these are the national numbers, we are one of the first areas to experience this confidence tangibly with 83 new planned developments across South Florida. There are a few things left on investors minds when they are looking to purchase property in South Florida, and we would like to address them.
First, investors have been reticent to invest given the amount of foreclosed and REO homes that banks are holding back. We would like to address this complicated question in a measured response, being that as joblessness declines, the real estate market benefits, and lenders will only release these homes in a measured way as to not flood the market, which was a symptom of the crash in 2006. Secondly, the new demand will only increase as the job market will provide income to new generations and they in turn will first be renters and then home buyers. The rental market has increased in a huge way in 2011, in areas such as Brickell, the rents have increased as much as $2 per square foot. This gives way to the cash investors, who long have invested in Miami, to continue their investments with a steady return. The new developments that are in the planning stages rely heavily on cash investors and the demand is outpacing the available inventory in a large degree. We are thrilled to report this sustained growth in the market of new homes. If you are looking to invest in rental properties in South Florida, contact us today!
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Monday, December 17, 2012
Palm Island is located just west of Star Island and has some of the most coveted real estate in Miami. Homes are located on dry and waterfront lots and have some of the best property values in Miami. It is equidistant from South Beach and Downtown Miami and the Miami International Airport is just a 20 minute drive on 395 via 826. The community has its’ own recreation area including lighted tennis courts and basketball courts and children’s park. It is not uncommon to see joggers, walkers, and rollarbladers in this neighborhood, which feels much more like a suburban enclave than an island amidst a bustling city.
The barrier island’s homes vary in style and range from just under $1 million to well over $23 million. The degree of variability in prices is due to some homes being waterfront and others being dry lots, however all homes are guarded closely by police 24 hours a day. Landscaping all over the island is lush and tropical and residents on the water enjoy incredible views of Biscayne Bay, Downtown Miami, and the Government cut. Currently in this neighborhood, there are 4 listings for rent starting at $18,000 per month and upwards of $35,000 per month. There are 13 listings for sale in the neighborhood starting at $849,000 and up to $23,400,000. This is one of the premier islands to inhabit in Miami and listings do not last long. For more information on these homes, contact us today!
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Thursday, December 13, 2012
1700 W. 25th Street in the Sunset Islands neighrborhood of Miami Beach represents all that is classically Miami. It is a huge lot with over 48,000 square feet, it is located on the water, and it is in the classic Mediterranean style. This property is more than a home, it is a compound featuring sweeping verrandas, French doors, terraces, fountains, and poor pavilion with 240 feet of waterfront. It is also state of the art Smart and has every amenity you could imagine. The home has a tennis court and huge pool with outdoor dining and the interior features incredible custom mill work, and stone floors. The kitchen is enormous and can accommodate a live in chef as well as a novice chef, and it opens into the dining room. This listing is one of the most rare in Miami Beach, due to the lot size, as well as the amenities. It is listed for $12.5 million.
The Sunset Islands are 4 gated islands in Miami Beach and have some of the most esteemed real estate in the city. Homes are either Mediterranean or modern and all are on large lots with luxury amenities abounding. Within walking distance is a Fresh Market, Publix Supermarket, and a number of the chicest restaurants in Miami Beach including Barceloneta, Pub Belly, and Burger and Beer Joint. Also close by is the shopping destination of Lincoln Road, which also has loads of restaurants and a movie complex. Sunset Islands is popular since it really allows walking access to South Beach. For more information on homes in the Sunset Islands, contact us today.
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Tuesday, December 11, 2012
Borrowing funds to pay for a new primary residence or secondary residence are common in today’s real estate marketplace. With mortgage rates at record lows, and condominium prices still 30% below prices at the height, many are purchasing in South Florida. Lenders are very strict when approving borrowers and they look at not only your financial status but also the status of the condominium you are looking to purchase in. Buildings must be fiscally sound to obtain approval. Even with stainless credit reports, a borrower may be denied due to a building’s financial statements. Here are some points to consider before borrowing for a condominium. If you are looking to purchase a condominium in Miami, contact us today.
Ready Set Search: Before you begin your search for the condominium, have a consultation with your financial institution to determine two things; how much funding you qualify for, and what the building criteria is. By obtaining building criteria and your eligibility, you can offer this information to your realtor, to narrow the search of buildings.
Size Does Matter: The size of the building and the occupancy by owners is extremely important. A middle to large size building with mostly owner occupancy, as opposed to rentals, is more likely to be approved. This is due to the fact that maintenance is paid by the owner and can be diverted by rental fees in other instances.
 The Downpayment: For primary residences expect to put 20-30% down and for second residences expect to put at least 40% down. These may seem like high numbers but lenders are being vigilant to avoid a condo bust, and it is in the interest of your investment and the real estate market.
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Monday, December 10, 2012
1865 Cleveland Road is listed at $2.75 million in the Biscayne Point neighborhood of Miami Beach. This incredible waterfront home has 6 bedrooms and 4.5 baths and has 4,379 square feet. It’s entry has soaring ceilings and a grand staircase with direct waterviews. Some of the incredible features of this home include, huge kitchen with stainless steel appliances and granite countertops, nanny suite off the kitchen, master bedroom with private balcony and oversized closets, and incredible formal dining room. The exterior is a classic modern style and the views of the Biscayne Bay are some of the finest in Miami. It has an inground heated pool with an oversize dock, perfect for parking a yacht. This home truly is turn key and is really well priced considering the lack of inventory in the area.
Biscayne Point is an incredible neighborhood in Miami. It is north of Normandy Isle, which is home to one of the oldest golf clubs in Miami and it is just south of the shopping destination, Bal Harbour. It is gated and its’ homes are in the multi millions and most have waterviews. There is a publix supermarket nearby and the beach is just a short drive away. Downtown Miami is a 20 minute drive as well as South Beach, for those commuting and those looking to take advantage of all the nightlife of South Beach. This neighborhood is preferred for families due to its incredible schools and fabulous beaches. For more information on our home this Monday or for information on other homes in this incredible neighborhood, please contact us today!
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