Miami Beach Real Estate Blog

Miami Beach Real Estate Blog

Wednesday, January 09, 2013
Throughout 2012, we have reported of increasing median home prices and the real estate recovery and as we enter into 2013, it appears that the recovery will continue. The Wall Street Journal also reported that the luxury marketplace, nationally, is experiencing a rebound as well. An increase in the demand for luxury property is attributed to increases in buyer confidence, steady foreign demand, low mortgage rates, and the nationwide declines in home inventory. Homes for sale in the US in the over $1 million dollar bracket rose by 9% in the first nine months of 2012 compared to 2011 and it is at the highest rate in 4 years, according to DataQuick, the real estate tracking firm that tracks data across 98 US Metro areas.
The above $1 million dollar home bracket, which is considered luxury, have been routinely purchased quickly in Miami and Miami Beach and the inventory is by some estimates at a 6 month supply, compared to the national supply average which is currently at 12 months. Banks have been slow to release foreclosed homes on the market as well and there have been increases in refinancing which is producing a decline in distressed properties. International investors that flocked to South Florida to take advantage of favorable exchange rates are now entering into veritable bidding wars for homes and condos. Currently, the number of foreclosed and short sale homes has decreased by 33% from 2011 according to Zillow.com, and has decreased by over 50% from 2010. Reports will continue to trickle in and this is incredible news for Miami and the Nation with regard to luxury properties.
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Monday, January 07, 2013
According to the South Florida Business Journal,The Watson Island Project has procured funding. The developer, The Flagstone Group, has been working with the city and various partners to fund The Watson Island Project which is one of the largest scale projects to gain approval in Miami. The project had an uncertain future, due to lawsuits, and issues with permitting, however it is reported that the funding is nearly complete for this mega development encompassing Watson Island. This project is long awaited and is reported to be of epic proportions, around $640 million is needed in funding.
Watson Island is home to Jungle Island and the Miami Children’s Museum and the Island Gardens plan is truly massive. It includes time shares residences, restaurants, two hotels, and a mega yacht marina. Formerly, this project was scheduled for completion in 2011 and ING Clrion was a listed partner. Given the projects inception in 2008, at the onset of the real estate crash, and the current unbelievable atmosphere of growth in Miami, we expect to see an official announcement in the near future. According to South Florida Business Journal Sources, Flagstone is “very close to finalizing the financial components and permits, it has until September to start construction of the marina portion of the project. Stay tuned for more on this developing project.
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Thursday, January 03, 2013
 Rosie O’Donnell’s Star Island home was listed on the market in march for the price of $19.5 million. This listing was announced at the beginning of the recovery, however clearly, even the very wealthy feel the listing is overpriced. O’Donnell purchased 43 Star Island Drive in 1999 for $6.75 million and it is currently valued by the Miami Dade County Appraisal’s office at $10.75 million. The current reduction of $2 million is a prudent decision given the vast difference between value at the appraisers and the value in the current market. There is limited inventory and the recent sale of Donald Pliner’s home at 29 Star Island Drive for $14.3 million shows there is still very high demand for homes of this caliber in Miami.
The O’Donnell home has undergone extensive renovations and the main home is nearly 12,000 square feet. Among additional improvements are two guest homes and complete upgrades. The home was originally built in the 1940’s and special attention was paid to keeping to the old Florida aesthetic. It is in no way old, though, the renovations are some of the most chic in design in the area currently and are similar to the renovations that took place at The Betsy Hotel in Miami Beach. We expect that with the current reduction, this property will sell very quickly, for more information on this listing and other incredible listings in Miami Beach, contact us today!
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Friday, December 28, 2012
What an incredible year for real estate! In Miami pending home sales are up 52% from last year, which is remarkable. We have lots to celebrate here in Miami and many people come to Miami for New Years Eve. Here are some of the events going on for New Years Eve, Enjoy and Happy New Year!
Mansion Nightclub: In true Miami style, tickets to this event are $250 for men and $75 for ladies with an open bar until midnight. VIP and table rates are available. 1235 Washington Ave, Miami Beach. (305) 695-8411.
Nikki Beach Venetian Carnival: This beach party’s tickets start at $50; table packages are available. 1 Ocean Drive Miami Beach. (786) 515-1150.
SOBE Live: Sobe Live is the hip hop NYE event to attend. Tickets include a 3-hour open bar, buffet, champagne toast and a balloon drop. 1203 Washington Avenue. (305) 725-3353.
King Mango Strut: The King Mango Strut is a  parade taking place on the last Sunday of the year in downtown Coconut Grove.
Miami Beach New Year's Eve Party: The city of Miami Beach offers a fireworks celebration at midnight. The best way to see them is to be near Ocean Drive and 8th Street. (305) 673-7400
Bayfront Park Amphitheater: This free event that features performances by various bands. There is a countdown for the dropping of the Big Orange and fireworks. 301 North Biscayne Blvd, Miami. (305) 358-7550.
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Thursday, December 27, 2012
6058 Alton Road has just been placed in the market in Miami Beach and this home is completely remodeled for $2.995 million. Originally built in 1935, the home has a 2 story grand rotunda opening into a large living area and incredible amenities including an elevator, grand kitchen, dining room, and all in just finished condition. The home has 6 bedrooms and 7 bathrooms with 2 half baths and is just shy of 7,000 square feet. It is nestled on Alton Road 2 blocks from the beach and faces the La Gorce Golf Course. The lot is nearly 23,000 square feet and there is an amazing yard perfect for a family with a large pool. A home like this, in this sought after neighborhood does not come around often. If you would like to see this home, please contact us today.
La Gorce Country Club is the oldest private country club in Miami. It has an award winning golf club, full tennis facilities, casual and gourmet dining, and activities year round for the family. The adventures of South Beach are minutes away, and this neighborhood has a quiet appeal that would make one think that it were suburban. The Miami International Airport is 15 minutes away and downtown is 20 minutes away. The chic neighborhood of the design district is ten minutes away as well as the artsy neighborhood of Wynwood is right around the corner. For this price and in this neighborhood, this listing is one that will surely sell soon.
 
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Thursday, December 27, 2012
Today the S & P Case Shiller Index was announced for the third quarter. It has been reported that home prices have risen for the past nine months consecutively. Economists look to this index as one of the key indicators of economic recovery. The index is comprised of 20 metropolitan areas recorded and calculated at a seasonally adjusted rate. .7% gains were reported, which is .2% stronger than economists from Reuters anticipated. The S & P Chairman released this statement, “Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength.” It is supposed that low mortgage rates and continued job growth will see continued growth in the real estate marketplace, despite expectations of a downward turn from released homes.
Banks are expected to release distressed and foreclosed homes which could potentially slow the increase in prices of single family homes, however in areas such as Miami, the inventory is so limited that once these homes are released onto the market, they are starting bidding wars between interested parties. Real estate makes up 3% of the gross domestic product of the United States. This past fiscal quarter housing contributed 10% to the economic growth. Further, the GDP expanded more than 3 times what was anticipated. The housing market is tangibly contributing to economic recovery. What wonderful news!  
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