SkyFive Properties Blog

1000 Museum condo buyers have a big reason to smile after hearing some very positive news about the development progress of their ultra-luxurious and imaginative building.  One of the most talked-about new real estate developments in recent history has secured a critical foundation to its development – construction financing. Aguamarine Services Corp out of the British Virgin Islands, has provided a $51 million loan to the Regalia Group, who are the developers of the project. The loan caps out at $160 million and gives the project a tremendous jolt of confidence after months upon months of tense concerns on its overall viability. Investors and brokers within the community have previously been anxious over the developers’ ability to close on the land necessary for the building of the project. However, the purchase of the 36,200 square foot site has taken place recently for $36 million.  A collective sigh of relief can be let loose.

There may have been doubts on the viability of the project, but there has never been any doubt about the sheer beauty and imaginative architecture of the development. It’s easy to see why 1000 Museum condo owners were seduced by the magnificent work of world-class starchitect Zaha Hadid. The brokerage community has universally stated that the building itself can rival any high-end luxury condominium development in the world.  The ultra-modern facade of the tower is quite unique, unlike anything that downtown Miami has ever seen.  It’s no wonder that buyers and brokers alike have been drooling over the new standard that the building may set for new development in Miami, if it could only be built. 

Miami lofts are hotter than ever.  Over the last decade, condo building designs in South Florida have evolved a great deal.  Gone are the days of low ceilings and small, boxed-in kitchens and rooms. The public has spoken, and they prefer expansive floor plans.  These enhanced spaces can be achieved in non-traditional ways by removing construction elements that were once mandatory.

Lofts are an exceptional solution to maximizing the look and feel of condo spaces. Through unfinished ceilings and the removal of mazes of walls, loft condos are able to achieve a much larger, more modern feel.  Buyers are happy because they are able to acquire homes with distinct, cool identities.  Developers are happy because they can build hip residences, while saving on construction costs. In the end, both buyers and developers win by the lower pricing that loft units are able to achieve.

We’ve loved every minute of the last six months in writing our Miami real estate blog.   We’d like to give a big thank you to everyone out there for making our posts the most shared out of any blog in South Florida. And there is plenty more great content coming up. Along our path to writing our stream of content, we have learned quite a bit about the current market. Now is a great time to share some of those insights.

Looking at the big picture, we are going to state the obvious first — the market is on fire.  The summer months were once a time when real estate activity came to a major standstill in activity while agents, sellers and home buyers took vacations and focused their attention elsewhere. That is definitely no longer the case, as a steady stream of foreign buyers have been visiting and buying in Miami year-round.  Through our real estate blog covering Miami, we previously defined the explosion of foreign buying activity here. When a group out of Argentina pays $125 million for an acre of property in downtown Miami, they are placing a big bet and vote of confidence on the strength of the residential real estate market.

Selecting the best Miami real estate agent for your specific needs is one of the most important decisions that you will make with respect to developing your personal wealth.  Good agents will bring you an abundance of quality opportunities to create long-term wealth. Poor agents will leave you scratching your head in frustration.  Or worse yet, pulled into an undesirable emotional rollercoaster of uncertainty and potential legal troubles. The decision to acquire real estate assets is not one to be taken lightly. For many, a personal residence or investment property is the most expensive item ever purchased.  Coming out ahead in this exciting and lucrative game requires a high-quality advisor.

Through interviewing, hiring and firing hundreds of Miami realtors over the course of the last decade, I have clearly learned the skills that separate the amazing from the poor.  There are several specific qualities that make a Miami real estate agent great. And many other common characteristics that are warning signs.  Through this post, we’ll dive into the key points needed to make outstanding decisions for the individuals representing your real estate needs. 

Out of all of the available mansions for sale in Miami, prime waterfront property on an exclusive private island is the ultimate in extravagance.  The unprecedented surge in foreign investment into the real estate market of South Florida has brought with it an insatiable demand for incredible mansions on prime estates. Billionaires, celebrities and foreign dignitaries of all sorts have anointed trophy waterfront properties in Miami as being a must-have addition to any real estate portfolio of personal residences.

There are several core reasons why the elite are choosing the Magic City as a place to call home.  Most notably, the lack of Florida state income tax is seen by many as an incredible incentive to name Florida as a primary residence.  It’s a huge perk to literally get paid (indirectly) by the State to live in one of the most beautiful places in the world.   With New York and California state income taxes hovering around 10% annually, that’s a huge savings. Secondly, Miami is seen as the capital of Latin America.  A large number of the mansions for sale in Miami are acquired by wealthy Latin American families that are looking to hedge their assets against a currency default or a financial catastrophe at the hands of a dictator (hello Argentina and Venezuela). And lastly, the American government has been printing money like crazy since the Great Recession – and this inevitably means that strong inflation will be upcoming…and of course gold and real estate are the preferred assets in an inflationary environment.  With that said, lets examine the 3 best private islands with mansions for sale in Miami.  These communities are exceptional choices for value appreciation, prestige and overall quality of life. 

Palm Island Miami Beach homes have been favored by through the years by rappers, celebrities and even gangsters.  The incredible location along the stunning turquoise waters of the Biscayne Bay make this private island highly coveted amongst the jetsetters of the world. Celebrities who have lived within the community include Enrique Iglesias, Anna Kournikova, Barbara Walters and Gabrielle Anwar. Residents just love the ease of proximity to both South Beach to the East and downtown Miami to the West via an easy drive along the MacArthur Causeway – while at the same time, enjoying the incredible exclusivity that a private island has to offer.

With a limited number of homes on the island, the number of Palm Island Miami Beach homes for sale is smaller than other comparable communities like the Venetian Islands and Bay Road waterfront homes.  The rather broad spectrum of pricing offers something for everyone with the most expensive mansions having asking prices in the $15million range and the least expensive landlocked starter homes going for just north of one million.  The majority of the island has been developed with supreme estates residing on expansive lots that provide the linear footage of dock space necessary for large yachts.

Miami Beach waterfront homes are experiencing a demand like never before with a massive influx of foreign capital driving sales and rapid price appreciation.  Records are falling continuously as buyer’s insatiable appetites for Miami’s signature properties continue to grow on a daily basis. This all makes sense considering the fact that beautiful waterfront mansions and Miami go hand-in-hand. When we think of Arizona, we naturally think of pretty desert homes with bountiful cacti.  Aspen conjures up thoughts of estates carved into mountains, and NYC is synonymous with Trump towering apartments overlooking Central Park.  For Miami, it’s all about mansions on the water – fit for celebrities and multi-millionaires.

The list of magnificent Miami Beach waterfront homes for sale offers some absolutely stunning estates that are fit for royalty in communities such as the Venetian Islands, Star Island and Indian Creek Village.  The latter just made headlines again with billionaire Leroy Schecter selling his 21,746 square foot Indian Creek Village home for a cool $28 million and giving the proceeds away to charity. The new buyer was aware that Schlecter was making a handsome profit through selling for $10 million above Schecters acquisition price, but that is tolerable in today’s market. Miami Beach waterfront homes are in such high demand that incredible price escalation is accepted.  The top-end of the market has no rules – it only takes one willing buyer to make a deal happen.