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Glass Miami Beach Glistens with Modern Beauty
Glass Miami Beach is that latest addition to the magnificent string of new condo developments in the South of Fifth neighborhood. The name chosen for these ultra-luxurious residences is quite appropriate because they feel more like glass homes in the sky rather than condominiums. The famous local developer, Terra Group, has swung for the fences with this plan. They have no doubt calculated that the incredible popularity of the neighborhood will support their bold designs.
While most condominium developments on South Beach have many condos per floor, Glass Miami Beach has taken a different approach. Incredibly, Glass Miami Beach has only 10 residences for 18 stories. What a ratio! This incredibly low density runs polar-opposite to the countless commodity-like developments that are being launched in downtown Miami and Brickell – where the majority developers are fighting to get approvals for as many units as they can possibly build. Glass Miami Beach is certainly unique. The developers could have easily developer three times the volume of units.
Read More$125 Million Miami Property Investment Sets Record
A new Miami property investment of $125 million for a 1.11 acre waterfront site sitting at the mouth of the Miami River has shattered records. Without question, the Miami real estate market is surging into unprecedented territory. The sale price of the parcel comes in at $2,588 per square foot – simply amazing. Even more amazing is the fact that the deal was all cash and took less than a month to close. The players in this deal were no doubt focused and highly efficient.
The acquiring party for the record-setting parcel is a family that owns one of Argentina’s largest supermarket chains. Their empire started off as a chain of butcher shops that were founded in 1987. Their discounted model expanded quite well during the hard economic times of Argentina. This is one more example of why Miami property investment is so desirable to foreigners — the stability of our currency and real estate. Argentina has had major problems with their currency over the last two decades, and they may be headed for another brutal devaluation. Taking this into consideration, investing into trophy real estate in Miami makes a lot of sense.
Read MoreDoes LeBron James Leaving Affect Miami Real Estate?
Miami real estate is enjoying an incredible surge in value and volume of new investments. It’s the King of Florida real estate and the hottest market destination for international capital. LeBron James is nicknamed ‘the King’ of the NBA . He is a global icon and athlete that is larger than life – someone that brings much more to the game of basketball than just his role on the floor. LeBron James was the leader of the Miami Heat. He is a phenomenal athlete that has brought the Heat four consecutive NBA finals appearances and two NBA World Championships. Miami loved LeBron and LeBron loved Miami. However, on Friday, July 11th, things changed in a big way.
LeBron James announced via a Sports Illustrated article that he is leaving the Miami Heat next season in favor of going back to the Cleveland Cavaliers. Miami sports fans were quite devastated by the news. After all, who leaves the incredible beauty of South Beach for Cleveland? It’s completely normal to hear of people leaving from Cleveland to Miami, but vice versa??? The Heat ownership and coaching staff, like the fans, were devastated by the news. Should owners and potential buyers of Miami real estate worry? Will they be affected at all by LeBron’s move to Cleveland?
Read MoreYacht Club at Portofino Condos Offering Great Values
The Yacht Club at Portofino is located in the incredible South of Fifth neighborhood of South Beach. Sitting next to the exclusive neighbors of Murano at Portofino and Murano Grande makes for an amazing location within the ‘marina row’ of luxury, high-end condo developments. The marina lifestyle at the Yacht Club at Portofino is appealing for any sailor, yachtsmen or simply anyone wanting to enjoy the magnificent active lifestyle of South Beach.
For many, it’s hard to imagine a more convenient spot than the Alton Road stretch of bayfront condo buildings. As the geography of South Beach narrows to its southernmost point within the South of Fifth area, the buildings located along the bay benefit for either magnificent views of the Atlantic Ocean or incredible views of the marina and Bay of Biscayne.
Read More321 Ocean Beautiful and Ready Soon
321 Ocean, the new boutique oceanfront condo development in the South of Fifth neighborhood of Miami Beach, has recently been topped off. Developer, Aria Development Group, has hired the renowned luxury builder, Coastal Construction, to build their project, and for all intents and purposes, it appears that this partnership is going quite well. Personally, I am a big fan of Coastal Construction; the Murphy Family not only excels at building with the absolute highest quality construction, they deliver as promised – time and time again.
The topping off of the building is great news for the buyers of 321 Ocean condos. The development has been scheduled for delivery for the first quarter of 2015. At first, I thought that the date might be a bit overly ambitious, but now I do believe that they are on track. Consequently, 321 Ocean should now be the first new South of Fifth pre-construction condo developments out of the Big Four (Marea, One Ocean, Glass, 321 Ocean) to be ready for occupancy. 
Florida Real Estate Dominates International Sales
Florida real estate is hot – very hot. Once again, the State of Florida is the preferred destination for the flow of international real estate investment capital. According to the latest figures released by the National Association of Realtors, 23% of the $92.2 billion of gross sales volume of existing US homes has been placed within the happy Sunshine State. Keep in mind that these figures are only for existing home sales. If we were able to factor in the pre-construction sales that are taking place at an absolutely blistering pace throughout South Florida, Florida’s overall percentage would no doubt be much larger.
Without question, international buying interest in the United States in booming. There has been a huge 35% year-over-year leap in the gross sales figures. The National Association of Realtors Profile of International Home Buying Activity stated that foreign sales for the $92.2 billion figure has increased from the previous year’s amount of $68.2 billion. Go USA! Go Florida real estate! This comes as such welcome news after the tremendous economic hardships suffered during the Great Recession. Obama needed real estate to desperately come back as a strong overall macro-economic stimulus, and it certainly has.
Read MoreMiami Beach Real Estate Values Are Soaring
Miami Beach real estate values are flying high. The $350,000 median sales price for real estate on Miami Beach is illustrative of an increase of 9.8% from the previous quarter and 6.1% from the previous year. If we look back even further to a five year outlook, we’ll see that median sales prices have leaped ahead to a tune of a 35.4% increase in values.
Comps broken down into 1,2,3 and 4 bedroom sales have all shown considerable upward momentum as well. The average $386 per square foot value for one bedroom sales have shown a year-over-year increase of 9%, while the average $577 per square foot values for two bedroom units have shown a more timid 2.9% increase. However, the larger units took a massive leap forward – demonstrating that the top-end of the luxury Miami Beach real estate market is absolutely on fire. Three bedroom units averaged at $744 per square foot, which was illustrative of a 20% year- over-year increase. And finally, four bedroom units came in at $1,253 per square foot, demonstrating a ridiculous 154% year-over-year increase. Not too bad Miami Beach…not too bad at all.
Read MoreApogee South Beach – Prestigious and Expensive Condos
My latest market study of the ultra-prestigious South of Fifth neighborhood reveals that Apogee South Beach is the King. With its condominium units selling for over $2,500 per square foot, it is the market leader in dollar per square foot pricing. This comes as no surprise due to the location and highly exclusive nature of the building. The development plan for Apogee South Beach was to create a uniform building of extremely large condo units. The units are so large that they really don’t feel like condos are all – many feel like they are more like homes in the sky…with insanely beautiful views. There are plenty of other South Beach condos that fall within that range (3,101 to 4,145 sqft), but there are not any other entire buildings in the area that have every unit fall within the extra large (and extra expensive) range. This gives the building a very high barrier to entry. You simply can not own at Apogee unless you are able to pay several million dollars for the real estate.
The high barrier to entry for Apogee South Beach means that upon acquiring your condominium unit, you’ll be in a select group of company. The average walk around the pool or trip to the gym can be a great opportunity to meet new friends with like-minded interests. These psychological factors mixed in with incredible, five star resort-like amenities make Apogee Miami Beach condos a prime choice for those looking for the best of the best. It’s a beacon for affluence and celebrities. My favorite celeb encounter at Apogee South Beach was meeting the amazing Hall of Fame coach and now President of the Miami Heat, Pat Riley.
Read MoreCanyon Ranch Miami Beach Set for Bankruptcy Auction
Canyon Ranch Miami Beach has some bad news circulating that may be quite harmful to the amazing brand. Some big news has hit the press this week regarding the filing of Chapter 11 bankruptcy protection by a Lehman Brothers Holdings Inc. subsidiary that owns the Canyon Ranch Hotel and Spa. Apparently, the filing of the status is meant to be a positive mechanism to help complete a sale of the amazing property with the best condo amenities in Miami. A new potential buyer appears to be a conglomerate with a portfolio of hospitality properties that include the Enchantment Resort in Sedona.
So, what do we make of this negative news about the amazing Canyon Ranch Miami Beach? How should it be interpreted? Lets first look at the conditions leading to problems. Back during the Great Recession, a Lehman Brothers implosion was the talk of the financial community. It secured ownership of Canyon Ranch Miami Beach through a deed in lieu of foreclosure. The development group, WSG, experienced some significant difficulties in bringing the half a billion dollar+ development to the market unscathed during teeth of the Great Recession. So consequently, the project fell into the wrong hands at the wrong time. Lehman Brothers had massive problems of its own and was ill-equipped to properly manage the new five star trophy property.
Read MoreMiami Condo Investments Flying High for Many Reasons
Miami condo investments are undergoing an incredible surge attributable to a number of different key economic drivers. The Great Recession and chaotic collapse of Lehman Brothers are now long gone in the rearview mirrors of condo buyers. It’s a new world. And the Miami condo market is showing unprecedented signs of growth and demand. Through today’s post we’ll examine some of the core factors leading to the incredible rebound of Miami real estate.
Back in the year 2008, there was an unbelievable 40 months supply of condos available on the open market. That’s over three years of supply…yikes! A healthy market is generally viewed as having a 6 to 9 month supply of available inventory – and that’s where we are today. Miami condo investments are being fueled, first and foremost, by an insatiable appetite for Miami waterfront real estate. In 2011, the average price-per-square-foot for Miami Beach real estate was $769. Now it’s 18.2% higher at $909 PSF. This all seems quite logical considering Miami is world-renowned for being located on the stunning aquamarine waters of the Atlantic Ocean and Biscayne Bay. If you are going to live in Miami, might as well live on the water, if you have the resources.
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