It’s no secret that Miami has long been an epicenter of luxury living for celebrities and billionaires. Luxury condo developments are springing up all over the area, and the housing recovery is going strong throughout the state. [more]
Posts Tagged ‘Miami’
From the South Florida site: Several hundred South Florida real estate players, media members and invited guests packed the sales center of Miami condo project Grove at Grand Bay to attend last week’s roundtable hosted by The Real Deal. A panel that included renowned architects Bjarke Ingels and Chad Oppenheim led a discussion about the idea of “starchitecture” and the role it is playing with new condo projects in the region. See the photos and more after the jump.
The Real Deal‘s South Florida Market Report is here. In it, we look at some of that region’s biggest commercial and residential deals, and as well as its key dealmakers. We also dish with the Donald, discuss Miami’s ”LeBron effect,” and delve into Latin American buyers’ impact on the South Florida market. To see the complete supplement, check the South Florida section on our November issue page. In addition, The Real Deal will be hosting a roundtable discussion and party at the Vizcayne condo tower in downtown Miami on the evening of Nov. 15. Details are here.
Trulia’s chief economist, in a Forbes column, wrote that the number of foreign buyers who are searching for U.S. homes have dipped 10 percent year-over-year. “Foreign searches are becoming a smaller slice of a growing pie,” he wrote, noting that domestic price increases, as well as interest falling off from would-be buyers in the crisis countries in the Eurozone, are deterring the site’s foreign visitors. [more]
From the South Florida site: An undisclosed buyer has closed on the $24.6 million purchase of a combination of five units at the St. Regis Bal Harbour, The Real Deal has learned. It is the single-largest transaction at the St. Regis Bal Harbour, which officially opened its doors in January. Considered as one unit, the deal is the second-largest condominium sale in Miami-Dade County, following the $25 million purchase of a unit by an Italian buyer at South Beach’s Continuum in May. [more]
From the South Florida website: Miami-based brokerage International Sales Group has opened an office in New York City, the firm announced today. The company, whose portfolio includes downtown Miami’s MyBrickell, Vizcayne and the Apogee Beach in Hollywood, has taken a space at 436 East 58th Street in Turtle Bay. Northeast native Ken Golden has been tapped to head the new office. The company said it made the move to focus on New Yorkers interested in buying property in Florida. [more]
Miami and Fort Lauderdale are both among the most-searched-f
or cities by those looking to buy homes nationwide, the Miami Herald reported. Numbers from Realtor.com showed that Fort Lauderdale ranked 17th, and Miami ranked 18th. Another Florida metro area, Tampa-St. Petersburg-Clearwater, was ranked fifth. [more]
From the South Florida website: Sao Paulo. Caracas. Mexico City. Toronto. Buyers from cities like those have been driving Miami’s residential market since the worst of the condominium bust. And although it was largely overshadowed in the foreign buyer shuffle, New York City residents are heading back to Florida with money in hand.
“[New York buyers] are very, very real and very active,” said Phil Spiegelman, principal of brokerage ISG. “It’s tangible, and it’s happening at properties across the board.” [more]
From the South Florida website: New York and South Florida’s residential market was buoyed by an influx of foreigners last year. But a new player could be emerging from the Far East: China. Generally, Chinese buyers like to purchase where there is already an entrenched Chinese community, with Chinese people and Chinese restaurants — something which New York has, but South Florida lacks right now, said South Florida-based Coldwell Banker Realtor Jeanne Nicastri. But they’re also influenced by their friends, she said, and the more Chinese buyers that decide to make the move, the more that could join them. “Although [South Florida is] a long way from China, we have become very trendy, and we’re on the trendy map,” Nicastri said. “Since they’re already involved in New York, and Miami is an offshoot of New York, that’s what’s driving them to come here.” [more]
From the South Florida website: The New York metro area has the nation’s second-highest level of
interest in Miami real estate after Fort Lauderdale, according to
Trulia’s Metro Mover Index. While more Miamians are looking to move out
of the city, New Yorkers have their hearts set on the Magic City,
according to data on Trulia.com page views. Fort Lauderdale is the top
search destination on Trulia.com for people living in Miami. [Miami
New Times]… [more]
From the South Florida website: On the heels of Prudential Douglas Elliman’s Howard Lorber announcing a Miami expansion to a new office at the 1111 Lincoln project in South Beach, The Real Deal met with Elliman’s SOBE Luxury Homes brokers Christian Kawas and Ivan Hernandez at one of their listings, 1900 Sunset Harbour in Miami Beach. We talked to the brokers about the improving South Beach market, how downtown Miami is performing better than people think and the way they work with their Elliman counterparts in New York…. [more]
While hotel occupancies are up, it’s been a rough go of it for
Florida’s lodging industry of late. But a few new hotels are due to open
on Miami Beach, and they all have one thing in common: Luigi Vitalini. The
Italian-born architect moved to Miami as a teenager and studied at the
University of Miami. He operates VC Architects in Coral Gables with
partner Pablo Corazzini, and has designed the already-open Sense Hotel,
along with the soon-to-open Prime Hotel and Villa Italia, which will
open in the fall. The hotels are low-scale, between 14 and 18 rooms
each. Vitalini spoke with The Real Deal about his projects and
the state of design in Miami.
How does Miami hotel design compare with New York?
think a lot of the hotels that we’ve been getting here in Miami are
starting to become comparable, in terms of creativity, with some of the
New York hotels. They’re starting to do a lot of design, more quirky
than in New York. I think in Miami with the sun and the beaches you can
get a little more playful in general…. [more]
The New York metro area has the second-largest backlog rate for bad loans among the country’s top 10 markets, according to a recent Barclays Capital report. With 21 percent of its loans still in the delinquency pipeline, the region, which thus far hasn’t been hit as hard as others by price declines, could take longer to recover as the dud loans work their way through the system. The Miami market also bears the weight of a substantial foreclosure backlog, the report says, having worked its way through just 18 percent of the process of liquidating its delinquent loans. The common ground likely stems from the judicial foreclosure process in states like New York and Florida. Since judges have to sign off on all foreclosures there, the process is more prone to delays. [WSJ]
From the South Florida Web site: Thousands of South Floridians are among the nation’s foreclosure victims who’ve learned the hard way that troubles spawned by that procedure don’t end when they lose their home. John King, a Coral Gables resident who defaulted on his mortgage and was foreclosed upon, found out last month that a Miami-Dade County court gave debt collectors permission to seek an additional $44,000 stemming from the litigation. Lenders, reeling from the collapse of boom real estate markets like South Florida, Las Vegas and California, are now pursuing their right to seek the unpaid mortgage balances of homeowners who have defaulted. Ben Hillard, a former investment banker who now is a real estate and corporate attorney at Hillard & Rogers in Largo, said banks are now able to pursue what are called deficiency judgments with greater frequency as they adjust to the realities of a market cratering.
Tibor Hollo and One Bayfront Plaza, the Opera Tower, and the Sonesta Mikado Hotel Miami on Biscayne Bay.
From the South Florida Web site: He helped shape modern Miami, and that makes developer Tibor Hollo a world figure of sorts. Last week, that was confirmed when Hollo, the president of Florida East Coast Realty, was named “Global Citizen of the Year” for 2009 by the City of Miami and the Greater Miami Host Committee.
Eighty-two-year-old Hungarian-born Hollo, who has spent 55 years in the development game, was chosen for his ability to bring Miami to the world and the world to his adopted city.
On Thursday, the Miami City Commission formally recognized his contributions when it bestowed the award.
“Mr. Hollo has committed to concepts of sustainability which, of course, are global issues,” said Corky Dozier, executive director of the Greater Miami Host Committee. “By focusing on sustainability, he is actually restoring what was traditionally part of the landscape of Downtown Miami…. He is the father of Downtown Miami real estate development.” … [more]
Infamous landlord Larry Gluck is in hot water again. His
company, Stellar Management, which owns the Riverton Houses in Harlem,
faces imminent default a loan on a Silver Spring, Md. residential
development. The 890-unit Georgian Towers had just undergone a $35
million renovation when its $58 million loan went to a special
servicer. This spells bad news for Gluck, who recently refinanced
Riverton Houses with $225 million of mortgage debt, only to see the
complex later appraised at $52 million, putting it deep underwater.
Last week, Steven Gaines, best-selling author of “The Sky’s the Limit:
Passion and Property in Manhattan,” answered readers’ questions about
covering high-end real estate in Manhattan, the Hamptons and South
Beach, on Twitter. Gaines has interviewed some of the most high-profile brokers selling
real estate in New York City, the Hamptons and South Beach. He is also
author of New York Times bestseller “Philistines at the Hedgerow:
Passion and Property in the Hamptons,” and “Fool’s Paradise: Players,
Poseurs, and the Culture of Excess in South Beach.” He lives in Long
Island. Today, The Real Deal is sharing some of Gaines’ best responses. TRD… [more]
From the South Florida Web site: Bogged down by pricing that
remains out of sync with plunging property values and buyers expecting
great deals, the $1 million-plus luxury market in South Florida moves
at a trickle compared to lower priced homes. Even realistically priced
but expensive homes sit on the market for twice as long as homes in the
$300,000 and under range, due mostly to the battering of the stock
market and sagging economy — and topped off by a tough financing
climate. Together, that’s taken plenty of prospective buyers out of the
equation. One doesn’t have to look far to find examples of luxury homes
that aren’t selling. A 10,000-square-foot Intracoastal home in Boca
Raton has been on the market for two years. The seller dropped the
price several times — from $12 million to $7.1 million…. [more]
Miami gallery meets Manhattan: The
owners of Fifi projects, a photography and video gallery in Miami, are
opening a gallery by the same name in Manhattan. Coldwell Banker
Commercial’s James Famularo and Lauren Schlesinger negotiated the
five-year lease for the 350-square-foot space at 29 Essex Street on
Monday. The Lower East Side gallery, which will be modeled after the
space in Miami, will open after about two weeks of renovations,
Famularo, a senior executive managing director, said. The owners asked
that their rent not be disclosed, Famularo said, noting that
neighborhood rents range from $65 to $75 per square foot. TRD