Chicago White Sox Outfielder Louis Robert Breaks Weston Record With $12.3 Million Mansion Purchase

Chicago White Sox outfielder, Luis Robert Moiran has purchased a waterfront mansion at 3030 Meadow Lane in Weston for a record $12.3 million. Moiran, who is professionally known as Luis Robert, made his Major League Baseball debut with the Chicago White Sox as an outfielder in 2020. The Cuban-born 25-year-old signed a six-year, $50 million contract with the team that year, according to published reports. The sale of the waterfront property far outscores any other current listings in Weston. The next highest listing is $8 million.

Senada Adzem of Douglas Elliman had the listing, and Sara Bartman with 643 Realty Group LLC brought the buyers.

Touted as the “Monarch Estate” was listed with Senada Adzem of Douglas Elliman, the sprawling estate encompasses nearly 1.5 acres, the grounds at 3030 Meadow Lane in Weston, Florida are as well thought-out and cared for as the home itself.

Cast upon more than an acre and a half within The Windmill Ranch Estates community, the impeccable landscaping of this property has been both thoughtfully designed and meticulously maintained. The verdant outdoor living space features a stunning butterfly sanctuary, many Floridian flowering plants, as well as sheltering bushes and shrubs, have been carefully chosen to create an ideal environment for all types of butterflies to flourish, including the homes namesake: Firebush, Lantanas, Firecracker plant, Texas Sage, Pentas, Mexican Heather, and Jatropha.

The exterior is an oasis unto itself anchored by a striking 93-foot-long heated infinity edge pool, as well as an in-ground spa with room for 12 people. The multipurpose sports court features a glass-backboard basketball hoop, but it’s also designed for pickleball and other activities. The spacious outdoor setting also boasts a summer kitchen and dining area; a separate entertainment space, with a fireplace and flat-screen TV; and a dramatic fountain just off the pool with three stone-filled square fire bowls.

Windmill Ranch Estates, constructed around the waterways that distinguish the landscape in this coveted part of west Broward County, provides an idyllic setting for this beautifully rendered seven-bedroom sanctuary by renowned architect Randall Stofft. Designed on a canvas bathed in brilliant, invigorating whites—like the custom cabinetry in the chef’s kitchen and master bathroom, or the Turkish Carrara marble flooring in the dining area and formal living room—and complemented by rustic earth tones, the layout carries a thread of clean sophistication throughout its two floors. The home is being sold fully furnished and is built for entertaining as evidenced by the 2,000 square feet of family room/kitchen living space—part of a sprawling interior that encompasses nearly 12,000 square feet.

Other indoor highlights include Savant Smart Home technology (with automated control of everything from lighting and audio to fans, security, and the thermostat); a commercial grade elevator; a butler’s pantry; a multitiered cinema room; authentic Jerusalem stone; state-of-the-art appliances in the double-island kitchen; a home gym; and a surround-sound system comprised of some 100 combined indoor/outdoor speakers

Images via Douglas Elliman

JP Morgan Chase Bank Office Building In Weston Sells For $8.9 Million

The JP Morgan Chase Bank office building in Weston, FL, has sold for $8.9 million. The 26,782-rentable-square-foot office building, anchored by JP Morgan Chase Bank, is located at 1040 Weston Road in the high-barrier-to-entry submarket that generates significant buyer interest. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction which was overseen by Avison Young’s Florida Capital Markets Group led by principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The Chase Bank building is 100% occupied and, with medical tenants comprising more than 60% of the tenancy, garnered notable investor interest in a market where buyers are seeking stable, recession-proof assets,” said Duckworth. “Ultimately, our team secured the right buyer for the sale, allowing our client to realize a positive return on investment during a pandemic after a three-year hold.”

Avison Young In 2017, the Avison Young team facilitated the sale of the same building to HRE/SEFIRA Weston Office, LLC, as part of a two-building portfolio spanning approximately 63,000 square feet for $13 million. The HRE/SEFIRA partnership, led by Highline Real Estate Capital Principal David Moret, completed a series of cosmetic improvements to the Chase Bank building which enabled ownership to increase occupancy from 84% to 100% and increase rental rates to generate a 52% gain in the price within three years.

“Overall, sales activity has picked up since the end of the third quarter and into the fourth, as buyers have more clarity on where the market is going and are eager to place capital,” said Crotty. “The buyer in this deal acquired a property that has performed extremely well throughout the pandemic and is poised to continue to do so as we transition into the new normal.”

One of the most desirable, high-barrier-to-entry suburban office locations in Broward County, Weston is part of the Southwest Broward submarket, the only submarket in the county to report positive net absorption in third-quarter 2020.

Carlos Mattos And Family Acquire Waterway Shoppes of Weston For $20.45 Million

An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015. The property was listed with Kirk Olson and Drew Kristol of Marcus & Millichap for $20.65 million. Gordon Messinger of Cushman & Wakefield represented the buyer in the transaction. The acquisition was financed with a $9.98 million CMBS loan provided by Deutsche Bank.

Waterway Shoppes of Weston is located at 2210-2282 Weston Rd. and spans 40,848 square feet on 4.95 acres of land. Tenants include AT&T, Hooters, Lucille’s American Café, Chill-N Nitrogen Ice Cream, Cyclebar, BankUnited, Lucille’s American Café, Baires Grill and Pearl Vision Center.

CC Homes Launches Circle S Estates Luxury Homes In Southwest Ranches

CC Homes, one of Florida’s leading homebuilders, has launched sales for Circle S Estates, the former stable of the legendary 1985 Kentucky Derby Winner, Spend A Buck, located in the exclusive mansion and bridle path-lined neighborhood of Southwest Ranches, just minutes from Weston. The private, boutique community of Circle S Estates will feature 42 luxury single-family estate homes on one full acre of land priced from $1 million.

CC Homes, an industry innovator, recently made national headlines for offering the nation’s first at-home telemedicine technology to new homebuyers as part of an exclusive partnership with Baptist Health South Florida. With health top of mind, CC Homes recognizes that families are seeking large, spacious homes with abundant green spaces and blue ribbon schools.

The former 48-acre equestrian estate was a prominent training and breeding farm for more than 30 years, under the ownership of Betty and Ralph Sessa that once stabled, Kentucky Derby winner, Spend A Buck. CC Homes has committed to upholding the property’s proud legacy and maintaining its Old Florida landscaping charm of towering palms and sprawling oaks throughout the property as well as the original fencing.

“These homes put families in the winner’s circle,” said Andres Miyares, Chief Operating Officer at CC Homes. “They offer a prestigious lifestyle in a story book neighborhood rich with racing history and canopied streets where private mansions and horses co-exist in an idyllic setting just outside of the vibrant metropolitan areas of Miami and Fort Lauderdale.”

Each one or two-story Circle S Estate will boast contemporary exterior elevations featuring from five-bedrooms and four and a half-baths, additional guest accommodations and a three-car garage. For a total of up to 7,207 square feet of space, Circle S Estates offer highly-appointed interior finishes with many choices for customization through CC Homes Design Studio. In a nod to its storied past, each estate comes with the option for a white ranch inspired fence with elegant stone balusters for added privacy and charm as well as room for a pool and outdoor kitchen.

Additionally, through CC Homes’ partnership with Baptist Health South Florida, each homebuyer at Circle S Estates will receive a complimentary Baptist Health Digital Health Kit powered by TytoCare™ and unlimited virtual urgent care visits for one year.

Circle S Estates is nestled in the charming, unspoiled Southwest Ranches neighborhood, home owners will enjoy easy access to major transportation corridors such as Interstate 75, Florida Turnpike and Interstate 95, and just a short drive from both Miami and Fort Lauderdale and nearby airports and seaports. For the horse enthusiast, a number of highly rated equestrian facilities and bridle paths are close by.

PROFILE Exclusive: Developing The Three Pillars Of Metropica With Joseph Kavana

Our first in-person interview and building tour since the COVID-19 shut-down was with Joseph Kavana, developer of $1.5 billion, 65-acre master-planned Metropica project which recently received TCO for its first residential offering, ONE Metropica Residences, design by YOO. Kavana’s vision for Metropica will transform Sunrise, FL with approximately four million square feet of development adjacent to Sawgrass Mills Mall, which is the 11th largest mall in the United States. Metropcia’s masterplan will consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy.

Despite the need for masks and social distancing, we were able to tour ONE Metropica Residences in person with Kavana to see the upscale finishes and attention to detail not-yet seen in Sunrise. While there we discussed the three pillars of Metropica, where Kavana draws his inspiration from as a developer and what is next for South Florida.  

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PROFILE: How did you get into real estate development? What is your background?

Joseph Kavana: I began developing in the 1980’s as a sideline to my Automotive business. We had a sizeable business working with major auto manufacturers and retailers, when I began investing in industrial properties and doing land development in South Florida. In the 1990’s, I participated in the purchase of thousands of rental apartments in Texas. I then moved into the international arena and developed in Punta del Este, Uruguay and Nordelta, Argentina.  I did not begin as a real estate developer, but that certainly became my passion.

PROFILE: When did you start developing in the United States? How is developing in the US different from other countries?

JK: As I mentioned, I began developing select projects in the 1980’s, but moved into the arena on a full-time basis starting in the 1990’s. As to what is different in the U.S. versus other countries, I would have to say that, in the U.S., the pace of development is much faster. There is simply no room for error from beginning to end. You need to have clear and concise planning, knowing that mid-flight adjustments are challenging -- and generally costly.  In other countries, you may have more time to plan and execute. There is more flexibility when it comes to changes and adjustments.

PROFILE: As a developer where do you draw your inspiration from?

JK: I would say it’s a combination of two things. First, you need to look at the land, see a need, and have a specific vision for the area. What is the best use? How do I make this happen? Once you decide, then the inspiration is what you want it to look like, what do you want it to be. It’s a very personal process for me. Once I’ve decided on the best use, I then look at what others have done that will help shape my inspiration. A visit to the ‘best of’ is what I would call it. That process -- part cerebral, part emotional -- is how I draw my inspiration. 

PROFILE: Did you have any mentors that helped shape your life or career?

JK: While I did not have any specific mentors in my industry, my overall mentor was definitely my father. He instilled in me that the way you conduct yourself in life is key. That your word is your bond, far better than any paper or contract you may sign.  He taught me that when you tell someone that you are going to do something, it must be done, no excuses. That has been my personal philosophy throughout my career. 

PROFILE: When did you start building and investing in Sunrise? What was the attraction to the area? 

JK: We originally purchased the land that would become Metropica in 1995.  A couple of years before that, in 1993, we developed a small shopping center on the land that is very close to where Metropica is now.  That was basically the beginning of Sunrise.  Sawgrass Mills opened in the late 1980’s, followed by the very first IKEA in Florida, and that is when we began to see the enormous potential of Sunrise. It evolved quickly, of course, including the construction of what is now the BB&T Center, followed by numerous, large corporate entities moving into the area -- such as AMEX, which has established a significant presence in the city.  Sunrise had land, access to major thoroughfares, and all within minutes of downtown Ft. Lauderdale and a short drive from Miami-Dade.  As the area evolved, what was missing also became clear, and that became the vision for Metropica. 

PROFILE: Where did the concept for the Metropica master plan come from?

JK: Once we realized what was missing in the area, we decided to build a multi-use community, which, in my mind, is different from a traditional mixed-use community.  We wanted to build something that would specifically fit the needs of the evolving area. The key was in the residential. We wanted tenants to be able to experience city-center life, but still maintain the benefits of a suburban experience. To us, it meant creating some separation between the residential, retail, and office space components – hence, multi-use versus traditional mixed-use. Everything was close by, but they were still separate components…no retail at the ground floor of residential, for example. Once we came to that conclusion, we then set out to see who had built in a similar manner.  What we found were developments around the country that had elements of what we wanted, so we took best-practices from that and melded the different pieces together.  And as life would have it, in an era of COVID, our masterplan offers a best-of-all-worlds scenario for our residents – key benefits of city-center living, coupled with access to larger spaces and nature that would not be possible in a true urban location.

PROFILE: What are the 3 pillars of Metropica and what are residents buying into?

JK: The three pillars are happiness, nature and wellness. The most important is happiness, with the other two playing into that concept. People want to be happy, which was already increasingly challenging, even before COVID.  The residential component is key. That is why we built the initial residential tower first. If we can help people be happy where they live, then we’ve accomplished a wonderful feat. We believe that everything built within Metropica should contribute to people’s happiness. The other two pillars support that. Access to nature is a key component of happiness. People crave that. That’s why the residential tower has wonderful view corridors of the Everglades and of the Central Park which will be part of our community. The third pillar, wellness, will be realized through our walking trails, bicycle paths, and all of the amenities that are part of Metropica, such as tennis courts, a spa, pool, and, eventually, an entire wellness center. Every Metropica buyer I have spoken with truly values our three pillars and appreciates the effort we have made to achieve those goals. 

PROFILE: Why did you elect to build ONE Metropica Residences first? What are some of the features that make the building unique?

JK: We began with the initial residential tower instead of any other component because we firmly believe that the lifestyle component we are looking to achieve begins with residential.  All other facets of Metropica will stem from residential. To that end, we went to Chad Oppenheim of Oppenheim Architecture + Design. Chad is globally recognized for socially and environmentally conscious architecture. He’s an incredibly selective individual, so we were very pleased with his ability to capture our vision for Metropica as a whole, and specifically for ONE Metropica, since that building was going to set the tone for the rest of the development. We coupled Oppenheim’s expertise with YOO Design Studio, and their combined skillsets allowed us to develop a building that is a true masterpiece. It has exceeded even our greatest expectations. The design and attention to detail is impeccable.  The building’s common areas are exemplary. From literally the ground-up, the building has set a standard for the area that will be revolutionizing high-rise living in the suburban market.

PROFILE: You mentioned that you have worked with Yoo Design Studio in the past, how did the relationship develop?

JK: This is actually our fourth project with YOO Design. Our first project with them was in Punta del Este in Uruguay and then Nordelta, adjacent to Buenos Aires, Argentina. We then worked with them in Atlanta and developed YOO at The Park, a high-end rental and now Metropica.   

PROFILE: How did you decide on Oppenheim for the architecture of ONE Metropica Residences? Will he be involved in the rest of the Metropica masterplan?

JK: As I mentioned, he has a well-established reputation, and we found a common vision for openness in the design. Oppenheim was involved with the master plan and the residential component of Metropica and of course, the first building. Once he saw the land and had an understanding for what was “missing” in the area, Metropica began to take on a life of its own. Chad’s (Oppenheim) vision was instrumental in the development of what is now one of the largest under-construction mixed-use communities in the nation.  

PROFILE: Where do you see the future of South Florida development? What does the South Florida metro-area lack?

JK: I am extremely bullish about the future of South Florida development. We are very fortunate to have one of the last large parcels of land (60+ acres), which is allowing us a truly unique vision. But I see a number of land assemblages where good developers are re-purposing outdated properties and bringing new life to an area.  When one looks at the many advantages of Florida, from weather to tax-friendliness, it is no surprise that our net-migration is almost 1,000 per day -- with a significant percentage to South Florida. There is no other place in the world I would rather live, and in spite of COVID, our future is extremely bright. 

PROFILE: Any last words?

JK: I think it is important to acknowledge the municipality of Sunrise and its leadership for the manner in which they have nurtured the area’s growth.  So many large companies now call Sunrise home. We used to call this area a ‘hidden gem,’ but it is no longer hidden. This is a special place.                

Check Out The First Choeff Levy Fischman Designed Tropical Modern Residence In Weston

Award-winning architects Choeff Levy Fischman have designed their first home in Weston, FL, bringing the topical modern design that has taken over Miami Beach to the suburbs. The one-story residence is located in an area where modern design is near non-existent. Homeowners Vincent and Gail Mish were fans of the Miami-based architects' signature architectural style and contacted the expert designers wanting a bespoke residence of their own with indoor-outdoor concepts.

"The owners wanted a one-story home which lent itself to a pod concept heavily immersed in landscaping and water features," said Choeff Levy Fischman Principal Raphael Levy. "We wanted to create a resort-like feel with classic mid-century modern detailing, interior courtyards, Zen gardens, and natural light that comes through clerestories and slivers throughout the structure."

The home is located on an expansive 30,160 square foot waterfront lot and the home spans 5,986 square feet spread over four bedrooms, five bathrooms, a half bath. The home also features a large kitchen and a central family room that features an extensive use of glass and sliding glass doors which were incorporated to allow for an abundance of natural light, emphasizing an indoor-outdoor lifestyle.

Standing apart from neighboring homes, the lakefront home's exterior includes a mix of white stucco, ribbed wood cladding, and limestone cladding. The property's front yard is lushly landscaped, boasting an impressive water feature that appears to run from the front yard, through the inside of the home and out to the pool at the rear. In the back, the cabana structure is partially enclosed, with the roof of the main house cantilevering over the cabana to provide shade.

Choeff Levy Fischman is led by Ralph Choeff, Raphael Levy and Paul Fischman. The firm has designed homes for a celebrity client list including Alex Rodriguez and Jennifer Lopez as well as have additional homes under construction in Miami Beach, Southwest Ranches, Panama and Turks and Caicos.

Douglas Elliman Releases Q1 2020 South Florida Market Reports

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released their Q1 2020 Market Reports for South Florida. It reveals noticeably stronger results for listing inventory growth in the first two and a half months of the quarter until market awareness of COVID-19 occurred in mid-March, which slowed growth across South Florida in areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland. The report reflects pre-pandemic strengths in the South Florida market and even an increase in some areas’ average sales price and number of sales compared to the previous quarter, especially in Palm Beach, which saw a 46.7% rise in number of closed condo sales and had the most significant year over year increase in single-family sales in six years.

“The same fundamentals that have made Florida attractive, and have supported the relatively long-term stability in our markets over the past few years, all remained in place during the first quarter as much as they will once we get past this pandemic. Overall Q1 reflected the pre-pandemic strengths we have been enjoying, with most markets realizing steady sales volume and pricing. As we come out of this global crisis, I believe that the desirability for Florida’s lifestyle coupled with tax reform, and the maturation of our markets, will continue to support the trajectory the markets were on prior to COVID-19,” said Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage.

Miami Beach/Barrier Islands

Overview:

·      Overall listing inventory declined year over year for condos and single-family properties

·      Condo price trend indicators declined from the year-ago quarter

·      Single-family price trend indicators declined annually, partially skewed by the decline in average sales size

·      A sharp drop in average sales size for both luxury condos and luxury single-family properties skewed price trend indicators lower

Key Trend Metrics (Year to Year)

Overall:

·      Median sales price slipped 1.1% to $435,000

·      Average price per square foot decreased by 12.4% to $621

·      Number of sales slipped by 0.4% to 769

·      Listing inventory decreased by 4.5% to 6,425 

Luxury Condo:

·      Median sales price fell 20.8% to $2,553,000

·      Average price per square foot decreased by 9.5% to $1,175

·      Listing inventory rose 12.2% to 1,129 units

·      Average square footage declined 13.8% to 3,429

Luxury Single Family:

·      Median sales price fell 32.9% to $9,766,667

·      Average price per square foot decreased by 22.3% to $1,184

·      Listing inventory dropped 19.1% to 169 units

·      Average square footage declined 13.6% to 8,249

Miami Coastal Mainland

Overview: 

·      Overall listing inventory declined sharply on a year over year basis for both condos and single-family properties

·      Condo sales rose annually for the fourth straight quarter as price trend indicators pressed higher

·      Single-family price trend indicators rose annually, and sales extended its year over year growth streak to the fourth straight quarter

·      A significant decline in listing inventory on a year over year basis for both luxury condos and luxury single-family properties

Key Trend Metrics (Year to Year)

Overall: 

·      Median sales price rose 9% to $340,000

·      Average sales price increased by 7.6% to $458,287

·      Number of sales rose 7.7% to 3,343

·      Listing inventory fell 14.1% to 10,519 units

Luxury Condo

·      Median sales price increased by 20% to $1,195,545

·      Average price per square foot rose 5.1% to $492

·      Listing inventory declined 19.8% to 2,212 units

·      Average square footage increased by 12.9% to 2,430

Luxury Single Family

·      Median sales price rose 13.7% to $1,600,000

·      Average price per square foot edged up 1.1% to $444

·      Listing inventory fell 24.4% to 925 units

·      Average square footage slipped 3.3% to 4,037

Fort Lauderdale

Overview:

·      Condo price trend indicators pressed higher as sales slipped year over year

·      Single-family sales and price trend indicators posted large annual gains

·      Luxury condo price trend indicators showed mixed year over year results

·      Luxury single-family price trend indicators surged, skewed by large increase in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price slipped 1.3% to $1,210,000

·      Average price per square foot edged up 1.3% to $558

·      Listing inventory decreased by 2.6% to 339 units

·      Average square footage declined 3.6% to 2,604

Luxury Single Family:

·      Median sales price jumped 44% to $3,225,000

·      Average price per square foot rose 47.7% to $783

·      Listing inventory fell 25.3% to 296 units

·      Average square footage rose 17% to 5,778

Boca Raton/Highland Beach 

Overall:

·      Condo listing inventory fell year over year for sixth straight quarters with the most significant decline in the current quarter

·      Single-family listing inventory declined annually over the past four quarters at a rising rate

·      Luxury condo and luxury single-family inventory fell short of year-ago levels

Key Trend Metrics (Year to Year)

Luxury Condo: 

·      Median sales price slipped 0.3% to $900,000 

·      Average price per square foot decreased by 0.2% to $465

·      Listing inventory fell 15.6% to 260 units

·      Average square footage declined by 4.8% to 2,666

Luxury Single Family

·      Median sales price fell 10.3% to $1,895,000

·      Average price per square foot rose 1.2% to $407

·      Listing inventory fell 16.9% to 339 units

·      Average square footage declined 0.4% to 7,267

Delray Beach

Overview:

·      Single-family median sales price hasn’t shown a year over year decline in four quarters 

·      Condo listings fell annually for four straight quarters 

·      Luxury single-family price trend indicators showed mixed results

·      Luxury condo price trend indicators showed substantial annual gains, partially aided by the increase in sales size 

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price jumped 40.3% to $754,000

·      Average price per square foot rose 48.9% to $530

·      Listing inventory fell 36.3% to 163 units

·      Average square footage increased by 2.4% to 1,827

Luxury Single Family:

·      Median sales price fell 19.6% to $1,400,000

·      Average price per square foot rose 5.5% to $439

·      Listing inventory declined 7.1% to 91 units

·      Average square footage declined 1.8% to 4,781

Wellington 

Overview:

·      Condo price trend indicators and sales rose as listing inventory declined from the prior year

·      Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply

·      Luxury price trend indicators for both property types showed mixed results

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price rose 22% to $730,000

·      Average price per square foot decreased by 3.3% to $348

·      Listing inventory increased by 9.1% to 36 units

·      Average square footage declined 10.9% to 2,038

Luxury Single Family: 

·      Median sales price fell 45.5% to $1,500,000

·      Average price per square foot rose 18.1% to $654

·      Listing inventory declined 12.3% to 207 units

·      Average square footage declined 21.9% to 4,465

Palm Beach

Overview: 

·      Listing inventory for condos, single-family properties and luxury fell sharply from year-ago levels

·      All three condo price trend indicators rose year over year for the third straight quarter

·      The most significant year over year increase in single-family sales in six years

·      All three price trend indicators for the luxury market were skewed higher year over year by the surge in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family: 

·      Median sales price surged 48.1% to $10,517,500

·      Average price per square foot rose 12.2% to $1,841

·      Listing inventory dropped 49.6% to 64 units

·      Average square footage surged 49.4% to 7,344

Jupiter/Palm Beach Gardens

Jupiter Overview:

·      Single-family sales price trend indicators and sales showed substantial annual gains

·      Condo sales declined as price trend indicators press higher from year-ago levels

Palm Beach Gardens Overview:

·      Single-family sales price trend indicators were mixed as sales jumped year over year

·      Condo sales and price trend indicators showed robust annual increases

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

·      Median sales price slipped 5.4% to $915,000

·      Average price per square foot rose 2.7% to $452

·      Listing inventory rose 17.4% to 54 units

·      Average square footage edged up 0.3% to 2,378

Jupiter Luxury Single Family:

·      Median sales price rose 8.5% to $2,600,000

·      Average price per square foot increased by 9.2% to $666

·      Listing inventory rose 7.4% to 131 units

·      Average square footage increased by 17.1% to 5,699 

Palm Beach Gardens Luxury Condo:

·      Median sales price surged 39.5% to $600,000

·      Average price per square foot rose 46.5% to $315

·      Listing inventory fell 44.2% to 43 units

·      Average square footage increased by 18.6% to 2,588

Palm Beach Gardens Luxury Single Family:

·      Median sales price fell 22.6% to $1,937,500

·      Average price per square foot decreased by 1.5% to $461

·      Listing inventory declined 12.1% to 131 units

·      Average square footage declined 18.5% to 4,837

Article by Isabella Zimmermann

Tour This Key West Style Weston Estate Currently Asking $2.66 Million

This spacious four-bedroom-five-bathroom $2.66 million home in Weston, Florida, has beautiful wrap around water views and plenty of lush, green scenery for seamless indoor / outdoor living in complete privacy. Perfect for entertainment, it boasts an outdoor travertine patio that features a summer kitchen, Sonos sound system, fire pit and a 50x25 sport pool.

The huge windows allow for plenty of beautiful natural lighting, not to mention the 16-foot ceilings that make the property even more welcoming. The gourmet kitchen features a 12x8 Jerusalem stone center island with dine-in seating for 7+ people, Subzero appliances, and a custom Italian glass backsplash. Turkish marble and hardwood flooring throughout, LED lighting, and surround sound are some of the other luxuries it has to offer. The house comes with a custom master bedroom with a his-and-hers bathroom suite and a rain shower. No need to worry about space in the garage, as the house includes an oversized four car garage, of which two bays and storage room are air conditioned. This 2.38 acre home is listed by Patricia Lewis and Ryan Lewis with ONE Sotheby's International Realty. 

Article By: Katya Demina & Moustafa Abouzied

Bohemian Conglomerate Retailer Urban Outfitters Joins The $1.5 Billion Metropica Mixed Use Community In Sunrise

Metropica, a $1.5 billion urban development and one of the country’s largest mixed-use communities just announced its newest tenant, Urban Outfitters, as the latest addition to its retail and entertainment lifestyle center, which consists of 280,000 SF of retail space. Both the topping-off of the development’s residential tower and the ground-breaking of the center are scheduled for the second quarter of 2018. 

Urban Outfitters will join its sister store, Anthropologie, to create an attractive mix of retail options at Metropica. Both stores are part of the URBN brand family, which strives to connect with its customers on a creative level by offering trendy women’s and men’s clothings, accessories, home décor, tech and gift products that seek to blend fashion, art, design, and the latest cultural trends. Urban Outfitters will occupy an 8,000 square feet of retail space and will join a mix of distinctive retail, dining and entertainment concepts including Fogo de Chao, City Works Eatery & Pour House, Genuine Pizza (formerly Harry’s Pizzeria), Sugarboo & Co., Cru Wine Bar, Kendra Scott Jewelry and iPic Theaters. 

“The coupling of URBN brand’s retail duo Urban Outfitters and Anthropologie is a testament to Metropica’s appeal and location,” says Bernard Werner, President and COO of Metropica Development LLC. “Having significant retailers like Urban Outfitters join our growing roster of signed tenants speaks to the viability of this transformative project. Metropica’s carefully curated retail mix fills an existing void in the area and will help transform the community for generations to come.”

“The addition of Urban Outfitters furthers our vision of making this the first development of its kind within South Florida’s Western Corridor, and adds to the truly innovative nature of the project,” said Joseph Kavana, CEO of Metropica Development LLC. “Metropica’s ideal location as a true urban epicenter for the tri-county area, and its offerings will serve as an exciting destination and gathering place for the entire community.”

Founded in 1970, Urban Outfitters has over 200 stores throughout the United States, Canada and Europe and will provide a well-curated experience and experiential retail environment of on-trend products for shoppers to feel inspired while indulging in their creative sides and individualitity.

Revolutionizing the West Broward corridor of South Florida, Metropica will encompass approximately 4 million SF and consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy. Scheduled to open in the fourth quarter of 2019, Metropica’s robust retail and entertainment offerings complement the continued interest in robust, sustainable and walkable communities. Metropica is located at 1800 NW 136th Avenue in Sunrise, FL. and designed to meld the area’s natural beauty with forward-thinking designs and a vast array of amenities, Metropica’s initial residential tower, a 28-story, 263-unit condominium, is now 65% sold.

*Article by Katya Demina

Sales Eclipse $100 Million at Terra's Botaniko Weston Luxury Home Community Designed By Chad Oppenheim and Roney J. Mateu

Sales have eclipsed $100 million at Terra’s currently under construction project Botaniko Weston, a 125 single-family home residential community. Set on 121 acres bordering the Florida Everglades, Botaniko marks the first luxury community to be developed in the exclusive suburban West Broward County neighborhood of Weston in over a decade. Approximately 85% of the development’s first phase has been pre-sold, with about 40 homes currently under construction and set to begin delivering early this year (2018). Terra has enlisted an award-winning team to implement its design vision for Botaniko. Architects Chad Oppenheim and Roney J. Mateu, both FAIA fellows, have collaborated to create home designs inspired by the South Florida environment and outdoor lifestyle that can be tailored to residents’ tastes. The one- and two-story homes will feature interiors by V Starr, the design firm led by tennis champ Venus Williams. Outside, Landscape Design Workshop has created an environment of lush green spaces that are as sophisticated and beautiful as they are functional. More than 80 percent of the development’s homes will feature lakefront views, with unique features including expansive private pools, covered patios, and outdoor summer kitchens fitted with grills, ice makers, sinks and refrigerators. Residents will enjoy full-time concierge services, as well as the added measure of security provided by a gate house that is staffed 24-hours a day with security cameras and state-of-the-art closed-circuit television. Homes at Botaniko range from 4 to 7 bedrooms and 3,500 SF to 9,700 SF in size, while pricing ranges between $1.5 million and $3 million. Exclusive sales and marketing for the project are being co-managed by Terra Realty and Compass Development. 

“Botaniko offers buyers a rare combination of cutting-edge contemporary design and the quality of life benefits that come from living in a tight-knit community like Weston,” says David Martin, president of Terra. “Unlike anything Broward has seen before, Botaniko will feature design-driven homes surrounded by luxurious amenities and natural landscapes – all within close proximity to some of the country’s best schools, parks, shopping and dining destinations. As Weston’s first newly-developed master-planned community in years, we’re creating new opportunities for families to call one of South Florida’s most desirable neighborhoods home.”

“Our buyer demographics at Botaniko are diverse,” says Andres Marquez, director of sales at Terra Realty. “On the international front, we’re seeing buyers from Latin America and Canada who are looking for the kind of sophisticated, family-oriented lifestyle that Weston offers.”

“In addition to an influx of local South Florida families, we are seeing a lot of interest from domestic buyers in the New England and New York areas,” adds Philip Freedman, managing director of Compass Development. “They’re attracted by Florida’s tax benefits as well as Botaniko’s inviting price points – which are about a third the price of homes of this size and caliber in the Northeast.

Weston is ranked number 8 on Money Magazine’s list of Top 10 Best Places to Live in America, offering residents access to more than 100 acres of meticulously maintained public parks and recreational facilities, A-rated schools, a wide variety of year-round cultural and community events, and a walkable town center featuring high-end shopping, dining and nightlife. Downtown Fort Lauderdale is less than 20 minutes away; Miami is a 30-minute drive south.