Miami Named The United State's 4th Most Valuable Housing Market By Zillow Report At $864.2 Billion

Miami is fast on the rise and a new Zillow report has named the city the 4th most valuable housing market in the United States with a value of $864.2 billion, up 4.7% year-over-year from 2016. Miami trails Los Angeles which has a market value of $2.7 trillion, New York City which has a market value of $2.6 trillion, and Washington D.C., which has a market value of $996.7 billion. The fastest growing city in 2017 was Columbus, Ohio which rose 15.1% year-over-year to $152.3 billion. The total value of all U.S. homes in 2017 was $31.8 trillion, up 6.5% year-over-year with a total growth of $1.95 trillion. The 10 most valuable metroplitan areas total $11.3 trillion combined, which equates to 36% of the total value of U.S. housing. U.S. renters spent $485.6 billion in 2017, up $4.9 billion year-over-year, with New York City and Los Angeles also reporting the largest rental markets. 

Construction Update: Missoni Baia Releases New Drone Video Showing Construction Teams Powering Through Phase 1

Vladislav Doronin's OKO Group has released a new drone video showing construction teams powering through the first phase of construction. Since breaking ground in October 2017, 190 piles totaling over 12,000 linear feet have been installed along with 150 tons of steel reinforcing bar, and over 1,000 cubic yards of grout and concrete. Construction crews are gearing up to begin pile cap installation. Missoni Baia will feature 249 condo residences situated along 200' of frontage on Biscayne Bay at 777 Northeast 26th Terrace. Prices start in the $500,000's for a 1 bedroom residence. Units range from 1 to 5 bedrooms, and 776 SF to 3,788 SF. Missoni Baia will rise 57-stories, 649', and was designed by Hani Rashid of Asymptote Architecture, who are pioneers in the convergence of art and technology in architectural design. The interior design of the building incorporates Missoni’s trademark colorful design palette and Missoni Home furniture collection in inventive ways, including in all public spaces and amenities. Amenities were designed in collaboration with Missoni and offer the comforts of a luxurious resort in a private residential setting. Features include a flow-through deck designed for all-day sunbathing with well-appointed cabanas, 5 swimming pools including an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool, and an infinity-edge pool on the Bayfront Terrace, elevated tennis court and an expansive fitness center and spa overlooking the bay. Missoni Baia is over 30% sold and completion is expected in Fall 2020. The drone construction video can be found below. 

PROFILEmiami’s Top 5 Of 2017

It’s that time of year again. While most of the United States is stuck in a New Years icebox, the sun is shining bright on Miami. 2017 was a big year for Miami real estate as towers such as One Thousand Museum and  Panorama Tower reached for the sky, pushing Miami’s skyline to new heights while others such as Grove at Grand Bay and Brickell Heights officially opened their doors to residents. The luxury residential market also saw a huge year as many of Miami’s most lavish and exclusive estates hit the market and traded hands for record breaking prices. Here is PROFILEmiami’s Top 5 Moments from 2017:

1. Zaha Hadid's One Thousand Museum Reveals Artefacto Designed Preview Residence 

In November, the Zaha Hadid-designed One Thousand Museum revealed the first look at their uber-luxe "preview residence" furnished by Miami-based Brazilian furnishing brand, Artefacto and designed by Joao Armentano. Artefacto outfitted the fully-built out 17th floor's interiors, fusing Zaha’s futuristic aesthetic with the brand’s signature Brazilian approach to contemporary design. Paulo Bacchi, President and CEO of Artefacto, hand selected items from the brand’s newest collection, which hit showrooms last summer in celebration of their 15th anniversary. The 4,635 SF residence features 4 bedrooms and 5 bathrooms with a half-bath. The unit features elegant and timeless warm tones and clean lines to complement the building’s curvaceous architecture, floor-to-ceiling windows overlooking the bay and Museum Park, and an impressive art collection curated by Sarah Jane Bruce (SJB Fine Art Services) and Flavia Masetto (Flavia Masetto Fine Arts). Once completed the residence sold within days for $6.8 million. Tour the lavish residence here. 

2. Fly Through A Choeff Levy Fischman Designed Palm Island Mansion With A 15’ Waterfall 

Palm Island was hot with news through 2017 including 280 South Coconut Lane on Palm Island hitting the market for $10.8 million and Birdman’s estate falling into bankruptcy, but at PROFILEmiami we have to give the cake to the Choeff Levy Fischman-designed 73 Pam Avenue. 73 Palm Avenue is a 13,676 SF waterfront villa that features 9 bedrooms, 10 bathrooms and 1 powder room. The two-story contemporary also features a private rooftop terrace, disappearing sliding glass doors to optimize indoor/ outdoor living, 15' cascading water feature that empties into a reflecting pond with large stepping-stones creates a floating illusion and greets guests at the home’s main entrance, a statuesque three-story staircase, LED lighting, custom Italian kitchen, Crestron automated smart home, home theater, wine cellar, fully furnished throughout with Minotti, Poliform and other fine furnishings, 4-car garage suites and an elevator. Outdoors, the home features a 2,500 SF roof top terrace with summer kitchen, oversized infinity-edge pool, a secluded hot tub off the master bedroom terrace and 100' waterfront frontage. The home was designed around the giant Banyan tree located near the water in the backyard. 73 Palm Ave. is currently listed for $29,500,000 with Mirce Curkoski and Albert Justo of One Sotheby's International Realty. Tour the spectacular estate here. 

3. PROFILE Exclusive: Inside One Thousand Museum with Louis Birdman, Co-Developer Behind The Uber-Lux, Zaha Hadid-Designed Futuristic Tower

In August PROFILEmiami had the exclusive opportunity to sit down with Louis Birdman, one of the co-developers behind One Thousand Museum by Zaha Hadid Architects, to discuss the futuristic, ultra-luxury, condo tower. Louis tackles everything from working with legendary architect Zaha Hadid, to tackling the luxury market and the unique GFRC exoskeleton design that makes up the tower's unique, skyline changing, iconic design. Take a look inside the mind of one of the masterminds transforming Downtown Miami into a vibrant, modern, world-class city center.

PM: No developer had touched creating ultra-luxury in downtown Miami up until this point. What made you guys say let's be the first?

LB: When we started to see the market coming back. There was a period of time when the market imploded. It wasn’t just a Miami issue, it was a global banking issue. The first real estate market that started to rebound was New York, and shortly thereafter came Miami. The profile of buyers changed dramatically from the last peak in the market, where it was a highly speculative market that lots of investors highly leveraged. This time around, the buyers for condo products, particularly in Miami, were more focused on luxury. They were investors, but they were also end users. With a large flow of capital domestically and in Latin America, Miami has been one of the places that people look to invest in real estate. Continue reading the exclusive interview here. 

4. PROFILE Exclusive: Transforming Coconut Grove with David Martin of Terra

In March PROFILEmiami had the exclusive opportunity to sit down with David Martin, one of the founders of Terra and the mastermind behind Park Grove and Grove at Grand Bay. Find out how he is helping transform Coconut Grove into one of Miami's hottest neighborhoods.

PM: You guys have been integral in transforming Coconut Grove. What do you think of the recent new developments in Coconut Grove and the new energy they have brought?

DM: I think it is about time. I think that the world and the city is realizing a lot of the amazing assets thats Coconut Grove has. It has amazing parks, amazing schools, amazing people. Geographically it is strategically located to a lot of different other neighborhoods as well. Now with the Grove at Grand Bay project that we did, it was big, and now Park Grove with Related, I think that this is developing into a neighborhood with new architecture as well as with some of the old Florida architecture as well. It has a good diversity and design and I think that there is a lot of new restaurants that are coming and a lot of new retail. Coconut Grove is a neighborhood that has a lot of components but it is very quite and peaceful. That quiet innocence is what people are looking for to raise their families, or spend time with their families. A lot of our buyers are empty nesters so they're looking for urbanism and walkability so that tree canopy here and walkability is very important as well. Continue reading the exclusive interview here.

5. Inside PROFILEmiami’s Five Star Stay at The Residences at W Fort Lauderdale

In September PROFILEmiami had the exclusive opportunity to stay at W Residences Fort Lauderdale, located directly on Fort Lauderdale's pristine beaches and the Atlantic Ocean. After a $60 million renovation overseen by Related Companies and Meyer Davis Studio, W Fort Lauderdale is one of the finest options on Fort Lauderdale's seaside A1A strip. The two-tower property features luxurious, nautical private condominium residences and hotel, all with direct ocean views. W Fort Lauderdale’s five-star amenities and services feature a high-end beach club, full-service pools, multiple restaurants and eateries, spa, fitness center, nightlife and full-service staff. Buyers at W Residences Fort Lauderdale are investing in the brand’s lifestyle offerings. They can enjoy the quality service, amenities and hospitality that W Hotels are internationally known for. Whether you are looking for a beachside weekend escape, full-time residence, part-time residence or rental-income property, W Residences Fort Lauderdale is a prime beachfront option. Read PROFILEmiami’s full review of our five-star stay here. 

Florida Named Second Fastest Growing State Averaging 900 New Residents Per Day

Florida has been named the second fastest growing state according to the United States Census Bureau, trailing only Texas. Florida added 327,811 new residents between July 1, 2016 and July 1, 2017, about 900 new residents per day. The recent influx of new residents has been bolstered by northern states extreme tax and financial struggles as local and state politicians continue to tighten the tax noose on residents. Florida has no income tax, which has attracted wealthy families and individuals from states like Connecticut, New York, New Jersey, and Massachusetts, amongst others at breakneck speed. Hedge fund big wig Paul Tudor Jones of Tudor Investment Corp. moved from Greenwich, Connecticut to Florida in 2015 after Connecticut passed two of the largest tax increases in history between 2011 and 2015, taking with him over $30 million in income tax revenue. In September 2016 PROFILEmiami reported that Barry Sternlicht, CEO of Starwood Capital Group and chairman of Starwood Property Trust, also fled Connecticut to become a Florida resident. Florida now has 1.1 million more residents than New York and is growing at a pace twenty five times faster than its northern counterpart which added only 13,113 new residents last year despite local claims the state is experiencing great growth. Florida is now the third most populous state behind only California and Texas. Now, Florida once again stands poised to continue and even accelerate growth as the Tax Cuts and Jobs Act of 2017 essentially makes Florida the model on which states should tax their residents. On December 22, 2017, President Donald Trump singed into law the Tax Cuts and Jobs Act of 2017, after the bill was passed by the United States Congress. The bill caps taxpayer's ability to deduct state individual income, sales and property taxes up to a limit of $10,000 starting in 2018. The current deduction was unlimited, allowing high tax states like New York to shift tax revenue from the federal government to state and local government. While residents of these high tax states have for years cautioned local politicians from continuing to hike taxes, taxes have continued to rise and the elimination of the SALT Deduction now makes it much more expensive to live in these states. As the effects of the tax cuts begin to be seen Florida's rapid population rise should be poised to continue through 2018.  

Florida Airbnb Income Surged 75% Year-Over-Year To $450 Million In 2017 With $134 Million In Miami-Dade

Despite the ups, downs and legal battles that Airbnb has faced since launching in 2007, hosts in Florida have seen a surge in supplemental income, up 75% year-over-year in 2017. Florida hosts earned a combined $450 million in 2017 and hosts in Miami-Dade brought in $134 million. According to Airbnb there is now 40,000 hosts in Florida with the top 3 earning counties being Miami-Dade at $134.6 million, Broward at $45.7 million and Osceola at $39.6 million. Palm Beach County hosts pulled in $17.1 million. Miami-Dade is among the top 5 regions in the United States. In April 2017 PROFILEmiami reported that AirBNB has teamed up with 5 Miami homeowner hosts to sue the city of Miami and Mayor Tomas Regalado in order to stop Miami from enforcing bans and fines on short-term rentals in the city. The state of Florida passed legislature in 2011 which prohibits cities and counties from enacting ordinances that prohibit and/ or regulate vacation rentals. Airbnb later was able to work out tax agreements with 6 Florida counties including Miami-Dade and Broward earlier this year. Since Miami-Dade and Airbnb reached thei tax agreement which went into effect May 1, 2017, Miami-Dade has collected over $2 million in taxes from Airbnb guests.  In October, Miami-Dade passed a new ordinance regulating short-term rental companies including caps on occupancy at 2 people per room and hosts needing to apply for a Certificate of Use, register for a business tax receipt, screen for sexual offenders, and adhere to "vacation rental standards," amongst other regulations. Airbnb is an online marketplace and hospitality service founded in 2007 by Joe Gebbia and Brian Chesky. Airbnb does not own any properties, and brokers bookings between hosts and guests via their online platform. Since have grown the company to over 3,100 employees, 3 million listings, 65,000 cities, 191 countries and 200 million users. 

Barneys New York To Open First Florida Location As Anchor At Bal Harbour Shops $400 Million Expansion

Barneys New York has announced that they will open their first Florida location as one of the anchor tenants at Bal Harbour Shops $400 million, 350,000 SF expansion. The location will span 53,000 SF and will include the popular Freds at Barneys New York restaurant. Freds at Barneys New York will feature outdoor seating and will serve European-inspired and contemporary American cuisine with a custom menu using locally-sourced ingredients by Executive Chef Mark Strausman. Barneys New York and Freds at Barneys New York is expected to open in 2023.

“No fewer than three generations of my family have worked in one capacity or another for nearly four decades to make this happen, so we could not be any happier if we tried about Barneys New York finally coming to Bal Harbour. Theirs has always been a unique and compelling perspective on fashion and on luxury – and through Freds, on food, too – and we know their point of view will resonate with our customer. We are proud and humbled to welcome Barneys New York into the Bal Harbour Shops family,” Matthew Whitman Lazenby, third generation leader of Bal Harbour Shops and President and Chief Executive Officer of Whitman Family Development, LLC.

“It’s a milestone for Barneys New York to launch our first location in Florida at
Bal Harbour Shops, which attracts the best clients from around the globe, who mirror today’s Barneys clients,” said Daniella Vitale, CEO & President, Barneys New York. “We’re excited for Bal Harbour shoppers to experience Barneys New York’s renowned approach to creating environments with exclusive, rare and highly-edited products coupled with luxury services, food, and digital experiences.”

$65 Million Star Island Mansion Originally Built By Carl Fisher Heads To Auction January 31

The $65 million Star Island mansion that was previously held the title of being the most expensive property for sale in Miami will be heading to auction without reserve on January 31 after a month long marketing period. The auction will be conducted by Concierge Auctions in cooperation with listing agents Alexa Iacovelli and Mirce Curkoski of ONE Sotheby's International Realty. The legendary cul-du-sac, located at 46 Star Island, was originally built by the "founder" of Miami Beach Carl Fisher and features 10 bedrooms, 12 bathrooms with over 18,356 SF of living area. The estate was completely renovated in 2016 keeping the classic Mediterranean design with modern features such as a new kitchen and updated living areas. Luxurious features and finishes cover every inch of the property such as a large, ornate living room with vaulted ceiling; clerestory and arched casement windows, 3,000-bottle wine cellar, billiard room with wet bar, gym, office, staff quarters, sun room, formal dining room, guest quarters, and a massive chef's kitchen. Outside features over 250' of waterfront complete with lounge areas, exotic landscaping, resort style pool with cabana, and 2 private docks on of which with has a boat lift, all offering stunning views of Biscayne Bay and Monument Island. The auction will be held on January 31 without reserve. 

Photos by Alex Tarajano Photo

Alco International Group Breaks Ground On Adagio Fort Lauderdale At 30% Sold

Alco International Group has broken ground on Adagio Fort Lauderdale located at 435 Bayshore Drive. The waterfront building is designed by GS4 Studios with interiors by Steven G and will rise 10 stories on the Intracoastal. The project is reportedly 30% sold and features 31 residences which range from 2 to 4 bedroom layouts. Residences come complete with 10' ceilings, kitchens featuring quartz countertops, gas Gaggenau cooktops, and Scavolini Italian cabinetry, and outdoor space complete with summer kitchens. Amenities include a private marina with 53' boat slips, a fitness center, media room, sunset pool and a rooftop pool with cabanas providing panoramic views of the Intracoastal, Atlantic Ocean and Fort Lauderdale. Units start at $1.8 million and sales are being exclusively marketed by ONE Sotheby's International Realty. Adagio Fort Lauderdale is expected to be delivered Q2 2019.

Central Fare Food Hall Coming To MiamiCentral Announces Delayed Opening Until Spring 2018

New renderings have been released of Central Fare, the new food hall coming to MiamiCentral in Downtown Miami after McKenzie was named as the executive architect and general contractor for the project. Central Fare had originally planned to open in the Fall of 2017, a date which has since been delayed until the Spring of 2018 as MiamiCentral powers towards completion. McKenzie will oversee the construction of 50,000 SF of restaurant space featuring over 20 vendors including Monger by the Voltaggio Brothers, which will be CentralFare’s signature sit-down restaurant, 800 Degrees Italian concept, Miami Smokers, Parliament Coffee, Romanico’s Chocolate and Rosetta Bakery. CentralFare will also bring in big-name chef's from both a local and national level as they aim to create a new culinary experience in Downtown Miami. MiamiCentral is an 11-acre mixed-use, live, work, play style development that will also feature All Aboard Florida express trains connecting Miami to Orlando.

“We’re excited to be a part of this beautiful, pioneering lifestyle project in the heart of Downtown Miami, which hundreds of thousands of people are expected to visit on a yearly basis,” said McKenzie firm owner and CEO Gavin McKenzie.

PROFILEmiami had previously covered the release of the following renderings in June 2017 which gave a first look into the upcoming food hall. 

Renderings by AvroKO

University Developments Unveils The Sales Gallery At University Bridge Residences

University Developments has officially unveiled their sales gallery after hosting a celebration in honor of the milestone on December 14, 2017. More than 150 of Miami-Dade’s leading real estate brokers, VIPs and community leaders joined the development team at its unique dome-shaped, contemporary sales center in welcoming Miami’s first student housing condominium, which will be located across the street from the main campus of Florida International University (FIU). Those in attendance received the exclusive first look preview at the project’s super-sized scale model, as well as viewed renderings and floor plans through their innovative app. The sales center also highlights the refined finishes offered to University Bridge’s future student residents in the sample model residence. The sales center’s unique dome structure brings a modern, sleek, contemporary look to the City of Sweetwater’s designated ‘University City’ district.

“We are very excited to formally open our doors and welcome those interested in this unique real estate project,” said Brian Pearl, principal of Global City Development. “The sales gallery is a reflection of the project’s uniqueness and has to be experienced to understand the value proposition being offered to buyers and brokers.”

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. The project will serve the school’s rapidly growing student population’s housing demand. Florida International University is the fourth-largest university in the United States by enrollment, with more than 55,000 students, but only eight percent of the student body lives in college owned, operated or affiliate housing. University Bridge Residences, which is bing designed by architecture and interior design firm Arquitectonica, will rise 20 stories and feature 492-units. Each turnkey unit depicted in the interior renderings comes fully furnished offering a multitude of residential features including complete kitchens, stainless steel appliances, washer and dryer in every residence, flooring throughout, and dedicated bathroom for each bedroom. Residences come a wide array of floorplans ranging in size from 317 square feet to 1,634 square feet, including studios, one, two, three and four bedroom units, as well as three and four bedroom townhouses. Prices range from the $190,000’s to the $600,000’s. Leasing is exclusively presented by Cervera Real Estate. Amenities include a large amenity deck with a landscaped recreational area featuring a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas. The building’s rooftop will also feature a sunset terrace complete with dining areas, large yoga lawn and performance stage. The property also serves as a direct connection with the FIU campus and will allow residents to access the campus networks and online tools as if they were on campus. The project is scheduled for completion in time for the 2020-2021 academic year.