Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann

East End Capital's 236-Unit Co-Living Project Foyer Wynwood Approved on North Miami Avenue

East End Capital has received approval from the City of Miami’s Urban Design Review Board (UDRB) for FOYER Wynwood, a 375,000 SF 236-unit co-living, mixed-use project in Wynwood along North Miami Avenue. The approvals give the project its final green light to move forward. The development will continue the renaissance occurring along North Miami Avenue, and is located near notable attractions such as Veza Sur Brewery, The Wynwood Arcade, Oasis, The Salty, and the planned Arlo Hotel. Construction is expected to commence in early 2021.

Foyer Wynwood will be a 375,000 SF, 12-story, 236-unit multifamily residential project that spans North Miami Avenue from 24th to 25th Street. The project is being designed by globally recognized architecture firm, Kobi Karp Architecture & Design, also responsible for East End’s Wynwood 25 and Annex projects. Foyer Wynwood will feature affordable co-living and micro-unit options in the apartment portion, together with co-workspaces and other amenities. In conjunction with the development, East End has launched the new “FOYER” brand to operate and manage this project as well as all the other co-living apartment projects in its pipeline. 

East End Capital is the same developer behind Wynwood 25, with Related Group, a mixed-use, market-rate rental community, and Wynwood Annex, a class-A office building geared toward technology, advertising, marketing and innovation tenants including international entertainment company, Live Nation.

Foyer Wynwood will offer with an abundance of shared amenity space, including a gym focused on functional training, a juice and coffee bar, an expansive pool deck, a chef’s kitchen and entertainment space, collaborative co-working and art studio areas, and state-of-the-art podcast and green-screen studios.

All FOYER projects will include high ratios of furnished micro-units and co-living bedrooms with ensuite bathrooms, together with traditional studio, one- and two-bedroom units. Monthly rents for co-living bedrooms at Foyer Wynwood, which include the furnishings, electricity, common area cleaning, and WiFi, are expected to start around $1,500 per month. 

“FOYER aims to redefine the multifamily landscape by incorporating affordable co-living and micro-units into the traditional apartment mix.  FOYER communities will be priced and designed for renters of all ages, in all walks of life,” said Jonathon Yormak, the founder of East End Capital and FOYER.  “They will be low on cost, high on community and incredibly easy on convenience.”  In addition to A.I. enabled marketing and low-click on-boarding processes, FOYER’s roommate pairing will be taken to a new level through its proprietary compatibility algorithm.

Tour A Rare Hurricane-Proof Oceanfront Estate In Miami Beach Asking $19.25 Million

A rare, “hurricane proof” Miami Beach oceanside estate with direct beach access has hit the market for $19.25 million. The home is owned by Mark R Keller, Chairman & CEO of Edge Funds, and his wife Carolyn Keller, Founder of EBeauty Community that specializes in assisting women undergoing cancer treatments.

Located on over 16,000 SF of well-appointed oceanfront land, the modern beach house spans 8,500 SF spread over 5 bedrooms, 6 bathrooms and 1 half bath. The home offers the ultimate entertainers escape right on the ocean complete with two full kitchens, breakfast bar, a theater and a main entertainment area equipped with a full bar and sliding glass walls that open up to the outdoors. To top it off the home offers 3 built in wine cellars, 3 fireplaces and all floors throughout house, pool area, terraces, and balconies are covered in sandblasted marble.

Outdoors is the perfect place to relax or entertain complete with a pool, jacuzzi with waterfall, a built-in sunken cabana with seating for 20 people with a fire pit, a covered dining area and and an outdoor kitchen. The estate also features gated direct beach access via a grass veranda and a guest house.

Due to the direct ocean exposure, the home was built to endure whatever the South Florida elements can throw at it. The home is built like a bunker with concrete and steel reinforcement across the entire property, able to withstand 257 mile winds and rain. The glazing and doors are “hurricane proof” as well by Windoor 8100 series, the highest rated hurricane doors manufactured. The 7 AC units feed air handlers are strategically located throughout house and if a hurricane was to pass through the property comes with Gas Kohler Generator 50KW to power the entire house.

Mark Keller has developed, acquired and managed as an owner over US$7 billion in real estate investments.  Prior to founding Edge, Mr. Keller was a co-founder, Chief Executive Officer and Trustee of Republic Property Trust, a NYSE publicly-traded real estate investment trust with an office building portfolio valued in excess of US$1 billion.

7815 Atlantic Way is currently listed for $19,250,000 with Miltiadis Kastanis of Douglas Elliman. 

Images via LPG for Douglas Elliman

For more information about 7815 Atlantic Way, private showings or purchasing/ leasing information please fill out the form below:

DJ Khaled Sells Island Estates Waterfront Mansion In Aventura For $4.8 Million

DJ Khaled, whose real name is Khaled Mohamed Khaled, has officially sold his Island Estates waterfront mansion in Aventura for $4.8 million. The closing price is nearly 45% off of the initial $7.99 million list price from December 2018. The custom designed home, which is located at 3914 Island Estates Drive and built in 2001, spans 6,697 SF and is decked out with the music producers own personal taste including a custom sneaker room.

Khaled spent over $2.5 million remodeling the four-story, 5 bedroom, 6 bath Mediterranean estate to include 14k gold chandeliers with Swarovski crystals, beautiful open spaces with floor to ceiling windows, an elevator, dramatic foyers, granite staircase, a wine room, gourmet chef’s kitchen plus a master suite with a sitting area and veranda with water views. The master-suite features a massive sneaker closet with his signature slogan “WE THE BEST” printed on the closet floor with the capacity for over 500 shoes. The lushly landscaped outside features a stunning tropical pool and spa overlooking the bay where Khaled has played host to many parties for his friends, Jay Z and Rihanna included; as well as multiple outdoor lounge areas and summer kitchen.

The home was listed for $7.99 million by Janet Ben Zvi of ONE Sotheby’s International Realty and the buyer is being represented by Julian Johnston and Caterine Gomez of Corcoran. DJ Khaled initially purchased the property in 2014 for $3.84 million and has since moved to a 13,000 SF mansion he purchased for $22 million Pine Tree Drive, Miami Beach.

Photo via Life Style Production Group for ONE Sotheby’s

For more information about DJ Khaled’s mansion, private showings or purchasing/ leasing information please fill out the form below:

Check Out The Bay Views From This Modern Loft In Downtown Miami's Ten Museum Park

Step inside of a truly modern loft with drop dead gorgeous views of Biscayne Bay located in the luxurious Ten Museum Park in Downtown Miami. Unit 1103 which just hit the market is a 2 story, 2 bedroom residence with 2 full bathrooms, 1 half-bath and soaring 20' ceilings. The meticulously finished unit comes partially furnished and features mirrored dining room, custom kitchen island, Sub-Zero & Bosch stainless steel-appliances, recessed lighting, custom motorized black out shades, floating staircase and an oversized private balcony. Downstairs features the main living room, dining room, kitchen and en-suite second bedroom with walk-in closet that can be used as an office or media room. Upstairs, a lavish Master Suite features views of Biscayne Bay you can enjoy from bed as well as a luxurious master-bath with a 360-degree glass shower and double sinks. Ten Museum Park features a state-of-the-art 20,000 SF spa complete with steam room & sauna, 5 pools, fitness & yoga center, 24 hour security and valet.

1040 Biscayne Blvd. Unit 1103 is currently listed for $779,000 with Demetri Demascus of Spectrum Realty Group. Please call/text 203-252-7201 or email d.demascus@spectrumrg.com to schedule a showing or for more information.

For more information about Ten Museum Park 1103, private showings or purchasing/ leasing information please fill out the form below:

Governor Ron DeSantis Announces $250 Million In CARES Act Funding Allocated For Rental And Mortgage Assistance

Florida Governor Ron DeSantis has announced that the state will allocate $250 million in CARES Act funding to rental and mortgage assistance due to the COVID-19 pandemic shutdown. $120 million of the funds will be allocated to Florida Housing Finance Corp. which will provide rental assistance to households who live in affordable housing rentals within the Florida Housing Finance Corp. portfolio and have been impacted by COVID-19. Qualified renters will be able to use the funds from July 2020 through December 2020. The announcement comes just days before Florida’s moratorium on evictions and foreclosures expires and a rush of evictions and foreclosures are expected in July.

An additional $120 million will be allocated for rental and homeowner assistance programs for those impacted by COVID-19 providing aid for rent assistance, mortgage payment assistance, downpayment and closing assistance, mortgage buy-downs, new construction, rehabs, emergency repairs and homeownership counseling. The final $10 million will be used for operating costs of the programs and technical assistance.

Alta Developers' Quadro At Design District Now Signing Contracts

Alta Developers, led by Raimundo Onetto, has announced that the two-tower, 198-unit residences at Quadro in Miami Design District, which officially launched sales in March, is now signing contracts and paying 25 percent of the total commission to outside brokers. Quadro at the Miami Design District is a distinct resort-style condominium. The 12-story boutique was built in 2019 and is the newest addition to the city’s trendsetting creative hub and is only a short walking distance to many premier attractions in the fashionable Design District.

Quadro’s residences, which start at $398,000 and are exclusively marketed and sold by Fortune Development Sales, are ready for immediate purchase and allow for buyer flexibility in purchasing units with tenants or placing units into a short-term rental program. The turn-key units range in size from 762 square foot large studios to 1,199 square foot two-bedroom residences with terraces. All units have their own spacious balcony and or terraces, while select units have oversized outdoor patios ranging from 86 square feet to 898 square feet.

“We are certainly seeing a major uptick in prospects inquiring about Quadro and making appointments to see this remarkable project. Prospective home buyers have been waiting to make a decision until they can see residences for themselves and now that we have opened, we are signing contracts,” said, Edgardo Defortuna, President, CEO and Founder of Fortune International Group.

The towers reopened its sales gallery on June 1st and have attracted interest from the local market which has been steadily growing with buyers now looking to sign contracts. Inquiries have been coming in from across Latin America, including Ecuador, Mexico, Argentina, and Peru. Fortune International Group expects prospective out-of-state buyers to head to Miami this summer to sign contracts.

“We are seeing that buyers, locally and internationally are eager to buy a home in South Florida now more than ever. We have warm weather, great outdoor spaces, several places to enjoy cultural attractions, and a myriad of dining venues. Buyers also want to ensure purchasing a home that presents attractive opportunities for the future and Quadro checks all the boxes,” adds Edgardo.

The resort-style complex has one-of-a-kind artworks integrated throughout which anchor a multifaceted series of experiential programs and walking tours tailored for residents and guests of the two luxury condominiums. Alta Developers and Art with DNA’s Francisco Del Rio, the lead architect and artist who embedded 542 site-specific pieces throughout the premises, have truly shaped the concept of contours of Quadro, all of which serve as an ode to South Florida’s seashore.

The project offers an expansive list of amenities, including a pool, a sprawling poolside club room, yoga and spinning rooms, and summer kitchens and cabanas with abundant space for outdoor recreation with panoramic views of the city and Biscayne Bay. Each residence has advanced home technology, including NEST smart home thermostats and a Bluetooth keyless entry system with cameras that homeowners can access through their mobile phones. Residents with electric cars can power their cars at charging stations, while those with pets can take them to a state-of-the-art pet washing facility on-site.

“Quadro is ideal for buyers looking to purchase and move-in now – it offers high-end turn-key residences with resort-style amenities at compelling price points in Miami’s Design District. Not to mention, these residences provide complete flexibility for permanent residents, the seasonal snowbird, and the vacationing short-term guests,” said Raimundo Onetto, Principal and CEO at Alta Developers.

By Isabella Zimmermann    

For more information about Quadro, private showings or purchasing/ leasing information please fill out the form below:

RPC Plans $60M Health & Wellness Center At Legacy Hotel & Residences in Miami Worldcenter

Royal Palm Companies (RPC), led by Dan Kodsi, have announced that as part of Legacy Hotel & Residences at Miami Worldcenter they will develop a $60 million, 100,000 SF healthcare center named Center for Health + Performance (CH+P) on the ground floor. It will break ground this fall alongside Legacy, which is across the street from RPC’s Paramount Miami Worldcenter condo tower. This is the latest of a series of medically-integrated real estate projects that have become more prevalent in South Florida.

CH+P aims to create a new operational model by ensuring the entire property meets medical building and design standards that are typically unheard of for a traditional hotel. The health and wellness facility will also feature a medical center with ventilators and medical gas, meaning it will be equipped to combat future pandemics and a variety of health complications. It will also offer surgery rooms, and MRI, CT Scan, Mammography, X-Ray, Ultrasound services. Medically equipped hotel rooms will be available for post-surgical patients and guests at the hotel and unit owners will have access to the healthcare center’s facilities, doctors, diagnostic center and onsite lab.

“Legacy will be one of the cleanest designed buildings you can shelter safely in during pandemics – with access to health professionals, a pharmacy, medical grade air quality and cleaning, food delivery and more,” said Dan Kodsi, CEO of RPC.

The project is tapping into top healthcare organizations to bring CH+P to life, including architecture firm Perkins & Will, healthcare consulting firm Coker Group, and healthcare construction company Vilar-Hoynack.

When complete, Legacy Hotel & Residences will have 274 condominium units and 256 hotel rooms. Other amenities include a sophisticated members-only international business lounge, downtown’s largest hotel pool deck set on one acre, the medical and wellness center and ground floor retail. The tower will feature a highly-anticipated seven-story crown-jewel glass atrium, which will be the largest rooftop atrium for a hotel-condo in the U.S.

Designed for the innovative and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE living to Miami. The concept will offer homeowners luxury small living with the flexibility to live in or rent their home without rental restrictions, which will fulfill the demand of a rapidly growing and more international downtown core. Residents will have the option to rent on their own or through the tower’s hotel rental program, offsetting carrying and maintenance costs. Legacy’s microLUXE residences range from 400 SF to 949 SF with studios and two-bedroom units.

Sales for the condominium portion launched in November 2019, overseen by Peggy Olin’s OneWorld Properties, with pricing starting in the $300,000’s. Legacy Hotel & Residences is being designed by Kobi Karp with interiors by IDDI.

For more information about Legacy Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Tour Bamboo Hill, Lars Bolander And Nadine Kalachnikoff Kips Bay Decorator Show House in Palm Beach

Bamboo Hill, designed by and the personal residence of one of America's leading interior designers and tastemakers Lars Bolander and wife Nadine Kalachnikoff, has hit the market for $5,900,000. The home was built in 2007 as the Kips Bay Decorator Show House in Palm Beach and showcases the work of 19 of the most celebrated world renowned interior designers. This residence is Dutch and South African inspired design spanning 8,751 SF with 6 bedrooms and 7.5 baths. The main house is 5,868 SF with 4 bedrooms and 5.5 bathrooms with 2 guest casitas also on the property.

Similar to the showrooms Lars Bolander maintains in New York's Meatpacking District his Palm Beach home favors a mix of 19th-century antiques, painted furniture, contemporary art and sculpture, and decorative objects picked up in the Far East and Morocco. The exterior of the home is a mix of architectural ideas that inspired Bolander from around the world. The door is Dutch South African style and the stone dogs are reproductions purchased in Spain.

Outside, the homes gardens were designed by Mario Nievera, he replicated a Persian motif he spotted at a fountain at the Taj Mahal to redefine the garden and guide seating plantings and spiritual paths. The lush backyard also features a pool with cabana and 2 guest casitas.

Bamboo Hill is located at 260 Palmetto Ln, West Palm Beach, FL and is currently listed for $5,900,000 with Gary Goodwin and Gloria Rodriguez-Allsup of Douglas Elliman.

Images via Douglas Elliman

For more information about Bamboo Hill, private showings or purchasing/ leasing information please fill out the form below:

Metropica's First Residential Tower Receives TCO And Begins Closings In Sunrise

ONE Metropica Residences, designed by YOO, has received its Temporary Certificate of Occupancy (TCO) and became the first residential tower within the $1.5 billion, 65-acre master-planned Metropica in Sunrise, FL, to be completed and begin closings. The 28-story, 263-residence high-rise is the brainchild of the creative team of Metropica Development, LLC, led by CEO Joseph Kavana, in collaboration with globally acclaimed architect Chad Oppenheim and London-based interior designer YOO Design Group. To date, 75% of the units at ONE Metropica Residences have been sold with buyers from around the world including the U.S., Latin America, Europe, and Asia.

Metropica Development has announced that they are ready to begin closings of the move-in ready residences, which can be handled in-person as well as virtually, ensuring that Metropica buyers from across the globe will be able to finalize their purchases. Every possible measure has been taken by the developer to ensure a seamless delivery within a completely secure and confidential environment, all while complying with COVID-19 guidelines and governmental regulations.

“We are extremely proud to be delivering our first residential building to the market,” adds Bernard Werner, President of Metropica Development, LLC.  “Our buyers have embraced our vision for this extraordinary community and its three key pillars: Nature, Wellness & Happiness. This opening commemorates a milestone in our journey and a preview of more great things to come.”

The luxury condominium residences in ONE Metropica Residences range in size from 961 to 2,022 square feet, and remaining units are priced starting in the $400,000’s. Residences offer floor-to-ceiling impact glass windows, imported porcelain tile throughout, smart home technologies, designer plumbing fixtures by Hansgrohe, and buyers can choose between nature and minimal finish patterns.

ONE Metropica also features top-level amenities including a landscaped terrace and pool, club room with a lounge, screening room, children’s playroom, pool deck, state-of-the-art fitness center, and 24-hour concierge services. 

“The level of luxury and amenities within ONE Metropica Residences are at par with South Florida’s most notable residential buildings,” said Joseph Kavana, “inclusive of a very robust Art in Public Places initiative through an agreement with globally acclaimed artist Stefan Szczesny, which also depicts Metropica’s three pillars – Nature, Wellness and Happiness.”

 When completed, Metropica will encompass approximately four million square feet 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.

“Our goal is for Metropica to not only be an area standout,” concludes Kavana, “but also a beacon of optimism for all those who will live, work and play within the community.”

For more information about ONE Metropica, private showings or purchasing/ leasing information please fill out the form below: