Miami is Currently The #1 Buyer's Market in the United States

The Miami real estate market is in a bit of a crossroads as it try to figure out which way to head. New inventory is hitting the market and unstable foreign governments have spun foreign interest in investment in Miami all over the place. One thing is for sure though, all the uncertainty has led to the potential for deals. Miami is currently a true buyer's market, and in fact is the strongest buyer's market in the United States. According to OpenHouse, 8 of the top 10 buyer's markets were in Florida. They are reporting that real estate demand in Miami is down as there are 4,332 active listings on the MLS but only 205 closed deals in the last 30 days. They are reporting that 61% of homes took over 3 months to sell while over 80% closed for below the asking price. 

Photo via OpenHouse

Top 10 U.S. Buyer's Markets

1. Miami, FL
2. Miami Beach, FL
3. Weston, FL
4. Sarasota, FL
5. Detroit, MI
6. Kendall, FL
7. Hollywood, FL
8. Pompano Beach, FL
9. Taunton, MA
10. Plantation, FL

Photo via OpenHouse

Photo via OpenHouse

Midtown Miami Construction Update September 2016

Hyde Midtown

The construction in Midtown in cruising along with both Related Group's Hyde Midtown and Magellan Development's Midtown 5 making major progress towards completion. Midtown 5 leads the two, and has topped off and has glass paneling on the sides already. The 24 story, mixed-use building will feature 400 residential rental units. It will ultimately have over 52,000 SF of indoor and outdoor amenities. They market the project as a "live, work, play community."

The 31 story, 372 ft tall Hyde Midtown is beginning to get the initial makings of an outer-shell. Designed by Arquitectonica, the residence will feature about 337 condo units and 60 hotel units. The hotel portion of the project will be managed by SBE, who continue to extend their exposure in Miami to Midtown. There will also be 21,745 SF of retail space and 526 parking spaces. Pricing was around $550 SF. Groundbreaking was in late 2015 and completion is expected near the end of 2017. 

Hyde Midtown Construction Update September 1, 2016

Midtown 5

Midtown 5 Construction Update September 1, 2016

Midtown 5 Construction Update September 1, 2016

SLS Brickell Hotel to Open October 3

SLS Brickell is coming! Related Group and SBE have set an opening date of October 3rd for the hotel as we edge closer to seeing the completion of this most recent development cycle. SLS Brickell is a 124-room hotel with pricing starting at $249 per night and can reach over $1,950 for the 1,756 SF, 2 bedroom Louie Suite. The 52-story building was designed by Arquitectonica and also features 450 residential condo units. It also features an LED façade by lighting artist Ana Isabel Martinez, artwork throughout the property by Fernando Botero and Matias Duville, and a colorful, iconic exterior art mural. SLS Brickell includes José Andrés' Bazaar Mar, his new seafood restaurant concept, as well as Michael Schwartz's Fi’lia, Italian concept. José Andrés will also be head of all food and beverage operations throughout the property including the pool bar, mezzanine and in-room dining. Related Group began planning the project in 2012 and broke ground in early 2014. 

Coral Gables Classic Designed by George Merrick Listed for $999K

It really doesn't get any more classic than this Coral Gables historic designed by Coral Gables founder George Merrick himself. Located at 6704 S Le Jeune Road in the Dutch South African Village part of Coral Gables, the home is 2,008 SF with 3 bedrooms and 2 bathrooms. It was in fact designed after a traditional South African 17th century farmhouse and features classic styling including oak wood floors and a wood-beam vaulted ceiling. The home is currently listed for $999,000. Photos by Avatar. 

Brazilian Real Estate Investors Have Begun to Set Their Eyes On Miami Once Again

Scott F. Pryce, founder and CEO of TRX Investments; Luiz Augusto Faria do Amaral, co-founder and CEO of TRX Group; and Fernando Fiuza de Souza, managing director of TRX Investments and founder and managing partner of TRX Residential. Photo via MiamiHerald.com

The Real Deal is reporting that spurred by dropping rents back home, Brazilian real estate investors are beginning once again to focus their sights on Miami. Rents in Miami have stayed mostly stable despite the influx of new inventory that has begun to hit the market. In Brazil rents have dropped 5.2%. The investors are looking for an escape from the political and economic instability in Brazil. Brazil had fallen out of the top five countries with interest in Miami real estate in June after 17 consecutive months at the top, but has climbed back to third in July according to the Miami Association of Realtors. Bloomberg is reporting that TRX Residential, a Miammi-base real estate investment firm, wants Brazilian investors to commit close to $30 million dollars, helping them to double the funds size. Brazilians single handedly saved the Miami real estate market in 2012 when they came to purchase second homes and take advantage of a stronger currency compared to the dollar. Since then many economic and political factors have shifted the Brazilians demand for American real estate, where they focus on Miami due to proximity, stability and potential for growth. 

La Gorce Historic Hits Market for $5.4 Million

6711 Windsor Lane is a true old-world classic with modern living features. The ivy covered historic home on La Gorce Island has just hit the market for $5.4 million. The home was originally built in 1937 and today sits at 5,984 SF on the .37 acre lot. It features 7 bedrooms, 6 full bathrooms and 1 half-bath with a large master suite, meticulous decoration including woven wall-coverings, hardwood, stone and marble floors throughout, brick governor's driveway, wood shutters, a foyer winding master staircase, and a rare covered coral keystone entertainment patio and pool lining. Listing and photos by Compass.

Miami Luxury Condo Sales Over $1 Million Reportedly Down 44.5%

Bentley Bay Penthouse

Residential condo sales are reportedly down close to 21% over the same time last year in 2015, according to Mansion Global. When focusing on properties over $1 million, there were just 73 single-family home sales in July, down 31.8% from the same time in 2015. Luxury Condos saw a total of just 45 transactions in July, those numbers were down 44.4% year over year. Condos also saw average days on market up 1.9% to 162 days before sale. There are also only 1,272 pending sales, down 25.4% year over year and inventory is up 47.8% with 2,482 luxury condo units over $1 million on the market. The slowdown can be attributed to unstable governments and currencies in South America and a strong dollar, which has put a slowdown on foreign investment. It also can be tied to the slowdown that has also hit the rest of the United States over the same time period. Despite the slowdown, investors have seen this as an opportunity to take advantage of some of the deals that have come about due to the market shift. 

Mana Fights Back Against Wynwood Business Improvement District Allegations

Mana fought back against the Wynwood Business Improvement District over allegations that they were cutting close to $30 million in public benefits from their Wynwood project. They saw they will still provide $45 million of public benefits with few changes to their original proposal. They were cutting a $10 million cash payment to the commission that was in exchange for a height increase to 24 stories. They will still provide $7.5 million to the Overtown CRA and $2.5 million to the commission. They also fought back about claims that they would be changing the phases of the project and were sticking to their original plan. 

Public Benefits As Per Mana:

The Mana Wynwood SAP will grow the arts and design community while preserving the community’s unique character. Beyond residences and commercial buildings, the Mana Wynwood SAP includes more than $45 million in public benefits to the Wynwood neighborhood and surrounding communities. The breakdown of public benefits and contributions includes nearly $7 million to the Overtown CRA, $5.5 million annually to the Omni CRA through tax increment funds, and $35 million to the Wynwood community — including $2.5 million in cash for bonus height to the Wynwood BID.

Benefits to the Wynwood community include:

• Nearly 2.5 acres of centralized, public open space — the Mana Commons.
• A unified and vibrant streetscape for an enhanced pedestrian experience within the SAP and bordering streets.
• Extensive road improvements, including drainage and road rehabilitation.
• A newly constructed fire station and rescue facility for the City of Miami.
• Renovated and upgraded infrastructure serving the SAP Area and Wynwood, including drainage, sewer, fire services, and water mains.
• Underground or relocated overhead FP&L power lines.
• A public transit stop, which will contain bicycle racks.

266 Cape Florida Drive on Key Biscayne Listing For $13.9 Million

With over 18,091 SF of living area, 260 Cape Florida Drive on Key Biscayne is one of the largest mansions available for sale on the MLS in South Florida. The home is a 9 bedroom, 8 bathroom and 2 half-bath layout including a chef's kitchen, home theater, library, lush landscaping, wet bar, security system and meticulous interior design. The 3/4 acre lot features 346 ft of protected waterfront with direct ocean access. It was listed for $19.8 million in 2013, but the price has now dropped to $13.9 million. Listing and photos by One Sotheby's International Realty.

Erik Spoelstra Purchases Historic Coconut Grove Home for $2.6 Million

Erik Spoelstra has purchased a beautiful, historic Coconut Grove home for $2.6 million. Spoelstra is the coach of the Miami Heat who recently announced he will marry his longtime girlfriend and Heat dancer Nikki Sapp. The home is 4,294 SF, 5 bedrooms, 6 bathrooms, a guest cottage, beautiful pool, and lush landscaping featuring oak trees throughout the property giving an enclave of privacy and a true Coconut Grove feel. The home was first built in 1937. First reported by the Miami Herald and photos via EWM.