Miami has fallen to tenth amongst U.S. cities when it comes to most expensive one bedroom rental prices according to Zumper. According to their study Miami has an average rent of $1,800, down .6% from last month and down 3.7% from the same time last year. Two bedrooms have remained stable at $2,500 both year over year and month over month. Seattle passed Miami to 9th after seeing major growth and San Francisco ($3,380), New York ($3,000), and Boston ($2,250) remained the top three although rents in those three cities were down across the board.
Miami Beach Home Shown on The Real World Sells for $2.71 Million
The famed Miami Beach home from The Real World located at 1200 W 63 ST Miami Beach has sold for $2.71 million. It belonged to Roman Jones, one of the managing partner of the former Opium Group. The home is 6 bedrooms, 7 bathrooms with a half-bath over 6,660 SF. It features a blend of classic Miami Beach style with exposed beam and beach style wood along with some modern features including the home being draped in Ipe wood and synthetic turf along with a rooftop terrace and tiki hut. The home was originally listed for $3.895 million in January 2015 with Dina Goldentayer and Sladja Stantic of Douglass Elliman.
46 Star Island Lists for $65 Million
The legendary 46 Star Island, the iconic cul-du-sac estate at the end of Miami Beach's exclusive Star Island, has listed for a whopping $65 Million. The mansion is 18,356 SF that spans the entire point of the island and was originally built in the 1920's. The old world style is evident throughout the residence, which the owner just recently restored to an absolutely pristine condition. The home has over 40 rooms including 10-bedrooms, a massive wine cellar, home office, library, living room, chef's kitchen, dining room, and maids quarters with two separate condo style staff living areas. The estate also features 255 feet of waterfront on Biscayne Bay complete with two private docks, a boat lift, beautiful statue lined swimming pool, cabana, along with exotic landscaping, gardens, courtyards and terraces throughout the property.
46 Star Island Dr. is now the most expensive single-family home for sale in Miami-Dade County at $65 million, followed by a penthouse unit at Faena House and Casa Bahia in Coconut Grove asking $55 million and $50 million respectively. The listing price comes in around $3,530 SF. The owner originally paid $1.83 million for the 1.4 acre property in 1987. The home is currently listed by Mirce Curkoski & Albert Justo One Sotheby's International Realty as well as Alexa Iacovelli. The home is surrounded by Viagra founder Philip & his wife Patricia Frost's estate 21 Star Island as well as Lennar Corp. founder & CEO Stuart Miller's estate and his other various Star Island holdings 22 Star Island and 11 Star Island. Photos via One Sotheby's International Realty. Stay tuned for a tour and more coming soon.
The Towers by Foster + Partners Submits Plans for Review
The Brickell skyline looks to be in for another shake-up. Plans have been submitted for The Towers by Foster + Partners, a 660-unit condo development in Brickell. The waterfront project is proposed at 1201 Brickell Bay Drive, which also just happens to be the last waterfront development site in Brickell. The Towers will be designed by Pritzer winning architect Lord Norman Foster working with ODP Architects along with the development team comprised of Florida East Coast Realty, Corigin Real Estate Group and McCourt Global Properties. The development would consist of a two towers connected by a pedestrian plaza style bridge complete with shops, restaurants, art galleries, etc. One of the towers would be 1,049 feet which would make it one of the tallest buildings in Miami. The height is already approved by the FAA. The Towers design is set for review and there is no timeframe as to sales or groundbreaking at this time.
Brickell City Centre to Open November 3
It is finally here! The Ribbon-Cutting Ceremony will be held Thursday, November 3 at 9:45 AM to officially open the mall portion of Brickell City Centre to the public. Stores and the mall will officially open at 10 AM and DJ's will take the stage at noon to help make a vibrant shopping experience as part of their Rotating DJ Series.
Full list of retailers:
Anchors
Cinemex
Italian Food Hall
Saks Fifth Avenue
Apparel
100% Capri
120% Lino
Addict
Adolfo Dominguez
Agent Provocateur
Armani Collezioni
BDBA
Boglioli
Chobard
Cole Haan
Crocus Studio
Hugo Boss
In-Sight
Intermix
Kiton
koko & Palenki
Lafayette 148
Live!
Lululemon
Onda De Mar
Mirto
Orlebar Brown
Reiss
Pinko
Rhythm of Grace
Sportsaction
Stitched
Suit Supply
Sundek
Ted Baker
Tommy Bahama
Victorias Secret
Vilebrequin
Fashion & Accessories
Acqua Di Parma
APM Monaco
Audemars Piguet
Baldinini
Bally
Bath & Body Works
Bruno Magli
Capritouch
Carmen Steffens
Caudalie
Coach
Designers Eyes
Diptyque
Font
Giuseppe Zanotti
Illesteva
Harmont & Blaine
IRO
Italia Independent
Kendra Scott
Kreations
Leetal Kalmanson
Michele Lopriore
NARS
Nest Casa
Pandora
Porsche Design
Richard Mille
Samsonite
Santa Maria Novella
Sephora
Stuart Weitzman
Violetas/Baccarat
Westime
Arts & Services
At&t
Bojanini Art Gallery
Brickell Nail Bar
Musart
Sean Donaldson Hair
Sparis
Dining
American Harvest
Calissons Du Roy Rene
Davids teas
Dr. Smood
Haagen-Daaz
Luke’s Lobster
Pasion Del Cielo
Pubbelly Sushi
Quinto La Huella
Santa Fe
Taco Chic
Sugar
Bal Harbour
Miami Named Top 20 City for Building Wealth
Miami has been named one of the top cities in the United States for building wealth. According to Bankrate, Miami residents have an average debt burden of $25,644 and a 58% home ownership rate. While the chart below shows Miami as the only ranked city with a negative ratio of savable income, Bankrate highlights that Miami was adversely effected by a high population of retirees and older residents who are spending their retirement savings. The rankings also considered average income and expenditures, unemployment rate, education, retirement plans, homeownership rates, price appreciation and non-mortgage debt. Miami continues to be a hotspot for new development and continues to attract new residents and jobs.
Eve at District 36
PROFILE Exclusive: Interview with Stantec Miami Design Manager Jimmy Sinis
PROFILEmiami had the exclusive opportunity to sit down with Jimmy Sinis, the Design Manager at Stantec's Miami Office, to talk with him about architecture, building design, Miami's real estate market and a look inside one of the city's most exciting real estate design firms behind projects such as Southgate Towers.
PM: What makes architecture and design in Miami so unique compared to other cities?
JS: It really is an eclectic situation. We have seen an influx of varying cultures from all over the world come to Miami to showcase art and design. This cultural injection continues to transform the city of Miami at all levels from the Grove to South Beach to Wynwood. We witness a different flavor in each area, but the one common denominator is lifestyle. Design is focused on lifestyle arguably above all and this is what truly makes Miami unique. Fortunately, this only strengthens design culture throughout and creates an exciting foundation for the future.
PM: How has building design in Miami changed over the last decade in Miami? Where do you see it heading?
JS: I believe that everyone has become more aware - more aware of the potential Miami offers. Long has Miami been associated with the MiMo style and art deco of South Beach, which in my opinion will always be an appealing character, but we have witnessed a shift to luxury design. Many of the high-rises and multi-family residences being designed in Miami are collaborating with luxury brands such as The Ritz-Carlton to create an experience unique to its location, but as in fashion, styles changed ever so quickly. I see Miami development continuing to push the envelope on design innovation across all disciplines.
Southgate Towers
PM: Where do you see Stantec's role in Miami over the next five to ten years?
JS: Right in the thick of things. Our mission is to design with community in mind and I see that as a valuable quality moving forward. Miami is still a very young city and as it evolves into a major destination for live, work, and play, we must take the right steps now as we design the foundation for the future. We understand this and relish in the opportunity to play a role in designing for this exciting time.
PM: How does architecture differ amongst the different neighborhoods of Miami? Does any stand out in your mind?
JS: As I stated earlier, all the neighborhoods have their own flavors of style and design with the underlying theme focusing on lifestyle, but if I had to choose one that stood out to me…. my answer may surprise you. I’m excited about what is coming. I’m excited about the neighborhoods yet to be developed. Miami has been fortunate to have exciting areas developed like Brickell, Downtown Miami, Midtown, Wynwood, but I’m excited for the connecting zones of Historic Overtown, and land near the Omni Station with amazing museums and cultural centers. I’m excited for how design plays a role in the evolution of the urban fabric as Miami grows into a global city.
PM: What is the most unique feature that Stantec has brought to a project in South Florida
JS: Instead of pinpointing one unique feature, I feel that the body of work we have produced and are producing is the early chapters of our legacy. We are fortunate to be a part of many of the developments in Miami, and the collection of these designs shaping what is still a very young Miami, is what is most unique to me. We are influencing the skyline and forcing those Miami tourists stands to continuously update their postcard prints.
Stantec’s Miami office is located at One Biscayne Tower, 2 South Biscayne Blvd, Suite 1607, Miami, FL. T: (305) 482-8700.
Luma
About Stantec
"We're active members of the communities we serve. That's why at Stantec, we always design with community in mind. The Stantec community unites approximately 22,000 employees working in over 400 locations across six continents. Our work—engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through design, construction, and commissioning—begins at the intersection of community, creativity, and client relationships. With a long-term commitment to the people and places we serve, Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at www.stantec.com/commercial or find us on social media."
FEATURED LISTING: Allison Island 7 Bedroom Lists for $9.325 Million
A waterfront, midcentury modern seven bedroom home on the exclusive Allison Island neighborhood of Miami Beach has listed for $9.325 million. The home is 7,358 SF with seven bedrooms and eight bathrooms and was originally built in the 1950's before being renovated in 2008. The home features a 1200-gallon koi pond, courtyard, gas fireplace, 300-bottle wine cellar, two master suites, wet bar, marble floors throughout, and landscaped backyard with a pool along with 80 feet of waterfront with a private dock. The property last sold in 1999 for $905,000. The home is located at 6444 Allison Rd, Miami Beach with Hector Vazquez of Coldwell Banker Real Estate. Photos by Coldwell Banker Real Estate.
Legion, A Multi-Phase Special Area Plan, Proposed for Miami's Upper Eastside
Legion, a multi-phase Special Area Plan, has been proposed for Miami's Upper Eastside. Global City Development has submitted their proposal to the UDRB as they seek to obtain a Special Area Permit due to the 9-acre minimum requirement under Miami 21 zoning code in order to combine their land with the city owned Legion Park. Stantec is the proposed architect on record and a letter from Global City Development's legal team explained the two phase project proposal:
"Phase 1 of the Project incorporates the redevelopment of the 3.58 acre property, including the main structure and surrounding areas, that have been used by the American Legion to provide support services to U.S. veterans. Specifically, Phase 1 proposed the development of a 5-story building consisting of approximately 237 residential units and 435 parking spaces, along with the creation of a significant civic space type. As part of Phase 1, the existing American Legion use will remain at the property and will include new facilities that will allow the American Legion to continue to perform these important Civic functions.
Phase 2 of the Project seeks to redevelop the vacant land and existing apartment building that were originally constructed between 1940 and 1976 to the west of Phase 1 with a new mixed—use building consisting of three residential towers ranging between 115 feet to 176 feet in height with 476 residential units, 30,300 SF of ground floor commercial, uses, covered plazas and other civic-space types. The Project will also ultimately integrate the abutting Legion Park and the proposed ground floor plazas, restaurants and retail uses through the creation of a new Thoroughfare (NE 65th Street) and the optimization of the NE 7th Avenue and NE 64th Street Thoroughfares to activate the pedestrian environment, promote walkability and connectivity to the Waterfront, and improve vehicular circulation throughout the area. The inclusion of the abutting Legion Park will also permit the Applicant to further enhance the public open spaces and green areas for the residents of the neighborhood."
Median Rent Prices in Miami By Neighborhood Fall 2016
Rents in Miami continue to hold stable according to Zumper's fall 2016 rental housing report. The report reflects median rents for 1-bedroom units across 60 Miami neighborhoods. Data shows that median rents are down a bit in Edgewater, Brickell and West Avenue on Miami Beach. Essex Village and Flagler have the fastest growing rents and are both up 11% since Q2 2016. Fisher Island has the highest median rent for a 1-bedroom unit at $5,100 per month. With such a glut of new inventory hitting the market it is imperative for investors to stay current on rental prices across various neighbors over the next several quarters.
3 Most Expensive Neighborhoods:
1. Fisher Island - $5,100
2. Park West - $2,500
3. Village of Key Biscayne - $2,350
3 Cheapest Neighborhoods:
1. Brownsville - $660
2. Pinewood Park - $880
3. Liberty City/ West Little River/ Gladeview - $900
