The Melo Group has redesigned the Flagler On The River project with a 14-foot riverwalk after city officials threatened to put a stop to construction after they had initially built the riverwalk 2 feet narrower then the approved plans. The commission has since approved the newly submitted, updated plans and the developer will press on with construction. The Flagler On The River project will be the future location of Sushi Samba and Duck & Waffle.
Florida Median Housing Prices Continue to Rise Through December 2016
Florida's housing market had higher median prices and fewer all-cash sales in December 2016, according to the latest housing data released by Florida Realtors®. Statewide, sales of single-family homes totaled 22,332 during the period, up 0.8 percent year-over-year. Additionally, home sellers were able to get closer to their original asking price, as sellers of existing single-family homes we able to close close to 96% of their original list price. The statewide median sales price for single-family existing homes was $226,000, which was up 9.2% year-over-year. Even townhouses and condos were strong, with sales closing within 94.7% of original list price. The median price for townhouse-condo properties was $166,900, up 7.7% year-over-year. Townhouse-condo sales statewide in December totaled 8,673 closed sales, down 5.2% from last year. There were both fewer short sales and cash-only sales and most closings occurred within 30 to 90 days from initial signed contract. The state of Florida currently has seen a dip to 3.9-month's supply of single-family homes in December and a 6-month supply for townhouse-condos. Florida housing prices for both single-family homes and townhouse-condo properties have risen for 61 straight months.
Developers Aim to Bring "Millennial" Driven Hotel to Brickell
Developer duo Tony Cho and Robert Finvarb plan to bring a "Millennial" driven hotel to Brickell. The two have closed on the purchase of the El Eden motel at 115 Southwest Eighth Street, 726 Southwest First Court and 110 Southwest Seventh Street for $18.4 million and they plan to redevelop the lot into a modern hotel design with expected costs of around $90 million. Arquitectonica will design the building which will ultimately be a 24 story, 250,000 SF mixed-use development that will include 263 hotel rooms as well as retail which will include health and wellness as well as a grocery store. The developers have applied for a demolition permit and plans will soon be submitted to the city for the redevelopment project.
2016 Foreign Investment Report: Venezuela Leads the Way
Foreign buyers are a major driving force behind the Miami real estate market. In all, foreign buyers spent $6.2 billion in real estate transactions last year in Miami, an increase year over year according to the 2016 Profile of International Homebuyers of Miami Association of Realtors Members. While many reports have warned that foreign purchasing in South Florida is shifting from residential to commercial, this study shows that residential sales amognst foreign home buyers is alive and growing.
South America still leads the list with Venezuela leading the way at 15% share of 2016 foreign residential sales, up 2% from last year. Venezuela is closely followed by Argentina, Brazil and Colombia. Although Argentina leads Brazil, Brazil in-fact spent more over the course of the time period, with Brazilians investing over $400 million in South Florida real estate over that time period. Venezuelans and Brazilians accounted for more in total sales volume in South Florida than all other international buyers combined during the timeframe. Brazilians were also the largest spenders, with the average buy spending $775,000. The average for a foreign buyer in Miami to spend is $570,000. Canadians were second at around $650,000 per investor. In general, Brazil investment has stalled in-terms of growth due to economic and political turmoil in the country while in Venezuela people are trying to escape a three-year plus recesseion. The study was performed in collaboration with MIAMI and the National Association of Realtors between August 2015 to July 2016.
Demolition Begins at 2000 Biscayne
Verzasca Group closed on the 2000 Biscayne property in early2016 where they plan to build a 649-foot residential tower. The developer has gotten FAA approval but is yet to submit plans to the city. They have begun demolition of the existing structure on the 32,775 SF property which included the City Hall restaurant. Verzasca plans to build about 450 condo units in the project in which they aim to raise the standards of Miami's skyline and residential design. They claim that "rapid growth challenges designers to explore smaller sites and non-traditional view corridors. As urban centers become the focal point of live work citizens, a new type of architecture must respond in a dynamic, holistic way creating an economically viable and user-friendly tower." The tower will further build-up the fast developing Edgewater neighborhood where residents enjoy easy access to Design District, Wynwood, Miami Beach, Downtown Miami and Brickell. The tower will be designed to enhance the neighborhood and compliment the look of nearby retail while helping to increase the area's walkability.
Roca Hotel Coming to the Corner of 5th Street & Michigan Avenue Miami Beach
South Beach continues to undergo a major shake-up as a new hotel is now under construction at the corner of 5th Street and Michigan Avenue in South Beach. The project will be designed by Kobi Karp and the hotel will be 27,000 SF on the 14,000 SF property. Signs on the property refer visitors to the Roca Hotel website, which is registered by RG Group. Renderings have the building as the Michigan Hotel. There has been some rumblings as of late that 5th Street may undergo a name change to Miami Beach Boulevard, though that still remains to be seen.
Forte Dei Marmi | Photo via Karen Fuchs
Antonio Mellino's Forte Dei Marmi Opens on Miami Beach
Miami Beach has yet another upscale Italian restaurant on Ocean Drive as Two Michelin Star chef Antonio Mellino has opened Forte Dei Marmi at 150 Ocean Drive. The concept has transformed the 1938 Mediterranean-revival building into a Tuscan seaside inspired abode with renovations headed-up by Miami star-architect Chad Oppenheim of Oppenheim Architecture + Design and interiors by Henry Timi and landscaping by Enzo Enea. The second floor of the building with be an Arts Club and Lounge.
Ten Museum Park #1205
Rental Round-Up: The Hottest, Luxe Downtown Condos
Downtown Miami is an area on the rise, which means a renter get great value in buildings with all of the high-end, luxury amenities you could ever need. These condo rentals are just steps away from some of Miami's newest landmarks such as the Perez Art Musuem, Museum Park and American Airlines Arena. Here are some of Downtown's hottest rentals in the area's best all-around buildings.
1. Under $2,000 /mo.: One Miami #1518 | $1,850 /mo.
One Miami #1518
A great price for luxury living in this spacious 1 bedroom 1 bathroom condo located in the heart of downtown with Il Gabiano in the lobby. Views of the Biscayne Bay and the Miami River. Walking distance to Bayside Shops, American Airlines Arena, Whole Foods, Brickell City Centre and more. Building includes first-class amenities like gym, sauna, weight room, private access to Intercontinental pool area, and access to boardwalks along the Bayfront Park! Availible for $1,850 /mo., listed with Kendrick Villalba of Sovereign Real Estate Group. ML#A10194703
2. Under $3,000 /mo.: Ten Museum Park #1205 | $2,400 /mo.
Ten Museum Park #1205
Trendy 1 bedroom 1.5 bathroom in Ten Museum Park has floor to ceiling glass walls, Stainless Steel Kitchen, with Bosch and Sub Zero Appliances, tile flooring & 360 degree glass shower. The master bath includes bidet, closet cabinetry, and double sink. Enjoy Partial bay and skyline views from your oversized balcony. Full service luxury building offers convenient downtown location across the street from American Airlines Arena, 5 pools, gym & spa. Available for $2,400 per month unfurnished, listed with Demetri Demascus of Spectrum Realty Group. ML#A10204289
3. Under $5,000 /mo.: Marquis Residences #5203 | $4,800 /mo.
Marquis Residences #5203
Showroom-quality, furnished 2 Bed/2.5 Bath condo at Marquis Residences. Finely upgraded features white porcelain flooring throughout, renovated Kitchen & Bathrooms, 4 chandeliers, custom lighting, built-in cabinets, motorized shades, Nest thermostat and more. Breathtaking views of Biscayne Bay and the Miami Beach skyline from 52nd floor. Rent includes includes 2 parking spaces, basic cable TV, high-speed Internet & water. Marquis 5-star amenities fitness center, pool, hot tub, spa & concierge. Me Miami hotel and STK are also in the building. Available for $4,800 per month listed with Lucas Lechuga of Luxe Living Realty. ML#A10207970
4. Over $5,000 /mo.: Marquis Residences #3201 | $6,500 /mo.
Redesigned floor plan with modern finishes, this 2,106 SF 3 Bed 2.5 Bath corner unit features amazing views of Biscayne Bay and the Downtown Miami skyline. Kitchen is finished in Zebrano lacquer cabinets & Mink Marble accents. Marquis is a full service luxury building complete with newly renovated pool, spa & fitness center. Marquis also offers access to the ME Miami hotel and STK restaurant in lobby. Located conveniently in Downtown Miami walking distance from American Airlines Arena, PAMM, Frost Science Center, and more. Availible for $6,500 per month, currently listed with Lisa Dominguez of Insignia International Properties. ML#A10201932
Policy Change in New York City Attracts Miami Developer's Marketing Efforts
Since Attorney General Eric Schneiderman relaxed regulations last spring, out-of-state condo projects approved to be marketed in New York City has shot up, nearly quadrupling in the past 8 months. Previously, due to strict regulation, condo developers had stayed away from marketing in New York. The regulations had been aimed to protect the consumer, but there had been a growing sentiment that unfortunatley the regulation was to keep non-New Yorkers from marketing in the city. Developers were required to file disclosure with the Attorney General's office and local regulators. The rule change allows developers who have had their projects approved by their home state with similar regulations to be approved to market in New York City. Currently there are 41 out-of-state condo projects approved between May and December 2016. Between 2010 and 2015 only 11 out-of-state projects were approved per year.
“It almost seemed like some of the regulations weren’t necessarily geared toward consumer protection, but toward keeping people outside New York from marketing there,” Louis Birdman, the developer behind Zaha Hadid's One Thousand Museum, told Crain's. One Thousand Musuem has been approved to market in New York City. This new effort should help reenergize Miami's stalling condo market with a new wave of capital escaping the cold and highly taxed North East.
Bentley Edgewater to Join Marriott Autograph Collection
The Heafey Group has released that the Bentley Edgewater will join Marriott's Autograph Collection and opperate under the brand name. Marriott is working with The Heafey Group to finalize the construction design and final documents. The project is expected to receive a permit within the next few months and construction would begin right after. The Bentley Edgewater is a 33 floor tower designed by Kobi Karp that was initially projected to be a Hotel-Condominium, but slow sales may have pushed the developers to change the project to a Hotel. There will be about 207 hotel rooms and 190 parking spots with a rooftop terrace and restaurant on the 33 floor.
