December 02, 2013
Miami is currently enjoying a new condo boom driven by overseas investors wanting to place their money in American real estate. Almost all of the vacant condominiums from the last boom are occupied, and demand is greater than supply.
However, this boom is different from the last. Instead of relying on easy bank loans, international demand has led to cash financing. Buyers are putting down at least 50 percent on new construction in Miami, which means a substantial amount of money would be lost if the deal was abandoned. Developers are also relying on buyers’ deposits to fund construction.
The luxury condo market is especially active. A large percentage of these new construction buyers are foreign. They view real estate investments in Miami to be safer than leaving their cash in unpredictable areas. They are also drawn to the city’s cosmopolitan atmosphere and art. Many of the new exclusive condominium developments have attracted high-profile architects, such as Zaha Hadid at downtown’s One Thousand Museum.
For more information on luxury condos in Miami, contact Niki Higgins at 1-888-242-4422.
Source: The Wall Street Journal
(Pictured: One Thousand Museum)
November 25, 2013
Throughout South Florida, developers are attaching valuable art to their residential projects as a way to attract wealthy homebuyers to exclusive condominium developments. Driven by the success of Art Basel Miami Beach, developers are teaming up with renowned architects and art curators to appeal to art-savvy buyers.
South Florida buyers, especially Brazilians, Italians and Russians, find art an important aspect of real estate. For developers, art adds value to new projects. Mixing fine art and real estate is adding to the allure of Miami, which has steadily risen in international appeal among foreign investors looking to purchase real estate.
At Oceana Bal Harbour, two 10-foot Jeff Koons sculptures will adorn a massive breezeway at the luxury oceanfront building. Art will also play a vital role at Alan Faena’s Faena House and District. The Faena District is even set to include an arts center.
Developers are also recruiting "starchitects" to design high-end condo buildings. Zaha Hadid is currently working on One Thousand Museum in downtown Miami, and Herzog & de Meuron is designing Jade Signature in Sunny Isles Beach. Cultured buyers and art enthusiasts appreciate the distinctive features famed architects bring to their buildings, such as One Thousand Museum’s exoskeleton.
For more information on new condo developments in Miami, contact Niki Higgins at 1-888-242-4422.
Source: Miami Herald
(Pictured: Oceana Bal Harbour)
October 30, 2013
Dezer Properties and The Related Group are planning to develop a new condo tower in Sunny Isles Beach. The Armani Residences by Cesar Pelli is planned for an oceanfront lot at 190th Street and Collins Avenue in Sunny Isles.
An unnamed source stated that the condos in the Armani Residences will range in size from 2 to 4 bedrooms and start at 1.4 million dollars. Cesar Pelli is one of the world’s foremost architects. He designed the Petronas Towers in Malaysia, which were the tallest buildings in the world when they were first built. In Miami, Pelli designed the Adrienne Arsht Center for the Performing Arts.
Dezer is currently working on the Porsche Design Tower in Sunny Isles Beach. Set for completion in 2016, the innovative building has already attracted 22 billionaire buyers. In the past, Dezer and Related have developed together under the Trump Brand, including the Trump Towers Sunny Isles Beach.
For more information on new condo construction in Miami, contact Niki Higgins at 1-888-242-4422.
Source: South Florida Business Journal
(Pictured: Porsche Design Tower Miami)
October 29, 2013
Marea is set to break ground this week in Miami Beach’s prestigious South-of-Fifth neighborhood. The luxury boutique condo development is located across from the Apogee South Beach and is set to include 30 exclusive condos, including 4 penthouse residences.
Designed by Sieger Suarez, Marea South Beach features a rooftop pool deck landscaped by Enzo Enea, commissioned art installations and VIP beach access. The 1-4 bedroom luxury condos are located in a prime location near the restaurants of South Pointe and the Miami Beach Marina. Marea also offers views of Biscayne Bay and Fisher Island.
Three other new construction projects are also under construction near Marea. 321 Ocean, One Ocean and Glass Miami Beach all broke ground this year. One Ocean and Marea are both Related Group projects.
For more information on Marea and other condos in Miami Beach, contact Niki Higgins at 1-888-242-4422.
October 25, 2013
Marina Palms Yacht Club and Residences will soon launch sales for its second tower. Located in North Miami Beach, the luxury development will be Miami’s first new yacht club and condo project in 20 years.
Marina Palms will include two 25-story towers with a total of 468 waterfront residences and a full-service, 112-slip marina for yachts up to 90 feet in length. Due to a better view corridor, condos in the second tower will average 550 dollars per square foot, while condominiums in the first tower average 450 dollars per square foot. Condos in the second tower overlook the marina and Intracoastal Waterway, and condos in the first tower overlook the marina and parking lot.
The first tower in Marina Palms broke ground last month and is scheduled for completion in 2015. The second tower will be completed in 2016. For more information on Marina Palms Yacht Club and other waterfront condos in Miami, contact Niki Higgins at 1-888-242-4422.
Source: The Real Deal
October 14, 2013
Apogee Beach is the third new condo development in South Florida completed since the 2007 crash. Located in Hollywood Beach, the 24-story oceanfront tower is the sister property to the ultra-exclusive Apogee South Beach.
Apogee Beach contains 49 luxury residences. Each exclusive Apogee Beach condo features ocean views, floor-to-ceiling windows and large balconies. Apogee Beach will also offer first-class amenities and services. The luxury condominium project first broke ground in September 2011.
There are three other residential projects scheduled for completion before the end of this year, including Regalia Sunny Isles. In all, there are currently 172 new condo developments proposed, planned or under construction in South Florida.
Source: The Real Deal
September 11, 2013
For real estate developers in Miami’s ultra-luxury market, lavish amenities and exceptional services are required if they wish to attract super wealthy homebuyers. In the current market, developers can no longer just build a luxury condo tower; they have to provide services and amenities to make their project standout from others.
Mega-rich buyers gravitate towards turnkey residences, where the minutiae of daily living are provided. To cater to this clientele, developers are offering white-glove services. They are also providing the technology to access these services from anywhere in the world.
Extravagant amenities are similarly becoming commonplace in new exclusive buildings. The Porsche Design Tower Miami will include “auto elevators” to transport cars to private “sky garages” attached to individual condos. Zaha Hadid’s One Thousand Museum in downtown Miami will feature a rooftop helipad and a system to scent the building. One Ocean Miami Beach will have a professionally curated art collection.
So far, the developers’ plans seem to be working. This year, the number of properties selling for over 5 million dollars has increased over 24 percent. The number of 10 million dollar plus properties has increased 50 percent. As Miami developers continue to embrace the ultra-high-end lifestyle, homes are selling faster and new construction is thriving.
Source: Miami Today News
August 16, 2013
The average sales price for high-end single-family homes and condos in Miami Beach rose over the year, according to a recent report. The Miami Beach luxury real estate market also saw an increase in sales, with 826 condos and 304 homes sold since August 1, 2012.
The average sales price of luxe single-family homes rose 14.1 percent, from 2.21 million dollars to 2.52 million dollars. The average price of luxury condos in Miami Beach rose from 1.41 million dollars to 1.49 million dollars. The average price per square foot increased from 765 dollars to 808 dollars.
The priciest sales of the year were a 30 million dollar single-family home and a 27 million dollar condominium. The year before, the most expensive single-family home sold for 14.3 million dollars and the priciest condo sold for 21.5 million dollars.
Source: South Florida Business Journal