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Rent in Miami is not for skimpy pockets

Brickell Condos for Sale

Brickell Condos for Sale

Rent in Miami:

Miami is among the fifth least affordable markets in the whole country when it comes to renting, according to a Miami New Times’ article. The good news is we are up there together with markets like New York and Philadelphia, even higher than San Francisco! How is this good news? It is a good thermometer of the demand. In a market where investors from all over the world are buying properties to park their money with the expectation of covering their expenses and making some money by renting them, it is reassuring to know that rent in Miami is up. As you know, the strength of any market is a function of demand and supply.  This is also an indication that there is a rationale behind the thousands of condos under construction. Even when you see a crane in every block and you think “who is going to occupy all these units once they are finished?”, reality is we are still underserved when it comes to availability for rent in Miami. 65% of Miami residents are renting, even when the cost of buying and paying a loan is lower.

When you look at the purchase price per square foot in New York, Philadelphia and San Francisco compared to Miami, Miami is still on the cheap side. This means that you are buying at a much lower price range than these cities while rent values are pretty high. No wonder Latin American buyers are flying to multifamily properties, apartment buildings and other rental properties like bees in a flower field. According to MDDA (Miami Downtown Development Authority) Miami’s population doubled since 2000 and some areas like Brickell have increased 159% in less than 5 years while the Arts and Entertainment District increased its population by 167% during that period. With a steady population increase like this it is easy to understand how developers keep paying higher and higher prices for land even when the cost of construction is increasing by 1% every month. Data shows we still have some road to cover before we can meet the demand for housing.

If you are looking to purchase properties for rent in Miami, contact us right away. We’ll be happy to share with you market intel and good data to support your decision. After 20 years in the real estate market in Miami, we can help you.

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Philly steak omelette gives place for first Sunny Isles Beach new construction on West side of Collins

Sunny Isles new construction West side

Philly steak omelette gives place for first Sunny Isles Beach new construction on West side of Collins

For decades, tourists crossed Collins in shorts and sun huts from the beachside motels to Denny’s for breakfast or lunch. But, as the oceanside of Collins Ave has changed into ultra luxury new construction, the new residents are more interested in oysters and other delicacies than in 2000 calorie cheap meals. It was just a matter of time before such a valuable piece of land turned omelettes into 1 million dollar condos.

The Verzasca group will build a 19 story luxury tower with a slightly lower price point considering buyers will have to cross the street to enjoy the ocean so instead of $1,500 a foot, they are planning on selling the 76 units at $1,000 a foot. Architect Luis Revuelta is in charge of wowing us with the design.

It’s a matter of time before the trend extends as a tsunami washing away other sites on the West side to bring more luxury towers and high end retail. Its hard to imagine that the residents of a $5 million condo will be interested in buy one get one free at Payless Shoes.

With the walkable trend growing fast in Miami, the composition of the whole are is destined to change. Sunny Isles is in serious need of fancier office space, high end retail and restaurants to cater to the new high caliber population. Even though Sunny Isles Beach new construction is right between Bal Harbor shops and Aventura Mall, traffic is a nightmare that requires some good relaxation music and deep breathing. Walking across the street for some last minute urgent Louboutin shoes would be a much welcome change for the new crowd.  A new Design District across from the ocean would be a better match, the question is, who will be the visionary starting it?

Want to have a pie de terre in this paradise? Contact us at buymiamirealestate@gmail.com for more info on Sunny Isles Beach new construction

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Aventura Parksquare brings the “City within a City” trend to Aventura

Aventura Parksquare

Aventura Parksquare: A city within a city

Brickell City Center, Midtown, and soon Aventura Parksquare show that the “city within a city” trend in Miami is here to stay. Historically open spaces in Miami where not well received by the public. As a matter of fact, most of them failed miserably. Local people wanted to drive in air conditioned cars even for a few blocks  and the thought of sitting outdoors for coffee, or shopping outside in 90 degree weather was not their idea of fun. But as the number of Latin and European population grew, two things changed in Miami: Diet Coke is ordered with no ice, and being outdoors in Miami is great. Latin Americans and Europeans love the outdoors and enjoy walking. New Yorkers are looking at Miami as a place where they can move their business while enjoying the sunshine rather than a place to retire in old age. The hot weather is not an impediment and a nice dinner outside is an appealing plan. The change in the composition of the population pushed the development of areas like Brickell and Midtown, where the younger generation (and the young at heart) have said yes to the city lifestyle. What can be better than having the excitement of big cities together with the laid back t-shirt and Hawaiian Tropic scent?

These walkable areas are literally mini cities, take for example Aventura Parksquare, with residences, an Aloft Hotel managed by Starwood, offices, luxury retail, bike trails, walking paths. You can live, work, exercise, shop and plan your social life without getting into your car for days. You can even decide not to have a car at all! When the biggest complain in Miami is traffic, this sounds like you could have your cake and eat it too. Bernard Zyskovich who had the vision to create Midtown is the architect behind Aventura Parksquare. Designer Steven G will add the ambiance through his luxurious designs. With prices going from $450,000 to almost $1 million Aventura Parksquare is destined to be a success.

For more detailed info on Aventura Parksquare click here

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Condo sales in Miami level while homes go up

the bond 4

Condo Sales in Miami level while homes go up:

Condo sales in Miami and the tri- county area (Miami, Fort Lauderdale and Palm Beach) are leveling and that is a good thing. We have all suffered “the morning after” crash to reality after the hipe of the real estate party years ago when the market collapsed. What seemed an unstoppable train of rising prices and flipping frenzy turned into a panicky stop. Now, after the painful recovery, it seems we have all learned a thing or two. At least the market is saying so with numbers and stats. We have come a long way in the recovery and prices are getting to pre-bubble times but this time around catching the breath and slowing into a normal healthy level. Healthy enough to allow appreciation and avoid flipping madness.

There were 3,371 condo sales in Miami and tri-county area in February, up from 3,142 sales in January and up 0.1 percent compared to same period in 2014. The median price, however, was up 4 percent year-over-year to $145,750. Now remember these figures encompass all of the tri-county area from hot Brickell to areas like Homestead or Lantana so don’t expect to find an oceanfront condo in Sunny Isles Beach at this price (though we can find you some pretty good deals).

Single family home sales in the tri-county area went up 17.9% from last year and median price in January was $260,000 which means homes are catching up to condo sales in Miami. This is an indication of organic growth of the local market (condo sales in Miami are a mix of vacation, investment and permanent use while homes tend to be mostly permanent).

If you are a runner, you know that you can train your endurance and run a little further every week, but if you don’t level at some point you will eventually hurt yourself and come to a painful stop. It looks like condo sales in Miami have finally learned the proper care for a healthy long run.

If you are interested in learning more about condo sales in Miami and buying a property contact us right away, we know the market, we can help: call 786-251-9513 or email buymiamirealestate@gmail.com

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Skyrise Miami

Skyrise Miami

The sky is the limit will go from a cliche to a reality in 2018 with Skyrise Miami. Since ancient times civilizations and urban centers have had a fascination with having the tallest building as a testimony of their power. Call it an ego trip or a desire to rise from the mundane into the eternal, truth is “the tallest” keeps moving the bar higher and higher from the pyramids to today’s vertical cities, and even with full knowledge that someone will eventually build an even taller tower, developers are still enchanted by the dream of the tallest. Each city has an iconic tallest (for a while) tower that somehow captures its soul: New York has the Statue of Liberty and the Empire State meaning human values and business. Tokyo has the Mori building with arts and ultra upscale shopping, Berlin has the beer tower, Paris has the Eiffel Tower  with a design that is controversial as the French. Miami’s “come play and be happy” spirit will be sealed with the tallest entertainment tower, Skyrise Miami.

Miami is the number one tourist destination in the world. 94 million visitors last year and 127 million expected by 2020 suggest that  Skyrise Miami is the right choice for our very own iconic tower. Tourists estimated spending for 2015 is $100 billion, and we have $5 million cruise passengers. Miami’s population has increased 4,574% in the last century and we are definitely in the world’s map together with the big cities of the world. And since each of them has a big iconic tower, it is time for Miami to have its own. Skyrise Miami will be 1,000 ft high and have restaurants, retail, night club, a 500 seat ballroom, the longest and fastest drop in the world with 650 ft (not for the faint of heart), rock climbing and the most spectacular views among other attractions.

The following video is a courtesy of Skyrise Miami (modified shorter version) and provides a great panorama that goes beyond Skyrise Miami and covers the market in Miami. After watching this if you haven’t yet bought a property in Miami you will be seriously considering it. Contact us to discuss the best options to fit your lifestyle, your goals and your budget.