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Miami Design District properties: from dingy warehouses to $2.2 billion premier luxury retail mall

Miami Design District

Miami Design District

Design District properties: from warehouse district to $2.2 billion luxury mall

Blackstone group has secured a $600 loan for a luxury mall at the Design District. According to Reuters, Bank of China will provide $250 million while Blackstone will provide a $100 million mezzanine loan. Deutsche Bank and Credit Agricole will split the balance.

A partnership which has luxury mogul  Louis Vuitton Moet Hennessy at its core is building 1.2 million square feet of retail space across 20 buildings in the Design District. Half of the 120 stores in the plan have opened in 2014, and it is already impressive with Louis Vuitton, Cartier and Piaget stores around a glass courtyard with a sculpture by Buckminster Fuller.  But you should hold your jaw from dropping until you see the full project completed by 2016, valued at $2.2 billion…that’s a lot of luxury va-va-voom. 

Design District properties have shown again that the true magic kingdom is not Disney’s but Miami’s. An area that was not long ago a bunch of ran down warehouses where you would not even get out of your car after sundown is now one of the most glamorous spots you can imagine. The value of Design District properties has increased astronomically adding in many cases more than one zero.  The big question for real estate investors appears to be “where will these visionaries go next?”, but the real question is “do you have the guts to follow them?”. Keep in mind that when they started, there was absolutely nothing there indicating that this could become the trendiest luxury hub. It takes deep pockets or a gambling nature and an adrenaline personality to embark on that sort of risk, but although serious money is necessary to buy Design District properties now, you can still find interesting deals in the immediate surroundings. Counting on the expansion of the Design embracing its outskirts seems like a pretty conservative bid.

If you are interested in more information about Design District properties and its surroundings, as well as other upcoming areas contact us now. Don’t let opportunity pass you by: 786-251-9513  buymiamirealestate@gmail.com

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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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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.

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Size matters…American Dream Miami

american dream miami

American Dream Miami

Developer Triple Five, builder of the largest mall in the US announced he plans to outdo himself in Miami with a four million square foot project called American Dream Miami. Miami Dade commissioners approved the project 11-2.

American Dream Miami is planned to have a huge theme park with water slides, a ski slope and submarine tours, and will be located where I-75 intersects Florida’s Turnpike near Miami Lakes. Triple Five needs an 82-acre parcel that’s owned by the state. The county would buy the land as an intermediary for the developer. Commissioners approved the $12 million needed for the county to purchase the land from the state. Not all is a bed of roses, if the developer fails to create at least 7,500 jobs, (let’s say if he can’t get the necessary zoning or regulations for the mall) he risks a $5 million fine.

According to Miami Herald,The Miami-Dade County school district will get $7.2 million to give up a lease of about half of the 82 acres, in addition to a $1 million contribution to academic programs and internships for students.

More jobs, more money for schools, and another mega destination for local and tourist shopaholics of the world makes this an interesting proposition within the frame of a strong market that seems to find a way to continue growing, using an advantage that few other important cities in the world have: an expanded geographic area. Think Manhattan for example, there is a very limited supply of land. Miami, on the other hand, is a conglomerate of different cities and areas that allows for an unusual potential for expansion and growth. Oceanfront properties are a limited resource of course, but areas like Weston and Sawgrass, and probably soon American Dream Miami are living proof that locals and foreigners are willing to go inland and enjoy the weather from their pool, go golfing, shopping, wear flip flops all year round and be part of the Miami dream.

There are so many possibilities if you are looking to buy a property in Miami that you need a trusted expert in the field, so don’t be shy…call us and we will help you find the perfect one!

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First US Formula E electric car race in Miami

eraceMiami

First US Formula E electric car race in Miami:

We already have Art Basel, Ultra Music Festival, the Boat Show, and now the first US Formula E electric car race in Miami. “Formula E will pioneer technology which will be used on normal road cars,” British entrepreneur Richard Branson, the Virgin Racing team owner, told a press conference before the race.

The formula E championship launched in Beijing in 2014 and Miami is the 5th city in the world to host this event. The winner of this  first US formula E electric car race in Miami was e.dams-Renault driver Nicolas Prost, a Frenchman and son of former Formula 1 great Alain Prost.

“Miami is like a cross between Latin America, Europe, and the United State. So I think to bring Formula E to Miami, to start in Miami, it’s a great match,” said Formula E  CEO Alejandro Agag.

What does the First US Formula E electric car race in Miami mean for the economy? Think Art Basel and the thousands of art lovers, collectors and dealers that flood Miami, stay in hotels, go to restaurants, and end up buying a high end condo to hang the last painting they seized at the event. Think boat show and the amount of wealthy boat fans that come to the area and add up blue sky, perfect weather and boating and decide to get a pie de terre in Miami. Think of the impact on employment and revenue. Now add car racing fans and you have so many reasons to be in Miami aside from the beautiful beaches, Latin flare, and emerging culture that there is no mystery about the hundreds of luxury towers being built in Miami to accommodate this new breed of Miami visitor, the wealthiest of the wealthiest in the world. What a change from the middle class family that drove down with the kids for a few days vacation in the sun in a beachside motel 20 years ago, or the retirees that wanted a tranquil place with nice weather to end their days… Miami has undergone the most amazing metamorphosis in urban history and transformed itself, like Cinderella, from a cute girl in rags to a glamorous queen. And if you want to be a part of this exciting world and buy a property in ever growing Miami contact us now, we know Miami and will love to see you live happily ever after

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Median price of new construction in Miami is $860 per ft

 

 

Brickell Condos for Sale

 

Median Price of New Construction in Miami:

The median price of new construction in Miami is $860 per ft, according to real estate journalist Peter Zalewski in his presentation at the Tower Club this week. Although prices have gone up considerably they are still way below the level of other large cities in the US and there is still room for increase. Construction cost is going up 1% per month. This time around most experts and analysts do not foresee a bubble because buyers are putting 50% deposits. The majority of buyers in Miami come from Latin America (according to Miami Downtown Development Authority 85% of new construction in Miami buyers are foreigners, most from Latin America). They are looking for preservation of their capital, trying to protect themselves from the volatile situation in their countries.

There is a total of 334 towers in new construction in Miami. Of those, 89 are proposed (meaning they have not been approved yet), 124 are planned (already approved and ready to start), 99 are under construction and 22 are finished.

Even when the median price of new construction in Miami is $860 per ft you can still find opportunities which escape this general panorama. In Fort Lauderdale the median is below $500 per ft and even in Miami where prices and demand are so much higher you can find great deals. Take for example Aventura Place, a new development in the Aventura area where you can buy a brand new townhouse or condo for $250 to $290 per ft, completely finished with porcelain floors, stainless steel appliances, high ceilings and 2 car garage. Hard to believe, but true! Right across from Aventura and one block away from new Waterways school. It does not have all the amenities of other new construction in Miami like gym, or meeting rooms but the fact that maintenance will be below $200 a month including insurance makes it an amazing option considering that it does have a pool and sundeck and most people never use the gym at their building. Even if you do, you can always get a membership at a nearby gym and save a lot of money. Want more info? Contact us now, we’ll be happy to help you find the right property for your personal goals.

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Downtown Miami condos blossom like mushroom in the rain

Brickell Condos for Sale

Downtown Miami condos blossom like mushroom in the rain: watch the 3D video and then put your jaw back in neutral

The Miami DDA Research/GIS team has recently published a 3D model of the core of Downtown Miami from Brickell through the CBD into the Arts & Entertainment District.  The model showcases the current skyline and adds in the projects from the development pipeline.  Under construction buildings appear in blue, followed by planned projects in green, and then the full complement of proposed projects in purple.  The 3D model  delivers a vision  of the short, medium, and long term dynamic changes that will reshape Downtown Miami.  It is a compendium to the recently released interactive development map.  The model is accurate to 6” in vertical height for the existing buildings.  They did a great job to remain true to published information on the developments in the pipeline in respect to their height, lot area, FLR, and tower configuration. After you see this video you will ask yourself if this is Miami or Manhattan (they need to add some beach umbrellas and tiny bikinis to establish the difference). With so many options and buildings to choose when you want to buy Downtown Miami condos you might find yourself wondering what to do, is it too late, will there be enough demand to rent in case you are looking for investment, will it maintain and increase value? That is why you need to talk first with someone that knows the market and can support you through the process. Feel free to contact us, with 20 years selling condos in Miami and working with international buyers we can help you and why not take advantage of our experience when you don’t have to pay us? Be our guest, call us now 786-251-9513 or email buymiamirealestate@gmail.com

Be prepared to wowwwwww:  Downtown Miami condos 3D video

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Aventura Place New Town homes in Aventura in the mid $300,000

Aventura_Eye_Final

 

Weitzer Communities is building 2 and 3 bedroom town homes right across from Aventura and at an incredible price. There are 82 units in total including town homes and condos. The condos start in the mid $200,000 and the town homes start in the mid $300,000.

Aventura Place New Town homes in Aventura in the mid $300,000 has a modern design and come ready with porcelain floors, GE stainless steel appliances, light fixtures, one and two car garage and high ceilings. The 2 bedroom town homes are 1120 feet and the 3 bedroom are 1,500 feet.

Aventura Place will have a swimming pool and sun deck and is one block from the new Waterways school, close to several houses of worship and just 2 blocks away from the crossway to Biscayne so you can easily walk to Gulfstream or Whole Foods.

Aventura Place New Town homes in Aventura in the mid $300,000 will also have  a very low maintenance between $150 and $175 including insurance. This is a great opportunity to buy something brand new, with modern design, low maintenance and great location at a very attractive price so don’t wait until they are all gone…call Patricia 786-251-9513 or Tomas 305-788-2878 now and find out more