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Salvador Ramos' Blog

By Salvador Ramos | Agent in Miami, FL
  • Icon South Beach penthouse sells for $15M

    Posted Under: Home Buying in Miami Beach, In My Neighborhood in Miami Beach, Investment Properties in Miami Beach  |  June 17, 2013 12:42 PM  |  680 views  |  No comments
    The Jills brokered the sale of the triplex with private nine-car garage

    June 10, 2013 01:00PM

    From left: Icon Brickell and Jill Hertzberg and Jill Eber

    From left: Icon Brickell and Jill Hertzberg and Jill Eber

    A penthouse at Icon South Beach in Miami Beach sold for $15 million to an overseas buyer, according to the sale’s broker, Jill Eber, one half of the Coldwell Banker power-agent pair, The Jills.

    “It’s absolutely stunning and completely raw – no bathrooms, nothing,” Eber told The Real Deal. “It’s all glass with 360-degree views,” she said, along with another peculiar feature – a nine-car garage.

    The triplex boasts more than 8,000 square feet, including a private pool and elevator, roof-top terraces, huge skylights and floor-to-ceiling windows on each floor, the brokers said.

    Icon South Beach was among a trio of Icon towers designed by Phillipe Starck and developed by the Related Group. A 35-story tower is linked to a 40-story tower in an S shape.

    Three-bedroom units at the complex list starting at $1.2 million, according to the building’s website. –Emily Schmall

    Correction: This article has been revised to correct the name of the building where the penthouse was sold. It was the Icon South Beach, not the Icon Brickell, as was previously stated. The name was misprinted in publicity materials announcing the sale.

    Tags: icon, jill eber, penthouse, the jills
  • Buying a home in 24 hours

    Posted Under: Home Buying in Miami-dade County, Investment Properties in Miami-dade County, Home Ownership in Miami-dade County  |  June 17, 2013 12:40 PM  |  586 views  |  No comments
    South Florida homebuyers act fast out of frustration with competition, housing shortage

    June 10, 2013 02:00PM

    Flash sales move inventory

    Flash sales define housing market

    Frenzied homebuyers are making offers on the spot before someone else has the chance, leading to what observers call a “flash sale,” Sun Sentinel reported.

    A resident of Pembroke Pines in South Florida’s Broward County, Angela Medina and her husband were driving north to view two homes in Palm Beach County when she received a text alerting her to a three-bedroom home that had just gone on the market in Palm Beach Gardens.

    The couple drove there, made an offer and signed the contract, in less than 24 hours, Medina told the Sentinel.

    “From the time it hit my phone to the time we saw it, maybe an hour passed,” Medina, 36, told the newspaper. “You’ve got to be proactive.”

    Stiff competition from bulk buyers and all-cash investors is aggravating a housing shortage in South Florida. Flash sales are reducing the average time a house goes from listed to contracted for sale.

    During two weeks in April, 1,503 homes went under contract in South Florida’s tri-county region, a 149 percent increase over the same period a year ago, the Sentinel reported, citing the Redfin real estate brokerage. –Emily Schmall

  • Developer: Miami ‘most attractive’ to foreigners

    Posted Under: Home Buying in Miami, In My Neighborhood in Miami, Investment Properties in Miami  |  June 17, 2013 12:38 PM  |  642 views  |  No comments
    Overseas cash buyers fueling construction in Brickell, Edgewater

    June 12, 2013 10:00AM

    From left, Le Parc at Brickell and Henry Pino, Raimundo Onetto and Patricio Ureta

    From left, Le Parc at Brickell and Henry Pino, Raimundo Onetto and Patricio Ureta

    The Magic City’s fame as an international business and hospitality center continues drawing foreign cash buyers to Miami-Dade County rather than to cheaper Broward and Palm Beach counties, South Florida-based developer Henry Pino told the South Florida Business Journal.

    Pino’s firm, Strategic Properties, has several condo projects underway conceived of with these buyers in mind.

    “We are targeting international cash buyers who continue to look at Miami as an attractive city for luxury real estate,” he told the Journal.

    Strategic Properties has partnered with AXA Developers, a collaboration between Chile’s largest publicly-traded residential developer, Aconcagua, and Miami-based Archiplan USA to construct the 12-story Le Parc, a 12-story “boutique” condo tower in Brickell.

    The companies, which teamed up along with Raimundo Onetto and Patricio Ureta to purchase a property in Edgewater, are marketing these projects to foreign investors with cash, able to put down half the ticket price as a deposit, which helps finance construction.[South Florida Business Journal] –Emily Schmall

  • Venezuela money helps fuel Miami housing boom

    Posted Under: Home Buying in Miami-dade County, Investment Properties in Miami-dade County  |  June 5, 2013 12:25 PM  |  542 views  |  No comments
    By Les Christie @CNNMoney June 5, 2013: 5:54 AM ET

    florida real estate le parc

    During the first week of May, five new condo projects in downtown Miami launched sales campaigns. Among them was the boutique condo building Le Parc at Brickell.

    NEW YORK (CNNMoney)

    When politics grow heated in Latin America, home buyers from the Panama Canal to Tierra del Fuego flock to Miami looking for a safe place to park their assets.

    In recent years, Venezuelans in particular have been coming to the city in droves.Since the Miami Association of Realtors started to track sales to foreign buyers in 2006, Venezuelans have bought more Miami real estate than Brazilians, Argentinians or citizens of any other nation in the world.

    Related: Buy or rent? 10 major cities

    The buying began in earnest when Hugo Chavez started running the country in 1998. While the Socialist president was considered a hero among the working-class, many wealthy Venezuelans considered him a tyrant.

    The fears of unrest surrounding his October 2012 reelection triggered another infusion of Venezuelan cash into the Miami real estate market. Local real estate agents joked at the time that Chavez should have been named Miami's "Salesman of the Year," according to Matthew Martinez, a local real estate investor and principal of Beacon Hill Property Group.

    After Chavez died in March of this year, the ensuing election that put his successor, Nicolas Maduro, in office also stirred up fears -- and more home buying in Miami.

    Left-of-center politicians elected in Bolivia and other Latin American countries have encouraged wealthy citizens of those nations to look for a safe haven in Florida as well. And, investors from Brazil and Argentina, where the economies are booming, are also putting their excess cash in safe Florida real estate.

    Related: 10 big, booming cities

    As a result, Miami has become known as a "global gateway," much like New York and San Francisco, that attracts deep-pocketed investors from all over the world, said Neisen Kasdin, a real estate development attorney and former mayor of the city of Miami Beach.

    The influx of buyers, combined with the economic recovery in the U.S., has created a dramatic turnaround in Miami's housing market. Sales of single-family homes in Miami climbed 10.3% during the first three months of 2013 compared with 12 months earlier and prices jumped 23%, according to the Florida Association of Realtors.

    About 45% of single-family home sales and 77% of condo sales were made in all cash, reflecting the heavy foreign presence. More than 90% of sales to foreigners in Miami are made in cash.

    "Two years ago, Miami was the poster child for distressed real estate in the United States," said Jonathan Miller, of Miller Samuel, a real estate appraiser and consultant. "It has now morphed into a luxury brand."

    All but 600 of the 23,000 bubble-era condos that once languished on the Miami market have been sold, according to the Miami Association of Realtors.

    "That old inventory is basically gone," said Kasdin.

    Related: Fastest growing boomtowns

    During the first week of May, five new condo projects in downtown Miami launched their pre-construction sales campaigns. Among them was the boutique condo building Le Parc at Brickell, where units range from 622-square-foot studios starting at $280,000 to 1,566-square-foot, three bedrooms for $699,000. The units have access to a rooftop pool and jacuzzi and outdoor kitchen and feature high ceilings and imported tile floors.

    "People who want to retire and play golf, that's not Miami," said Alan Ojeda, a local developer and founder of Rilea Group who's building a 44-story condo in downtown Miami. "The city is filled with youth, with life, with music. The main difference now, is that the South Americans are not just parking their assets here, they're parking their families as well." To top of page

  • Miami Heat are big players in SoFla real estate

    Posted Under: Home Buying in Miami-dade County, Celebrity Homes in Miami-dade County, Investment Properties in Miami-dade County  |  June 5, 2013 12:09 PM  |  350 views  |  No comments
    May 31, 2013 12:00PM

    Miami Heat players are on fire on and off the court, buying and selling some of the region’s biggest-ticket real estate, South Florida Business Journal reported.

    Power forward Lebron James paid $9 million for a 12,000-square-foot property with six bedrooms and eight-and-a-half bathrooms on the bay in the verdant Miami exurb of Coconut Grove, the Journal said.

    Center Chris Bosh picked up a 12,000-square-foot property of his own on North Bay Road in Miami Beach for $12.5 million.

    Also on North Bay Road, Dwyane Wade, the Heat’s starting point guard, paid $10.65 million for a 13,000-square-foot waterfront property.

    Shooting guard Mike Miller’s six-bedroom, 9,000-square-foot home in Pompano Beach was sold at auction for $3.36 million, a steep discount from the $5.4 million he paid for the property.

    Heat President Pat Riley traded his Gables Estate mansion, which he sold for $16.75 million, for a 6,200-square-foot penthouse at the Apogee building in Miami Beach, for which he paid $11.75 million.

    Former Heat center Shaquille O’Neal sold his six-bedroom, seven-bathroom, 18,400-square-foot home on Miami Beach’s Star Island for $16 million in June 2009, after it languished on the market four years. [South Florida Business Journal] –Emily Schmall

  • High-end home sales smash records as South Florida market catches fire

    Posted Under: Home Buying in Miami Beach, Investment Properties in Miami Beach  |  June 4, 2013 11:27 AM  |  455 views  |  No comments
    A-Rod's home, Fort Lauderdale eight-bedroom are most expensive trades in respective counties

    From left: A-rod, 4358 North Bay Road and the Jills team at Coldwell Banker

    The very high-end of the South Florida market is seeing a spurt of record-breaking sales, such as the $30 million deal for slugger Alex Rodriguez’s Miami Beach “party pad” to beer distributor Stephen Levin, the Miami Herald reported.

    The home, at 4358 North Bay Road, was the most expensive sale ever in Miami Beach, the paper said. But it is representative of the white hot luxury market in South Florida in general, too.

    “The market is on fire here,’’ Jill Eber of “the Jills” team at Coldwell Banker, who represented the buyer in the deal, told the Herald.

    Her partner Jill Hertzberg agreed: “The luxury market used to be more seasonal. But now there’s such an influx of people from around the world, some of our biggest sales are happening in summer.”

    And last Friday in Fort Lauderdale, an eight-bedroom, eight-bath house at 2400 Del Lago Drive in Harbor Beach sold for $17.5 million — a Broward County record.

    “The prices have obviously come back in the luxury tier and have now exceeded their highs,’’ a president at One Sotheby’s International Realty, Beth Butler, told the Herald. “Last to drop, first to rally.’’ [Miami Herald] –Guelda Voien

  • South Beach Setai $8.6M condo sale sets record

    Posted Under: Home Buying in Miami Beach, Investment Properties in Miami Beach  |  June 4, 2013 11:24 AM  |  329 views  |  No comments

    The founder and co-owner of clothing brand Theory has purchased a condo at the Setai in Miami Beach, setting a new record in price paid per square foot for a non-penthouse unit, exMiami reported, citing broker Kevin Tomlinson.

    Andrew Rosen purchased the three-bedroom, 2,521-square-foot unit for $8.6 million or $3,411 per square foot, Tomlinson said, adding that another record sale at the building could take place this week.

    The sale represents a 74 percent premium over the median price per square foot paid for the building in the year ended April 30, according to a recent analysis by Douglas Elliman broker Arno de Vos.

    The property was last sold in May 2012 for $6.75 million to New York developer The LeFrak Organization. [exMiami] –Emily Schmall

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