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Miami real estate blog for condos

Iinformation on Miami Beach condos, Sunny Isles real estate & Aventura

By Lana Bell | Agent in Sunny Isles Beach, FL
  • Sunny Isles Beach Will Pay $250,000 for Solis Building Demolition

    Posted Under: General Area in Sunny Isles Beach, In My Neighborhood in Sunny Isles Beach, Investment Properties in Sunny Isles Beach  |  June 17, 2014 11:25 AM  |  65 views  |  No comments

    If Edgardo DeFortuna and Manuel Grosskopf can get a demolition permit for the hulking, half-built structure on their newly acquired Solis site, the city of Sunny Isles Beach has agreed to give them a pretty serious perk. If DeFortuna and Grosskopf demolish the Solis building, they’ll receive a $250,000 credit, which will go to the cost of the Transfer of Development Rights on the property.

    Last year, DeFortuna’s Fortune International purchased the property (through their subsidiary, Sunny Isles Property Venture, LLC) for just under $41 million. Beachfront property in Sunny Isles Beach is prime real estate, as you can tell by a price tag of over $40 million per acre.

    Ocean Palms Constrcution

    DeFortuna and Grosskopf (of Chateau Group) have joined forces on this Sunny Isles beachfront venture, adding a neighboring Ocean Palms site, for an additional $40 million. The developers obviously see great value in the area, along with very serious growth potential, or they would not be pouring millions of dollars into developing in the area.

    Residents of Sunny Isles Beach should be able to breathe a sigh of relief, as Fortune International and Chateau Group join together to demolish a long-time eyesore. Construction on the Solis building began back in 2007. It was intended to be a 53-story residential building. However, when the housing market collapsed in 2008, construction was halted with the building’s skeleton standing at only 10 stories.

    The Solis Site

    For the past six years, the Solis site has been a point of contention. Developer Gil Dezer applied for extensions to his group’s building permit and hoped to begin construction again – after over half-a-decade – by the end of the fiscal year in 2013. However, that plan fell through, and DeFortuna was the lucky winner to purchase the property.

    If DeFortuna and Grosskopf can keep their momentum going, getting a demolition permit by May 1st, they’ll begin demolition by the first of June. This progress has to come as a serious relief to the residents of Sunny Isles Beach. After all, the desolate skeleton of the Solis building isn’t just an eyesore; it is a reminder of economic instability.

    It was only six years ago that the housing market collapsed. Economic instability and low confidence in the market created a lot of unemployment, lost savings, and general unease. As long as that building stands, the residents of Sunny Isles will have a property-devaluing eyesore that reminds them that even real estate is not a guaranteed investment.

    The sooner the Solis building can be demolished and replaced by successful constructions, the better off Sunny Isles Beach will be. That’s why the city is willing to credit these developers with a quarter of a million dollars to get the job on its way and over with.

    With incentive like this, DeFortuna and Grosskopf would have to be fools to remain stagnant on this project, and these men are definitely not fools. They’ve made wise and timely choices in their real estate ventures, and this; so far, $81 million project should be no exception.

    For more information on Miami real estate, READ MORE at the Sunny Isles Miami Real Estate Blog.

  • Staying On Top – Jorge Perez Has Learned Some Lessons

    Posted Under: Market Conditions in Florida, Agent2Agent in Florida, Investment Properties in Florida  |  June 17, 2014 10:51 AM  |  63 views  |  1 comment

    You don’t get to be one of the 400 wealthiest people in the United States by making poor business and investment decisions. And you certainly don’t stay on the list by refusing to learn from your mistakes or refusing to change with the times. Jorge Perez – with his net worth estimated at around $1.6 billion – is no fool, and he doesn’t plan on letting his wealth dwindle away.

    CEO of the Related Group, Perez is a serious Miami real estate mogul, and what does a man who’s spent (and made) as much money on real estate as he has do when the bubble bursts? Since 2008, Related has moved its focus away from condominiums. In fact, the group has only just completed construction on its first condo building since the crash six years ago. Now that the housing market is starting to bounce back, what will Perez do with his company to sustain profits?

    Attracting Tourists, Business, and Residents

    Perez donated $40 million in art pieces and cash to Miami’s new museum, which was then christened the Perez Art Museum Miami (PAMM) . This kind of philanthropy is great for the city, but it’s also great for Perez. A new and beautiful art museum will attract more culture, which will attract tourists, business, and residents. Attracting these three groups will drive a need for more buildings, which Related Group will be happy to break ground on.

    Looking at the Long Term

    Perez has lost over $1 billion since the real estate crash. That’s more than most of us can imagine making in a lifetime, let alone losing and bouncing back from, but that’s just what Perez has done. Not only that, but he’s bounced back from a serious health scare, having discovered what turned out to be a benign growth on his pancreas that had been thought to be life-threatening.

    In the years leading up to the crash in ’08, Perez admits he was terrible about micromanaging his company. He also fell victim to several speculators who were really only looking at short-term gain. As a result, Related flooded the market with condos. They overbuilt and actually contributed to bursting the bubble.

    Perez has reevaluated his entire stance on his company and how he and Related should do business. He’s disconnected himself a lot from running everything and worked on delegating, rather than micromanaging. He’s also vowed to give a large portion of his wealth to charities and philanthropic ventures. As he gives back to the community, the community thrives and gives back to him and Related. As Perez looks to improving and building Miami, he’s actually improving and building the future of his own company and of real estate in southern Florida.

    For more information on Miami real estate, READ MORE at the Sunny Isles Miami Real Estate Blog.

  • SLS Residences Brickell Miami Pre-Construction Project

    Posted Under: Home Buying in Miami, Property Q&A in Miami, Investment Properties in Miami  |  June 17, 2014 10:17 AM  |  79 views  |  No comments

    Introducing the newest and the hottest pre-construction project SLS Brickell Condo Hotel located in the most desirable Brickell Ave, right next to the new 5 million square foot Brickell CityCentre in Downtown Miami. The new SLS Condo will rise 57 stories and will feature 133 hotel rooms and 450 residences. It will host 5 top restaurants creating fine dining, and chic entertainment in Miami’s most exciting and sophisticated downtown area.

    The 450 luxury condominiums will all feature private elevators, 9 and 10 foot ceilings, 12 foot in the penthouses, custom gourmet kitchens and panoramic skyline overlooking Biscayne Bay and Atlantic Ocean.

    Luxury Lifestyle

    The new SLS Brickell will offer most extravagant shopping and lifestyle destination, offering its residents ultimate access in an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele.

    Quality Interior Designs

    The building will also offer interiors designed by Yabu Pushelberg and Phillipe Stark. Museum-quality art in all common areas will include works by renowned artists such as Fernando Botero and Matias Duville, among others, and exterior art mural installation by Fabian Burgos.

    State-of-the-Art Fitness Center and Recreation Lounges

    The state-of-the-art health and wellness fitness center is professionally staffed and includes Technogym®, Cardio & Weight Training equipment, as well as cardio machines with personal plasma television/music options. Exclusive “Kinesis® Personal” fitness stations create personalized workouts. Free weights, stretching mats, Pilates balls, yoga mats, and headphones are all available for complimentary use.

    The outdoor lounge space with 2 beautifully designed fire pits overlooking breathtaking views of the Bay and the City skyline will be built for exclusive use of the condominium residents. The two story indoor lounge and recreation area with private wine cellars, Billiards room, and poker table and library will allow you to get maximum enjoyment out of daily routine and the 57th floor roof top will offer private sun decks and spa. An additional rooftop pool and sundeck for building residents, overlooking city skyline with breathtaking views of Biscayne Bay.

    To learn more about this exciting new building, how to reserve your ideal home in SLS Brickell, call our office today (305)-336-0457 and READ MORE at the Sunny Isles Miami Real Estate Blog.

  • Pumpkin Key for Sale

    Posted Under: Home Buying in Key Largo, Property Q&A in Key Largo, Investment Properties in Key Largo  |  June 16, 2014 2:06 PM  |  69 views  |  1 comment

    Have you ever dreamed of owning your very own island? Many have, but few get the chance to realize the dream. Right now, though, you have the chance to make it happen. Pumpkin Key, Florida is for sale. Its owner – the widow of George Berry, a Chicago businessman – has listed the property with Sotheby’s Realty for $110 million. Whether you’re purchasing for your retirement or as an investment opportunity, this is an offer that only comes around once in a lifetime!

    If the price seems a bit steep, well, then you aren’t looking at the big picture. You’re not just purchasing a piece of property, after all. Included with that price tag, you’ll get Berry’s 5,000 square-foot house, a dock master’s private accommodations and office, and two caretaker’s cottages. Although the property is marketed as a potential family home, it also offers 12 large bay front lots on it, so there is a great potential for further real estate development. In addition, the tennis courts at the center of the property also serve as a helipad, and golf cart paths circle the island.

    Less than a 50-minute boat ride from Miami, Florida, and just ten minutes by helicopter to the city's infamous South Beach, Pumpkin Key is located in Card Sound, off the west coast of North Key Largo. The 26-acre island is part of the gated Ocean Reef Club community, and it’s north of Route US 1, giving it more privacy and security than most of the other Keys.

    Your Personal Playground

    The Florida Keys are famous for their pristine beauty, beautiful weather, and glorious beaches. This chain of islands running south from the coast of Florida have been a vacation destination for people from all over the world for decades upon decades, and it’s no wonder. Each Key has its own appeal and its own flare.

    A Great Real Estate Investment

    If you’re an investor, Pumpkin Key has a lot of possibilities. With 15 undeveloped lots, you could purchase the property and begin building them out or selling them as-is to people who want to purchase their own tiny piece of paradise. While $110 million is not a small price tag, this property has a lot of potential as an investment.

    Not everyone can afford their own island, but a lot of people want to invest in retirement properties in the Keys. You could potentially make a lot of money by investing in Pumpkin Key now. For more information please call Sotheby's Realty office at (305) 336-0457.

    To learn more about this and other exciting investment opportunities near Miami Florida, READ MORE at the Sunny Isles Miami Real Estate Blog.

  • Russian Oligarch Brings Money to Miami Real Estate

    Posted Under: General Area in Edgewater, Home Buying in Edgewater, Investment Properties in Edgewater  |  June 16, 2014 1:24 PM  |  67 views  |  No comments

    One of the indicators of a strong housing market in Miami is evidenced by the return of condo flippers and developers to Miami's Greater Downtown area. Prominent among these investors flocking back to southern Florida is Russian Billionaire Oleg Baybakov, who made his billions in the mining industry. His new real estate investment company, 700 Edgewater Development, recently paid $21.5 million for a 37,462 sq. ft. property in the Edgewater neighborhood.

    What’s Going On In Edgewater?

    Located between Downtown and the Upper East Side of Miami, Edgewater is a burgeoning neighborhood, replete with historic 20th century homes, as well as a number of beautiful high-rise residential buildings. It’s located in close proximity to Downtown and the Design District, making it a hugely sought-after location for Miami residents both young and old.

    Following Baybakov’s acquisition of Renzi Renzo’s 39-story condo tower in Brickell last year was followed by this condo tower in Edgewater. These are calculated moves, made by a man who’s made himself very wealthy over the years in mining and real estate. You don’t get to be that wealthy without a good eye for market trends.

    A Bright Future for Miami’s Residential Properties

    In addition to Baybakov’s building, there are ten condo towers planned for the Edgewater neighborhood. That tells us that Baybakov is not the only developer who has high hopes and aspirations for Miami’s residential real estate and the future of condo living in Miami.

    To learn more about Oleg Baybakov, Miami’s investment opportunities, or to learn who else is investing in Miami real estate, READ MORE at the Sunny Isles Miami Real Estate Blog.

     

  • Profits are Up for Bal Harbour Shops

    Posted Under: Shopping & Local Amenities in Bal Harbour, In My Neighborhood in Bal Harbour, Investment Properties in Bal Harbour  |  May 19, 2014 10:44 AM  |  203 views  |  No comments


    The retail stores at Bal Harbour Shops had a great year in 2013. Average sales rose 7.4 percent over 2012, and South Florida Business Journal has reported that shops averaged $2,800 per square foot of profits.

    More than a few retail tenants took this profitable opportunity to expand their shops. Among those who decided to take advantage and grow their businesses were the Prada and Dolce & Gabbana stores.

    Matthew Whitman Lazenby, operating partner at Bal Harbour Shops, has said that the specialty department stores in the shopping center – Saks Fifth Avenue and Neiman Marcus – showed increased profit percentages in the double digits, and so did Bal Harbour Shops’ restaurants. All of this improvement is nothing but good news for the area around Bal Harbour and, in fact, for all of Miami.

    Economic Recovery in Action

    For several years, after the housing bubble burst and the economy went spiraling into recession in 2008, no one was seeing growth. Profits were down. Businesses were closing left and right. As of 2012, things have completely turned around, which is a major indicator that the economy has stabilized and consumer confidence is on the rise.

    For the past six years, developers have been stalling or getting involved in new projects. Consumers have been saving and hording, rather than spending. Bal Harbour Homes for sale are gaining better and better prices, and condo flippers have returned to Miami once again to reap profits from housing investments.

    Now, though, after two record-breaking years and bright outlooks for the next year, too, it’s time to start thinking about space and more of it for the shops and restaurants in Bal Harbour Shops.

    Growing Businesses and Growing Storefronts

    To learn more about growing businesses and growing storefronts, as well as how this impacts Bal Harbour real estate, READ MORE at the Sunny Isles Miami Real Estate Blog.

     

  • Arquitectonica Wins Against Seiger Suarez Infringement Accusations

    Posted Under: General Area in Miami, In My Neighborhood in Miami, Investment Properties in Miami  |  May 19, 2014 10:20 AM  |  211 views  |  No comments


    If you’ve been following the case of architect Sieger Suarez versus Arquitectonica International, you already know that Sieger Suarez Architectural Partnership sued Arquitectonica for using plans their architects had created over a decade ago before they were replaced for the Portofino South Beach project.

    Twelve years after the firm was replaced, Sieger Suarez brought litigation against Arquitectonica, stating that they not only used Sieger Suarez designs, but that the developers also did not pay an invoice for $150,000.

    However, as John Shubin – one of Arquitectonica’s attorneys and a partner at Miami’s Shubin & Bass law firm – states, the claim seems far-fetched. Why didn’t Sieger Suarez make any claims for that invoice back in 2000, or at least sooner than 12 years after their contract was terminated?

    Hesitation May Have Lost the Case

    Well, whether Seiger Suarez should have acted sooner or not, the judge presiding over the case has ruled in favor of Arquitectonica. It has been determined, in federal court, that Arquitectonica’s luxury Regalia condo tower does not bear enough resemblance to Sieger Suarez’s designs to merit any recompense.

    The Regalia tower began construction in 2012, after a long stall in development. The project is back on track and should be completed soon. These ultra-luxurious condos are sure to be the envy of all of the Sunny Isles Beach area. The 42-story tower will have only one unit per floor, giving its residents 360-degree views and as much floor space as they could ever want. Pricing begins at over $1,500 per square foot.

    Regalis Will Provide Serious Luxury

    While a 12-year hold for the project may seem a bit long, it actually turned out to be the best move possible for Arquitectonica. The Regalia tower has managed to miss the housing bubble and the collapse of the real estate market. While it was in the planning phase for many years, it will now emerge at the perfect time for property values and investments. 

    READ MORE
     at the Sunny Isles Miami Real Estate Blog.

     

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