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Miami Real Estate News

By Brigitte Respaut Clement | Agent in Miami Beach, FL
  • Florida Realtor Magazine April 2013. Winning The World : 5 tips for turning international prospects into customers

    Posted Under: Home Buying in Miami, Home Selling in Miami, Investment Properties in Miami  |  April 29, 2013 2:38 PM  |  186 views  |  No comments
  • Related condo project could be 19th new tower to rise in Brickell

    Posted Under: In My Neighborhood in Miami, Investment Properties in Miami  |  February 20, 2013 6:49 AM  |  174 views  |  No comments

    If the Related Group pushes onward with its plans for a condo-hotel in Miami’s Brickell neighborhood, it would make for a total of 19 condominium towers developers have planned for the Downtown area, according to a new report cited by the South Florida Business Journal.

    Although nothing is currently nailed down, Related is considering bringing a mixed-use building composed of 400 condo units and 132 hotel rooms to Downtown Miami.

    “Several developers are proceeding aggressively to tap into the reportedly strong buyer demand for preconstruction condos in South Florida at a time when unsold unit inventory from the tri-county region’s last boom-and-bust cycle is currently on pace to sell out as early as 2014,” Peter Zalewski, principal of Condo Vultures, said. [South Florida Business Journal] –Christopher Cameron.

    Brigitte Respaut-Clement
    305 934 2870
    Sterling Equity Realty
  • Is This What Miami's Seaport Will Look Like In 30 Years?

    Posted Under: General Area in Miami Beach, In My Neighborhood in Miami Beach  |  February 13, 2013 5:52 AM  |  345 views  |  1 comment

    This is what the southwest corner of PortMiami could look like if PlusUrbia, a local design firm, wins a competition to master plan the port's future commercial district, planned to be a World Trade Center. After announcing an ambitious master plan for the future of PortMiami to much whoop-de-do that would a bunch of skyscrapers, a megayacht marina, hotels, retail, and residences, the powers-that-be at the port quietly began an invitation only competition to find an architect to design a master plan for the WTC area.

    The PlusUrbia design, which they call 'Port Side Miami', with its towers clustered together, gradually decreasing in height from the center of the zone, a large marina, and small public parks and plazas scattered around, is one of the finalists. 

    Brigitte Respaut-Clement
    305 934 2870
    Sterling Equity Realty

  • Miami Heat’s Chris Bosh Lists Pacific Palisades Home for Rent at $45,000 a Month

    Posted Under: Celebrity Homes in Miami  |  February 1, 2013 7:24 AM  |  224 views  |  No comments

    Although he started his career with the Toronto Raptors and currently plays power forward for the Miami Heat, one of Chris Bosh’s homes is located in Pacific Palisades.

    Bosh and his wife purchased the sprawling 10,755-square-foot home in December 2012 for $9.4 million. Despite the recent sale, Bosh has put the home on the Pacific Palisades rental market for $45,000 a month, according to the Real Estalker. It’s not likely Bosh is renting out the place to make a little extra money: He made more than $16 million last season. Perhaps he and his wife have another reason for playing landlord.

    The Mediterranean-style villa has 6 bedrooms and 8 bathrooms on a 1.5-acre lot with ocean views. Situated on a knoll, the home has plenty of outdoor living amenities, including an infinity pool with swim-up bar and lounge areas, a huge outdoor eating area with full kitchen (including a pizza oven), as well as grass expanses and landscaping.

    Inside the home has a host of features typical to a celebrity home: movie theater, bar area with billiards table, luxurious home office, huge master suite with dual master baths and closets, not to mention a gourmet kitchen and staff quarters.

    By renting out his California manse, Bosh is by no means looking for another property to call home. The NBA star also owns a mansion in Miami that he picked up for $12.3 million in 2010.

    Brigitte Respaut-Clement
    305 934 2870
    Sterling Equity Realty

  • Six years after condo crash, 100 new towers proposed Read more here: http://www.miamiherald.com/2013/01/27/v-fullstory/3203924

    Posted Under: General Area in Miami, Home Buying in Miami, Home Selling in Miami  |  January 29, 2013 8:29 AM  |  234 views  |  No comments
    Some six years after the South Florida condo market first collapsed, developers are proposing at least 100 new condo towers with more than 14,500 units in the tri-county coastal region of Miami-Dade, Broward and Palm Beach.

    The number of proposed condo towers is expected to increase as several approved development sites from the last construction boom have traded in recent months to investors scouring South Florida for vacant land that permits high-density residential projects.

    A factor contributing to the newest wave of proposed South Florida condo projects is the shrinking unsold new condo inventory. Less than 6 percent of the nearly 49,000 coastal units created in South Florida during the last boom remain unsold as of 2012.

    The clearest example of the reduced developer inventory is in Greater Downtown Miami — the epicenter of Florida’s vertical condo crash — where about 850 new condo units are unsold out of pool of more than 22,200 units as of 2012.

    At the current sales pace, South Florida’s remaining new condo inventory could be sold out by 2014.

    Industry optimism about the prospect of selling out of the new condo oversupply — conceived in some cases about a decade ago — is spurring local developers and even more builders from outside of South Florida to intensify their efforts to construct condo towers.

    As was the situation during the last South Florida condo boom, Greater Downtown Miami is attracting the most attention from developers focused on building condo high rises.

    As of January 2013, Greater Downtown Miami is home to nearly 20 new condo towers with more than 6,400 units. An additional five towers with a combined 550 units are proposed for sites just north and south of Greater Downtown Miami.

    The Hollywood and Hallandale Beach market in Southeast Broward County ranks second in South Florida with 10 new condo towers proposed with nearly 1,400 units. The Hollywood and Hallandale Beach market was the first of South Florida’s largest coastal condo market to sell out of boom-era inventory, doing so in 2011.

    Sunny Isles Beach in Northeast Miami-Dade County ranks third with nearly a dozen new towers and 1,200 units proposed for the barrier island city.

    Ranking fourth on the list of the most proposed condo unit is the tri-city region of Bal Harbour, Surfside and Bay Harbor Islands, where developers are proposing 13 new condo towers with more than 1,000 units in an area located south of Sunny Isles Beach.

    Rounding out the top five most active markets for proposed condo towers is Downtown West Palm Beach, where developers are proposing at least six new condo towers with nearly 1,000 units.

    Developers are also proposing new condo towers in at least a dozen South Florida cities, including Aventura, Coral Gables, Delray Beach, Fort Lauderdale, Juno Beach, Key Biscayne, Pompano Beach and North Palm Beach.

    As of this month, developers have completed one condo tower and launched construction on an additional 15 towers in South Florida.

    In a sign that more construction could soon be starting in South Florida, the necessary paperwork — known as the Declaration of Condominium that formally establishes a new project — has been recorded with government officials for at least six additional proposed towers.

    Lender opinions are gradually changing about condo construction financing but at this time many banks are still hesitant to fund new towers. Consequently, developers are being forced to collect hefty deposits from preconstruction buyers in order to build.

    The bulk of the preconstruction condo buyers have reportedly come from overseas with a high concentration of Latin American investors.

    A combination of factors — ranging from advantageous currency exchange rates to flight capital seeking a stable destination, strengthening condo prices to rising rental rates — have contributed to international buyer interest in preconstruction condo projects that are not scheduled to be completed for at least two years.

    Domestic buyers, however, have reportedly abstained from South Florida’s latest preconstruction condo wave. A variety of factors are reportedly contributing to the lack of participation by domestic buyers, including concerns about recovering preconstruction deposits if proposed projects are not completed.

    Efforts are under way to create some form of condo deposit insurance for preconstruction buyers in an attempt to satisfy this concern.

    During the last South Florida condo construction boom, developers typically collected deposits of 20 percent of the contracted purchase price of units and did not require any additional buyer funds until the towers were completed.

    This 20-percent-deposit structure is blamed for allowing some preconstruction condo buyers to forfeit a majority of their deposits rather than closing on units in a downward market.

    Under the new preconstruction deposit schedule, buyers are required to commit to a series of payments — based on administrative and construction milestones — that equal about 50 percent of the purchase price. At least one project has requested an 80 percent deposit while another project has asked for 30 percent.

    The new 50-percent-deposit structure is a strategy designed to increase the odds that preconstruction buyers ultimately close on their respective contracted units during this newest South Florida condo wave.

    Going forward, the unanswered question for South Florida is whether developers, lenders, regulators and investors have instituted enough changes to their business models to lessen the chances of another condo boom-and-bust cycle like the one that has stifled the region since 2007.

    Peter Zalewski is a principal with the Miami real estate consultancy Condo Vultures. Zalewski, a licensed Florida real estate professional since 1995 and founder of CVR Realty and Condo Vultures Realty LLC, advises developers, lenders and institutional investors .

    Read more here: http://www.miamiherald.com/2013/01/27/v-fullstory/3203924/six-years-after-condo-crash-100.html#storylink=cpy

    Brigitte Respaut-Clement
    305 934 2870
    Sterling Equity Realty

  • South Florida home values up 9.7 percent in 2012

    Posted Under: Market Conditions in South Florida, Home Buying in South Florida, Home Selling in South Florida  |  January 27, 2013 8:00 AM  |  204 views  |  No comments

    Home values in South Florida rose 9.7 percent year-over-year in 2012, outpacing the 5.9 percent growth in the rest of the United States, but are expected to remain largely flat in 2013, Zillow’s latest real estate market report shows.

    National home values grew at a rate that exceeded the normal rate for healthy markets and posted the largest annual gain since August 2006, near the peak of the housing bubble. The fourth quarter of 2012 was the fourth consecutive quarter of home value appreciation, the report shows.

    “We expected 2012 to be a good year for housing, and it delivered in spades,” said Zillow Chief Economist Dr. Stan Humphries. “Strong demand paired with limited inventory in many markets helped fuel a robust and often rapid recovery in overall home values, good news for homeowners after years of poor performance.”

    Humphries said the recovery would continue in 2013, “but at a more sustainable pace,” with national home values expected to rise 3.3 percent.

    Brigitte Respaut-Degrave
    305 934 2870
    Sterling Equity Realty

  • SFX, Robert Sillerman Buy Into Opium Group's South Beach Clubs, Reach Deal With LIV's MMG

    Posted Under: Entertainment & Nightlife in Miami Beach, Home Buying in Miami Beach, Investment Properties in Miami Beach  |  January 26, 2013 10:40 AM  |  528 views  |  No comments
    Robert Sillerman Sfx Buying Opium Group Miami Club
    A media titan who made billions buying up everything from Graceland to American Idol is poised to become the Tsar of Miami Beach nightlife.

    New York businessman Robert F. X. Sillerman has made a significant investment in the Opium Group -- owners of Mansion, Set, Mokai, Cameo, and Opium at the Seminole Hard Rock Hotel and Casino, sources confirmed Thursday. Signs at Mokai and Set confirm the role of Sillerman's company, SFX Entertainment.

    Sillerman, who in June pledged to spend $1 billion on electronic dance music (EDM), is also negotiating with Miami Management Group, which operate virtually the rest of SoBe's clubs including LIV, Story, and Arkadia.

    "As of now, there is a deal in the works," said MMG's vice president of marketing Jimmy Vargas. Though there's "not much other information besides that."

    The bold move to bring the world renowned South Beach nightlife scene under the control of one financier has drawn mixed reviews. While those who have worked with Sillerman contend he is a back room money man who avoids the limelight and major changes at the places he owns, others including the DJ and producer Deadmau5 are concerned consolidation heralds the demise of EDM.

    "EDM has turned into a massively marketed cruise ship, and it's sinking fast," Deadmau5 wrote on his blog last summer after news of Sillerman's intentions to dominate the EDM movement were made public in a New York Times story.

    Paul Campbell is co-founder and owner of Life In Color, a Miami company that produces a nationwide series of hugely popular EDM events called Day Glow advertised as "The World's Largest Paint Party." SFX Entertainment invested in the company in August 2012, though Campbell wouldn't disclose the details.

    "The deal that they gave us is we run and operate our business, and we have resources to bring this thing bigger," he added. "There is no downside to it, not from a business perspective, not from a fan perspective, not for EDM as a scene."

    "Every single person is able to run their business, and that's the first thing that [Sillerman] made clear."

    Ed Tagliaferri, a New York City spokesperson for Sillerman, declined to comment on the specifics of the deals as did Opium Group spokesperson Vanessa Menkes.

    Sillerman, who is in his mid-60s, grew up in the Riverdale section of the Bronx, according to a New York Magazine profile. As a kid he sold greeting cards door to door. He caught the "business bug" after his father declared bankruptcy when the boy was only 13. "When you're in your sixties and declare bankruptcy, it can be debilitating," Sillerman told New York, but [my father] never lost his optimism."

    He majored in political science at Brandeis University in Boston, then rocketed through the business world. He bought radio stations as a young man, sold out to Westinghouse for $400 million in 1989, and started the first incarnation of SFX -- called SFX Broadcasting -- three years later, according to Bloomberg News.

    He showed his acumen for politics by purchasing many more radio stations after the Telecommunications Act of 1996 allowed owners of multiple stations in single markets. In 2005, Forbes named him the 375th richest American, with a net worth of $975 million.

    Since then, he has formed CKX, a company that bought 85 percent of Elvis Presley Enterprises, which included the King's music, likeness and even the estate at Graceland, as well as 100 percent of Simon Fuller's 19 Entertainment, producer of American Idol.

    Sillerman started SFX Entertainment, a revival of his early company's name, in July 2011. One of the aims, he told the New York Times, was to "use the Internet to connect fans of dance music."

    These days he owns a $6 million Southampton mansion with an indoor pool and basketball court and a private disco. He is also championship volleyball player. Musically, he calls himself a "child of the Sixties" and notes that two of his favorite artists, Paul Simon and Bob Dylan, personify that era.

    This past summer, he bought Broadway producer Livent and announced his intention to spend $1 billion in a year on EDM for the new SFX. "There is a wave of interest in attending concerts that
    have less to do with the specific music and more to do with the experience attached to the music," he told the Times.

    Several EDM blogs have leaked out the news of Sillerman's purchases over the last couple days. Talknightlife, an online forum that follows Miami nightlife rumors, broke the news on January 11 when it posted a notice that had been pasted outside Mokai on 23rd Street. It listed the company name as SFX-Mokai Operating LLC. Two days later, Talknightlife published a second notice with SFX's name outside Set, which is on Lincoln Road.

    Another blog, Dancing Astronaut, headlined a January 15 post: "Robert Sillerman buys large stake in Miami's the Opium Group, EDM arms heats up."

    News also broke this week that Sillerman has also purchased the North American division of Holland-based ID&T Entertainment, a company that produces over-the-top EDM events called Sensation White across Europe. ID&T also does Tomorrowland, a massive EDM festival held in Belgium each summer.

    For the individual ticket buyer the consolidation of EDM could lead to less variety and higher prices.

    "I think that for consumers it's not the greatest thing," said Aramis Lorie, partner at downtown club Grand Central. "It eliminates the competitive nature of the business."

    Brigitte Respaut Degrave
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