Miami Archives - The Block Team The Block Team


Posts Tagged ‘Miami’

Continuum South Tower 100 South Pointe Dr.#610, Miami Beach, FL,33130

March 14th, 2020

For Sale $3,695,000 or Rent $17,000Welcome to your oasis in South Beach. This 3 Bed, 3 Bath, condo has everything you would want at the most exclusive Oceanfront address in South Beach. This condo has Atlantic Ocean, Fisher Island and Downtown views, so you can watch the sunrise and set, as well as watch the cruise ships go by. The condo has marble floors throughout the unit and has recently been renovated. The Continuum South Tower sits on 13 acres on the Atlantic Ocean and also adjacent to South Pointe Park. The property features 3 pools, 3 clay tennis courts, a world-class gym and spa. The building also offers concierge services, a residents lounge, business center, children’s playroom and outdoor restaurant and of course beach and towel service. Also adjacent unit 609 is for sale and the units can be combined to create a grand unit. The unit is easy to show!

The Agency Celebrates South Florida with a Star-Studded Visit to the 305

June 9th, 2019

All eyes were on South Florida when CEO Mauricio UmanskyJames Harris of Million Dollar Listing Los Angeles, Estate Director Christopher Dyson and Managing Partner of The Agency Development GroupMike Leipart jetted to the Sunshine State to celebrate the hottest new listings in town, as well as the success of ThePLS.com as it rapidly expands on the East Coast.

Among the week’s festivities was a private, invite-only affair at Merrick Manor, the only new, fully completed condominium offering in the city of Coral Gables. The Agency Collective, the exclusive residential sales representative for the remarkable, modern residences, co-hosted the event with CEO Henry Torres of The Astor Companies, the developer of Merrick Manor. Mauricio, James and Christopher joined Miami’s top brokers and power players for an evening of cocktails, world-class cuisine and conversation in Merrick Manor’s Club Lounge. They treated brokers to an inside look at the newly completed, sophisticated residences and exceptional amenities located adjacent to The Shops at Merrick Park and discussed the desirability of the Coral Gables market.

“Merrick Manor offers an amazing location and an incredible product,” Mauricio says. “With highly curated design by Interiors by Steven G., the residences truly set a high bar for new construction in Coral Gables.” The Agency’s creative division, The Agency Creates, recently launched Merrick-Manor.com, providing a detailed look at the Merrick Manor lifestyle.

Christopher, who together with Mauricio and James formed ThePLS.com, spoke to the crowd of brokers about the first private platform for agents across the country to consolidate, share and search exclusive pocket listings in their area. Christopher and James held broker open houses throughout the week in Biscayne Beach and Boca Raton to introduce ThePLS.com and help South Florida agents join the hugely successful platform designed to complement the MLS.

The Agency’s South Florida expansion includes offices in Boca Raton, Aventura, Coral Gables and Jupiter—the brokerage’s first offices on the East Coast. “Our South Florida offices are only the beginning of our East Coast expansion,” explains Mauricio. “We have many clients seeking real estate in South Florida and are so thrilled with the team we’ve built at The Agency Collective.”

More people than ever live in downtown Miami — and they’re starting to raise families

May 31st, 2018

BY RENE RODRIGUEZ

rrodriguez@miamiherald.com

May 29, 2018 03:17 PM

Updated May 30, 2018 10:08 AM

When Ana Grimaldi and her husband, Lucio, relocated from New York City to Miami six years ago, the couple already had a young son. But instead of a family-friendly suburb, the pair opted to settle in Brickell, mostly to be close to Lucio’s workplace.

Today, the couple now has two sons, ages 3 and 8 — and they still live in the same Brickell Key high-rise.

“When we first moved here, we felt like pioneers, because Brickell was definitely not family-oriented,” said Grimaldi, 39. “Back then, this was primarily a financial business district. But all that has changed drastically. There are more places and events for children. A lot of the new buildings include preschools. It’s a safe environment for kids, which is very important to a parent. And they get to grow up in an urban neighborhood that has the feeling of a community.”

The idea of raising a family in the downtown urban core — with its high-rise living, stop-and-go traffic and adult-oriented entertainment such as nightclubs and restaurants — might have seemed nutty as recently as a decade ago. But a new analysis of Greater Downtown Miami demographics by the Miami Downtown Development Authority, which uses data from the U.S. Census, shows the population in Greater Downtown Miami has hit an all-time high of 92,235 — a 65 percent jump from 2000-2010 and another 38 percent increase from 2010-2018.

The number is projected to swell another 19 percent by 2021, with the total population in Greater Downtown Miami expected to reach 109,617. By comparison, the downtown area populations in similarly sized cities range from 26,850 in Atlanta to 48,000 in Dallas to 80,000 in Denver.

Young professionals between the ages of 25-44 are the most populous group in downtown Miami, comprising 45 percent of dwellers. But the number of children aged 14 and under has grown 53 percent since 2010, to a current total of 11,484 residents.

The number of family households — defined as people related by birth, adoption or marriage — has also spiked 42 percent, to 47,958.

“Ten years ago, we were focused on building downtown Miami as a global brand,” said Christina Crespi, acting director of the Miami DDA. “Now we’re focused on serving the people who live here. A lot of millennials have grown up and now have kids. We’re creating a sense of community so people who live in downtown don’t want to leave.”

A higher number of children translates into a greater demand for schools. Although there areplenty of elementary and middle schools with space to accommodate hundreds of students throughout the Greater Downtown area, the need for a high school will intensify in the next few years. The Mater Academy charter school network has proposed a charter school, to be called Brickell Preparatory Academy, that would be built on Southwest Second Avenue and 17th Road and would ultimately serve grades K-12.

City limits

The Greater Downtown Miami area comprises 3.8 square miles east of I-95, west of Biscayne Bay, south of I-195 and north of the Rickenbacker Causeway. It is made up of seven neighborhoods: Brickell, Midtown, Edgewater, Wynwood, Historic Overtown, and the Central Business and Arts & Entertainment districts.

According to 2017 fourth-quarter figures from the DDA, the average rental for a condo in Greater Downtown Miami was $2,525, a four percent drop from 2016. The average resale price of existing condos was $405 per square foot, which was higher than Aventura ($352), Coral Gables ($274) and Doral ($191). Only Miami Beach fetched more, at $1,025 per square foot.

The number of completed condo units at the end of 2017 was 6,312, which is higher than the number of units under construction (5,002). That’s an indication that developers continue to use caution before launching new projects, with the exception of uber-luxury towers such as theAston Martin Residences or the Missoni Baia in Edgewater, which are being financed privately and are pitched at ultra-wealthy buyers and investors.

Massive developments such as the $2.7 billion Miami Worldcenter and the six-acre MiamiCentral project that houses the Brightline train station are still under construction in the Central Business Corridor and will add more apartments and office spaces to the neighborhood. Tere Blanca, president and CEO of Blanca Commercial Real Estate, said the two retail/office towers that comprise MiamiCentral are 75 percent leased, with tenants including Ernst & Young, Cisneros Group and Florida East Coast Realty.

Crespi said cultural attractions such as the Perez Art Museum and the Phillip and Patricia Frost Museum of Science, as well as a surge of retail and restaurant options, have been critical in growing the Greater Downtown area’s population. Neighborhood amenities such as the Whole Foods supermarket at 299 SE Third Ave. and the upcoming 16-screen Silverspot Cinema at Southeast Third Street and Third Avenue reduce local residents’ reliance on their cars.

Brickell residents Saurabh Shukla, left, and his wife Niharika Bajpai go for a morning walk with their daughter on Monday, May 28, 2018.

Sam Navarro snavarro@miamiherald.com

Areas that had remained dormant for decades are now being activated by the growth in population. Mika Mattingly, executive vice president of Colliers International, represented the billionaire developer Moishe Mana in the $12.9 million purchase of a retail condominium at 201 East Flagler Street. The sale closed on May 18.

Mattingly confirmed that two other historic properties — the former Walgreens building that currently houses La Epoca department store at 200 East Flagler Street and the Metro Mall building at 1 Northeast First Street in the jewelry district — are currently under contract. Over the last seven years, Mana has amassed more than 50 lots and properties on Flagler Street, which he plans to transform into a mixed-use district built around a tech hub.

Tour the new Phillip and Patricia Frost Museum of Science

“This should be a tribute to curiosity.” The new Phillip and Patricia Frost Museum of Science opens to the public in downtown Miami on Monday. Jose A. Iglesiasel Nuevo Herald Staff

“We used to refer to Flagler Street as the Rip Van Winkle of downtown because nothing on it had moved for 100 years,” Mattingly said. “It was ignored by investors for a very long time, but now we’re getting a rush of people and there’s very little inventory left.”

Walkability issues

Some developers are looking beyond condos and residences to anticipate what the downtown area’s next needs might be. The Related Group will be opening the doors to its latest Brickell project, the 57-story SLS Lux at 805 S. Miami Ave., in early June. The building offers 78 hotel suites and 450 condos, all of which have been sold.

The company’s Brickell Heights condo tower at 850 South Miami Ave. opened last summer. All of its 690 units were sold. Related is also wrapping up construction on the Hyde Suites and Residences condo hotel in Midtown, with 94 percent of its 410 condos sold, and the four-tower Paraiso District in Edgewater, which will add 1,341 units to the market and is 97 percent sold.

“We always said from the time we started developing residential projects in downtown that we envisioned this,” said Carlos Rosso, president of The Related Group’s condominium division. “We used to put a photo in our sales brochures of a guy with his tie undone walking his dog, as if he had just gotten home from work. Now you walk around Brickell and you actually see people like that.”

Still missing: Clear walkways where pedestrians could stroll from Brickell to Edgewater and back without having to dodge traffic or breathe exhaust fumes.

Play Video

1:10

Traffic trouble in downtown Miami makes for bridge fight

The Brickell Avenue Bridge in downtown Miami has always been bottle neck for commuters exiting and entering the city core. Carl Juste; edited by Justin AzpiazuMiami Herald

Traffic trouble in downtown Miami makes for bridge fight

In its latest annual list of the 15 most walkable cities in the U.S., the website WalkScore ranked Miami sixth — ahead of Seattle, Philadelphia, Chicago and Washington D.C. — specifically citing the neighborhoods of Wynwood, Edgewater and downtown. But Rosso said the city could do much better. He is a big supporter of the Biscayne Line, a proposed bayfront walkway that would connect Edgewater to downtown and Brickell.

“You see what places like New York have done with the High Line,” the elevated public park that runs down the western side of Manhattan, Rosso said. “People will start using spaces where they can run and bike on the weekends, because when you live in an apartment, your space is smaller.”

Brickell Residents Margarita and Yakov Villasmil cross the street with their baby in Miami on Monday, May 28, 2018.

Sam Navarro snavarro@miamiherald.com

Other key findings from the Greater Downtown Miami demographics study:

▪ Downtown’s daytime population, which includes residents, workers, students and tourists, is 250,757, or nearly 66,000 people per square mile — the densest in Miami-Dade County. Fort Lauderdale’s downtown daytime population is 79,962, while West Palm Beach hits 25,187.

▪ The median household income in 2018 was $76,610, nearly double the Miami-Dade County median household income of $44,224, according to the U.S. Census. The per capita income was $52,200, more than double the Miami-Dade per capita income of $24,515.

▪ The average asking rent price per square foot for Class A office space in Brickell is $52.53 — the highest in Miami-Dade County — according to the 2018 first quarter report by JLL. Still, the vacancy rate is 10.3 percent, which is lower than the county-wide average of 12.3 percent.

Some experts say that although downtown’s boom is good for Miami as a whole, the high cost of living in the urban core has consequences.

“A lot of people who work in downtown have been forced to move out into Kendall and Homestead,” said Dr. Ned Murray, associate director of the Metropolitan Center at Florida International University. “Miami-Dade is the proverbial tale of two cities. The growth of downtown has no effect on the lack of public transit, the high cost of transportation and the housing index for people in Kendall and Doral and Homestead. There’s no progress there.

“Then you combine that with the environmental issues of sea-level rise and climate change,” Murray said. “Brickell is in a storm surge planning zone that gets evacuated for Category 2 storms and above. We’re not building a very resilient Miami right now, but it continues to grow. At some point we’re going to have to face the consequences of that unless we take planning more seriously.”

Read More: http://www.miamiherald.com/news/business/real-estate-news/article211743454.html

Rene Rodriguez: 305-376-3611, @ReneMiamiHerald

 

 

Florida real estate attracting more Asian buyers

October 5th, 2013

BY MARTHA BRANNIGAN

MBRANNIGAN@MIAMIHERALD.COM

It’s still a long way from Asia to Florida, yet a growing number of Asians are joining the throng of foreign investors buying Florida real estate, according to a recent study done by the National Association of Realtors in cooperation with Florida Realtors.

While still a minor player in Florida real estate, China has joined Latin American nations like Venezuela, Brazil and Argentina in becoming a growing source of foreign-national buyers in the state, the survey found. Meanwhile, Europeans from the United Kingdom, Germany and France “have figured less prominently compared to previous years.’’

The number of Florida real estate transactions by foreign nationals dropped 15.8 percent to 22,572 from 26,806 a year earlier, the survey says. Still total foreign sales rose 3.8 percent to $6.43 billion from $6.20 billion a year earlier, reflecting higher prices.

Among all foreign sales, the Miami area accounted for 21.1 percent in the year ended in August, followed by the Orlando-Kissimmee area, which accounted for 13.5 percent and greater Fort Lauderdale, which accounted for 8.5 percent.

Canadians continued to lead the pack among foreign nationals buying Florida real estate, accounting for about 30 percent of foreign sales in Florida, while Venezuelans totaled 8 percent, the survey of 977 Realtors conducted July 9 to Aug 16 revealed.

Asians accounted for 11 percent of foreign purchases in the Fort Lauderdale area over the past year (a surprising finding to some Realtors interviewed); 10 percent of those in the greater Orlando area; and 5 percent in Miami, the survey said.

A Japanese real estate broker, representing 10 buyers and accompanied by a translator and investment advisor, recently signed deals for 10 units at Nine, a new condominium project under construction above Mary Brickell Village in downtown Miami.

Edgardo Defortuna, CEO of Fortune International, which is marketing the project, said before the visitors left, the broker “asked if he brought 10 more friends in a month, would I respect the same pricing. I said, ‘Let’s see if I have units,’ and he was very excited.”

Defortuna said a Chinese visitor recently signed up for a pre-construction unit at the Jade Signature condominium in Sunny Isles Beach. The architect on that project, Herzog & De Meuron, is well known in China, since the firm also did the National Stadium for the Beijing 2008 Olympics, Defortuna said.

“They really have ‘woken up’ [to Miami] lately,” Defortuna said. “It’s something of a different buyer, a buyer that has been attracted to New York. Now it’s trickling down.’’

Others agree that Miami is now on Asians’ radar.

“Interest in Miami in general has elevated in Asia, and the awareness of Miami as an international gateway likewise has grown,’’ said Stephen Owens, president of Swire Properties Inc. That is the U.S. unit of Hong Kong-based Swire Properties Ltd., which is building Brickell CityCentre, a $1 billion undertaking that combines shopping, living, entertainment and work space that is expected to transform downtown Miami’s look and feel.

Swire recently doubled down on its Miami bet with its purchase of the 700 Brickell building, where it plans to develop another nearly $1 billion investment, an 80-story, mixed-use tower as phase two of the downtown overhaul.

“Interest from Asia in generally is up, but it’s also up from Canada and from within the United States,” Owens said. “So Miami’s dependence on Latin America [for investment] is changing.’’

Institutional projects such as Swire’s are, of course, distinct from individual home purchases that make up much of the fabric of international investment in Florida real estate.

Yet many locals see Swire’s presence — along with that of Genting, the Malaysian giant that acquired the former headquarters of the Miami Herald in 2011 and neighboring Omni property for redevelopment — drawing more Asian investment to the region.

“Money follows money,” said Alicia Cervera, managing director of Cervera Real Estate, a Miami brokerage that markets pre-construction luxury condominium projects for many developers. “We’re at a tipping point,” she said, with the widening of the Panama Canal and the deepening of Miami’s harbor to accommodate bigger ships, developments that will boost Asian focus on the region. “The missing piece of the puzzle is a direct flight.”

 

South Florida existing home prices up sharply in August

September 19th, 2013

BY MARTHA BRANNIGAN

MBRANNIGAN@MIAMIHERALD.COM

The peak summer home buying season kept sizzling during August.

The median price of a single-family home in Miami-Dade County leaped 20.5 percent in August to $235,000 from $195,000 a year earlier, according to the Miami Association of Realtors.

Single-family home sales rose 15.1 percent in Miami-Dade to 1,210 closings in August from 1,051 a year earlier, the Miami Realtors said.

The inventory of single-family homes listed for sale in Miami-Dade increased 3.1 percent, but amid strong demand, that level amounted to just a 4.9-month supply of homes on the market, down from a 5.7-month supply a year earlier.

Sales of Miami-Dade single-family homes dipped 1.4 percent in August from July, while the median price rose 2.2 percent month to month.

Miami-Dade’s condo market also continued its dramatic recovery in August. The median price of a Miami-Dade condominium rose 27.5 percent in August to $190,000 from $149,000 a year earlier and was up 5.6 percent from July’s median of $180,000.

Sales of Miami-Dade condos rose 7.9 percent in August to 1,592 units from 1,476 a year earlier and increased 3.5 percent from July’s level of 1,538 closings.

“The Miami real estate market continues to attract record numbers of domestic and international buyers and investors,” Natascha Tello, chairman of the Miami Realtors, said in a statement. “Such demand for Miami properties is driving robust price appreciation despite the fact that more properties are being listed for sale. Current levels of supply reflect a seller’s market, as more consumers are realizing it’s a good time to sell.”

 

The return of the cranes: Miami-Dade construction projects on the horizon in 2013

January 4th, 2013

Construction starts in Miami-Dade County posted strong gains in 2012 after a deep six-year slide. With a host of projects on the horizon, the local construction outlook for 2013 is cautiously optimistic.

Chris Gandolfo, senior vice president of development of Brickell CityCentre, stands on the Metromover platform at Eighth Street Station overlooking the construction site. EMILY MICHOT / MIAMI HERALD STAFF

Image 1 of 2

DEJA VU ALL OVER AGAIN

Residential projects under construction:

 

Project Address Units Floors
Bellini At Williams Island 4100 Island Blvd., Aventura 70 24
1100 MillecentoResidences 1100 South Miami Ave., Miami 382 42
BrickellHouse 1300 Brickell Bay Drive, Miami 374 46
MyBrickell 30 SE Sixth St., Miami 192 28
Oceana Key Biscayne 350 Ocean Drive, 154 15
Residences at Miami Beach Edition 2901 Collins Ave. 26 11
Chateau Beach 17451 Collins Ave. 84 35
Mansions At Acqualina 17749 Collins Ave. 79 46
Regalia 19505 Collins Ave. 39 43

 

Residential projects gearing up:

 

Project Address Units Floors
Saxony 3399 Collins Ave. 67 19
Porsche Design Tower 18555 Collins Ave. 132 57
ICON Bay 450 NE 28th St. 300 40
Palau at SunsetHarbour 1201 20th St. 50 5
Grove at Grand Bay 2669 S. Bayshore Dr. 97 96 20
4701 North Meridian 4701 N. Meridian Ave., MB 145* 10
Unique 17141 Collins Ave. 62 44
Jade Signature 16901 Collins Ave. 192 55
One Ocean 2 Ocean Drive, MB 50 7
400 Sunny Isles 400 Sunny Isles Blvd. 230 20
321 Ocean Drive 321 Ocean Drive.; N/A 9
Village At Island Estates 5000 Island Estates Drive 148 8
Peloro Miami Beach 6610 Indian Creek Drive 115 7
Marina Palms Yacht Club and Residences 17301 Biscayne Blvd. NMB 468 24
Echo Aventura 3250 NE 188th St. Aventura 190 11
Harbor Park 9901 E. Bay Harbor Dr. 20 9
Edgewater Apartments Condo 9821 E. Bay Harbor Dr. 41 9
Club At Bay Harbor 1025 92nd St. 42 8
Ivory 9261 E. Bay Harbor Dr. 41 8
Merrick Manor 4133 LeJeune Road, Coral Gables 180 10

 

Commercial projects under way (unless noted):

 

Project Address
Brickell CityCentre 701 S. Miami Ave and surrounding area
1400 Biscayne** 1400 Biscayne Blvd.
Miami DesignDistrict From NE 38th Street to NE 42nd Street and west of NE 2nd Ave
Dadeland Mall 7535 N Kendall Dr.

 

* Approximately 130 condos and 15 single-family homes

** Scheduled to break ground in mid-2013

Source: Condo Vultures/Miami Herald

 

BY MARTHA BRANNIGAN AND ELAINE WALKER

MBRANNIGAN@MIAMIHERALD.COM

The cranes are coming back to Miami.

The battered construction industry is going higher in the new year after showing strong signs of life in 2012. Will Miami feel more like Manhattan in a few years? It just might.

So far, there has been more talk than action, fewer shovels in the ground than grand announcements. Even so, construction is underway on a dozen new condominiums in Miami-Dade County — something that seemed beyond the realm of possibility not so long ago.

Commercial building is picking up, too, particularly in Miami’s hot new urban core.

The construction sector, which posted 62 consecutive months of job losses in Miami-Dade as of November 2012, is expected to finally begin adding jobs in 2013.

By far the centerpiece project to date is Brickell CityCentre, a $1.05 billion shopping and mixed-use project that broke ground in June 2012 and will span three blocks just west of Brickell Avenue to the south of the Miami River.

The 5-million-square-foot mega-project by developer Swire Properties will include a department store, luxury shops, restaurants, a hotel, office towers and condominiums. It is expected to be connected with bridges and covered walkways and to cement downtown Miami’s emerging image as a trendy place to work, live and play.

 

Chamber Panelists: Miami real estate is on the upswing

September 29th, 2012

With the real-estate debacle in the rear-view mirror, Miami real-estate professionals exuded optimism about Miami’s outlook at a chamber luncheon.

 BY MARTHA BRANNIGAN

There was no gloom, no doom and only a smidgen of caution at the Miami Beach Chamber of Commerce’s annual real estate luncheon at the W South Beach Hotel Friday.

“What a difference a year makes,’’ said Madeleine Romanello, a broker with One Sotheby’s International Realty in Miami Beach, who kicked off the luncheon event that drew a crowd of about 250.

While last year’s market was driven by foreclosures and short sales, Romanello said, a recovery in residential real estate is under way in South Florida amid a sharp drop in the inventory of homes for sale and a steady increase in prices.

Miami area home prices marked their ninth consecutive monthly increase in August, buoyed in part by robust international demand, Teresa King Kinney, chief executive officer of the Miami Association of Realtors, told the gathering.

Nearly one in three international transactions in Florida — the No. 1 state for international buyers — happen in Miami and Miami Beach, said King Kinney.