The Block Team Miami Beach Archives - The Block Team The Block Team


Posts Tagged ‘The Block Team Miami Beach’

Portofino Tower 3402 Sold to our Buyer!!

September 26th, 2018

Aerial view Portofino TowerAerial view Portofino Tower

We just had our most recent $2,000,000+ sale. This time to our buyer at the Portofino Tower in the South of 5th neighborhood of South Beach.  The Portofino Tower is a luxury landmark in South Beach that has some of the most amazing views in all of Miami Beach.

SOLD Akoya Unit 3001 for Best Price in 2018 & Apogee Beach Unit 1603 Sold to our Buyer

May 23rd, 2018

Two sales for over 1.5 million in two days. One was our Listing in the Akoya unit 3001 which sold for the Highest in the price building per square foot in 2018. The other was Apogee Beach 1603 which was Sold to our Buyer who paid the Lowest price per square foot in 2018. As the old saying goes buy low and sell high!

MIami Beach Condos with Beach Views 

We want to welcome more Brokers to our global the family

January 26th, 2018

We would like to welcome the following Brokers to the family through Keyes partnerships with LEADING REAL ESTATE COMPANIES OF THE WORLD. “We are Local and we are Global.” 
 
UNITED STATES
Montgomery, New York
Kalispell, Montana
Manchester, Massachusetts
Sun Valley, Idaho
 
 
INTERNATIONAL
Zug, Switzerland
Makati City, Philippines
 
Leading Real Estate Companies of the World is currently made up of 565 companies with 4100 offices located in 65 countries around with 130,000 agents who want to help meet your Real Estate needs! 

 

Star architects’ dazzling condos are snagging big bucks. But so are towers by Miami’s best.

March 6th, 2017

BY ANDRES VIGLUCCI
aviglucci@miamiherald.com
The property is spectacular, 300 feet of oceanfront in Sunny Isles Beach. But when luxury condo developer Edgardo Defortuna acquired it, Sunny Isles was awash in deluxe new towers. Defortuna needed something special to outshine the competition.

He needed a star architect.

And so Defortuna found himself one day in Basel, Switzerland, at the studio of Jacques Herzog and Pierre de Meuron, the brainy architects famous for their austere virtuosity and, in Miami, for their singular designs for the Pérez Art Museum Miami and the origami-like parking garage at 1111 Lincoln Road. Defortuna was not sure what to expect, but their pitch bowled him over.

The architects presented a scale model of a conceptual design that pushed some inventive notions: They proposed tapering the tower and planting it an angle to the shoreline, so that the building would not block the afternoon sun on the beach. And they wanted to bury all parking underground, a costly and mostly untested idea so close to the shore. Instead of blocking beach views with a garage podium, the architects wanted the lobby to open up directly at ground level to the pool and the sea just beyond, a romantic throwback to the classic Miami Beach hotels of the mid-20th century.

Defortuna thus became one of the first Miami condo developers to turn to that rarefied rank of international architects whose fame sometimes approaches celebrity — but whose fees and high-flying creative impulses inflate construction budgets — to tackle that most prosaic of Miami housing types, the high-rise condo.

Defortuna’s Jade Signature, now under construction, is just one of around a dozen ultra-luxury condo projects in Miami-Dade that bear the imprimatur of a celebrated architect. Other developers have turned to such notables as the late Zaha Hadid, Rem Koolhaas’ Office for Metropolitan Architecture, Norman Foster and Jean Nouvel, all of them winners of the Pritzker Prize, the profession’s top honor.

But along with the big names come big egos, bigger construction price tags and, sometimes, big headaches, leading some skeptics to wonder: Are the “starchitects” worth their salt? Does architectural fame really help sell an extravagantly priced new condo?
For Defortuna, the gamble has paid off. The 192-unit Jade Signature was markedly more expensive to build than a comparable luxury condo, as much as 20 percent more, he said. That’s mainly because of the underground garage, which cost double what an above-ground structure would have. Other expensive elements include cantilevered balconies and exterior support columns in varying, undulating shapes that define the tower’s architecture, he said.

Sales have exceeded even his immodest target of $1,300 a square foot and, with just 12 units left, are averaging $1,500 per square foot even as the market slows down, he said.

“If you ask me, would I do it again? I would do it again in a second,” Defortuna said of hiring star-quality architects. “It’s hard to put a dollar value to what they bring. This experience has been very rewarding. I am 100 percent sure people are going to love living there.

“And that’s eventually what it’s all about. This is not a monument, this is a place you will be living in.”

$3,974 The price per square foot that units in the first star architect condo to open for occupancy in this cycle, Foster + Partner’s beachfront Faena House in mid-Miami Beach, sold for, according to recorded sales figures compiled by CraneSpotters.com.
But it’s also a commercial enterprise, and in a hyper-competitive luxury market, star architects, and the high-concept design flourishes they bring to a project, can provide an edge that draws wealthy buyers and puts a project over.

Interviews with developers like Defortuna and a review of recorded and reported sales in the current cycle suggest that edge is real, with some qualifications. The figures suggest a clear price premium for condo projects now in sales that were designed by renown architects over much — but by no means all — of their more-conventional high-end competition.

Units in the first star architect condo to open for occupancy in this cycle, Foster + Partner’s beachfront Faena House in mid-Miami Beach, sold for a mind-boggling $3,974 a square foot, according to recorded sales figures compiled by CraneSpotters.com.

That far outstrips the already-lavish $1,009 per square foot attained more recently at Terra Group’s Grove at Grand Bay in Coconut Grove by young Danish superstar Bjarke Ingels, or the even more bountiful average of around $1,500 per square foot reported by Jade Signature and Hadid’s One Thousand Museum in downtown Miami.

Those latter figures easily outdo CraneSpotters’ average new condo sales east of Interstate 95, at $896 per square foot. They also outpace the prices garnered by competitors such as Echo Aventura, designed by the well-known if perhaps not star-level architect Carlos Ott, which sold for $699 a square foot, or the Reach and Rise towers at Brickell CityCentre, designed by Miami-based luminaries Arquitectonica, which sold for $699 and $735 a square foot, respectively.

But the Pritzker laureates hardly have the high end all to themselves.

In fact, luxury condo projects by some solid, even stellar locally based architects like Arquitectonica or unhyped Sieger Suarez Architectural Partnership often match, and even exceed, the prices commanded by most of the star-architect condos, the review shows. Some of those top prices seem determined in large part by that old real-estate saw — location, location. And some have seen boosts by association with classic brands with a strong international following, such as Ritz-Carlton.

It turns out that the selection of an architect is only one element in a complex formula that determines sales success for a luxury condo.

Look no farther than Château Group-Defortuna’s Ritz-Carlton residential project in Sunny Isles, on the same beachfront as Jade Signature. Designed by Arquitectonica — an international behemoth that is globally renowned, but unlike most star architects, routinely designs mid-market projects as well — the tower is commanding close to $1,600 per square foot, though the units are smaller than those at Jade Signature, Defortuna said.

Defortuna attributes its appeal to “Ritz-Carlton junkies” who appreciate the brand’s attention to detail, as well as a dazzling design by Arquitectonica’s principal, Bernardo Fort-Brescia, who beat two other firms in a competition for the job.

“There is a perfect architect for every project, if you know what you need,” Defortuna said. “Bernardo really hit it out of the park. Some luxury buyers will be drawn to the architecture and the name, and others recognize the beauty of the buildings, or just like the brand. We’ve tried to cover the entire spectrum.”

Other new Arquitectonica designs are also top performers, the CraneSpotters list shows: Units at Regalia, in Sunny Isles Beach, sold for $1,616 a square foot; at Oceana Bal Harbour at $1,849 a square foot; and at Fendi Château, also in Sunny Isles, at $1,676 a square foot.

Equally or even more-stellar results came from smaller, boutique projects in Miami Beach’s hotter-than-hot South of Fifth neighborhood, in part because of their cozy exclusivity. Terra Group’s Glass, designed by prominent Miami architect Rene Gonzalez, sold out its 10 units at $2,302 a square foot. Nearby, Aria Development’s 321 Ocean, by Mexican star architect Enrique Norten, with just 21 units, has sold at $1,721 a square foot.

Then there’s the newest wrinkle in Miami’s luxury condo market: Branding projects with famous names from the worlds of fashion, product and automobile design, such as Fendi, Missoni and Armani. The interiors of the Missoni Baia tower, in Miami’s Edgewater neighborhood, will incorporate the Italian house’s colorfully patterned designs and furniture. At the Armani/Casa tower in Sunny Isles Beach, every fixture has been designed by the firm, “down to the faucets and the bathtubs,” said Carlos Rosso, president of developer Related Group’s condo division.

Dezer Development’s Porsche Design Tower, by Sieger Suarez, features innovative elevators that lift your car into your living space, and units there have sold for an average $1,658 a square foot, according to CraneSpotters — never mind that the critics have not exactly swooned over its architecture.

ArchDaily.com, an architecture website, called the Porsche tower the most significant new tower in Miami after Hadid’s One-Thousand Museum because of its “Dezervators.” But it also called its architecture “chunky” and “disappointingly nondescript,” especially in comparison to Hadid’s “stunning” design.

But that goes to show that in the Miami market the architecture and the architect’s name are less significant than other factors, said Peter Zaleswki, president of Condo Vultures, which compiles the CraneSpotters list.

“A condo is a condo,” Zalewski said. “It’s concrete, rebar and air space. The only thing that really differentiates them is view, amenities and maintenance fee. Buyers want functionality.”

Local developers began turning to big architectural names at the beginning of the cycle in 2011, when they needed a lure to persuade buyers to put down 50 percent deposits, a tactic designed to avoid another speculative bubble, he said.

“The only way you could get someone to put 50 percent down was to offer something distinct and unique, and to try to build up this idea that an architect would add value, like a Picasso or a Jackson Pollock,” Zalewski said.

THE NEWEST WRINKLE IN MIAMI’S LUXURY CONDO MARKET: BRANDING PROJECTS WITH FAMOUS NAMES FROM THE WORLDS OF FASHION, PRODUCT AND AUTOMOBILE DESIGN, SUCH AS FENDI, MISSONI AND ARMANI.

That name-brand architecture has been a particularly strong selling point with European buyers, though not so much with American or South American customers, said Manuel Grosskopf, principal of Chateau Group, which has relied on Arquitectonica and Miami architect Kobi Karp for its three local projects.

But Zalewski wagers that once units in star-architect condos are resold, the price premium will begin to vanish, since they’re traded largely as commodities based on market value.

In fact, Related’s Rosso points out, units in one of the luxury projects the firm built in the previous cycle, Apogee in the South of Fifth neighborhood, designed by Sieger Suarez, routinely re-sell for three times what One-Thousand Museum is getting. The UrbanResource.com website puts the average current asking price in the building at $3,478 per square foot.

“What does that mean in relation to the architect? Nothing,” Rosso said, stressing that the building’s design is first-rate. “It means in that location, it commands a lot. It’s all in the timing and the quality and what you ask the architect to do. It’s not always the name of the architect” that commands top dollar.

Related, Miami’s dominant condo developer, turns to Arquitectonica so often that the firm is virtually the house designer. It has used star architects in only a handful of instances, when partners wanted it.

THERE IS A PERFECT ARCHITECT FOR EVERY PROJECT, IF YOU KNOW WHAT YOU NEED.
Luxury condo developer Edgardo Defortuna

To win over Giorgio Armani to design the interiors for a Sunny Isles tower, Rosso said, Related had to enlist veteran star Cesar Pelli, also designer of the Arsht Center. And Terra Group, Related’s partner in Park Grove, chose Koolhaas’s OMA to design the three-tower condo in Coconut Grove after running a public competition featuring a handful of the profession’s biggest names.

Those high-level architects, Rosso said, constantly push the conceptual envelope.

“It’s a very interesting clash,” he said with a laugh. “We want them to surprise us with something that is new. Then we have to bring them back to reality.”

A tour of the first two Park Grove towers now under construction demonstrates how architects of the caliber of OMA can bring something superlative in conception and execution to a project. Inspired by the surrounding Grove, the design of the tower and its flowing podium takes on sinous organic shapes in concrete that flow in and out of lobbies and common spaces. One dramatic gesture: a sunken amphitheater on the amenity deck that doubles as a light well for a vast lobby. Rosso says OMA insisted on the amphitheater.

“They were sort of adamant. But this is what makes this space magical. These are museum-quality spaces,” Rosso said, adding that the deck and common spaces “cost a fortune.”

The stars’ schemes are often sensational: Ingel’s twin twisting towers next door at Grove at Grand Bay. Hadid’s alien-like exoskeleton at One-Thousand Museum. Jean Nouvel’s jungle-in-a-lagoon design for a boutique mid-rise condo on Biscayne Bay in Miami Beach.

The costs, developers say, can be daunting.

At One-Thousand Museum, the swooping exterior superstructure that Hadid designed required contractors to devise an innovative construction approach and cost twice what a conventional structure would have, said co-developer Louis Birdman. But the development team figured they needed someone like Hadid, who had not built in Miami previously, to make the most of their site opposite Museum Park. They got all they bargained for: a helipad at the top, and a glassed-in swimming pool and spa suspended near the tower’s top.

To make up for the additional cost, the developers opted for a few very large units, just 83 in a 62-story tower, that would command premium prices in spite of the downtown location. The smallest unit is 4,600 square feet and, because the exoskeleton eliminates the need for interior columns, feels even bigger.

“There really is no competition for that project,” Birdman said. “We didn’t want to be one of 10 very similar projects.”

Given the high costs, the high sales values don’t translate into profit margins significantly larger than they otherwise would have been, Birdman noted. But there were other advantages — for instance, in marketing and speed of sales, he said.

Because Hadid, as the world’s only superstar architect, had an especially devoted following, her name proved magical, Birdman said. There was free publicity in the form of news reports around the world. Buyers came from countries where the developers had not even thought to market the project, like Norway, Finland and Turkey, he said.

“They were attracted to the project because of Zaha. That’s what brought them in the door,” Birdman said. “It’s hard to put a value on what that added. ”

There are even more star-quality projects about to break ground. Terra Group has hired its third celebrated architect, Pritzker winner Renzo Piano, for a beachfront condo in North Beach. Work is about to start on New York-based JDS Development Group’s Monad Terrace, by the Frenchman Nouvel, along West Avenue.

JDS principal Simon Koster said his team chose Nouvel because the site seemed to demand the qualities the architect is known for — the transparency of his designs, the way he plays with natural light, and his ability to fuse nature and an urban setting. That level of design, he said, appeals to the discerning clientele they’re aiming for, even if the buyers don’t necessarily know Nouvel from Koolhaas or Frank Lloyd Wright.

“It’s not about a nicer bathroom or a nicer kitchen,” Koster said. “It’s about being a whole lot more thoughtful about the experience. It’s all about the views back over the bay to downtown, and across South Beach to the ocean. Water, reflections and light — there’s not that many architects around the world who have his level of execution in bringing all those factors together. We wanted someone who would absolutely nail it.”

But is the starchitect blush starting to wear off? Zalewski and other observers think it might be, noting the turn to fashion designers with even bigger worldwide followings than those of star architects.

When Related and Dezer brought in Pelli to work on their Armani/Casa condo collaboration, there was little doubt who the headliner would be.

In the project’s own website, Pelli, the architect of the twin Petronas Towers in Malaysia, until a decade ago the tallest in the world, takes second billing. His name is right under Armani’s, in small print.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article136321228.html#storylink=cpy

2017 is a good year to buy luxury real estate in South Florida, experts say

February 27th, 2017

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article134843889.html#storylink=cpy

 

BY CHABELI HERRERA

cherrera@miamiherald.com

It’s a good year to snatch up some luxury real estate.

According to ONE Sotheby’s International Realty’s year-end report, 2017 will be a buyers market thanks to an abundance of luxury options available. Sellers are expected to reduce their prices, particularly in the $1 million to $5 million range.

That is thanks in part to the end of the election season and an increase in consumer confidence, said Anthony Graziano, senior managing director for Integra Realty Resources — Miami/Palm Beach, which produced the report.

“I think a lot of people delayed purchasing decisions, waiting to see what was going to happen in the economy and the election and everything else,” Graziano said.

I THINK A LOT OF PEOPLE DELAYED PURCHASING DECISIONS WAITING TO SEE WHAT WAS GOING TO HAPPEN IN THE ECONOMY AND THE ELECTION AND EVERYTHING ELSE.
Anthony Graziano, senior managing director for Integra Realty Resources —Miami/Palm Beach, which produced the report.

In 2016, Miami-Dade County had 36 percent more single-family homes available in the $1 to $5 million range than in 2012, according to the report. The number of single-family homes in that range was up nearly 25 percent in 2015 over 2012, while prices were lower by 3.5 percent.

“Most of that product tends to be on the waterfront, and as a result, the waterfront pricing took a hit because there is more inventory,” Graziano said.

Miami-Dade prices for non-waterfront properties, both single-family homes and condos, rose in 2016 by 9 percent, he said.

This year, the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, the report said, forcing sellers for higher-priced homes to bring down their prices.
REAL ESTATE
How to Buy a Home Now in South Florida
Brickell, downtown Miami, Edgewater and Midtown continue to lead the market, with almost 60 percent of all new units being delivered in 2017 and 2018, the report said. After 2018, Sotheby’s predicts a shift in new units to Miami Beach, Sunny Isles and Hollywood Beach, followed by a smaller number of boutique units in South Beach, Miami Beach and Surfside.

Also incentivizing buyers this year is the specter of higher interest rates, which are expected to increase twice in 2017.

“If interest rates are continuing to go up and the market senses that, that’s going to bring people up from the sidelines to buy at this price and lock in my interest rate for five to six years,” Graziano said.

In the condo sector, a slowdown of buyers from Latin America is expected to continue, while domestic buyers and those from Canada and Europe are expected to increase.

“Remarkably, the Miami brand continues to sell worldwide, and long-term trends indicate no reversal in Miami’s fortune as the dominant gateway city along with NYC and San Francisco,” the report said.

Still, the overall condo market is expected to remain choppy. The loss of Latin American buyers will drop waterfront condo prices by another 5 to 8 percent. Non-waterfront condos are expected to drop their prices by 3 percent, making it a good time to buy a resale condo in Miami

But new units are projected to maintain or increase prices.

In Broward County, the single-family-home market is expected to continue its growth from 2016. Broward homes, in large part because of their value, are priced 30 to 50 percent less expensive than comparable homes in Miami-Dade, the report said.

The condo market will benefit from an influx in domestic retirees that will snatch up properties in Broward, instead of Miami-Dade, because the dollar stretches farther, Graziano said.

“People make housing choices and say, ‘You know what? I’m going to go here,’ ” Graziano said. “They don’t have to move to Miami. For them, this is their retirement home, so more people are looking at Broward as an alternative.”

A positive economy — Florida was one of four states in 2016 with 3 percent employment gains — is likely to drive the region to a successful 2017, the report predicts.

“I personally think 2017 is going to be a better overall year [than 2016]” Graziano said.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article134843889.html#storylink=cpy

Miami Beach looks to North Beach as its next development frontier

April 26th, 2016

An evolving master plan explores upzoning and a new town center

April 25, 2016 11:15AM
By James Teeple

North Beach (Photography by Marc Averette)

North Beach (Photography by Marc Averette)

It’s record-setting time on Miami Beach. Hedge fund honchos and Russian billionaires are paying an average of $3,130 per square foot for new condominiums at the Faena House on Collins Avenue in South Beach. Just four blocks down the street at the posh Residences at the Miami Beach Edition, buyers can pay an average of $3,020 per square foot for a unit in the 18-story tower.

A couple of miles away, the GLASS condo tower at 120 Ocean Drive has sold out. All of its 10 super-luxury units were gone in a flash for an average price of about $2,300 per square foot. And just to the north at the 321 Ocean project, buyers are getting a relative bargain, paying about $1,720 per square foot for oceanfront units. 

But while the South Beach and Mid-Beach neighborhoods are sizzling with new condo and hotel projects seemingly going up overnight, there’s one part of the resort city that has been left out of the boom: North Beach, the faded home to scores of low-rise Miami Modern buildings, quiet gated single-family properties and the dowdy main drag of 71st Street, where you can’t find a Starbucks. North Beach, which stretches from 63rd Street to 87th Street and westward to Biscayne Bay, is a relic of a less affluent time while South Beach and Mid-Beach have exploded in recent years.

Supporters: Jason-King and Jeff-Oris

Jason-King-Jeff-Oris

Jeff Oris, Economic Development Division director in the city’s Office of Tourism, Cultural and Economic Development, said that while North Beach has largely remained “stagnant” over the past 20 to 30 years, a growing number of people are now searching for opportunities to buy and build there.

“There are real estate investors that are looking and starting to assemble land, kind of waiting to see what the city is going to do, as well as waiting for that pioneer who comes in and does the first project to show that it can be done,” he said.

Oris spoke during a week-long charrette, or design workshop, held in mid-February at the city-owned Byron Carlyle Theater on 71st Street. The event was hosted by the city and Dover Kohl & Partners, which Miami Beach hired to develop a master plan for its North Beach neighborhood. 

The master plan arose out of Mayor Philip Levine’s Blue Ribbon Panel on North Beach, which was convened in 2014, but it was fast-tracked this year after plans to develop the Ocean Terrace historic district, between 73rd Street and 75th Street, were put on hold in a contentious election last November when voters rejected an increase in floor area ratio (FAR) for the area. Voter approval is required for any upzoning changes involving a FAR increase on Miami Beach, and the vote bitterly divided the residents of North Beach.

Supporters of the upzoning said the project would have revitalized what they describe as a blighted area. Richard Hull, president of the Normandy Shores Homeowners Association, said he believes the majority of North Beach residents supported the FAR increase.

“Four of the eight precincts in North Beach voted for it, and if it had just stayed with North Beach residents we probably would have passed it,” he told The Real Deal. “The ‘no‘ side really pushed the fear factor, saying our beaches were going to be taken away and shadows were going to be cast and that it was a rich person’s development.” 

Kirk Paskal, who owns a fourplex along one of the several canals that cut through North Beach, has helped lead the local opposition to the FAR increase. He disputes any characterizations of his neighborhood as “blighted,” noting that crime in the area is low compared to other parts of Miami Beach, and said “the community is engaged” when it comes to keeping development at bay.

“We value that character and we value that history and we want to see that protected,” Paskal said.

And Nancy Liebman, a preservationist who helped lead the fight to save hundreds of Art Deco buildings in South Beach 30 years ago, said the “no” vote was a clear signal from the community.

“It was a loud message that people who live in the city are fed up with overdevelopment,” she told TRD. “They see it in their daily lives, they see it in the congestion that goes on, and it was a clear mandate to stop the overdevelopment and stop trying to raise the floor area ratio to make bigger and bigger buildings.”

With those divisions in mind, Oris said the city was committed to listening to the public when it comes to North Beach and the charrette was designed for that purpose. “Our best job is to get people out to say ‘what do you want your North Beach to be,’ and ultimately when we have a plan we want it to be the community’s plan,” he said.

Kirk-Paskal

Critic: Kirk Paskal

Jason King, a principal with Dover Kohl and project director for the North Beach master plan, said interest in the workshop was overwhelming, with more than 800 people visiting the design studio over the course of the week-long event. What emerged, he noted, was a “willingness to hear different sides and come up with compromises and consensus in the community.” 

“We were worried coming in after a very controversial public referendum that this was going to be a community too polarized for us to find consensus issues to address,” King said. “That hasn’t been the case at all.” 

An informal poll of residents conducted at the conclusion of the charrette found that creating a Town Center along 71st Street was a top priority. An economic analysis prepared by Miami-based Goodkin Consulting, which does market research for real estate clients around the world, said turning the main drag into a pedestrian- and bike-friendly neighborhood with retail and restaurants in mixed-use buildings would attract the two key demographic groups that could benefit the area: young millennials and baby boomers. 

Jack Winston, a principal with Goodkin consulting, said the city should consider changing height restrictions along 71st Street to a “suggested height” of 12 stories, or 125 feet, and increasing FAR from the current 2.75 to 3.5.

“What we are proposing is not only to live there but to live right on top of retail space in residential units so we have mixed-use buildings with perhaps office or retail on ground level but everything above is residential,” he said. 

Winston said that while there could be opposition to increasing height and FAR in the area, one solution could be to use Transfer of Development Rights (TDRs) — which allow owners of designated historic properties to sell unused development rights to another property — to increase height limits and density for areas in a proposed town center.

Paskal said that while a “TDR program was something that could possibly be embraced” as part of a town center proposal, he and others in the neighborhood have concerns about whether greater density would bring problems like increased traffic. The neighbor activist remains opposed to increasing FAR in the residential parts of North Beach, he said.

But developer Matis Cohen, who over the past few years has bought about 30 mostly low-rise residential buildings to North Beach, said it’s going to be difficult to revitalize the neighborhood without allowing some upzoning in the area.

North-Beach-71st-Street

The North Beach master plan calls for a new town center along 71st Street.

“Right now it doesn’t make financial sense to build anything with the current FAR and that is why you see no buildings built between 2007 and today, not one building has been built in North Beach,” Cohen said. “There is a reason for it because it is just too difficult and costly.”

Cohen, who made it clear that he “didn’t come to North Beach to buy something, sell it and walk away,” added that minor changes to FAR would allow developers to build the type of housing that would attract professionals with families to the area. He said nearly 90 percent of the rental buildings in North Beach are studios or one-bedrooms, which are too small for today’s market, he added.

“We don’t have the product to offer them, taking into consideration the beautiful atmosphere we have,” the local developer said. “If you went to seven stories, that’s 70 feet, which has been approved all over the city, you could have rooftop gardens. This is the place were we can become the poster child for what it’s like to live in an urban core and be an example for the world.”

Cohen added that with FEMA standards for Base Flood Elevation soon to be raised to an average of 11 feet, many of the old buildings in North Beach will soon be rendered uninsurable. 

“None of these buildings can make it,” he said. “They were built for vacation-style living and the buildings are much smaller than you find in South Beach

– See more at: http://therealdeal.com/miami/issues_articles/miami-beach-looks-to-north-beach-as-its-next-development-frontier/#sthash.YUa4iFcv.dpuf

The Block Team Ranked #1 In Miami Beach!

March 3rd, 2016

We are very happy to be ranked #1 in the Keyes Company, Miami Beach office for closed business and #4 company wideout of over 2300 associates. The Keyes Company is the larges family owned real estate company in Florida and was founded in 1926. The Keyes Company is the 2nd Largest Brokerage in Miami-Dade and was ranked as the 31st Best Real Estate Company in the Nation. Keyes has over 35 branch offices located throughout Miami-Dade, Broward, Palm Beach, Martin, St. Luice and Volusia counties.

Block Listing Minibook Cover

 

 

 

 

Miami home sales in June set 10-year record

July 23rd, 2015

Median price for homes grew almost 15% in June, year-over-year, to $280,000

Home sales in Miami scored a small victory last month, setting a new volume record for the past 10 years. June saw a total of 1,390 homes sold in the Miami market, an increase of 8.6 percent year-over year, and an increase of 80 homes from the previous record that was set in June 2005. The Miami Association of Realtors said in a release that this was the highest amount of homes sold in a single month in Miami’s history. So far this year, 7,100 single-family homes have been sold. The association said at this pace, the metropolitan area will also break its annual record of 13,521 sales that was set last year. The median price for homes grew almost 15 percent in June, compared to the same month last year. It now stands at $280,000, up from $243,700.

“The Miami real estate market continued its upward trend with a strong June,” Christopher Zoller, the the Miami Association of Realtors’ 2015 residential president, said in a statement. “Not only did sales increase year-over-year for both single-family homes and existing condominiums, but median sales prices also rose. An improving jobs market, historic low mortgages rates, and Miami’s reputation as a world-class global city continue to attract domestic and international home buyers who want to live, work, and play in one of America’s most dynamic areas.” Despite this increase in sales activity, recent analyses have hinted at a slowdown in the market. Prices have ballooned due to consistent demand and a shrinking supply of houses for sale. On the flip side, Miami’s supply of condos has dramatically increased and the volume of sales has begun to ebb. Industry members like EWM’s Ron Shuffield have said these factors will likely not cause the kind of stagnation Miami experienced in the mid-2000s, but vigilance in the market will become increasingly important. — Sean Stewart-Muniz – See more at: http://therealdeal.com/miami/blog/2015/07/22/miami-home-sales-in-june-set-10-year-record/?utm_source=rss&utm_medium=rss&utm_campaign=miami-home-sales-in-june-set-10-year-record#sthash.fbAF1WiX.dpuf

South Florida sees third-highest annual home price growth in nation

April 29th, 2015

BY NICHOLAS NEHAMASNNEHAMAS@MIAMIHERALD.COM
04/28/2015 11:53 AM 04/28/2015 6:34 PM

 

A strong economy and an influx of new residents meant higher home prices in South Florida over the past year.

The resale value of single-family homes in Miami-Dade, Broward and Palm Beach counties grew 9.2 percent in February over the same month in 2014. Only Denver (10 percent) and San Francisco (9.8 percent) saw bigger annual gains.

Nationwide, home prices grew 4.2 percent over the year.

Those numbers come from a closely watched market barometer, the S&P/Case-Shiller Home Price Indices, which measure home prices around the country and are released on a two-month lag.

“In order for people to move into a second home, we need first-time home buyers to come into the market,” said Bill Banfield, a vice president at the mortgage lender Quicken Loans. “If the jobs being created for younger people don’t have sufficient wages, you’re going to end up with buyers priced out of the market and reluctant to purchase a home.”

As in recent reports, South Florida’s monthly price gains remain slightly less rampant after warp-speed increases post-recession. Analysts say the slow and steady growth is a sign of a healthy market, not a cause for concern.

Between January and February, home values in the Tri-County area grew at a seasonally adjusted rate of 1.1 percent. That was solidly in the middle of the pack compared with the 20 major metropolitan areas measured by the report. San Francisco (3.3 percent), Denver (2.2 percent), Los Angeles (1.6 percent) and Minneapolis (1.6 percent) led the way in terms of monthly growth.

One factor dragging on Miami’s growth: a stubbornly high rate of “distressed” sales, which include foreclosures and short sales. Short sales occur when the seller owes more on a home mortgage than the house is worth. Both usually sell at steep discounts to traditional home sales.

“Investors and others looking to take advantage of bargains were driving up home values in Miami and South Florida,” said Kwame Donaldson, an economist at Moody’s Analytics. “Now that those bargains are growing more rare, we’re seeing less price appreciation. This is a return to a normal market.”

Miami-Dade County led the nation in distressed sales in February, according to a recent report from the property analytics firm CoreLogic, with more than 24 percent of local home sales in February considered distressed. That’s way down from 2009, when one in two Miami-Dade home sales were distressed sales, but the dial has scarcely moved since last year.

Florida’s housing market was hit harder than most other states during the financial crisis, and its court system has struggled to keep up with the pace of foreclosures. Distressed sales accounted for 22 percent of the state’s total home sales in February.

Foreclosures and short sales made up 13.5 percent of home sales nationwide.

“The judicial wheels have stalled in Florida,” Donaldson said.

INFORMATION FROM THE ASSOCIATED PRESS WAS USED IN THIS REPORT.

Home values across the nation

Prices for single-family homes in Miami rose 9.2 percent in February 2015 over February 2014 — the third-fastest rate of growth in the nation.

City

Rank

Increase from Feb. 2014

Denver

1

10 percent

San Francisco

2

9.8 percent

Miami

3

9.2 percent

Dallas

4

8.6 percent

Seattle

5

7.1 percent

Portland

6

7.1 percent

Tampa

7

6.9 percent

Los Angeles

8

5.8 percent

Las Vegas

9

5.8 percent

Atlanta

10

5.6 percent

National

4.2 percent

SOURCE: S&P/Case-Shiller Home Price Indices
Read more here: http://www.miamiherald.com/news/business/article19800501.html#storylink=cpy

In $10 million home sales, Miami Beach a leader

April 22nd, 2015

http://www.miamitodaynews.com/2015/04/22/in-10-million-home-sales-miami-beach-a-leader/

Written by Susan Danseyar on April 22, 2015
Miami Beach is in impressive company among the nation’s top cities for luxury home sales, third highest for sales of $10 million and over.

Miami and the Beach have high rankings in The Previews Luxury Market Report for 2015, released by Coldwell Banker on Tuesday, which lists the top 20 US cities’ property listings and sales in three price points: beginning at $1 million, $5 million and over and $10 million.

In 2014, Miami had 967 closed sales for properties $1 million and over, ninth on the list just behind San Diego (976 sales) and above cities including Santa Barbara (673 sales), Newport Beach (611 sales) and Honolulu (591 sales). Miami Beach, number 14 in this category, had 704 sales.

For properties $5 million and over, Miami Beach was fourth with 89 sales compared to New York City (182 sales) at the top of the list and and above San Francisco (64 sales) and Malibu (48 sales).

There were 26 sales in Miami Beach for properties $10 million and over, behind Beverly Hills (35 sales) and New York (56 sales). Miami Beach, third on the list, had more sales in this category than Los Angeles (26), Malibu (14) and San Francisco (7).

North Miami Beach, in zip code 33169, had the third highest number of active home listings for $1 million and over (460), behind New York’s zip code 10022 (465) and Park City’s zip code 84060 (611). Miami Beach’s zip code 33139 was fifth in this category with 355 listings.

For properties $5 million and over, Miami Beach’s zip code 33139 had 115 compared with 143 in Park City’s 84060, top of the list, and above Vail’s 81657 (69) and Beverly Hills’ 90210 (68).

In the highest category of $10 million and over, Miami Beach in zip code 33139 was ninth on the list (44 listings) compared with New York’s zip code 10023 at 84, top of the list, and Malibu’s zip code 90265 at 26, bottom of the list.

According to the report, the demographics are changing in the luxury housing market. “Many wealthy homebuyers have historically looked to leisure-rich spots like Hawaii, Florida and Arizona for second homes, or waited until they were finished working to make a move,” the report states.”That’s changing, with recent trends suggesting that younger homebuyers are not waiting until they retire to put down roots in places where they would love to live.”

Technology and ease of travel are rapidly transforming the workplace for wealthy professionals, the report states, creating flexibility in terms of work locations and the ability to choose where they want to live. “Millennials have come of age in this kind of environment and are accustomed to the idea of striking a work-life balance that meets their personal needs. As they achieve more wealth, their live-anywhere attitudes are likely to become more of a force in luxury real estate.”

According to the Previews Luxury Institute millionaire survey, 73% of those under 35 say that they expect to buy a home in the next 12 months, compared to 49% of 35- to 44-year-olds and 26% of 45- to 64-year-olds. Just 11% of millionaires 65 and over say that they’re planning a purchase.

The report cites homebuyer surveys and the accounts of local realtors, stating they confirm ultra high-net worth individuals are highly mobile and flocking in growing numbers to areas once pegged as resort or second-home markets, as advances in technology, transportation and communication enable a “live anywhere” working-age population.

Florida, the report states, has a favorable tax environment that’s attracting live-anywhere high net-worth homebuyers, particularly those coming from the Northeast.

“The taxes on inheritance and estates are very high in some states, like New Jersey,” said Clark Toole, president of Coldwell Banker Residential Real Estate in Florida. “Florida is one of the most attractive places to live from a tax perspective, so we get quite a few people who decide to live here for at least six months and a day each year. People are saying ‘I want this money to go to my kids instead of to pay taxes.’”