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With the projection of Resorts World Miami, Miami's SkyRise and the Wordcenter, Miami is soon becoming a "Global City". With this expansion comes higher home prices and increased rent. According to local experts, Miami may not have enough inventory to cover the the upcoming demand.
Thinks $3100 for a small two bedroom apartment is too much? You may soon be paying upwards of $3.50 a foot just for rent in downtown Miami.
Local experts project that rents will hit $3.25 within the next six months as they are already $2.25 to $2.50 per square foot. This sticker shock might be a steeper rise from the current levels but the median price for a downtown Miami rental is a $2650 based on apartments of 1100 ft.² and up. With new expansions and more building happening in the downtown area, real estate will come at a steep price and this goes for rents and parking as well. They will continue to go up as the economy recovers according to certain real estate condo division groups and developers.
In addition, the influx of people moving to South Florida in addition to millennial's refusing to live in suburbs, will create a high rental demand, potentially beyond supply. Because of this dynamic, rental properties will naturally increase and investors may find themselves scrambling to even find properties to invest in.
Over the last real estate boom in the Miami area, developers and architects have built 84 new condo towers and more than 22,000 units. However, the income of many Miami residents also must rise considerably to afford these rents and currently a rent of $3000 per month is considered unaffordable for household making less than $120,000 per year. Some of Miami's most desirable neighborhoods have a current median income of just $53,000-$78,000 respectively.
White-collar employment and income growth is happening in South Florida but perhaps not as fast as it will need to be to maintain this type of real estate push. The target demographic will have to be more specific to those working in the downtown area, but with the added jobs and construction projected over the next 2 to 3 years, the need for more downtown residencies will also increase. [Source]
The Venetian Islands and Islands of Biscayne Bay Between Miami and Miami Beach
These Venetian Islands are not in the Italian city of Venice but actually are located in Biscayne Bay between Miami and Miami Beach Florida. This system of artificial islands are connected by bridges from Miami to Miami Beach.
The Venetian Islands project was created in 1925 by a series of arch drawbridges named the Venetian Causeway. This popular stretch is perfect for joggers, bikers and dog walkers and the islands offer a suburban feel with beautiful views of the bay, Miami and Miami Beach. There are a total of 10 islands, nine of which are inhabited as the 10th is the Flagler Memorial Island, which is an uninhabited picnic Island built in the 1920s as a memorial to the railroad pioneer Henry Flagler. This is the only island strictly accessible by boat.
Of the islands, nine are inhabited and can be accessed by the Venetian Causeway or the MacArthur Causeway.
Hibiscus Island, Palm Island and Star Island are all accessible via the MacArthur Causeway, the main causeway between Miami and Miami Beach and are actually not a part of the Venetian even though they are close. Bell Isle, Rivo Alto, Di’Lido Island, San Marino Island, San Marco Island and Biscayne Island are all accessible along the Venetian Causeway. Half the islands have a Miami address and half a Miami Beach address.
Biscayne Island - This island is the most western island and just 2 minutes from downtown Miami with stunning views of the water and all the new waterfront additions such as Resort World Miami. Luxury homes on Biscayne Island start about $800,000 and can easily go as high as $10 million or more depending on style, condition, view and amenities.
San Marco Island - This island is located just east of Biscayne Island. All external homes feature waterfront access, boat docks, and many offer a waterfront swimming pool as well. There are a few homes in the interior area of this island. At any given time there's roughly 5 to 8 properties for sale located on this island priced from $1.3 million.
San Marino Island - This island runs north and south with several interior properties, the majority being external along the waterfront. These home start at about $2.2 million in this island features about 10 properties for sale at any given time.
Di Lido Island - This is one of the larger islands in the Venetian Islands running north and south with several interior properties and exterior properties stretching from the street to the waterfront. About 90% of the homes on this island feature a swimming pool priced from $2 million. The average priced home is about 3.5 million.
Rivo Alto Island - This island is about the same size of San Marino Island with only about 2 to 5 properties for sale. These homes are priced from about $2.5 million.
Bell Isle - The smaller island is located between Rivo Alta and Miami Beach and features several high-end condominiums, resorts spas and parks. These condominiums start at about $250,000. This is one of the more affordable locations due to the majority of property styles.
Star Island - This island is located off MacArthur Causeway and is about the same as San Marino Island although considered part of the South Beach Island area. There are larger parcels of land, more luxury homes and lots available for custom building. These homes range from about $5 million-$45 million. Through the center of this island runs a park from north to south.
Hibiscus Island - this island is also located off MacArthur Causeway and not technically Venetian. This is a primarily residential island with anywhere from 10 to 20 properties for sale at any given time price from $1.5 million. There are some very high end homes on this island upwards of $20 million, most have boating access and sensational views of Miami Beach and the Miami waterfront.
Palm Island - This is the largest of all the islands and is located between Hibiscus Island and the causeway, also more part of Biscayne Bay and the South Beach Islands. It features numerous residential properties, high-end luxury estates and even its own park. These properties start at about $1.2 million. Palm Island Park features tennis courts, basketball courts, a skate park, green space and waterfront access.
Selling a home on one of the Venetian Islands takes the skill, knowledge and seasoned experience of a reputable broker. Because I know the area, I can help you price, prepare and list your Venetian Island home for as much profit as the market will bear. For more information on the Venetian Islands or to view any homes for sale or what your home is currently worth, please contact me anytime.
Coral Gables Florida is located just south of Miami and Miami Beach in the Miami Dade County with approximately 50,000 residents. Many people feel it's one of the best places to live in Southeast Miami and then just biased. There are many ads, articles, questions and answers and reviews about this part of the Miami-Dade County, all stating it's one of the best places to live. Coral Gables has a 10% growth increase over the last 15 years with the median home price of about $630,000. Home appreciation is up about 17% but it is a higher cost of living and nearly 90% higher than the US average.
However, Coral Gables public schools are exceptional and the school spent an average of over $10,000 per student and there are about 17 students per teacher within the school district. Unemployment rate is also low in just 3.7%, which is lower than the national average by 3%.
Some interesting facts about Coral Gables is that it is ranked #2 is one of the best cities for Thanksgiving and #3 as the most popular cities for the holidays. That being said, ironically it's also one of the most stressful cities in the US. Think it's a coincidence? [Source] Plus we have the amazing Venetian Pool Seen here. Nothing like this anywhere else in Town.
The Miami New Times had an article that stated the Coral Gables is one of Miami's best neighborhoods. Reasons being Coral Gables is exactly what it has set out to be; a hub for high-end residential neighborhoods with strict zoning laws. It hasn't morphed and evolved into a modernistic, fad society. Coral Gables also boasts many benefits and perks as if it were a college community without the downsides. Even though the University of Miami is located here it's not so much a "party campus". Most college students head to the beach rather than partying on campus or at local bars and nightclubs. That being said, the downtown is very user-friendly without it being a rough and partying atmosphere. It's perfect for college students, families and retired people as well with quaint apartments, new construction buildings, estates and condominiums.
Coral Gables is also a great place for bikers, pedestrians and drivers. There are very few major roadways so it's easily accessible by walking or biking with friendly areas to the drivers can visually see pedestrians and bikers.
Coral Gables offers a unique commercial epicenter for Latin America and the Caribbean as well as being home to both national and regional headquarters for nearly 200 major companies. Not only does it portray a unique and high-end quality-of-life ambience but the heart of town provides just about everything residents need. With beautiful walking trails, gorgeous banyan trees, a unique combination of residential and industrial as well as being so close to the beach, there's not much that comes close to the environment and awe the Coral Gables provides.
The town itself stretches from the ocean and Palmetto Bay in the south and extends Northwest up into Miami. There are luxury golf course homes in the north around the Biltmore Golf Course and homes around the University of Miami that provide condos, apartments and older, single family homes. Waterfront homes are found south just north of the Matheson Hammock Parks and Marina. There are numerous lagoons and "Lagos" in this area with homes along the Coral Gables Waterway. This is the Cocoplum community with high-end homes and large waterfront estates in prices from $2 million. Coral Gables also stretches to Deering Bay with million dollar homes and estates along Cutler Channel.
Would you like to know more? Go free to give me a call with your questions on Coral Gables or browse the website for all current listings and properties in the area.
What you need to know about the Resorts World Miami
Resorts World Miami is the brainchild behind the Genting Group, which has over 25 years in US development for resorts and residential entertainment facilities. The owner, K.T. Lim has spent 11 years in the Florida area developing what will soon be the Resorts World Miami.
The Resorts World Miami will be located along the shores of Biscayne Bay, just minutes to Miami Beach and the international airport. It will take up one of the most prominent pieces of real estate in Miami and offer an urban and resort destination for locals, visitors and families alike.
The architecture will be extremely unique and tailored to the Miami skyline. Taking inspiration from nature and specifically the Florida coral reefs, the Resorts World Miami will be a unique collection of numerous buildings, free flow architecture and environmental design, created by one of the leading architectures in the world, Arquitectonia.
Bernardo Fort –Brescia, the founding principle of Arquitectonica introduces a new vocabulary of architecture to our city that is inspiring in nature, “having now been in Miami for over 35 years, we describe our ocean and our natural beauty of the area. The location is pivotal with access to the port and local cruise ships or people coming from Miami Beach as they come down the causeway or even from the airport.”
Resorts World Miami will be seen from numerous existing destinations such as from Bicentennial Park creating a completely new landscape and skyline. The inspiration was from nature and the nature of South Florida. This series of hotel and residential area is inspired by Florida's coral reefs.
There will be outdoor lagoons and natural sandy beaches. With over 3.6 acres, the rooftop lagoon will allow swimmers to scale the lagoon from Biscayne Bay to Biscayne Blvd, over 1000 feet. Included will be a retail Galleria, more than 50 restaurants and lounges, 700,000 ft.² of convention space and column free ballroom, the largest in the United States with waterfront views and outdoor terraces.
Over 1,000,000 ft.² of high-tech entertainment, music, showcases and the culture of Florida. This will be the highlight of the 3 mile Bay walk including trails, jogging and biking paths and it will connect the Miami River to Bayfront Park. It will complement the Bayfront Marketplace and the Miami Art Museum, the Miami Science Museum and the Performing Arts Center, enhancing the skyline and drawing in residents, tourists and families.
A quarter of a million people will be able to gather in this area for special events such as New Year's Eve and Fourth of July events. This three billion-dollar investment will create over 15,000 construction jobs and 30,000 jobs in years to come.
Residential condo units began their sale this year with the completion of the first tower containing several hundred units. The waterfront property seems to be the best way to begin the project to stay current with the market place. [Source] Image taken from still photo from video here.
Want to know more? How about pricing and a finish date? Give me a call anytime! We’re here to answer your questions and provide a wealth of knowledge for investments and residential real estate in Miami.
Learn more about what Miami is doing:
Living Around the Mall at Miami Worldcenter
From major companies such as the Forbes company and Taubman, the newest expansion to Miami sky rise covering nearly 28 acres and over 650,000 ft.² of shopping and dining; welcome to the Mall at Miami Worldcenter.
Offering an extremely accessible location for the Metro, drivers and pedestrians, the Mall at Miami will be one of the most prominent and accessible locations in all of Miami. With the addition of the All A board Florida coming in 2015 and 2016 linking Fort Lauderdale, Miami and Orlando, the opportunities are endless. In addition to this, the Port of Miami is just minutes away and, as the number one cruise terminal in the world, this will bring in numerous tourists, vacationers and visitors from all over the world.
North of the mall is the 29-acre museum park, which offers a perfect urban escape for visitors, locals and guests. Also surrounding the Worldcenter is the American Airlines Arena, numerous art gallery museums, theater and entertainment venues. Just a few blocks south of the Worldcenter is the Bayfront Park Amphitheater, which is managed by Live Nation, offering events and festivals year round.
On-site, residents will enjoy a 700 ft tall residential tower featuring units ranging from $4 million-$35 million penthouses. In addition Multiple towers, residential, apartments, condominiums and penthouses will be all a part of this fantastic landmark truly putting Miami on the map as the place for high-rise living.
The Marriott Hotel and convention Center will be located at the Worldcenter offering over 600,000 feet of convention space, hundreds of residential and hotel units and the hub for business and industrial conferences.
Connecting the mall and the convention center will be a promenade of pedestrian shops, restaurants, nightly entertainment and department stores.
The mall itself will be the center of Miami with hundreds of shops, daily amenities, chef-driven restaurants and fabulous entertainment options. This urban vibe will be “THE PLACE” to be in Miami.
To get on board or for information on homes, condos and high-rise luxury apartments please call me anytime. I would be honored to offer the latest news and reservation information on the residences at the new Mall at Miami Worldcenter.
Cities across the world have been building observation towers and tourist attractions soaring high over their cities for decades; Buildings such as the Eiffel Tower, Space Needle and the Oriental Pearl Tower. These vertical entertainment centers draw millions of tourists and visitors each year bringing with them the revenue and popularity for the area.
Well, Miami is no different. Even though we are now growing at a tremendous rate, voters have approved the new SkyRise Miami observation and entertainment tower and plans are already in the works this year on construction.
This $430 million, 1000 foot skyscraper is destined to be built just minutes from South Beach and regionals are calling it Miami's Eiffel Tower.
The SkyRise Miami will go beyond the standard observation tower. It will include two high adrenaline thrill rides, restaurants, nightclubs, and of course, observation decks offering panoramic views from South Beach to the Everglades.
The building's developer, Jeff Berkowitz, has visited iconic towers all over the world and is prepared to create an exciting thrill ride and location unlike any on earth.
SkyRise Miami will feature a "flying theater" with aerial shots of Miami in a beautiful ballroom and restaurant. This will be the country's second largest observation tower behind the stratosphere in Las Vegas. Developers plan to have it finished by 2017. It will forever change the skyline of Miami and become a symbol of our city.
The R-Shaped Building will be our Sydney Symphony, Seattle Space Needle, Dubai’s … well, all of them! This will be our icon for Miami and it will be rising out of the Marina as a landmark for our city.
SkyRise will be host to variety of events, activities and entreatment. Enjoy nightclubs, observation decks, the “Shy High” club, restaurants, The SkyPlunge and the SkyRise Drop Bungie. There will be a ballroom for parties and weddings and the fabulous SkyRise Theaters.
Stay tuned for updates and information on this amazing new icon on Miami’s skyline. Image by Facebook SkyRise
The Canvas, Miami’s Newest High Rise
We are so excited to talk to you about the new Canvas in Miami which was beautifully designed as an elegant masterpiece towering over 400 feet in height with 37 stories and stunning architecture. This luxury iconic residential and commercial high rates unit is destined to be the first in his class in Miami. Amenities will be of the highest quality coupled with art, music, romance and intrigue. Welcome to Canvas Miami.
The Canvas will be in the emerging Arts and Entertainment district of Miami and will feature a 30,000 ft.² amenities floor and deck comprised of a sunrise pool and a sunset pool, hot tub, eco-friendly gardens, a relaxing sundeck, over 3000 ft.² of fitness center, a relaxing spa and sauna including treatment rooms, yoga garden, racquetball court, social room with catering kitchen, children's play room and lab as well as an indoor and outdoor pool bar and café.… And that's just the amenity floor! The rooftop area includes a lounge, plunge pool and tropical landscaping including the famous "Tree of Life". Enjoy jam sessions in the music room and a multimedia theater room perfect for viewing the latest blockbusters.
Residents will enjoy stunning features including panoramic views of the bay, port and the city skyline. Large, open floor plans, expansive bathrooms and top-of-the-line kitchen appliances and cabinets grace each unit. Enjoy quartz countertops, floor-to-ceiling windows, efficient floor plans and stainless steel appliances. Spacious closets and frameless glass bath enclosures put you in the lap of luxury in your own home.
The Canvas include studio apartments, one and two bedroom floor plans as well as fully furnished units perfect for investors.
Now is the ideal time for buyers to get in on the best price points before they launch into second-tier pricing. This reservation stage allows buyers to place a 10% hold on a unit and get the best pricing possible.
The Arts and Entertainment district is alive and well including the Resort World Miami, the Miami World Center, and Gloria Estefan's new hotel and restaurant called the Skyrise. It's all here at this newly developing district in Miami. The Canvas is located just blocks from the heart of Wynwood at 1630 N. E. 1st Ave.
For more information on the Canvas condominiums affordably priced and currently available, please Contact me today. This is an exciting new building and condos are sure to sell out fast.
More Cash Buyers in Florida Than Anywhere
MSN recently did an article where homebuyers are paying AND all five cities listed were in Florida. "Nearly 38% of homes and condos purchased nationwide in the second quarter were all cash transactions." This is slightly lower than the previous quarters three year high of 42% of transaction and it was also higher than the year before. This data is provided by Realty Trac 24/7 Wall Street. Cities included Cape Coral and Fort Myers, St. Petersburg and of course, the Miami – Fort Lauderdale and Pompano Beach area.
More than 64% of home sales in the Miami metro area were paid for in cash during the second quarter of this year, more than in any other metro area in the nation. The percentage of cash sales was exactly 64.1% with a median list price of $225,000. This in addition to the local real estate market has also attracted interest from institutional investors who made up more than 8% of sales in the second quarter. This includes wealthy Latin American buyers who provided a boost to Miami real estate sales.
The reason for a lot of this is that stricter lending standards combined with low inventory gives the advantage to investors in cash buyers. The average sales price of an all-cash purchase in the first quarter was $207,000. Many of these cash buyers are also baby boomers who have recently paid off their homes and now want to downsize. Retirees can tap into their retirement accounts and pay cash for a second home, especially in places like Florida.
Other cash buyers may be looking to "flip" properties by borrowing money from family or friends and then repaying the loan with the proceeds from the sale. According to an article in USA Today, "the high percentage of all-cash buyers indicates the housing market recovery is for real and buyer confidence is restored." Many buyers are willing to put their own money on the line to buy properties instead of financing which can create a false sense of nonchalance or being able to walk away if things don't work out right. Buying homes with your own cash means you are fully responsible for the success of that property and feel confident about their housing market recovery.
Pretty much the only downsides is that these all-cash buyers might be winning out over some first-time homebuyers who can afford to purchase a property with. Cash offers are much more appealing to sellers especially banks and first-time homebuyers that need a mortgage may get squeezed out of the market. Banks have already tightened lending requirements and many young people are finding themselves with too much debt to incur a mortgage.
However, the overall sense of the housing market is a positive one and because there are people putting their own money on the line it helps the housing market as a whole recover much quicker with a more positive outcomes for investors, first-time home buyers in cash buyers alike.
For more information on buying a home in the Miami area with all cash or if you're struggling to find the right home after applying for a mortgage please give me a call. We have tactics and strategies that work with both sides of the equation and can help you get the home you're looking for.
Surfside Florida is located just south of Bal Harbour and the Bal Harbour Shops along Miami Beach. It's a smaller community east of the Indian Creek country club along the Atlantic coastline. With a population of about 5000, with beautiful coastal community offers a tropical paradise and an ideal paste of South Florida.
The small town of Surfside was incorporated in 1935 and continues to be a sleepy, attractive residential neighborhood with multifamily condominiums and apartments as well as single-family homes in a small business district. Surfside remains an ideal community for permanent residency, vacation properties for seasonal retreats. Because of the smaller community nearly every home is within just a couple blocks of fabulous shopping, the beach, public parks and playgrounds as well as dining.
According to the town of Surfside Florida.gov, Surfside has earned a superb reputation as a family community and destination. There's numerous accommodations, resort facilities and leisure activities throughout the town plus, you're just a short drive to the Bal Harbour Shops or the city of Miami Beach. Surfside offers a commercial district with fine dining and casual restaurants, reasonably priced accommodations and a variety of stores and services. Residents are close to downtown Miami, South Beach and the North Shore open as well as numerous golf courses and marinas with boating rentals and fishing expeditions.
Real Estate Options
Single-family homes in Surfside start at about $450,000 and can reach as high as $5 million depending on size, location and view. Around the $500,000 mark R2 and three-bedroom homes of around 1500 ft.² it may or may not need a little bit of work. The median home price is around $600,000 with some high end homes skewing the average. There are very few homes over the $1 million mark but luxury estates and beautiful waterfront properties are available between $1.5 million and $4.5 million.
Surfside has numerous condominiums as well typically priced from about $290,000-$4 million depending on size, location and amenities. Some of the higher end condominiums will have numerous amenities such as swimming pools, fitness centers and concierge services. Oceanfront luxury residences start at about $1 million and offer two, three or four bedroom floor plans from 2000 to 4000 ft.².
For more information on this versatile town just north of Miami Beach please give us a call today or visit the website for all homes and properties for sale in Surfside Florida. Image by Ines Hegedus-Garcia Flickr Commons
Cash sales continue ebbing closer and closer to pre-crisis levels, according to CoreLogic’s recent June sales report.
Nationally, sales have dropped dramatically year-over-year. Since June 2013, the portion of total sales completed in all-cash have dropped 36.2 percent to 33 percent overall – the lowest share since September 2008.
Since January, year-over-year cash sales have fallen each month. However, while drops have been drastic,