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Real Estate News For South Florida

JUST LISTED! Live in Paradise | Harbour Park #301-302

9901 East Bay Harbor Drive #301-302, Bay Harbor Islands, FL 33154 Live in Paradise!  Incredible custom, waterfront residence, two units combined into one by developer featuring: open living areas with 180-degree eastern views of the intra-coastal; 2 master suites + additional bedroom; 2,310 Sq Ft of living space plus 1,400 Sq Ft  spectacular wrap-around terraces with north, east and south views; 4 covered parking spaces and 2 storage rooms. Harbor Park is a boutique residential building with 20 units offering landscaped gardens, boat slips, designer lobby, and rooftop pool & entertainment area with sprawling views. Completion scheduled for March 2016. 3 Bedrooms | 3.5 Bathrooms | 2,310 Living Sq Ft + 1,400 Terrace Sq Ft Offered at $1,590,000 View Property Info  ... read more

MIA Could Soon Add Flights To Africa, Ireland And Israel

Regularly scheduled passenger flights to Africa, Ireland, and Israel could soon be added at Miami International Airport. South African Airways is considering connecting MIA to three African cities. The airline would add a triangular Johannesburg – Cape Town – Miami – Johannesburg route. In addition, a second flight from Johannesburg would fly to Abidjan, Ivory Coast and then on to Miami. In order to start the service, South African is requesting an exemption from Star Alliance to enter into an agreement with another carrier, and a meeting between the two sides is scheduled for this month. Should the alliance and airline’s board approve, the flights could be announced later this month and start in May 2016. To Ireland, Aer Lingus is considering a Dublin-Miami flight. MIA officials traveled to Ireland to meet with the airline in August, but were told that the service likely wouldn’t start until the Summer of 2017. Airport staff also continue to heavily court El Al, and held discussions with the airline in recent weeks. Traffic between Miami and Tel Aviv has grown 55 percent since 2009 despite the lack of a nonstop flight. Some of that traffic was funneled on American Airlines through Philadelphia, and MIA officials hope that American’s decision to pull out of Israel will lure El Al back to Miami. KLM has also recently expressed interest in returning on the Amsterdam-Miami route. At the same time, Amsterdam’s airport has been lobbying American Airlines to start the route. Source:... read more

More Luxury Brands Heading to Miami’s Design District

Miami’s Design District will soon be home to the first stores in Florida for trendy designers Isabel Marant, Alice & Olivia, Joseph, and Zilli, as the neighborhood continues to transform into a luxury shopping destination. On the heels of Hermès launching its new flagship store in the Design District last week, Dacra said more than a dozen upscale retailers have signed leases, including high-end brands Saint Laurent, Tory Burch, Tod’s and Loro Piana. In addition, Turkish jeweler Sevan Biçakçi will open its first location in the United States, and Be Miami, a high-end sneaker and contemporary streetwear concept will launch an original flagship. Among specialty stores, perfume house Creed will open its first location outside New York. Skincare line Aesop will also open a store, and high-end Italian marble furniture showroom Citco will launch its first location in the United States, which will feature a Zaha Hadid collection. “We’ve been for the past year basically a large construction site,” Dacra President and CEO Craig Robins told The Real Deal. “The opening of Hermes, for me, was the tipping point, where all of the sudden we have a small but very solid critical mass of brands that are now open, and we can see more activity in the neighborhood.”   Source:... read more

FIRST LOOK: Plans For Underline Linear Park In Miami

The designers of the Underline, a linear park that’s proposed beneath part of the Metrorail tracks in Miami-Dade County, unveiled their plans on Nov. 4. The county hired James Corner Field Operations to design the walkways, bike paths and parks on the 10-mile corridor from the Miami River to Dadeland South. They held a series of public meetings to come up with the plans, which need final approval from the county.  The 10-mile Underline will be Miami-Dade County’s first mobility corridor integrating all modes of transit. The Underline is the spine of a future connected network of countywide bicycle/pedestrian infrastructure and trails. | Source: https://www.theunderline.org The Underline would feature a series of parks and activity nodes along the trail, along with more friendly paths for pedestrians and cycling. Dozens of intersections would need to be improved. The parks would have features such as rock climbing, play grounds, fitness equipment, and pop-up retail. Fairchild Tropical Botanic Garden worked with the designer on a plan to restore native plant life to the area along the paths. The Friends of the Underline non-profit group that’s supporting the initiative estimated the project would cost $120 million to build. It aims to combine public funding with donations. The Related Group has already signed on as a major supporter. Its goal is to build the Underline by 2022, but some of the parks in Brickell would come on line first. Source: biz journals.com, The... read more

All Aboard Florida Unveils Trains, New Name For Miami-Orlando Service

  All Aboard Florida, the speedy new passenger-train service scheduled to begin operations between Miami and Orlando in 2017, unveiled some of its new trains Monday, and then promised an immediate upgrade — from eight inches long to about 80 feet. “I promise you the real thing will be a lot bigger than this,” said All Aboard Florida president Michael Reininger at a press conference where the company released some details about the trains, including the tiny, brightly colored model cars and a name for the service: Brightline. Actually, the current size of the cars seemed much to the liking of some of the politicians invited to the event. “I feel like Godzilla!” exclaimed Miami-Dade Commissioner Esteban “Steve” Bovo, towering over the models and — prudently, after the cameras finished clicking — launching a ferocious mock swipe at them. While Bovo relived his childhood fantasies of terrorizing Tokyo, Miami-Dade Mayor Carlos Gimenez had more practical concerns, carefully inspecting his ceremonial first Brightline boarding pass. “Is this first class?” he inquired. Ground broke on new stations and upgraded track for All Aboard Florida late last year. The privately owned and operated line plans to run 16 round-trip trains a day between Miami and Orlando, with stops in Fort Lauderdale and West Palm Beach, covering the 235-mile route in about three hours. Monday’s disclosures included the Brightline name and a color scheme to match — cars painted vivid shades of red, orange, green, blue and pink. With yellow locomotives — because Florida. The trains will have food and drink service, reserved seating, facilities for carrying pets and free Wi-Fi service and... read more

Home-Loan Borrowers Bypass the Banks

Almost half of home-purchase loans now come from independent mortgage companies, which say they can offer faster, cheaper loans.   Look out, banks. Home buyers are increasingly turning to independent mortgage companies for their loans. In 2014, nondepository independent mortgage companies originated 47% of completed home-purchase loans and 42% of refinance loans, according to data from the Federal Financial Institutions Examination Council. That’s up from 43% and 31%, respectively, in 2013 and the largest share of the mortgage market held by non-banks since 1995. Examples of nonbank lenders include Quicken Loans, now the nation’s second-largest retail-mortgage lender, behind Wells Fargo.Another lender, Irvine, Calif.-based Loan Depot, filed an initial public offering in October. And Finance of America Holdings, a Blackstone Group company, is poised to become one of the nation’s largest nonbank lenders after recently completing the acquisition of Gateway Funding Diversified Mortgage Services, Pinnacle Capital Mortgage and certain assets and operations of PMAC Lending Services Inc. The vast majority of nonbank mortgage volume is still from conforming mortgages backed by Fannie Mae,Freddie Mac and the Federal Housing Administration, but nonbank lenders are eager to increase their market share of jumbo loans, says Guy Cecala, CEO and publisher of Inside Mortgage Finance, a trade publication that tracks originations. Jumbo mortgages have dollar amounts above conforming loan limits of $417,000 in most areas and $625,500 in some pricey home markets, such as New York and San Francisco. Still, banks may have an edge in the jumbo market. Because these loans exceed government limits, lenders either must sell the loans to a tiny secondary market of mortgage-backed securities (less than 3% of all jumbo mortgages), or hold them in portfolio,... read more

JUST LISTED in Kendale Lakes | 7821 SW 138 CT

 Lakefront Views in Kendale Lakes Tropical Lakefront Paradise in desirable Kendale Lakes! Lovingly maintained and updated 3 bedrooms, 2 bath + den home on large lot on a quiet street with 1-car garage. Bright and spacious rooms throughout. New 2012 roof, accordion hurricane shutters, updated baths. Enjoy beautiful sunrises, and east breezes from the privacy of your home! 3 Bedrooms + Den | 2 Bathrooms | 2,084  Sq. Ft. Home | 11,900 Sq. Ft. Lot | $365,000 View Property Info          ... read more

UNDER CONTRACT | Lakefront | 13730 SW 127 Ct

UNDER CONTRACT   Lakefront Sunset Views in Venezia Lakes Beautiful, well maintained single-family home which offers spacious floor plan: expansive living spaces, 3 en-suite bedrooms, 3.5 bathrooms, 2-car garage, bright living areas drenched in sunlight with large windows and much more. Large backyard that is great for entertainment with terrace, lake front (boats & jet ski permitted up to 19 feet. Low association fee with plenty of amenities including: clubhouse, gym, tennis courts, pool and gated entry. 3 Bedrooms | 3.5 Bathrooms | 2,731 Sq. Ft. LA | 7,750 Sq. Ft. Lot | Asking $448,000 View Property... read more

PRICE REDUCED| Duplex | 145 NE 60 ST | $298,000

      Duplex, built in 2008, located north of Design District!  Fully occupied, bright & spacious, each unit has 3 bedrooms & 3 baths: upstairs 2 en-suite bedrooms plus laundry, downstairs 1 bedroom & 1 bath + living areas. Granite countertops, central AC, tile floor, gated w/fenced yard. Tenants pay utilities: 2 electric & 2 water meters. Each tenant pays $1,340 rent per month. Landlord maintains lawn. Located close to places of interest. Property may be shown to qualified buyers who submit LOI or offer. No finance contingencies. 6 Bedrooms | 6 Bathrooms | 2,22 Sq. Ft. LA | Reduced $298,000 View Property... read more

Sunday Open House! 13731 SW 136 PL | Lakefront | $525,000

Join Us For The Open House  Sunday, September 20th from 2 pm to 4 pm   Lakefront Views in Venezia Lakes Resort style living in Venezia Lakes! Wonderful gated community with amazing amenities. Enjoy kayaking, boating, jet skiing, clubhouse, gym, tennis. Magnificent, updated 5-Bedroom, 3-Bath home with lake views throughout, 18-foot ceilings, 2-car garage, 1 bedrm & 1 bath on the 1st floor. The master bedroom includes a resort-like bath, his and her walk-in closets, and a private balcony. Outside patio is ready for events and entertainment. Plenty of room for a pool and outdoor kitchen. Relax on the covered patio overlooking the water and enjoy! 5 Bedrooms | 3 Bathrooms | 2,837  Sq. Ft. Home | 8,401 Sq. Ft. Lot | $525,000 View Property Info... read more

JUST LISTED | Magnificent 5 Bedroom Lake Home | 13731 SW 136 PL

Lakefront Views in Venezia Lakes Resort style living in Venezia Lakes! Wonderful gated community with amazing amenities. Enjoy kayaking, boating, jet skiing, clubhouse, gym, tennis. Magnificent, updated 5-Bedroom, 3-Bath home with lake views throughout, 18-foot ceilings, 2-car garage, 1 bedrm & 1 bath on the 1st floor. The master bedroom includes a resort-like bath, his and her walk-in closets, and a private balcony. Outside patio is ready for events and entertainment. Plenty of room for a pool and outdoor kitchen. Relax on the covered patio overlooking the water and enjoy! 5 Bedrooms | 3 Bathrooms | 2,837  Sq. Ft. Home | 8,401 Sq. Ft. Lot | $525,000 View Property... read more

JUST LISTED | Duplex | 145 NE 60 ST

  Duplex, built in 2008, located north of Design District!  Fully occupied, bright & spacious, each unit has 3 bedrooms & 3 baths: upstairs 2 en-suite bedrooms plus laundry, downstairs 1 bedroom & 1 bath + living areas. Granite countertops, central AC, tile floor, gated w/fenced yard. Tenants pay utilities: 2 electric & 2 water meters. Each tenant pays $1,340 rent per month. Landlord maintains lawn. Located close to places of interest. Property may be shown to qualified buyers who submit LOI or offer. No finance contingencies. 6 Bedrooms | 6 Bathrooms | 2,22 Sq. Ft. LA | Asking $310,000 View Property Info... read more

JUST LISTED | Beautiful Lake Views | 13730 SW 127 Ct

Lakefront Sunset Views in Venezia Lakes Beautiful, well maintained single-family home which offers spacious floor plan: expansive living spaces, 3 en-suite bedrooms, 3.5 bathrooms, 2-car garage, bright living areas drenched in sunlight with large windows and much more. Large backyard that is great for entertainment with terrace, lake front (boats & jet ski permitted up to 19 feet. Low association fee with plenty of amenities including: clubhouse, gym, tennis courts, pool and gated entry. 3 Bedrooms | 3.5 Bathrooms | 2,731 Sq. Ft. LA | 7,750 Sq. Ft. Lot | $465,000 View Property Info... read more

Florida Passes New York to Become the Nation’s 3rd Most Populous State

By adding an average of 803 new residents each day between July 1, 2013 and July 1, 2014, Florida passed New York to become the nation’s third most populous state, according to U.S. Census Bureau state population estimates. Florida’s population grew by 293,000 over this period, reaching 19.9 million. The population of New York increased by 51,000 to 19.7 million. California remained the nation’s most populous state in 2014, with 38.8 million residents, followed by Texas, at 27.0 million. North Dakota was the nation’s fastest-growing state over the last year. Its population increased 2.2%, followed by the 1.7% growth in Nevada and Texas. Each of the 10 fastest-growing states was in the South or West with the exception of North Dakota. Six states lost population between July 1, 2013, and July 1, 2014: Illinois (9,972 or -0.08%), West Virginia (3,269 or -0.18%), Connecticut (2,664 or -0.07%), New Mexico (1,323 or -0.06%, Alaska (527 or -0.07&) and Vermont (293 or -0.05%). The United States as a whole saw its population increase by 2.4 million to 318.9 million or 0.75%.         Source: The United States Cencus... read more

Emerson Fittipaldi Paying $4.5M for Park Grove Penthouse

Emerson Fittipaldi, the Brazilian race car driver, is plunking down $4.5 million for a penthouse at Park Grove in Coconut Grove.  Fittipaldi is planning to move his family from Key Biscayne, where he has lived since 1992, to a condo at the planned Park Grove. His 3,000-square-foot penthouse will have three bedrooms and three-and-a-half baths, according to the project’s developers. Park Grove, developed in a partnership between Terra Group and The Related Group, is now 80 percent sold, six months after its launch, the developers said. Fittipaldi, 68, who was inducted into the Motorsports Hall of Fame of America in 2001, will have healthcare billionaire Mike Fernandez as a neighbor. Fernandez, who has just written the book “Humbled by the Journey,” is purchasing two units — one for himself and another for his daughter, for a total purchase price of more than $10 million, the developers said. The home Fernandez is buying for himself is a two-story, 5,000-square-foot condo with four bedrooms, five-and-a-half baths and a private swimming pool. His daughter will live in a nearly 2,000-square-foot condo, with two bedrooms and two baths. Park Grove, at 2701 South Bayshore Drive, is the first development partnership for Pedro Martin of Terra Group and Jorge Perez of The Related Group. The luxury condo project is being designed by OMA/Rem Koolhaas. Plans call for three residential towers, including two 20-story towers with 72 units each, and a third 20-story building with 140 units. Features include kitchens and baths by William Sofield, a two-acre sculpture park designed by Enea Landscape Architecture, public spaces filled with world-class art and recreational amenities that include swimming... read more

FPL Sells Vacant Downtown Miami Lot for $21M

Florida Power & Light sold a vacant lot in downtown Miami for $21 million last week. FPL sold the 2.2-acre site to Miami Bridge Lot Ventures, a partnership between Ytech International and Miami investor Carlos Mattos, according to a news release. The lot, located at 201 Southwest Second Avenue, was last assessed by the Miami-Dade property appraiser at $4.1 million and is zoned for commercial use.  It was advertised as a “unique opportunity to develop a high-profile and high-visibility condo, multi-family or mixed-use project.” Colliers International and Avison Young brokered the deal. Ytech International, led by Yamal Yidios Char, has redeveloped more than 3,000 residential units in South Florida and has a $300 million real estate portfolio in Florida and Texas, according to the release. The site is directly west of I-95 and north of the Miami River, near future sites of All Aboard’s MiamiCentral and the Miami Worldcenter project.   Source: The Real... read more

2014 Market Recap

Strong demand for existing Miami properties fueled price growth in 2014 despite new constructions sales. Rising housing prices throughout Miami-Dade are pulling in additional re-sale inventory to a market that has long seen limited supply that held back sales.   Median sales prices of existing condos single-family homes remain at affordable despite consistent price increases. Median sale price of single-family homes increased in 2014 vs. 2013 by +9.1% to $240,000 while condo prices also increased by +7.4% to $188,000. Closed sales for single-family homes increased in 2014 vs. 2013 by +2.6% to 14,729 while condo closed sales decreased by -6.7% to 17,914 due to new construction sales, which are usually not entered into the MLS. Miami real estate continues to sell at a rapid pace. Median Days on Market decreased in 2014 vs. 2013. Single-family homes sold on average 5 days faster at 82 days, and condos sold on average 1 day faster at 92 days throughout 2014. As median prices increase, sellers gain more confidence resulting in increase inventory levels. As a result, months supply of inventory in December 2014 vs. 2013 increased to 5.3 months for single-family homes and 9.2 months for condos. Rising prices and a strengthening U.S. dollar are helping to temper the blistering pace of the past several years Average price per square foot continues to rise. On average, price per square foot increased throughout Miami-Dade County in 2014 vs. 2013. Single-family homes increased by 10.7% to $166 per square foot and condos increased by 9.5% to $265 per square foot. Strong sales new construction condos reflect Miami’s demand for new properties. In total,... read more

Miami is Now the 2nd Fastest Growing City

  Miami’s housing market growth ranks 2nd in the nation. Year-over-year growth was 8.9% in November, and Miami came close to doubling the nationwide rate of 4.7% annual growth. Miami’s housing market continues to outperform the nation, but its growth still lags behind the faster pace of recent years. “The party can’t go on forever,” said Kwame Donaldson, an economist at Moody’s Analytics. Single-family home prices in the Miami metro area — which includes Miami-Dade, Broward and Palm Beach counties — rose by 8.6% in November from a year earlier, compared with double-digit growth in 2013 and most of 2014. That was still the second-biggest gain among 20 big cities tracked by the S&P Case-Shiller index, the most closely watched barometer of residential values. Developers and market analysts said the slowdown was expected, and healthy. The growth in prices began to lessen last spring, and home sales have also slowed in Miami-Dade recently. Demand for houses over the past two years has largely been driven by investors with a nose for a deal and Latin American buyers looking to purchase second homes, according to Donaldson. “But as prices go up, the bargains aren’t there like they used to be,” he said. A Moody’s forecast expects Miami’s housing market to keep growing in 2015 but at an increasingly slower rate. “We’ve been climbing out of this historically deep hole, so as we get closer and closer to the pre-recession peak, we’ll see growth moderate somewhat,” Donaldson said. Miami’s housing market reached its high point in 2007 after annual growth of nearly 30%, which proved unsustainable. The Case-Shiller index now values the... read more