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Real Estate

Top 20 Reasons to Visit & invest in Miami

Top 20 Reasons visit & invest Miami

Top 20 Reasons to Visit & invest in Miami

Top 20 Reasons visit & invest Miami

  1. Affordable Real Estate – The local market offers record affordability, amenities, & seller incentives; 50% more affordable in the last five years; weak U.S. dollar gives greater discounts for foreign buyers
  2. Top Market for Int’l Buyers – Florida is the top state in the U.S. & Miami is the top market for int’l buyers; & is expected to outperform other U.S. markets long into the future
  3. Enviable Weather – The only major “subtropical” city in continental U.S.; average temp. 75 ºF / 23 ºC
  4. Beautiful Beaches – Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & more than 15 miles of world-famous beaches
  5. Water Sports & Activities – Enjoy snorkeling, sailing, boating, kayaking, swimming, diving & other water sports all year around
  6. Exciting Lifestyle for All – young adults, families, baby boomers, retirees, celebrities, & visitors – museums, performing arts venues, art galleries, professional sports, & amazing places to shop
  7. Fabulous Nightlife – Ocean Drive & more – top restaurants, night clubs, bars, world famous hotspots
  8. Restaurants – In Miami you can savor worldwide cuisine unlike in any other city in the U.S.
  9. Entertainment Industry – Major fashion center, top modeling agencies in the world, Fashion Week & more than 2,400 motion picture & video businesses
  10. Commercial & Investment Real Estate – Vacancy rates for all commercial sectors in Miami are below the national average; retail & multi-family are outperforming most major markets in the U.S
  11. “Gateway to the Americas” – Strategic location between Latin America & Europe; “Capital of the Americas” – perfect for business or pleasure
  12. The Most Int’l City in the U. S. – nearly 50% of population is foreign born & speak over 100 languages
  13. Global Business Center – for business, finance, commerce, media, entertainment, arts & international trade; no state income tax; home to nearly 1,200 multinational companies from 56 nations; more than 100 international consulates, trade offices & bi-national chambers of commerce
  14. Hotels – ranks fifth in US in occupancy after New York, Oahu Island, San Francisco, & Boston
  15. Top Tourist Destination – 12.6 million overnight guests – with 6 million of them int’l visitors
  16. World Aviation Hub – 3rd in the U.S. with 33.5 million passengers a year; Over 80 airlines to 120 destinations – top freight airport in the U.S. with 1.8 million tons – $19 billion in business revenue/year
  17. Port of Miami – “Cruise Capital of the World” with more than 4 million passengers a year; Also serves 240 seaports; 9 million tons of sea cargo; top markets: China, Italy, Hong Kong, Honduras & Brazil
  18. Educational Institutions – 4th largest U. S. school district; 5 colleges & universities; 3 law schools
  19. Hospitals – 33 hospitals; Jackson Memorial is one of the top 25 hospitals in the U. S. & Miami Children’s Hospital is rated the top pediatric hospital in the country Top Rankings
    • Miami has the largest concentration of international banks in the U.S.
    • Miami’s skyline ranks third in the U.S. behind New York City & Chicago & 18th in the world (Almanac of Architecture & Design.)
    • Miami is the only major city in the United States bordered by two national parks, Everglades National Park on the West, & Biscayne National Park on the East.

Top 20 Reasons visit & invest Miami
Source: Miami Association of Realtors


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Real Estate

New Yorkers Are Leaving the City for Miami

New Yorkers Are Leaving the City for Miami

A couple of months ago, we heard that Los Angeles was the new Brooklyn, as New Yorkers fled the wealth, glitz, and blizzards for wealth, glitz, and permanent summer.

Apparently, though, Los Angeles isn’t their main migration destination: Between 2009 and 2013, some 22,000 New Yorkers headed to Miami. This sunshiny tidbit comes from the U.S. Census, which released new figures on Tuesday about “Metro Area-to-Metro Area Migration Flows”—where folks go when they leave one city for another.

Nine times out of 10, people are moving to metro areas that are close by. Most of that happened in the Los Angeles area, with some 90,000 people moving from L.A. to Riverside, CA.

New York City didn’t completely buck the trend; 26,957 people moved from the New York metro area to the Philadelphia metro area. (Philly was itself once labeled the sixth borough, back before there was a new Brooklyn every 17 days.)

This makes sense: Philly is actually commutable to New York, especially if you’re a part-time telecommuter, and real estate there, while getting pricier, is still way cheaper than it is in the New York area.

But Miami? That’s a long way from Midtown. Also: Miami’s prices have been growing at an impressive, or alarming (depending on how you look at it), rate. The New York Times proclaimed the existence of “New York City Prices in Miami.

”Please, Mr. PostmanSend me news, tips, and promos from realtor.com® and Move. Sign Up“Over the past 18 months, prices have risen by 11.5 percent along the beachfront in Miami, with new condominiums averaging $1,011 a square foot, up from $907 a square foot,” it wrote.

That doesn’t deter buyers. In fact, it might lure them. The Pritzker Architecture Prize–winning architect Richard Meier bought a condo in his own new Miami building, the Surf Club Four Seasons, where approximately two-thirds of the buyers are New Yorkers. Per that same article, Miami, too, has been crowned the sixth borough.

Source: New Yorkers Are Leaving the City for Miami

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Investment Real Estate

Miami, Dubai and London Among Top Global Cities Enjoying Double-Digit Price Growth in 2012

Miami, Dubai and London Among Top Global Cities Enjoying Double-Digit Price Growth in 2012

Courtesy of worldpropertychannel.com
According to a new Global Cities Report by London-based real estate consulting firm Knight Frank, fifteen of the 26 cities tracked by the Prime Global Cities Index (58%) recorded flat or positive price growth in the year to September, but over the last quarter 20 of the 26 cities (77%) have seen flat or positive growth – indicating an improving scenario.

The index now stands 18.7% above its financial crisis low in Q2 2009 with Hong Kong, London and Beijing having been the strongest performers over this period, recording price growth of 52.9%, 45.4% and 39.5% respectively.

Five cities recorded double-digit price growth in the year to September; Jakarta, Dubai, Miami, Nairobi and London – a city from each of the five key world regions.

Knight Frank Global Cities Report Highlights for Q3, 2012

The index rose by 1.1% in the three months to September, down from 1.4% last quarter
Prime prices across the 26 cities tracked by the index increased by 3% in the 12 months to September
Cities in Europe remain the weakest performers, recording a fall of 0.5% on average in the last 12 months
Jakarta (up 28.5%) was the strongest performer in the year to September
Economic uncertainty together with few strong-performing alternative asset classes is strengthening demand for luxury bricks and mortar

Dubai UAE – Courtesy to worldpropertychannel.com
Although Asia heads the pack – Jakarta recorded 28.5% annual growth – the results this quarter suggest that demand for luxury homes is only loosely linked to the strength of regional economies (Asia Pacific has only two cities in the top ten compared to Europe’s three). Instead, the flow of international wealth and the attitudes of HNWIs are increasingly influential.

Cities such as Dubai, Miami, Nairobi and London are increasingly considered investment hubs for HNWIs in their wider regions. In the wake of the Arab Spring, Dubai has been seen as a relative safe haven for MENA buyers while Venezuelan and Brazilian investors have looked to Miami to limit their exposure to domestic political and economic volatility.

Not all prime residential markets are benefitting from the global economic uncertainty. In Paris, although prices held firm in the third quarter, sales activity was muted as buyers of all nationalities adopted a “wait and see” attitude. Vendors are unwilling to reduce prices until there is greater clarity from President Hollande and the Eurozone leaders in relation to the debt crisis.

Asia’s prime markets look to be entering a period of more moderate growth due in part to the regulatory measures aimed at cooling prices and improving domestic affordability.

London UK – Courtesy of worldpropertychannel.com
James Price of Knight Frank’s International Residential Development team tells World Property Channel, “Aside from London, it would appear the other strong performers are either those established international markets that experienced a lull but are now ‘kicking on’ again (e.g. Miami, Dubai) or those that could be described as second tier international cities – strong established markets, but not global ‘gateway’ cities (e.g. Zurich, Vienna, San Francisco), where interest has driven price rises from a lower base.”

James continues, “While some of the more traditional prime second-home markets are recording negative movement, this should not disguise their long-term popularity and strength, instead it suggests a cooling from previous higher levels.”

Teresa King Kinney, CEO of the Miami Association of Realtors commented, “Miami is a truly global city that has experienced the positive impact of international buyers and investors unlike any other. Miami’s global appeal resulted in a rapid and strong recovery that yielded an all-time sales record in 2011 and extraordinary inventory absorption. Such demand has fueled more than 10 months of consecutive double-digit price appreciation in the Miami residential real estate market. More importantly, Miami’s position as a leading global market will continue to generate demand from both U.S. and foreign buyers long into the future, adding great value to our city, our market, and our properties.”

Source: World Property Channel
By Michael Gerrity

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Projects Real Estate

Terra Group unveils its newest project, Grove at Grand Bay

Terra Group, Miami’s leading real estate development company, is pleased to unveil its most innovative development to date, and one that is destined to be an architecturally-significant landmark in South Florida: Grove at Grand Bay. In collaboration with the award-winning architecture and design firm Bjarke Ingels Group, also known as BIG, and landscape architecture legend Raymond Jungles, Grove at Grand Bay will leave an unmistakable imprint on the prestigious South Bayshore Drive community, redefining luxury and breathing new life into Coconut Grove for decades to come. Upon completion of construction, the project will also receive LEED Certification with a silver designation, the first such structure in Coconut Grove.

“Grove at Grand Bay’s impressive aesthetic and unparalleled service are tantamount to the evolution of Coconut Grove and raises the bar to Olympic heights,” says Pedro Martin, Chairman, Chief Executive Officer and Founder of Terra Group. “Within the next three years, the area will have completely evolved and Grove at Grand Bay will have proven to be the bellwether of profound change.”

Widely regarded as one of the most important architects to watch, Bjarke Ingels seamlessly translates Terra Group’s grand vision of designing an aerie imbued with a unique sense of place. To say the results are stunning is an understatement: two glass towers in a pas de deux appear to float over Raymond Jungles’ lush, canopied oasis, beckoning to Biscayne Bay and beyond. Renowned for his creative and ecologically sensitive landscape architecture, Jungles’ design capture the natural beauty of the neighborhood and magnify it with ample green spaces.

Rising 20 stories over the bay-front, Grove at Grand Bay will showcase 96 elegant and expansive residences with panoramic views from every angle. Whether outdoors in Jungles’ verdant gardens in the shade of the buildings’ twisting facades or inside the glass jewel box-like homes, residents will fully experience and relish living amid the open air. World-class amenities include private butler service, private elevators, two-car garages, wrap-around terraces, rooftop swimming pools, a wellness spa and fitness center, a pet spa and much more.

“The powerhouse design team of BIG and Raymond Jungles makes this South Florida’s most exciting new development,” adds David Martin, President and Chief Operating Officer of Terra Group. “Our ‘think tank’ model embodies a design-driven approach to development, avoiding pitfalls and upending assumptions developers typically encounter when building a residential property. We pride ourselves on creating environments where people are viscerally and emotionally affected by their surroundings; we are about intelligent luxury.”

BIG, led by Danish architect Bjarke Ingels who recently received Wall Street Journal’s 2011 “Innovator of the Year in Architecture” award, is creating the residences and amenity spaces. Raymond Jungles, the landscape architect who designed the grounds at Lincoln Road in Miami Beach and the New World Symphony’s rooftop garden, will produce the outdoor spaces, including terraces, pools and walking paths. Rounding out the group is Nichols, Brosch, Wrust, Wolfe + Associates who provides architectural and planning services.

The interior design of the residences at Grove at Grand Bay will be just as spectacular as the building’s exteriors. With an open flow-through floor plan, each residence will showcase 12′ ceilings and 12′ floor-to-ceiling windows, a first among Florida developments, and spacious outdoor terraces with wraparound balconies that create a continuous indoor/outdoor living environment. Additional residential features include private elevator access to individual units, Italian-designed kitchens, Miele appliances, and Dornbarcht fixtures.

Grove at Grand Bay will be located on the former site of the Grand Bay Hotel, conveniently located just minutes from key areas including the airport, downtown Miami, Miami Beach, Coral Gables, as well as Coconut Grove’s bustling center area lined with fine restaurants, cafes, art galleries and boutiques. Additional areas of interest are nearby schools, hospitals, shopping malls and attractions such as The Adrienne Arsht Center, The Vizcaya Museum & Gardens and the Barnacle Historic State Park.

Source: WORLD PROPERTY CHANNEL Global News Center
http://www.worldpropertychannel.com/spotlight/residential/grove-at-grand-bay-coconut-grove-waterfront-terra-group-bjarke-ingels-group-big-raymond-jungles-coconut-grove-6072.php

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Economy Investment Real Estate

Miami Leads US Property Market Recovery

Miami Leads US Property Market Recovery

The tide is finally turning in the U.S. real estate market and the charge is being led by increased prices and sales in Miami. The city got a head start by drawing attention from foreign investors early on and the attention has not waned despite rising prices. The Miami Association of Realtors report that prices were up again in August, making it the ninth consecutive month of gains. A shortage of homes for sale is helping to drive prices up faster and higher than in other areas of the country, but it doesn’t seem to bother investors who are still finding deals on properties in the Floridian hotspot. For more on this continue reading the following article from Property Wire.

Miami, which is considered as leading the property revival in the US, saw home prices rise again in August, the latest figures from the Miami Association of Realtors show. It is the ninth consecutive month of appreciation with buyers from overseas in particular fueling the growth of the real estate market.

The median sales price of Miami-Dade condominiums increased 28.4% to $146,500 compared to a year earlier, with prices having now increased for each of the last 14 months. The median sales price of single family homes rose 10.8% to $195,000. Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation, according to Miami Association of Realtors chairman Martha Pomares.

There is evident demand for Miami properties, particularly from foreign buyers and investors who recognize Miami?s desirability and profitability. Miami remains the top market for foreign buyers in the nation, and local international activity continues to grow, she said.

In August the average sales price for condominiums in Miami-Dade County increased 20.9% to $283,497. The average sales prices for single family homes increased 28.4 percent to $408,810. Statewide median sales prices in August increased 5.8% to $147,000 for single family homes and 13.2% to $102,980 for condominiums, according to data from the Florida Realtors Industry.

Total residential sales in Miami-Dade County increased 7% compared to a year earlier, compared to record sales levels in August 2011. The sales of existing condominiums in Miami-Dade increased 8% from 1,382 to 1,492.

Sales of single family homes increased 5% from 1,009 to 1,059, year on year. Statewide sales of existing single-family homes totalled 18,669 in August 2012, up 10.8% compared to a year ago. Statewide condominium sales totalled 8,767, up 5.7% from those sold in August 2011.

‘Miami is experiencing a mini-boom fuelled mostly by demand from international buyers but also by population growth resulting from migration from other states, baby boomers, and local consumers,’ Patricia Delinois, residential president of the Miami Association of Realtors.

‘Miami’s firm position as a major global city is expected to continue to draw demand long into the future, as businesses, residents, visitors and tourists, investors, and vacation and second homebuyers take advantage of all that our vibrant and unique city has to offer,’ she added.

Over the last year, the inventory of residential listings in Miami-Dade County has dropped 26% from 15,405 to 11,431. Compared to the previous month, the total inventory of homes decreased 0.2%. The figures also show that currently there are 4.2 months of supply in Miami-Dade.

Strong demand for bank owned (REO) properties and improved processing of short sales continues to yield absorption of distressed listings and to contribute to price appreciation.

In August, 45.8% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 56% in August 2011 and 47% the previous month. In Miami-Dade County, 64% of total closed sales in August were all cash sales, compared to 62% in August 2011 and 64% the previous month. Cash sales accounted for 45% of single family and 78% of condominium closings.

Nearly 90% of foreign buyers in Florida purchase properties all cash, reflecting the stronger presence of international buyers in the Miami real estate market.

Source: http://www.propertywire.com
Miami Leads US Property Market Recovery

Categories
Development Economy Real Estate

Passenger rail on fast track downtown

Passenger rail on fast track downtown

Miami officials are excited about what a 240-mile passenger rail to Orlando with a train station at the end of the line in the heart of Miami can do for that neighborhood, as well as the entire downtown. Coral Gables-based Florida East Coast Industries Inc. is proposing to build a station on a 9-acre site it owns along Northwest First Avenue, north of the Miami-Dade County Courthouse on the west side of downtown.

“It’s a huge economic stimulus any time you get a mass movement of people into an area,” says Miami City Commissioner Marc Sarnoff, whose district includes the proposed station site.

The station would be modeled after London’s Paddington railway station, as part of the company’s All Aboard Florida project to create a passenger rail system connecting Miami to Fort Lauderdale, West Palm Beach and Orlando.The line would start operating by the end of 2014, but the company so far has disclosed few details of the proposed station.

The station should be carefully planned so that it becomes a landmark, says Alan Ojeda, president and CEO of the Rilea Group, a real estate development firm based on Brickell Avenue and a Downtown Development Authority board member.”This is the starting point of things,” Mr. Ojeda says. “It has to be an important building.”

He says the station and passenger line could lay the foundation for farther-reaching and faster trains in the future linking Miami to cities such as Atlanta.”It’s the first big step,” he says.

Florida East Coast Industries is the holding company for Florida East Coast Railway, which operates a freight rail line along the state’s East Coast from Jacksonville to Miami.

The passenger rail would run alongside the freight line from Miami to Cocoa in Brevard County, and new passenger tracks would be laid from Cocoa to Orlando.

Company officials say the estimated $1 billion project would be the first private, unsubsidized passenger rail service built in generations between major US cities.

Although not considered a high-speed rail, trains could reach speeds near 125 mph along the less-populated areas of the route. In more densely settled South Florida, the trains could go no faster than 79 mph. The goal is to provide trips between Miami and Orlando in about three hours.

Amtrak, the federally-owned national rail corporation, currently offers twice-daily service between Orlando and the outskirts of Miami, but those trips take five hours or longer.

With All Aboard Florida, Miami officials have high hopes for what the influx of thousands, perhaps even millions of rail passengers each year into the center of the city can do for downtown, especially for what they describe as under-developed areas in the vicinity of the station site.

“It will be the catalyst for development of western downtown Miami,” says Miami attorney Neisen Kasdin, a Downtown Development Authority board member and former mayor of Miami Beach. “I think you’ll see larger-scale and smaller businesses open up.”
Mr. Kasdin says the passenger rail and station would be “a very exciting addition” to downtown, helping to transform the neighborhood to a more vibrant transportation hub.

For years, he says, the east side of downtown along the Biscayne Boulevard and Brickell Avenue corridor has seen the most expensive development, but the west side of downtown could gain more of that when the station opens.

“This could create a new focus for development,” he adds. “This is an important initiative for everyone to get behind.” It will not only create investment in that [immediate] area, but it will strengthen all of downtown as business and activity center.”Mr. Sarnoff, a lawyer, has broached the idea of moving the Third District Court of Appeal to the site to help create a “legal campus” there. The Court of Appeal is now located west of Miami near the Florida Turnpike in the Tamiami area.Mr. Sarnoff says he has discussed the idea with the court’s chief judge, who seemed intrigued. So far, nothing has been formally planned.

In addition to the county courthouse, state and federal courts sit near the downtown site. The only other thing needed there, Mr. Sarnoff says, is a law school to round out his idea for a legal campus, which would attract more law firms and restaurants and other businesses.”It would make for a legal community with live-work opportunities” in the neighborhood, he adds.

An intercity passenger rail downtown, Mr. Ojeda says, is long overdue.”This should have been done 50 years ago,” he says. “Every serious city in the world has it.”Mr. Ojeda foresees the passenger rail leading to greater development, such as retail and offices.”I think any method of transportation opens up places” for economic development.

By Scott Blake
Miami Today