0 Downtown Miami Condo Market To Stabilize After Huge Boom

Posted on March 4, 2015 by Sean Greco

Condo sales in Downtown Miami have seen an extremely prosperous past few years, however economists foresee this tapering off during the next few months. This cool down in the market is caused by a number of factors, including increased construction costs, the diminishing value of foreign currencies, and high costs of properties in the city. The predicted decrease in sales can be seen most notably through the recent growth in resale prices for downtown Miami condos.

Fortunately this news is not cause for alarm since the cool down in sales is not predicted to have any significant long-term effects, and is just a typical feature of an active market. There are bound to be ebbs and flows in the Miami condo business simply because of the nature of the economy and all the various factors that play into it. This information is valuable simply in terms of helping to plan for the future, as managing partner at Cervera Real Estate Alicia Cervera said recently, “it’s important to know where we are and where we’re headed. A significant amount of new condo units are coming onto the market in the next two to three years, and everyone needs to be very strategic and cautious about what they’re offering.” By carefully watching real estate patterns developers can better gauge what projects they should push ahead on, and which ones they should postpone until sales pick up again. The amount of condominium complexes in downtown Miami has expanded enormously over recent years in response to the increased status of the area, and now we will see this urgent development start to slow slightly.

Properties in Miami are some of the most desirable in the country, and with the city continuing to grow as a commercial center as well as a luxury retreat demand for real estate is likely to rebound again rapidly. Now is the time to invest in luxury real estate here in South Florida, so if you are interested then contact a RE/MAX agent today!

0 Start Up Program Boosts Demand For Luxurious Miami Real Estate

Posted on December 26, 2014 by Sean Greco

Innovation is no longer earmarked to those in positions of power, as this changing trend is evidenced by the huge success of start-ups worldwide. Venture Hive is a company located in downtown Miami that provides funding and education to aspiring entrepreneurs eager to turn their ideas into profit, and recently they have been receiving worldwide attention for their work. Founded by Susan Amat, Venture Hive accepts startups tailored to industries Miami-Dade specializes in such as travel, hospitality, healthcare, creative industries, fintech and trade/logistics. Once admitted into the program the startup founders are then given $25,000 no-equity grants and provided with a 13-week accelerator program that includes personal mentoring and free workspace for sixth months. This gives entrepreneurs from around the world the tools necessary to turn their vision into a reality, and puts Miami at the center of the innovation.

Venture Hive provides the city with the unique opportunity to be the birthplace for new technology and programs directly related to the area’s growing businesses, and thus aids our already thriving real estate and hospitality markets. South Florida has its finger on the pulse of invention, and these start-ups help boost the city’s already strong reputation for creativity and cutting edge modernization. Venture Hive further stimulates the demand for commercial and residential real estate in Miami and surrounding areas, which has been steadily growing for the past few years. With people clamoring to get a piece of the action, now is the best time to invest in South Florida real estate, before things really take off. If you are interested in all the luxurious Miami real estate properties available don’t hesitate to contact a RE/MAX agent today!

0 Office Space Makes Roaring Post-Recession Comeback

Posted on October 22, 2014 by Sean Greco

Labor markets are improving, keeping upward pressure on office space creation and development. An area hit particularly hard by the recession, office space has seen a dramatic uptick in demand in recent months. When the recession hit, many business had to either downsize, leaving an abundance of commercial office space vacant, or shut down entirely, forcing them to vacate the property they had previously occupied. Since then, the space has slowly but surely begun to be refilled. This year there’s been a 26 percent gain in office space under construction, and the highest number of occupancies filled in eight years in the third quarter.

Job growth has led to falling vacancies, leading to higher rents. This upward pressure on prices will likely continue as long as more labor is added to the market, but more likely, if wages begin to rise in the coming years. As America’s private sector continues to rebound, look for strengthening in demand for office space. “Developers are hustling now to get new product to the market, given the stronger absorption trends, particularly for newer, high-quality space,” says Kevin Thorpe, Cassidy Turley’s chief economist. This year 86 million square feet of high-end office space is under construction, the highest reading since 2008.

Areas like Downtown Miami have seen the result of this pickup in demand for office space, as prices have begun to rise from historic recession lows. If you’re interested in capitalizing on competitive prices in the Miami office and commercial space, please contact a RE/MAX agent today!

0 Downtown Miami Commercial Building Set for Renovation

Posted on October 14, 2014 by Sean Greco

Originally designed by famous architect Morris Lapidus in 1952, the One Flagler building at 14 NE First Avenue is undergoing some significant systemic changes. In an effort to revitalize the building, Miami developer Harvey Hernandez’s Newgard Development, with the help of Midgard Management, has invested $10 million in bringing the downtown Miami commercial building up to date. Midgard is the current owner and manager, and realized that the building needed serious upgrades to some of its less glitzy attributes. Some of the improvements include new air conditioning units, plumbing, electrical work, and fire systems.

However, because of how iconic the building is, the developers wanted to make sure and preserve the building’s historical integrity. The condo version will not alter many of the features of the original building in an effort to keep the building for future generations. Hernandez also believe the property will be an attractive one to investors or businesses who wish to be owner-occupants in the building. The downtown area office vacancy rate is still holding well above its historical average at about 20 percent, thanks in large part to the financial crisis of 2008. However, the developers don’t see this as a threat to their business plan.

In Hernandez’s eyes investors will leap at the opportunity to own commercial space inside an iconic downtown Miami building designed by a famous architect. From a strictly financial standpoint, an investor could buy space already being rented by a tenant and expect a return upwards of 4.5 percent. In the same light, the space in One Flagler goes for about $26 per square foot, a 30 percent discount to the area’s average cost. If you’re interested in learning more about Miami commercial real estate, or the One Flagler project, please reach out to a RE/MAX agent today!

0 The Time to Sell

Posted on July 23, 2014 by Sean Greco

There is a fair amount of debate in the real estate community about the time to sell a property. Most real estate gurus agree that winter, especially in areas that have actual winter weather (ahem, not Miami), is the least desirable time of year to list a property for sale. Frigid temperatures aren’t the only deterrent though. There are also all of those holidays and festivities, and most people aren’t interested in making big changes around that time. However, there seems to be quite a bit of disagreement with respect to the other three seasons. Some argue that spring kicks off the selling season, whereas others claim that the fall is the best time to list. There seems to be less adamancy with respect to summer, but the summer believers strongly insist that it’s actually a great time to begin the sales process because of the fact that inventory tends to decline, and a lot of folks start looking because they have a bit more free time. It does make sense that families with school-aged children would prefer to buy and sell during the summer months in between the academic year, so anyone with property in neighborhoods with good school systems should definitely keep this in mind.

The reality is that all of the assertions regarding the different seasons and whether they are the optimal time to sell property are probably true in some way. It really depends on so much more than the time of year. Specifically, the particular real estate market (which is of course highly local), seasonal trends, the economy, the cost of credit, and so many other factors affect real estate cycles. Miami real estate trends have varied from year to year, sometimes drastically and other times hardly at all. And, even though many real estate markets in other U.S. cities do have a tendency to cool during the hot summer months, this certainly has not been the case in Miami this summer. If anything, there is a forty-niners style land rush taking place in Miami with just about every waterfront piece of land sold, lots in and around Downtown Miami disappearing rapidly, and plenty of other eager buyers clamoring to buy whatever is left.

If you need to sell your property or are simply contemplating selling, the best thing to do is to start assessing the local market a few months ahead of time. Of course, markets can change quickly and markedly in brief periods of time. Nonetheless, by closely monitoring the situation over the course of a few months, prospective sellers should develop a good sense of the inventory and activity taking place. And, it is obviously wise to consult with a local expert to offer advice and guide you through the process.

0 Developments Are Transforming Downtown

Posted on July 18, 2014 by Sean Greco

Brickell, Downtown Miami, the Design District, and basically all of the other neighborhoods near or along the Miami River and Biscayne Bay are witnessing big changes, and it is all happening rather quickly, at least by Miami standards. It seems like every month there are new developments cropping up in Miami, and these developments are transforming downtown. And, as the developments are going up, so are the prices for land and the condos that are constructed on it. One of the most recent land sales involved a 1.25 acre piece of prime waterfront property. It sold for an impressive $125 million, which breaks down to $100 million per acre. The property was marketed as the last vacant waterfront site in the area, which probably helps to explain the hefty price tag.

Of course, that can’t be the only reason this particular piece of land commanded a record-breaking sale. The waterfront property has so much potential development-wise. In addition to providing plenty of space for luxury condo towers or high-rise hotels, which will inevitably include amazing views of the water, the property has access to a private dock that can handle not just any boat, but mega boats, as in mega yachts. Thus, it’s not surprising that the sellers of this choice piece of land received quite a few offers from overseas investors (from a few different continents we might add), all of whom were surely eager to snatch this up to start developing some luxury real estate. Hopefully, it won’t be too long before we see what the new owners plan to do with this Miami gem!

0 Miami Worldcenter

Posted on July 9, 2014 by Sean Greco

The developers refer to it as the “city within a city.” It’s slated to provide retail, hospitality, and residential space in one unique location. It’s so spectacular and encompasses so much that they are calling it the Miami Worldcenter. After close to a decade of uncertainty, plans for this mixed-use urban development project are once again underway. The development project will cover almost thirty acres of land, and it will be within walking distance of the most desired urban amenities and entertainment options.

Specifically, Miami Worldcenter will stretch from Northeast Sixth Street up to Northeast Eleventh Street and straddle Northeast First Avenue. This area is just north of Downtown Miami, and it is mostly vacant lots and what many consider “urban blight.” This urban redevelopment project is expected to provide the transformation that this area so badly needs. Miami Worldcenter will have three public plazas and an array of ground-level only shops with entrances directly from the walkways, as well as concealed parking garages for guests, residents, and vendors. In addition to premier retail such as Macy’s and Bloomingdale’s, there will be several residential towers, countless eateries, and a boutique hotel. It’s like a pedestrian’s dreamland.

The project actually sounds a bit like Brickell City Centre, with a unique twist and different location of course. Both projects will obviously add value to the surrounding areas and provide welcome amenities to the many residents of Downtown and Brickell condos. We’re pleased to see that the project is once again moving forward and can’t wait to see the finished product!

0 World-Class Destination in More Ways than One

Posted on February 28, 2014 by Sean Greco

Miami is a premier international destination for so many reasons. It has year-round sunshine, unbeatable beaches, an abundance of shopping, and plenty of entertainment and nightlife options. The population has been increasing gradually, and the downtown area in particular is undergoing massive developments. As the city grows, it is continuing to improve the roads, and developers are constructing condominiums in coveted neighborhoods to accommodate increasing demand.

Pretty soon, people may be flocking to Miami for more than a good time. Baptist Health South Florida, the largest non-profit hospital network in Miami-Dade County, has plans to establish a cancer treatment and research center in 2016. The hospital will be spending almost half of a billion dollars to build what is slated to be a leading health facility. The cancer center will offer clinical treatment and conduct research, and it will also provide proton therapy. It will be the first center to offer this unique treatment method in South Florida. Currently, there are only a handful of centers in the nation that provide this cutting-edge option.

Apparently, the hospital plans to recruit nationally renowned experts. Now, in addition to world-class beaches, shopping, and entertainment, Miami will offer residents and tourists world-class medical treatment. Fortunately, the location of this state of the art cancer center will provide individuals all over Florida and the southeastern part of the United States, as well as people in Central and South America, with access to better treatment.

Hopefully, since there are pre-construction condos popping up all over the city, out-of-state residents traveling to Miami for the unparalleled treatment this cancer center will provide will be able to select from a range of Miami properties to rent while they recover. Even though we don’t want people to come to Miami under such sad circumstances, we hope those that do are able to take advantage of Miami’s other attractions. At least the sunshine and beaches will offer somewhat of a reprieve.

1 Beckham Exercises Option to Open Soccer Franchise in Miami

Posted on February 7, 2014 by Sean Greco

As the Mayor of Miami put it, “the world’s most popular sport is coming to the world’s hottest city.” On Wednesday, Beckham announced that he is exercising his option to purchase a soccer franchise, and he plans to do so in Miami. As previously mentioned, this is amazing news for Miami for so many reasons. Miami residents and the RE/MAX Paradise team aren’t the only ones eagerly anticipating the arrival of a Major League Soccer team in this beautiful city. Across the ocean, even the Daily Mirror in the U.K. has commented on the buzz surrounding this exciting development for Miami, reinforcing the city’s status as one of the top international destinations.

Beckham and his investors still need to secure a location for the stadium, and it appears that the Port of Miami remains the most likely contender. Of course, this is great news for current and prospective owners of South Beach real estate and Brickell properties, as well as developers in these two prime locations. The construction of the stadium and the development of residential and commercial real estate around it will add value to the nearby areas and further spur Miami’s already improving job market. In addition to Beckham and his team of wealthy investors injecting their capital into the local economy, their presence and interest in the city will likely attract additional capital from sources around the globe. It is such an exciting time in Miami!

0 What Downtown Miami Has to Offer

Posted on June 21, 2013 by Sean Greco

Dating back to the late 19th century, Downtown Miami is the historical place to live. Development of the area started in the 1890’s with interest in setting up hotels and some homes. Since that time the area has swelled to an astonishing 71,000 population of a mix of people from all over the world. Downtown Miami real estate is something that people are attracted to because of the richness of the area.

Getting around the area has never been easier. Residents that own a car can simply get in their own cars and buzz where they need to go. Or, they can take the Metrorail and have service throughout Miami. If you are looking to visit and view some Downtown Miami condos, then you can fly into the airport and catch the Metrorail and be taken anywhere you need to be in just a matter of minutes. Taxis are another popular mode of transportation in Miami.

Once you have finished viewing the condos with your Downtown Miami realtor feel free to take some time and explore the area. Flagler Street is considered the main shopping district for the Downtown region. Shoppers are sure to find anything they are looking for in this area. Once you are done shopping head on over and view one of the many parks that are scattered throughout and around the city.