Real Estate Information Archive

Miami Beach, long a playground for the rich and famous, is now more accessible. If you consider $3 million, as opposed to $6 million, accessible. About 60% of residents are part-time residents from the North or Europe buying with all cash.

The lower prices are affecting everybody. NBA star Shaquille O'Neal recently took a hit on his Star Island home, purchasing the parcel for $18.8 million in 2004 and recently selling it to a Russian buyer for $16 million.

A few years ago, many of the properties on millionaire-row streets like North Bay Road and Palm Avenue were untouchable by many well-to-do buyers. Now those priced at $12 million and $13 million have dropped to $9 million, while those at $6 million are now priced at $3 million.

Ironically, wealthy all-cash buyers may ultimately rescue the deeply depressed local housing market.
In the centrally located Venetian Islands, which are walking distance to South Beach, homes can be bought for between $1 million and $1.5 million, an affordable price considering that most are 10,500 square feet with 65 feet of waterfront.

Isn't it something: These all cash buyers may be partly responsible for improving the housing market in the long run. Hey- whatever works, right?

International Herald Tribune:

The Huffington Post is discussing a new listing for a Miami Beach penthouse that should provide an interesting benchmark for the state of the Miami market. Modestly billed as "one of the most prestigious south Florida penthouses ever," the 6,853-square-foot (636 square meter) apartment is priced at $22 million, which is a bold number for these stock-market-crashing days.

The penthouse in the Apogee tower includes six bedrooms, a pool, private elevator, staff quarters and 11,000-square-feet of terrace space, including a rooftop "palazzo," according to a press release. The listing calls it "arguably the greatest luxury condo residence to ever ascend on the Miami real estate landscape."

Luxury Insights is making a North-American search for the best realtors in the luxury market devoted to marketing themselves and their properties. The sixth-annual 'Our  Leaders in Luxury National Marketing Competition' is receiving entries in the following categories:

• Best Marketing Campaign for a Luxury Property (domestic or international)
• Overall Excellence in Personal Marketing with Emphasis on Agent Branding
• Best Online Marketing
• Best Market Data Report
• Outstanding Personal Achievement (during the last three years)

The competition not only recognizes leaders in the industry in the United States and Canada, but allows competitors to showcase various marketing strategies and tactics they have implemented successfully. Winners will be announced at our annual Leaders in Luxury symposium and networking event to be held October 20-22, in Austin (TX).

Miami's Budget Advisory Committee recently voted in favor of placing surveillance cameras in the entertainment district in an effort to deter crime, encouraging elected officials to implement the idea. The claim is that the cameras would reduce police personnel costs through crime determent. This decision comes on the heels of the approval of a $225,000 security system, including 16 cameras, in the under-construction Lincoln Park. Likewise, a city contractor began installing cameras at intersections throughout Miami Beach at the beginning of the year that should eventually reach up to 30 total cameras. And although they are put in place to catch traffic violations, they stream continuous video.

Officials should reach a decision Thursday concerning whether to move forward with the increased surveillance.  However, these same officials are also in disagreement about the move.

Police Chief Carlos Noriega claims "cameras make people feel safe."

While Mayor Hatti Herrera Bower calls the use of surveillance in public places "an invasion of privacy."

"I don't know that in a tourist area people would love to have cameras watching what they do,'' she said.

So the question I'd like to pose to Miami residents is whether the increased use of surveillance cameras is considered a positive or negative thing. Do you think they will deter crime and make the streets safer for us all? Or are they another instance of a Big Brother mentality that threatens to invade our privacy?

Further, will the implementation of cameras in our entertainment areas damage the tourist industry?

Read more: http://www.miamiherald.com/2010/06/30/1708580/surveillance-cameras-proposed.html#ixzz0sMXpkoZi

Hey neighbors! I just wanted to let you know that I recently took advantage of a few blessed days off to escape away with the wife. We ate some amazing food, indulged in couples massage, and played tennis and golf. Basically, we were able to unwind and be pampered and forget our busy lives for a few days and just enjoy each other's company. It was wonderful.

The best part? It was right around the corner! The Fairmount Turnberry Isle is right here in our own backyard, and I can testify that it is most definitely a gem of South Florida. The Mediterranean-style retreat offers great amenities, such as their award-winning Willow Stream Spa for adults and the waterslide and waterfall in the Laguna Pool is fun for the whole family. Kids under five even eat free. And this summer they are offering exceptional deals and 10 percent extra discounts for Florida residents.

For example: We played their world-famous 18-hole island green for free; we stayed in a spacious guest suite for just $59 per night; and paid half the normal price for a 90-minute massage ($99.)

And speaking of the Laguna Pool, in addition to its waterslide and waterfalls, we set up camp at the private poolside cabanas and grills. And I can't neglect to mention the exclusive Ocean Club with its pristine stretch of beach and casual dining on the sand.

I'm looking forward to returning in a few days for their Independence Day Fireworks Spectacular, spreading out a blanket on the lush fairway, and take in the 'explosive' event from the famous Zambelli Fireworks team with my family and friends. If you are looking for a luxurious but convenient summer getaway, check out South Florida's own Fairmount Turnberry Isle. This little hide-away is truly a jewel of South Florida.

The Florida Office of Financial Regulation will stop taking applications for mortgage licenses on July 8 as it overhauls the background screening system to look for criminal records and credit history.

The changes apply to mortgage brokers, mortgage brokerage businesses, mortgage lenders and correspondent mortgage lenders. Applications submitted by July 8 will be processed before Oct. 1, the date the new application screening system launches.

OFR has required that all individuals and companies with mortgage licenses must reapply for licensure by Dec. 31.

Regulators will conduct state and federal criminal federal background checks and pull credit reports in an effort to “raise the bar higher.”

They will consider bankruptcies, tax liens, outstanding judgments, foreclosures and charged off accounts as factors in licensure.

Applicants must demonstrate “character, general fitness and financial responsibility” before getting or renewing a license, the OFR said.

The Miami Herald criticized the OFR in a series of stories called “Borrowers Betrayed” that detailed how people with extensive criminal histories were granted licenses as mortgage brokers. It included cases where brokers with questionable pasts were accused of committing mortgage fraud.

“We encourage applicants to apply now so that they have a better chance of being approved before October 1,” OFR Commissioner Tom Cardwell said in a news release. “If unlicensed by this date, individuals will not be able to work in the industry until the new application is approved. Applicants should submit information that is complete, correct and containing full disclosure to minimize delays to processing their application.”

OFR spokeswoman Flora Beal said the additional work would be done in-house with five new positions.

Her office will be especially busy because mortgage licensees must now renew their licenses annually with criminal background credits and credit reports, instead of every two years without repeated background checks.

Disney's Imagineers are creating a brand new project to delight the public: a luxurious gated community in Orlando, Florida.

The 980-acre Golden Oak resort community at the Walt Disney World Resort in Orlando will feature homes from $1.5 million to $8 million, concierge service, pool, spa services, golf course, access to Four Seasons hotel and a 'conservation area.'

Each of the 450 homes will be between a quarter and three-quarters acre in size and the first residences are planned for construction next year.  

Condos sales are up an estimated 70 percent from last year. Many of the recent purchases are being conducted by large firms buying in bulk at rock bottom prices. Lionheart Capital, consisiting of a team of Miami investors and strategists and backed by a New York based private-equity firm, recently dropped $120 million for 146 units at the 2700 North Ocean Drive towers on Singer Island in Palm Beach County. Condo Vultures reported this is the 50th bulk purchase in South Florida in the past two years. These bulk purchases tend to boost sales numbers but keep median prices down, since they are often bought at a discount.
And while it is still a buyer's market, reports are showing that home sales are rising. Still, insiders are sure that while this is the opportune time to buy, groups like Lionheart may have to wait some time before fully realizing their investment. Prices have begun to rise, but are not yet at pre-recession levels.
"We've seen a decline in inventory and increase in sales, and when you've got those two graphs going in a positive direction, it's a good sign,'' said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors.

Read more: http://www.miamiherald.com/2010/06/22/1695151/buying-in-bulk-shows-new-taste.html#ixzz0rjM7nJld

The Maimi New Times once again released their "Best of Miami." A list of 361 of some of the weirdest, newest and boldest, these are a few of our favorite:

BEST NEW RESTAURANT- Sugarcane Raw Bar and Grill

"Each season yields a fresh crop of new restaurants. Sometimes they are highly anticipated due to a big-name chef. Other times they are preceded by a sizzling sister eatery in New York or L.A. Or maybe they boast a distinctive dining concept. Sugarcane brought none of those attributes to the table yet took this town by storm in a way few dining establishments have."

BEST RESTAURANT WHEN SOMEONE ELSE PAYS - Emeril’s Miami Beach

"…Yellowtail snapper with Creole tomato glaze, crab-mirleton relish, and citrus butter sauce ($38) will obliterate the perception that Emeril’s is just a place for tourists, as will the red onion-smoked bacon marmalade and homemade Worcestershire sauce that elevates a juicy filet mignon ($46). Pile it on with truffled mac and cheese flecked with pancetta ($8.50), and add the pièce de resistance via banana cream pie ($10) or bread pudding three ways — a lavish dessert that involves whiskey sauce, Godiva liqueur, and dulce de leche ($9). At meal’s end, you might casually mention that Emeril’s also serves a damn good brunch, and hope your host picks up on the hint."

BEST FOODIE FRANKENSTEIN – El Rey del Chivito

"If Dr. Victor Frankenstein had been born an unnaturally hungry Uruguayan food fanatic and not an Austrian alchemist hell-bent on cobbling together a humanoid creep show from dead body parts, he might have invented El Rey del Chivito’s trademark creation, the Chivito Rey Emperador. Basically a monstrous mountain of random foodstuffs, the Rey looks like it was dredged from the kitchen’s scrap bin…"

BEST PLACE TO SEE CELEBRITIES – WALL Lounge at the W South Beach

"Miami is a town where clubs spit out adjectives like exclusive, VIP, and upscale like an overchewed piece of Juicy Fruit. But WALL Lounge is actually one of the few places that can blow hard without bursting its own bubble. Jessica Alba, Gabrielle Union, the All American Rejects, Erykah Badu, Swizz Beatz, Jamie Foxx, Jason Binn, and Selita Ebanks are just a few of the celebrities who have walked through WALL’s infamous doors. Other guest sightings have been rumored, but unless the press snaps a picture, they’re almost impossible to confirm. In fact, it’s nearly impossible to get a photo of the place, period. WALL’s success lies in its size; it is so boutique it does not merit a VIP section — the lounge itself is the VIP. So if you’re lucky enough to get in, keep the video phone ready — you might catch a TMZ-worthy moment."

BEST-KEPT SECRET – Free Big Cypress tours

"There’s a great South Florida wonder between Miami and Naples, and we’re not talking about the skunk ape. He’s gotta be somewhere in Big Cypress National Preserve, that great, big national park in Miami’s back yard. Every year from late November to April, the national park service offers ranger-guided tours through a variety of wilderness activities in the area. And they’re all free. Our favorite is the wet and wild swamp walk, a muddy trek through sometimes waist-deep gator water…"

BEST CHEAP THRILL – Free drinks at art parties during Art Basel Week

"People With Money + Drink Sponsors = Hot Girls. Hot Girls + Free Drinks = Best Parties. Best Parties + Tourists + Art World + Miami + Free Drinks + Hot Girls + People With Money + You = An Amazing Scene."

BEST PUBLIC RESTROOM – Balans

"Prudes freak when they see the glass-door bathrooms at Balans in Brickell. That is, until they flip the lock to the left and realize the door magically fogs up to provide discretion. Totally private stalls? Priceless! Not having to hear your neighbor deal with his or her gas or nausea? Refreshing. Knowing no one is looking under the partition at your chipped toenails or underpolished shoes? Much appreciated."

BEST PLACE TO GET FREE WI-FI – Metromover 

"It’s not often you’ll catch this publication praising local municipal works. Miami-Dade’s public transportation system, for example, makes Havana’s ’50s-era buses look like Japanese light rail….And because the elevated tram is free, it’s a pretty handy alternative to shelling out cash for Internet time at FedEx Office, if you don’t mind traveling in circles or surfing the web next to a drunk homeless dude."

Don’t miss “Best Place to Meet Single Women”, “Best Place to Meet (Hopefully) Single Men”, “Best Place to Meet Intelligent Women”, “Best Place for a 10th Date”, “Best Place to go Stoned”, or “Best Place to Shop Like There’s No Recession” at http://www.miaminewtimes.com/bestof/

The missing piece of a $1 billion Metropolitan Miami complex, Met 3, at 200 SE Third Ave, is scheduled to begin construction in the beginning of 2011. Originally set to break ground in early 2009, the project was placed on hold after several investors pulled out. However, MDM Development Group is shifting the details of the project and preparing to get started.    

The development group moves forward with a scaled-down version that seeks to meet two downtown needs: a supermarket, which downtown residents are currently lacking, and more parking.

Met 3 aims to not only provide benefits to office tenants and residents, as well as hotel guests for nearby Met 1 and 2, but to contribute to the overall community by providing a supermarket in the form of 'Whole Foods.' The national chain is in line with the theme of an affordable and healthy lifestyle.

"That's our goal. Our intention is to have Whole Foods," said MDM vice president Tim Weller, adding "we are actively working on that."

After more than six years of designing and building, the envisioned Metropolitan Miami complex is coming together.
The 447-unit Met 1 condominium is occupied with new residents and home to Chophouse Miami on the ground floor. Met 2 is nearing completion, with office tenants expected to move in starting in July and the hotel to open in October.

"It's a great service to the downtown area, which has been lacking something like this forever," Weller said.