Real Estate Information

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.

The rate of foreclosures in South Florida for May 2010 has dropped an average 49% in comparison to last year's figures, according to a recent report by Condo Vultures, ranging from 55% in Broward County to 36% in Palm Beach County.

The drastically improved housing market is attributed to lender's earnest efforts to avoid foreclosures by working with homeowners and adjusting mortgages or advocating short-sale properties.

Short-sale properties, where a homeowner sells a property quickly yet fails to completely cover the mortgage, are becoming more common as banks realize the fallacy of foreclosures. On average, the foreclosure process in South Florida takes 18 months to fully process and costs approximately $100,000 per property.

 In May 2010, lenders initiated 1,000 foreclosure actions in Miami-Dade County, 1,300 in Palm Beach County and 2,000 in Broward County. This is in comparison to last year's May figures of 1,900, 2,000 and 4,500, respectively.

Miami-Dade County is home to high-end neighborhoods Aventura, Coral Gables and Miami Beach and boasts some of the most luxurious homes in Southern Florida. It's foreclosure rate of 23% is also the lowest among the three aforementioned counties.

Sunny Isles Beach, located mere minutes from Bal Harbour, is providing buyers with more than 100 new condominiums. The first months of 2010 saw the average price of condos drop 12 percent, sending buyers into a frenzy to snap up the luxury market homes on the beautiful island in South Florida, heavy with investors including Donald Trump.

The discounting helped the booming resort town outsell their counterparts with an average price of $508 per square foot in comparison to $1,350 in South Beach. By contrast, greater downtown Miami condos sold at an average price of $326 per square foot.

"The buying pool for new South Florida condos is proving to be extremely deep despite the fact that financing is difficult to obtain," said Peter Zalewski, a principal with a Bal Harbour based real estate consultancy. "The trend continues to be strong sales at projects where the developers have discounted their prices deep enough to grab the attention of all-cash buyers."

"The unwillingness of developers of South Beach developers to cut their prices on new units has worked to drive buyers to other areas such as Greater Downtown Miami and Sunny Isles beach."

Will Miami be home to the world's tallest building? Miapolis, proposed at 3,200 feet high, may be the jewel of downtown Miami bringing with it the first "platinum green" building footprint.

If the project gets off the ground, there will be over 600,000 square feet of restaurant space, 1 million square feet of luxury office space, 1,050 super-deluxe condo units, a 792-room hotel, a rotating sky lounge and much more. It will truly be a one-of-a-kind masterpiece of architecture attracting millions of visitors. With areas for art, theatre, opera, concerts, theme park, boardwalks, marina, marketplaces and a light rail, Miapolis City proposes to be a city within a city.

You have to see it to believe it!

Miapolis Website: http://www.miapoliscity.com/

Starwood Hotels & Resorts, one of the leaders in the hospitality industry and well-known for their luxury and lifestyle brands like the Westin, W Hotels, and Le Meriden, has completed a real estate milestone in completing the St. Regis Bal Harbour.

The landmark hotel, once known as the Sheraton Bal Harbour, now rises 27-floors above the ground and will include luxury, oceanfront residences.

The residential project is scheduled to be complete in 2011, and will be located across from the famed Bal Harbour Shops. Adding a bit of beauty and glamour to the shoreline, the Residences at the St. Regis is setting the bar for luxury living in South Florida. Only a short drive from downtown Miami, the St. Regis Bal Harbour includes 205 beautifully-appointed suites, 270 private residences, 37 condo units, a 12,000 square foot deluxe spa called Remede Spa, a prime-spot for their upscale, oceanfront restaurant, the elegant St. Regis wine bar, meeting and event space, as well as a private beachfront access area amongst the immaculately manicured landscaping.

The guest rooms are outfitted in St. Regis’ distinct style and grace, with floor-to-ceiling windows and balconies with breathtaking views of the ocean.

Prepared and created for those with discerning tastes, the Residences at the St. Regis are the ultimate in luxury home living.

Many South Floridians are on a budget these days, but that doesn't mean we can't spruce up our homes or condos with these fun projects. Check out this video for some fun and easy home upgrades to lighten, brighten, and bring more life into your home. The best part? All of these tips cost under $30!

As expected, many businesses in Miami and South Florida flourished in over Super Bowl weekend. However, as stores rejoiced the extra revenue, some shops complained at the lack of extra revenue the big game brought in.

Hotel ADRs (average daily rates) increased significantly, as did overall occupancy and RevPAR (revenue per available room). Many rooms all over South Florida were taken up by corporate-types and fans with deep pockets.

South Beach, the area’s most popular tourist area, turned into a virtual Bourbon Street as many streets were closed and revelers wandered around with beers in hand and Mardi Gras-style necklaces.

The shops, restaurants and other destinations on the beach also participated in the festivities. ESPN actually broadcasted on the beach and treated all spectators to a myriad of concerts all weekend.

Mango’s Tropical Cafe owner David Wallack said, “A whole lot of beads, a whole lot of ‘who dat?'” was going on. The popular Ocean Drive staple enjoyed a huge increase in sales, thank in part to their $11 mojitos served in souvenir cups.

Unfortunately, Lincoln Road – South Beach’s upscale retail area – did not seem to profit as much from the game. Many shops and restaurants said that their business remained the same, and some even reported that it went down.

Lisa Warren, who owns Frieze Ice Cream off Lincoln Road, stated her distaste for the weekend revelry. “It hurt us,” she said.

Sometimes the unexpected happens, and people are put into a situation where they have to sell their home… and fast! To tackle this daunting task in the fastest most efficient way, Roadhouse Realty has a few tips to help you sell your home quickly.

MAKE A PLAN: The first thing you want to do is set a price, one that is reasonable. Obviously, you are always looking to make a profit, but the main undertaking is to get your house sold. Make sure you consult with a South Florida real estate agent to figure out what your home is valued at. You can also set high and low prices, so you know what price you will not quote over, and what price offer is too low. Don’t forget, you can always rent out your property until you feel the market is right to make a proper and profitable sale that you are happy with. Doing things quickly is great, but doing things right is much better.

STAGE YOUR HOME TO SELL: It goes without saying that this is a vital part to closing a sale fast. Keep your theme neutral with some wow-factor accents like red pillows or lampshades. Clutter is also an important issue to keep under control. The less “stuff” that is visible in your home, the better and more appealing it will be to buyers.

THROW IN EXTRAS: If you find that you cannot work the sale price to be appealing to buyers, the best thing to do is offer them a better value. One way is to include incentives like appliances, or large-ticket items and furniture. Another way is to include a year of condo fees, or other costs associated with the home that you would be able to budget for. Throwing in extras like this entices buyers who are looking for a home with a truly unique deal.

If you have any questions about selling your home, contact South Florida real estate professional, Roman Pavlik at southfloridarealtysource.com!