Monday, July 21, 2014
Sunday, July 20, 2014
Armani Casa Miami
The Residences by Armani Casa Miami will be designed by world famous Argentinian architect Cesar Pelli, known to Miami as the architect that designed the Arsht Center and some of the world's tallest buildings, such as the World Financial Ce...nter in New York City and Petronas Towers in Kuala Lumpur, Malaysia.
Building Amenities:
• The Armani designed residences will be offered beginning in sizes of approximately 1,500 sq. ft.
• Residence floor plans will be offered in 2, 3, 4-bedroom and possibly larger plans
• Property projected to offer approximately 250 luxury oceanfront residences
• Property projected to feature 57 floors
• All floor plans designed as east-to-west "flow-thru" floor plans
• Minimum 10 foot ceilings with floor to ceiling glass
• Oceanfront & bay view oversized balconies
• 3 floors of private cabanas
• Full restaurant
• World class Spa
• Oceanfront pool among lavishly landscaped grounds and sundeck
For more information and prices email Iveta
Iveta.impulse@gmail.com
Building Amenities:
• The Armani designed residences will be offered beginning in sizes of approximately 1,500 sq. ft.
• Residence floor plans will be offered in 2, 3, 4-bedroom and possibly larger plans
• Property projected to offer approximately 250 luxury oceanfront residences
• Property projected to feature 57 floors
• All floor plans designed as east-to-west "flow-thru" floor plans
• Minimum 10 foot ceilings with floor to ceiling glass
• Oceanfront & bay view oversized balconies
• 3 floors of private cabanas
• Full restaurant
• World class Spa
• Oceanfront pool among lavishly landscaped grounds and sundeck
For more information and prices email Iveta
Iveta.impulse@gmail.com
Thursday, July 17, 2014
Armani Getting Into Miami Real Estate With 60-Story Sunny Isles Condo
Soon you'll be able to keep your Armani clothes and apply your Armani Code by Giorgio Armani perfume inside your Armani-designed bathroom all within your own Armani-designed condo located in an Armani-designed building named Residences by Armani/Casa.
Yes, the fashion house is teaming up with developers Dezer Development and Related Group and famed architect César Pelli to develop a 60-story, high-rise luxury condo building at 18975 Collins Avenue in Sunny Isles Beach.
Residences by Armani/Casa will include 260 units that will be priced from $1.2 million to up to $5.5 million. Construction is expected to be complete sometime in 2016.
The Armani/Casa Interior Design Studio, headed by Giorgio Armani himself, will be responsible for interiors, as it has been for other condo buildings around the world in places like the Philippines, India, and Turkey. This will be the studio's first condo project in the United States.
César Pelli, the man who designed the Arsht Center, will design the actual building.
This isn't the first time Gil Dezer's Dezer Development has attached a luxury brand name to a condo project. The Porsche Design Tower is currently under construction in Sunny Isles as well. That tower features a robotic parking lot that allows residents to park two to four cars in an interior elevator-assisted garage. The Armani project won't be quite as fancy, as units will be smaller and less expensive on average.
"Trump. Porsche. Armani. It's a niche market I'm creating," Dezer told the Miami Herald. "We're getting luxury brands to join us on the buildings. It makes for amazing projects."
No word on whether Zara plans to rip off the designs for their own Residences by Zara/Casa somewhere in Miami Lakes.
Article from Miami Herald
Wednesday, April 30, 2014
Miami is No. 2 in foreign buyers’ searches
Miami was the second-most searched-for housing market in the U.S. among international buyers in February, according to monthly data from the National Association of Realtors.
Orlando, No. 4, and Fort Lauderdale, No. 5, also cracked the list. Florida was represented in the top 10 more than any other state. Los Angeles, however, landed at the top of the chart.
Residents of Spain, Italy, Switzerland, Brazil and France were the most recurring visitors to the NAR website when it came to Miami listings in February.
The Miami Association of Realtors reported more visits to its website from Venezuela than any other foreign nation in October, as previously reported.
Article from TRD
Monday, April 7, 2014
Miami’s economy outpacing rest of Southeast
Steady job growth and a strong real estate market make South Florida’s economic outlook brighter than the rest of the U.S. Southeast, according to the chief of the Federal Reserve Bank of Atlanta.
“On the measure of development of commercial real estate and investment in residential real estate, as well as the employment picture, I think Miami is a little better off than most of the Southeast,” Dennis Lockhart said Wednesday at a Greater Miami Chamber of Commerce event.
As a whole, he said, the region is tracking the national economy but lagging behind in employment numbers in some areas. Not so in Florida, where the latest state unemployment rate was 6.2 percent, better than the national rate of 6.7 percent.
Beyond the official unemployment rate reported by the federal government, Lockhart said he and his Atlanta-based forecasters look at a broader labor pool. Their tally includes so-called marginally attached workers who want jobs but are not actively looking as well as part-time workers who would like to move up to full-time employment. The unemployment rate when you factor in those groups is 12.6 percent, he said.
“The good news is that, over the past six months, the difference between these two measures of unemployment has in fact been narrowing,” Lockhart said.
Also, unlike the rest of the Southeast, he added that Miami’s “unique attributes” as an international city have helped accelerate the economy through foreign investment in high-priced real estate.
Lockhart, who has served as president and CEO of the Atlanta Fed since 2007, addressed about 300 chamber members and guests at the group’s monthly trustee luncheon at Jungle Island.
He noted that harsh winter weather across most of the country caused a hiccup in economic recovery in the first three months of the year — though not in Florida, which may have benefitted from frigid temperatures elsewhere.
The national economy will bounce back in the second quarter and beyond, Lockhart projected, acknowledging that his opinions were his own and that “my colleagues in the Federal Reserve system may not agree.”
Calling the first quarter “a one-off spell of weaker performance,” Lockhart said national economic growth will pick back up, unemployment will shrink, and interest rates are not likely to rise until the end of 2015.
“My key working assumption is that growth will accelerate in the second quarter and repeat in subsequent quarters,” he said. “I expect stronger growth will help to absorb underutilized resources in the economy, especially labor resources.”
Article from Miami Herald
“On the measure of development of commercial real estate and investment in residential real estate, as well as the employment picture, I think Miami is a little better off than most of the Southeast,” Dennis Lockhart said Wednesday at a Greater Miami Chamber of Commerce event.
As a whole, he said, the region is tracking the national economy but lagging behind in employment numbers in some areas. Not so in Florida, where the latest state unemployment rate was 6.2 percent, better than the national rate of 6.7 percent.
Beyond the official unemployment rate reported by the federal government, Lockhart said he and his Atlanta-based forecasters look at a broader labor pool. Their tally includes so-called marginally attached workers who want jobs but are not actively looking as well as part-time workers who would like to move up to full-time employment. The unemployment rate when you factor in those groups is 12.6 percent, he said.
“The good news is that, over the past six months, the difference between these two measures of unemployment has in fact been narrowing,” Lockhart said.
Also, unlike the rest of the Southeast, he added that Miami’s “unique attributes” as an international city have helped accelerate the economy through foreign investment in high-priced real estate.
Lockhart, who has served as president and CEO of the Atlanta Fed since 2007, addressed about 300 chamber members and guests at the group’s monthly trustee luncheon at Jungle Island.
He noted that harsh winter weather across most of the country caused a hiccup in economic recovery in the first three months of the year — though not in Florida, which may have benefitted from frigid temperatures elsewhere.
The national economy will bounce back in the second quarter and beyond, Lockhart projected, acknowledging that his opinions were his own and that “my colleagues in the Federal Reserve system may not agree.”
Calling the first quarter “a one-off spell of weaker performance,” Lockhart said national economic growth will pick back up, unemployment will shrink, and interest rates are not likely to rise until the end of 2015.
“My key working assumption is that growth will accelerate in the second quarter and repeat in subsequent quarters,” he said. “I expect stronger growth will help to absorb underutilized resources in the economy, especially labor resources.”
Article from Miami Herald
Thursday, April 3, 2014
Miami News: Could the Miami skyline one day resemble Manhattan...
Miami News: Could the Miami skyline one day resemble Manhattan...: ICON BRICKELL, a three-tower complex in Miami’s financial district, was supposed to be a flagship project for the Related Group, the c...
Could the Miami skyline one day resemble Manhattan’s?
ICON BRICKELL, a three-tower complex in Miami’s financial district, was supposed to be a flagship project for the Related Group, the city’s top condominium developer. It would boast 1,646 luxury condos, a 91-metre-long pool, and a hundred 22-foot columns in its entryway. By 2010, however, it had become a symbol of the excesses of the city’s building boom, and Related was forced to hand two of the towers to its banks. Miami condo prices plunged to 60% below their peak. The vacancy rate jumped to 60%. Predictions flew that the market, the epicentre of America’s property crash, would take ten years to come back, or even longer.
The speed of the recovery has surprised everyone. Condo prices are already back near peak levels in Miami’s most desirable areas, and at 75-80% elsewhere. The available supply of units has fallen back to within the six-to-nine-months-of-sales range considered normal, from a stomach-churning 40 in 2008. Only 3% of condos are unoccupied. Sales of condos and single-family homes are above pre-crisis levels across Miami-Dade County. Commercial property, too, has rebounded, with demand outstripping supply. Developers are once again relaxed enough to crack jokes. “I call the current expansion the Viagra cycle,” jokes Carlos Rosso, Related’s president of condominium development. “We just want it to last a little longer.”
The recovery has been partly driven by low interest rates and bottom-fishing by private equity, which helped to clear excess inventory. But the biggest factor is that the city nicknamed the “Capital of Latin America” has attracted a flood of capital from Latin America. Rich people in turbulent spots such as Venezuela and Argentina are seeking a safe haven for their savings.
Estate agents are also seeing capital flight from within the United States. Individuals pay no state or city income tax in Miami, unlike, say, New York, whose mayor wants to hike taxes on the rich further. “Somebody said to me, ‘Give me three reasons why this will continue.’ My answer was: Maduro, Kirchner and De Blasio,” chuckles Marc Sarnoff, a Miami city commissioner, referring to the leaders of the capitalist-bashing regimes in Venezuela, Argentina and New York.
Another attraction is the 40% rise in Miami condo rents since 2009, buoying the income of owners who choose not to live in the tropical hurly-burly that Dave Barry, a local author, calls “Insane City”. Brokers report increased business from Eastern Europe and the Middle East (Qatar Airways will fly direct to Miami from June), and an uptick in inquiries from Chinese buyers.
Is another bubble forming already? Developers say this time is different, and in some ways it is. In a few years Miami has gone from the most- to the least-leveraged property market in America. Buyers of new condos typically have to put 50% down, half of that before building starts. Banks are loth to extend construction loans unless 60-75% of the units are already sold. In both residential and commercial projects, they require developers to put in much more equity than before. Mr Rosso says Related now puts in three times as much, which limits its ambition. The firm now has 2,000 condos in the works, a tenth of what it was building in 2007.
Still, a supply glut is possible. With developers gung-ho again, around 50 towers are under construction or planned in downtown Miami (including the Porsche Design Tower, whose well-heeled inhabitants will be able to take their cars up to the level on which they live in a special lift—this is useful if you really love your car). More were added last month when Oleg Baybakov, a Russian mining-to-property oligarch, bought a trio of condo-development sites for $30m, more than triple their assessed market value in 2013.
Miami’s developers are adept at using “smoke and mirrors” to hide the true number of pre-sold units, says Peter Zalewski of Condo Vultures, a property-intelligence firm. Some see the first signs of trouble. The stock of unsold condos and houses has crept up slightly since last summer. A local broker says that Blackstone, a private-equity firm with a taste for bricks and mortar, bought $120m of properties with his firm’s help in 2013 but “won’t do anything like that this year”. Mr Zalewski says banks are competing harder to finance certain projects, but this may not be a sign of unadulterated bullishness. They may simply be betting that many of the 134 towers proposed but not yet under construction in South Florida won’t get built—meaning the 57 that have already broken ground will do better than forecast.
Much will depend on whether Latin Americans remain addicted to Miami property and, should their ardour cool, whether Americans and others would take up the slack. Few domestic buyers are comfortable putting 50% down, especially when most of it is at risk if the project fails. One or two developers have begun to accept 30% down, a possible sign of increased reliance on home-grown buyers.
The market should get a fillip from the current and planned redevelopment of several chunks of downtown Miami. One of the most ambitious projects is Miami Worldcenter, a 30-acre retail, hotel and convention-centre complex that will feature Bloomingdale’s, Macy’s and a giant Marriott hotel. A science museum will soon join the art museum .
These projects build on progress made over the past decade towards becoming a world-class city, from the opening of dozens of top-notch restaurants to Art Basel picking Miami as one of the three venues for its shows (“the Super Bowl of the Art World”, as Tom Wolfe called it in his Miami novel, “Back to Blood”). Tourism is at record levels. Miami is the only American city besides New York in the top ten of Knight Frank’s 2014 global-cities index, which ranks cities by their attractiveness to the ultra-wealthy. (It comes seventh, ahead of Paris.) Property is still far cheaper than in most other cities on the list (see chart).
Miami’s Downtown Development Authority (DDA) is dangling the city’s low taxes and lovely weather in front of companies to persuade them to move there. This is starting to bear fruit, especially in finance: Universa, a $6 billion hedge fund in California, recently agreed to relocate, following part of Eddie Lampert’s ESL. SABMiller, a giant brewer, has moved its Latin American head office from Colombia. .
“I lived a long time in New York, but here [in Miami] it’s easier to make something from nothing,” enthuses Nitin Motwani, a DDA board member, who talks of the city’s skyline one day resembling Manhattan’s. Mr Zalewski is more cautious. Miami’s property market is “a great game”, he says, but “all it would take to send a chill through the entire market is one big project to go sideways.” Developers who joke about Viagra should keep some aspirin within reach, just in case.
Friday, March 28, 2014
Miami ranks as 7th top global city in Wealth Report
Miami rose to seventh place in a recent survey of the most important global cities to the world’s wealthy.
Miami and New York were the only North American cities to make the top ten list of the Wealth Report, which is issued annually by London-based real estate consultancy Knight Frank. The report includes the Global Cities Survey which ranks cities based on four factors: economic activity, quality of life, knowledge and influence and political power, as well as taking into account the number of ultra-high net worth individuals who call each city home.
Miami ranked fourth in quality of life; ninth in economic activity, eighth in political power, and 10th in knowledge and influence.
Miami, which ranked eighth last year, outranked every other city in the Western Hemisphere with the exception of second-ranked New York. Miami outperformed Paris, Beijing and Dubai. The Global Cities Survey predicts that Miami will remain in the top ten for at least the next decade. New York and London will continue to vie for the top two spots over the next ten years, according to the report. Article from Miami Herald
Wednesday, March 26, 2014
Miami Beach celebrates its 99th birthday
Happy Birthday, Miami Beach! Today, Miami Beach turns 99 years old.
The island was basically a mangrove swamp until the mangroves were cleared to make way for coconut trees. The city of Miami Beach was later incorporated in March 26, 1915 by some real estate developers who had a bigger vision for it.
Being one of the hottest (literally and figuratively) vacationing hot spots in the United States, Miami Beach sees over 700,000 visitors each year. The city offers various types of accommodations, from hostels to five star hotels, as well as a plethora of restaurants, nigh clubs, and stores for tourists to visit. It is also host to a variety of events, including the Winter Music Conference going on right now.
If you're the outdoorsy-type, you can rent a jet ski, go parasailing, or just hang out on the sand, year-round. You really can't beat Miami weather if you're feeling like going somewhere tropical. Walk around its gorgeous art deco district or take a bike ride around town and soak up all the beautiful sites. If you're a city resident, you can celebrate Miami Beach's 99th birthday by reacquainting yourself with its unique and exciting beauty.
Article from examiner.com
Tuesday, March 25, 2014
4 Big Predictions for Commercial Real Estate
By 2039, commercial real estate is expected to be thriving. But over the next 25 years, it will be greatly influenced by changes in demographics, technology, globalization, and economic and environmental realities, according to CNBC.
Commercial practitioners gave CNBC several “bold” predictions for the U.S. commercial real estate sector by 2039:
- The fading away of shopping malls. Malls are expected to continue declining due to the rise in e-commerce. Rick Fedrizzi, president and CEO of the U.S. Green Building Council, expects some teardowns, but repurposing will give new lift to these spaces. “Established places like shopping malls will become like town centers, where people can come together, where their doctors and day care will be, where they can gather after major devastations.”
- Baby boomers drive a construction boom. Several areas of commercial real estate will likely continue to see baby boomers’ influence, experts predict. For one, “we’re an aging population, so in 25 years, there’s going to be a heavy focus on medical-related facilities,” says Kenneth Riggs, president and CEO of Real Estate Research Corp. Riggs also predicts a shift toward affordable multigenerational housing, particularly near mass transit. Also, more boomers may turn to senior housing, and growth will be explosive, Riggs predicts. “Right now, senior housing is a food group in real estate, but it’s like vegan or something, not that established,” Riggs says. “In 25 years, it will be a major food group.”
- Urbanization will boom. This trend will, in part, be driven by Gen Xers and Yers who have shown preferences for living and working in compact areas. The multifamily residential market is expected to show gains due to the growing preferences of urbanization, and more companies will be moving to downtown areas to aid in recruitment efforts, says Rick Cleveland, a managing director at Cushman & Wakefield. Suburbs will also remain important, but may look to replicate the city experience more with greater mixed-use projects that comprise rental, retail, and office. "The way most of the suburbs will evolve is that there's an interim step: They'll be connected to cities by high-speed or light rail, and they'll become walkable communities with a sense of place,” says Fedrizzi.
- Green building continues to evolve. Efforts to meet environmental standards tend to be costly, but industries realize that they are important in the long-run. Commercial buildings 25 years from now will need to be up to the U.S. Green Building Council’s LEED standards, according to the commercial experts interviewed by CNBC. That may mean some existing structures will need to be torn down or undergo a retrofit.
Article form realtor magazine
Strong real estate market in Miami with properties selling near asking price
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The performance of the Miami real estate market remained strong in
February, as prices continue to rise while properties are selling
rapidly and near asking price, according to the latest report from the
Miami Association of Realtors.
Miami is one of the most popular parts of the United States for foreign property buyers and attracts enquiries particularly from Europeans and South Americans seeking to buy property for investment in Florida. The data shows that median sale prices again increased significantly for both single family homes and condominiums in February. The median sales price for single family homes jumped 17% to $227,000, marking 27 straight months of growth. The average sale price for single family homes increased 6.7% to $415,312 last month. ‘Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors. 'While additional inventory is creating a more balanced market, the fact that homes continue to sell fast and almost at asking price is still indicative of a seller’s market,’ she added. The median sales price for condominiums has increased for 32 consecutive months, up 7.3% to $177,000 compared to February 2013. The average sale price for condominiums increased 10.8% to $337,382 from a year ago. The report points out that Miami real estate continues to sell at a rapid pace and nearly at asking price, indicating properties are being priced right and buyers realize they need to be competitive in the current market. The median number of days on the market for single family homes sold in February was just 47 days, a decrease of 2.1% from February 2013. The average percent of original list price received was 95.2%, up 1.4% from February 2013. The median number of days on the market for condominiums sold in February was 57 days, an increase of 18.8% compared to the same period in 2013. The average sales price was 95% of the asking price, a negligible decrease of 0.8%. In February, residential real estate sales in Miami-Dade County decreased a negligible 1.9% compared to 2,075 in February of last year. Single family home sales increased 1.3% relative to February 2013. Compared to February 2013, condominium sales declined 4.1%. ‘The Miami real estate market also offers great opportunities for buyers. Prices are still low, comparable to what they were more than 10 years ago,’ said Francisco Angulo, residential president of the association. ‘And, The data also shows that active listings at the end of February increased 26.8% compared with a year ago. Inventory of single family homes increased 18.3% and condominium inventory increased 32.2%. At the current sales pace, there is a 5.6 month supply of single family homes, an increase of 6% from 5.3 months in February 2013, and a 7.5 month supply of condominiums, up from 5.9 months in February 2013, an increase of 26.2%. New listings of single family Sales of distressed properties continue to sharply decline in Miami-Dade County. In February, only 36% of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 42.2% in February 2013. Sales of REOs increased 26% while sales of short sales sharply declined by 51%. The median sales price of single-family home and condominium foreclosures in Miami-Dade increased 20.9% to $163,150 and 13.6% to $110,750 respectively. The data also shows that 62.5% of total closed sales in February were all cash transactions, compared to 66.5% in February 2013. Cash sales in Miami are still significantly higher than the national average of 35%. All cash sales accounted for 49.5% of single family homes and 72% of condominium closings, compared to a year ago when cash sales were 49.6% of single family home sales and 78.1% of condominium sales. Since nearly 90% of foreign buyers in Florida purchase properties all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market. Article from Property Wire |
Monday, March 24, 2014
California, NY income taxes drive business to Miami
While South Florida has been a tourism and retirement destination, unfriendly business climates in California and New York – both with relatively high income tax rates – have created the perfect storm for businesses from these states to relocate to Miami.
“Here’s the good news: the demand is there,” said Diana Parker, senior vice president at CBRE’s Miami office.
Since the beginning of the year, CBRE has showed Coral Gables and Brickell Avenue offices to two companies, one from each of those states, Ms. Parker said.
At Brickell Bay Office Tower, one company from California and two from New York have already opened, and a New York financial firm as well as a California software company are possible prospects, said Christian Driussi, Brickell Bay Office Tower vice president.
“It’s something that’s been going on in the past 12 to 18 months,” Mr. Driussi said. “They feel, obviously, that Florida and Miami are business friendly.”
California raised its income tax rates for high-income earners following voter approval in late 2012. People earning more than $1 million pay a 13.3 % tax rate, up from 10.3 %.
“When these people come here and they do the math, they say, ‘Oh my goodness, I have all this money that I don’t have to pay in income tax, and I can apply that to either home payment or other things,” said Ron Shuffield, president and CEO of Esslinger-Wooten-Maxwell Realtors.
Italian swimwear company Sundek USA relocated its US headquarters from California to Miami-Dade and New York-based Minerva Bunker Gear Cleaners, a firefighter apparel and gear inspection, repair and cleaning company, opened a branch in the county, according to a 2012-2013 Beacon Council report. The previous year, ASA Institute of Business Technology and Lyoness Management Americas Inc., both from New York, set up shop in South Florida, the Beacon Council said.
The Beacon Council said that the three New York companies will add 374 jobs and $15.65 million in capital investment in the community.
While Stephen Beatus, Beacon Council executive vice president for economic development, said these numbers “are fairly consistent” with the number of New York and California companies moving to South Florida in previous years, he added that in the past two years “there have been a number of active projects from those areas.”
“I think it’s going to be Florida’s game,” said Ms. Parker of CBRE.
CBRE has toured companies looking for 35,000- to 40,000-square-foot office spaces, she added.
“Anyone from New York would laugh at us,” Ms. Parker said. But “for Miami, 35,000 to 40,000 square feet is big. That will have tremendous job creation.”
Butters Realty and Management is also touring a California company looking to relocate to about 25,000 square feet offices in South Florida, said Darcie Lunsford, senior vice president.
Adam Vaisman, director of acquisitions at Butters, cited three main reasons California and New York companies would set up shop in South Florida.
“Number 1, it’s easier for them to pass through to the international markets in South America and the Caribbean than it is from New York or California. Number 2, the financial structure is more beneficial. Number 3, the home affordability has gotten better even though home prices have started to rise now,” Mr. Vaisman said.
An educated workforce and lower operating cost are factors as well, Mr. Beatus said.
And then there’s the one factor that’s prompted people to come to Miami for years: year-round sunshine.
“In California, it’s beautiful weather out there, too, but it’s very pricey now,” Mr. Shuffield said. “Our sunshine here is the same as theirs.”
Article from Miami Today
Thursday, March 13, 2014
Miami Is Wall Street South- Here is Why
Miami Is Wall Street South — Here's Why
It's already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself attractive to bankers through an initiative called the DWNTWN campaign.
Lloyd Blankfein and Leon Black are rumored to have bought Miami condos recently, and the latest hotshot to move his business there is Mark Spitznagel, founder of hedge fund Universa Investments.
“Florida’s business-friendly policies ... offer the perfect environment for us as we expand,” said Spitznagel. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”
The nightlife and beaches don't hurt either.
Miami is a financial gateway to the Americas.
Everest Capital, which manages an estimated $2.3 billion, is headquartered in Miami along with private-equity companies like Trivest and HIG Capital.
And with the growing Latino market, setting up shop in Miami means capitalizing on a growing Latin American client base.
Lower taxes mean more cash in your pocket for what matters.
So if you think about it, a hedge fund manager reporting $1 million in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.
Like taking advantage of Miami's many luxury shops.
Almost 14% of all cars sold in Florida are from luxury brands compared to 11% in New York.
Even more interesting, the 2013 median household income in Florida is less than New York, at $42,751 and $60,663 respectively.
Homes are spacious and private, and set at prices that won't break a Wall Streeter's bank.
By the way, New York's cost of living is nearly 30% above the national average compared to Miami's 10%.
Plus, the weather basically looks like this all the time.
October through March is considered the high season for Miami's charity balls, exclusive dinners, and yacht parties for venture capitalists, hedge fund managers, and other investment-driven companies.
Speaking of yacht parties, Miami has the largest port in the world.
Miami's waterways are a yachter’s paradise with proximity to the Bahamas, Cuba, Cancun, the Dominican Republic, and most everywhere in the Caribbean.
And the beaches are so great you can forget the Hamptons already.
Recently named as one of the top-five beach cities in the world, Miami Beach is an international playground that is steps away from a rowdy Ocean Drive nightlife.
If you aren't traveling by private yacht, there are three airports.
View from plane flying into Miami International Airport.
Miami International Airport is ranked 3rd in the U.S. for international passenger traffic with 33.5 million travelers.
Pilots with private jets are offered a private hangar, refueling services, customs and immigration clearance, and ground services. The facility is open 24 hours a day and features a shower area, pilot lounge, Wi-Fi, and car rental services.
Miami-based investment conferences fill those airports with Wall Streeters all winter anyway.
You'll probably run into this guy.
And we hear these conferences are stacked not just with interesting speakers, but also cool events for attendees.
No need to look for new restaurants to love either, since a lot of NYC favorites are in Miami too.
After dinner you'll soon be able to hit the casino too. Genting is building one on Miami's water front. It will be slots only though.
The same goes for Mami's incredible nightlife scene.
There are more than 500 bars and clubs in Miami, familiar favorites include a Dream Hotel South Beach and Soho House Miami.
Then of course there are the Miami natives. LIV in the Fontainebleau Hotel is the most expensive nightclub in Miami Beach. Kim Kardashian had her birthday there with Kanye (if that means anything to you).
Other hotspots include Clevelander, an iconic beachfront bar and hotel, Cameo, a big spot for DJs, and Wall.
Then there's the non-stop party that is Art Basel.
The influx of super-rich in attendance turns the five-day festival into a seemingly endless schedule of nightclubbing and poolside cocktail parties.
For Wall Streeters, Jim Chanos' Art Basel party is an absolute must.
During the daytime, you can soak up Miami's culture.
And with more than 960 buildings, Miami Beach’s Art Deco district is home to the world’s largest collection of Art Deco Architecture.
The 25 art-deco-filled blocks are a classic representation of Miami's luxury, glamour, and exuberance.
You won't miss your NYC celeb sightings.
And of course, you can't forget the Heat.
The Dolphins are there too, if you like football.
Friday, March 7, 2014
Miami News: SLS Brickell Hotel in Miami Preps for Swanky 2015 ...
Miami News: SLS Brickell Hotel in Miami Preps for Swanky 2015 ...: Miami’s SLS Brickell hotel won’t open its doors until 2015, but elaborate plans from designer Philippe Starck already have us obsessed. ...
SLS Brickell Hotel in Miami Preps for Swanky 2015 Opening
Miami’s SLS Brickell hotel won’t open its doors until 2015, but elaborate plans from designer Philippe Starck already have us obsessed.
Like Starck’s existing properties in Beverly Hills, South Beach, Las Vegas and New York, the SLS Brickell will flaunt a playful-but-polished vibe, attracting Lincoln Road regulars and an artsy crowd from the nearby Perez Art Museum Miami and upcoming Brickell CitiCentre complex.
A total of 133 rooms and suites will greet guests next year, but it’s the 450 condo residences that will bring a unique urban culture to the property; not to mention 10,000-square-feet of foodie paradise (restaurants, pool bars) all manned by culinary director Jose Andres and James Beard Award-winning chef Michael Schwartz. And that rule about waiting an hour before swimming? We don’t buy it—we’ll be headed straight for the Sky Roof pool.
Article from Travel + Leisure
Thursday, February 13, 2014
Project Approved For Fisher Island
A U.S. bankruptcy judge has allowed a company to pursue two residential developments on Fisher Island while its Chapter 11 case and a pending foreclosure lawsuit play out.
Judge A. Jay Cristol approved a plan submitted by Fisher Island Investments for the proposed Palazzo del Sol and Palazzo del Luna projects on Tuesday, South Florida Business Journal reported. Fisher Island Investments was hit with an involuntary Chapter 11 filing by several creditors three years ago. The company can now attempt to refinance the nearly $140 million mortgage for the land on the north side of the island and finalize development plans.
A foreclosure auction of the company’s land is still tentatively scheduled for March 12. Fisher Island Investments controls two companies that own a combined 24.5 acres of mostly vacant land on the island.
Article from The Real Deal
Sunday, February 2, 2014
Nobu hotel chain to convert Eden Roc Miami Beach
Nobu Hospitality Group plans to convert the landmark hotel Eden Roc Miami Beach into a Nobu-branded operation by the end of this year.
Nobu would head up the food and beverage aspect and its namesake restaurant would relocate from the Shore Club from 1701 Collins Avenue to 4525 Collins Avenue, Miami.com reported.
The hospitality chain also owns hotels in Riyadh, Saudi Arabia, and in Las Vegas at Caesar’s Palace.
In 2012, Marriott won a case against Eden Roc, the owners of the Renaissance Hotel in Miami Beach. Eden Roc had sued Marriott and its Renaissance Hotel Management unit, accusing the chain of mismanaging the property, following a $300 million investment, as previously reported.
Article by The Real Deal
Thursday, January 23, 2014
Monday, January 20, 2014
Booming South Florida Condo Market
South Florida's rebounding condo market is showing no signs of slowing down.
Three newly proposed condo towers in Greater Downtown Miami and Coral Gables have increased the total number of units announced in the market to more than 25,000, according to a new report from Condo Vultures.
Including the newly announced towers, developers have now proposed a total of 46 condo towers with approximately 13,600 condo units in the Greater Downtown Miami market, according to Florida brokerage CVR Realty's Preconstruction Condo Projects Database.
In Coral Gables, almost 500 units are expected as of this week.
There are at least 184 new condo towers with more than 25,100 units that are proposed, planned, under construction or recently completed in the South Florida region.
In the previous condo boom, which began in 2003, developers delivered almost 49,000 units the tricounty region. The market remained stagnant after the real estate crash of 2007.
However, as the boom-era inventory dwindles in South Florida, the market is witnessing a push for new condo construction.
Approximately 1,780 new condo units remain unsold in South Florida's seven largest coastal markets from those delivered in the previous boom, Condo Vultures reports.
Since the market crash, four new condo projects -- 23 Biscayne Bay, 4001 North Ocean, Apogee Beach and Bellini Williams Island -- have been completed in South Florida. Another 45 buildings are under construction, as developers ramp up operations.
The newly announced condo towers in Downtown Miami include the 55-story tower Edge on Brickell with 130 condo units, Miami Real Deal reports. Close by, an unnamed tower is slated with 24-stories and 155 units.
In Coral Gables, developers have proposed the Collection Residences, a 10-story condo with 270 units.
As the condo market continues to heat up, the Condo Vultures report includes a caveat to the number of condo units remaining from the previous boom.
"The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium," the report states.
WWW.ImpulseRealtyMiami.com
Article from World Property Channel
Tall, narrow and full of art, new Sunny Isles Beach condo tower unveiled.
Muse, a tall, narrow condominium unveiled for Sunny Isles Beach, will tout something different: a sculpture by artist Helidon Xhixha for each unit.
Xhixha, an Albanian-born artist whose light-reflecting steel sculpture have been offered at Art Miami and Art Basel’s Swiss fair, will consult with unit buyers and design a piece for each, the developer said.
“He is going to do art in every apartment and around the grounds and lobby,’’ said Kevin Maloney, founder and CEO of New York-based Property Markets Group, which is launching the project with co-developer S2 Development of Aventura.
The 649-foot-high building — which will match the height of the Porsche Design Tower and Mansions at Acqualina, two other luxury projects in Sunny Isles Beach — will stretch to the maximum permitted in the area by the Federal Aviation Administration.
With oceanfront parcels all but gone, the ultra-sleek 47-story, 68-unit tower will be shoehorned into a less than one-acre site with 100 feet of oceanfront at 17141 Collins Ave. With setbacks, the building will be just 60 feet wide facing the ocean.
Jade Ocean is immediately south and Ocean 4 is just north of the project, which was conceptually designed by Uruguayan architect Carlos Ott and fleshed out by the Miami-based firm of Sieger Suarez Architectural Partnership.
The skyscraper will feature spacious residences starting at 2,360 square feet, and will include two full-floor penthouses spanning more than 5,800 square feet with five bedrooms and 4 1/2 baths.
“From a staging point of view, it’s going to be difficult to put up: a tall, narrow building with a twist and cantilevers,’’ Maloney said.
Maloney said PMG was approached to joint venture the project by co-developer S2 Development of Aventura, which controlled the land. S2 Development is headed by CEO J. Claudio Stivelman and president Marc D. Schmulian.
Maloney, a tall and lean triathlete, has revealed a penchant for tall, lean buildings. In April 2013, PMG announced plans for Echo Brickell, a luxury condominium at 1451 Brickell Ave. that will rise about 60 stories. He made headlines in Manhattan with plans to build a tall, thin skyscraper at 107 W. 57th St., along one of midtown Manhattan’s major east-west streets.
Muse is expected to begin taking reservations soon and to break ground in June.
The blended price for the units will be $1,300 a square foot, with lower floors averaging less than $1,000 a square foot and upper floors reaching $2,000 a square foot. The developer will require 50 percent deposits from buyers, with 20 percent due at contract signing, 10 percent at groundbreaking, and 20 percent when the building is topped off.
Most floors will have two units, one on the east, with a thick support core, and one on the west. “When you go high, you end up with a thick core, with heavy shear walls to support the building,’’ Maloney said.
Gil Dezer, a major developer in Sunny Isles Beach, obtained the first clearance to build to a height of 649 feet with the Porsche Design Tower.
Article from Miami Herald
Xhixha, an Albanian-born artist whose light-reflecting steel sculpture have been offered at Art Miami and Art Basel’s Swiss fair, will consult with unit buyers and design a piece for each, the developer said.
“He is going to do art in every apartment and around the grounds and lobby,’’ said Kevin Maloney, founder and CEO of New York-based Property Markets Group, which is launching the project with co-developer S2 Development of Aventura.
The 649-foot-high building — which will match the height of the Porsche Design Tower and Mansions at Acqualina, two other luxury projects in Sunny Isles Beach — will stretch to the maximum permitted in the area by the Federal Aviation Administration.
With oceanfront parcels all but gone, the ultra-sleek 47-story, 68-unit tower will be shoehorned into a less than one-acre site with 100 feet of oceanfront at 17141 Collins Ave. With setbacks, the building will be just 60 feet wide facing the ocean.
Jade Ocean is immediately south and Ocean 4 is just north of the project, which was conceptually designed by Uruguayan architect Carlos Ott and fleshed out by the Miami-based firm of Sieger Suarez Architectural Partnership.
The skyscraper will feature spacious residences starting at 2,360 square feet, and will include two full-floor penthouses spanning more than 5,800 square feet with five bedrooms and 4 1/2 baths.
“From a staging point of view, it’s going to be difficult to put up: a tall, narrow building with a twist and cantilevers,’’ Maloney said.
Maloney said PMG was approached to joint venture the project by co-developer S2 Development of Aventura, which controlled the land. S2 Development is headed by CEO J. Claudio Stivelman and president Marc D. Schmulian.
Maloney, a tall and lean triathlete, has revealed a penchant for tall, lean buildings. In April 2013, PMG announced plans for Echo Brickell, a luxury condominium at 1451 Brickell Ave. that will rise about 60 stories. He made headlines in Manhattan with plans to build a tall, thin skyscraper at 107 W. 57th St., along one of midtown Manhattan’s major east-west streets.
Muse is expected to begin taking reservations soon and to break ground in June.
The blended price for the units will be $1,300 a square foot, with lower floors averaging less than $1,000 a square foot and upper floors reaching $2,000 a square foot. The developer will require 50 percent deposits from buyers, with 20 percent due at contract signing, 10 percent at groundbreaking, and 20 percent when the building is topped off.
Most floors will have two units, one on the east, with a thick support core, and one on the west. “When you go high, you end up with a thick core, with heavy shear walls to support the building,’’ Maloney said.
Gil Dezer, a major developer in Sunny Isles Beach, obtained the first clearance to build to a height of 649 feet with the Porsche Design Tower.
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