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

Read more here: http://www.miamiherald.com/2014/03/21/4009406/miami-ranks-as-7th-top-global.html#storylink=cpy

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

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

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, interest rates are still at historical lows, making buying a home more affordable. Consumers considering buying a home should take advantage of all of the current favourable market conditions,’ Angulo added. 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 homes increased 10.6% in February while condominium listings increased 11.3%.  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

El mercado inmobiliario de Miami - Carlos Rosso - Related Group

 

https://www.youtube.com/watch?v=vCcPNI-BCbs#t=85

Why should you invest in Miami's pre-construction today?

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

Miami Is Wall Street South- Here is Why

Miami Is Wall Street South — Here's Why

 

 

Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene.
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.

 

While New York remains the undisputed center of the hedge-fund universe, there are approximately 70 hedge and private equity funds now headquartered in Florida.
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.

 

In Florida, there are no individual income taxes, no estate taxes and no capital gains taxes.
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.

 

Leading the nation in luxury car sales, Miami is an epicenter for extravagent and exotic cars.
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.

 

Even more of a reason to make the jump to Florida, it's cheaper to own  a home in Miami-Dade County than it is to rent one. According to Miami Association of Realtors, the median sale price was $235,000 compared to New York's $442,600.
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.

 

The average temperature year round in Miami is 76 degrees Fahrenheit and the well-to-do from all over the Northeast know this.
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.

 

In 2013, approximately 4 million passengers passed through the terminals of Port of Miami.

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.

 

Separated from mainland Miami by Biscayne Bay, Miami Beach is an exclusive barrier island with 9 miles of pristine beaches.

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.

Miami is already packed to the gills with Wall Streeters going in and out of it all winter long because hedge funds love to have conferences there while it's cold in NYC. The Morgan Stanley-Lyford Key conference was moved from the Bahamas to South Beach, for one.
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.

 

Take steakhouse STK, for one. There's a Catch Miami, a Nobu and a Tao 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.

 

An offshoot of the annual art fair in Basel, Switzerland, Art Basel Miami Beach is a star-studded potpourri of artists, gallery owners, collectors and A-listers.
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.

 

The city has 194 museums, theaters, stadiums and 626 galleries and concert venues, including the new Perez Art Museum Miami.
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.

Miami is packed with A-list celebs like Anna Kournikova, Oprah, Shakira, Lenny Kravitz, Gloria Estefan and former Attorney General Janet Reno.

And of course, you can't forget the Heat.

 

Miami is home to one of the most exciting teams in the NBA, The Miami Heat.
The Dolphins are there too, if you like football.

 

Article from Business Insider

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