Tag Archives: Luxury Homes

Good news for Miami-Dade: Property values are increasing

Property values in Miami-Dade County rose for the second year in a row – welcome news for South Florida municipalities, which derive much of their revenue from property taxes.

“It’s a good thing for anybody in government,” Miami City Manager Johnny Martinez said.

The growth – about 3.1 percent countywide – was slightly less than Miami-Dade Mayor Carlos Gimenez was expecting. Last month, Gimenez predicted property values would rise 3.5 percent, creating in an additional $33.3 million in new revenue for county coffers.      

      But on Friday, Gimenez said the revised figures were “something we can work with.”

“At least the decline in property values has stopped,” he said. “For some years, it was negative growth.”

Overall, Miami-Dade’s tax roll grew to $196.61 billion from $190.69 billion last year, according to initial estimates released Friday by Miami-Dade Property Appraiser Carlos Lopez-Cantera.

Real estate property values increased by 2.5 percent. Oceanfront and urban-core properties were most likely to see their values rise, along with residential condominiums.

Commercial property values, meanwhile, were generally flat.

Also providing a boost to tax rolls: Florida Power and Light’s improvements to Turkey Point Nuclear Plant. The power station saw its assessment jump by $1.4 billion, according to the property appraiser’s office.

Jack McCabe, a housing analyst in Deerfield Beach, said he saw property values rise across the board, partly because hedge funds were eager to invest in real estate.

“While the rate of appreciation is coming to a more historical norm, the forces driving it are entirely different,” McCabe said. “It’s not individual owner-occupiers buying homes to live in. It’s corporations buying homes to rent out to people.”

The final tax rolls won’t be certified until next month, meaning the figures announced Friday are subject to change. But the preliminary numbers will help taxing authorities begin preparing their budgets and setting their tax rates.

Since 2007, tumbling tax rolls had left South Florida municipalities and school districts scrambling to balance their budgets. Some made dramatic cuts to programs and services. Others negotiated employee concessions or forced layoffs.

But real estate values in Miami-Dade and Broward began to rebound last year, showing slight growth over the year before.

The growth this year was even stronger.

In Broward, the countywide tax roll increased 4.4 percent to $132 billion, Broward Property Appraiser Lori Parrish announced earlier this week. Every Broward municipality, with the exception of Lazy Lake, saw property values rise.

There were winners and losers in Miami-Dade.

Indian Creek, a small island community just west of Surfside and south of Bay Harbor Islands, saw the strongest increase. Property values spiked 19.5 percent, to $431 million from $360 million last year.

Other beachfront municipalities in northeast Miami-Dade fared well, including Sunny Isles Beach, Bal Harbour, Golden Beach and Surfside.

Florida City, however, slid 6.6 percent to $410 million from $439 million. In Opa-locka, property values fell 5.6 percent.

“The rebound is very neighborhood specific,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, one of the area’s largest brokerage firms. “But there are very few homes that are still decreasing in value because inventory is so low.”

Some experts question if the growth is sustainable.

“The big question is, how long is it going to last?” said McCabe, the Broward-based housing analyst. “There are some people who believe that we may see these price increases for the next three to five years – and then interest rates are going to sky rocket, the hedge funds will start selling off their acquisitions, and we may have something similar to last decades. This could be the start of another bubble.”

City officials, however, are focused on another start: the official start of the budget season.

Miami saw its property values jump 4.1 percent to $32.6 billion from $31.3 billion. That’s a little bit more than city budget managers were expecting.

In Homestead, property values dipped to $1.795 billion from $1.8 billion, disappointing City Manager George Gretsas.

“To tell you the truth, I think most people thought it would increase,” Gretsas said. “We were hoping for a slight bump.”

He added: “It is what it is. We’ll just have to keep tightening our belts until we weather the storm.”

Gimenez, the Miami-Dade County mayor, said he believed the countywide figure had gone up in the past five months. The estimate was based on January figures.

“We think next year will probably be a better year,” he said. “But for now, we have to work with what we’ve got.”

Earlier in the week, Lopez-Cantera posted the assessed values for individual properties to the property appraiser’s website.

Historically, the information wasn’t available until August. Lopez-Cantera made the change to make it easier for residents to contest assessments, he said.

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Europe’s Financial Woes Ripple To South Florida

July 4, 2012|By Kathleen Haughney and Doreen Hemlock, SunSentinel

Europe’s financial woes may be South Florida’s gain — at least when it comes to real estate.

Europeans with extra cash are looking to invest faster in second homes in South Florida before the value of their euro currency drops further, real estate specialists said.

Euro-zone woes are rippling to South Florida in varied ways, raising concerns about trade, tourism, stock markets and even the broader pace of the U.S. economy and global growth.

Here’s a look at how euro-zone problems — especially in Greece, Spain, Portugal, Italy and Ireland — are affecting South Florida.

Real estate: International buyers from Europe and other regions accounted for about 15 percent of Florida’s real estate sales before the 2007 recession, and they’ve represented the bulk of cash buyers in recent years.

For Europeans with extra cash, now is the time to buy in South Florida, said Senada Adzem, director, Douglas Elliman real estate in Boca Raton, which specializes in high-end homes. Her European business is up this year, especially from U.K. and German buyers purchasing homes worth $5 million and more.

Many cash buyers from Europe are investing in areas where they figure they can rent out their apartments for a gain.

Read full article here: http://articles.sun-sentinel.com/2012-07-04/business/fl-florida-eurozone-crisis-20120704_1_european-visitors-south-florida-boosts-exports

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Would you buy the house where Gianni Versace was shot?

The Miami mansion where Gianni Versace died is on the market.  But will the history of the house help or hinder its sale? Emma Rowley investigates the price of infamy.

Fashion house: Gianni Versace’s Miami mansion was as flamboyant as the clothes which still bear his name

By Emma Rowley – The Telegraph

Russian oligarchs, Middle Eastern royalty and Ecclestone sisters, get out your wallets. Gianni Versace’s sumptuous mansion is back on the market. Now used as a boutique hotel, Casa Casuarina in Miami Beach, Florida, has been put up for sale with a hefty £80 million price tag.

Whoever buys it will need to share the tastes of Versace, that is certain. The couturier spent millions transforming the 10-bedroom South Beach property into an Italian villa, complete with frescoes, statues and stained glass, ever ready for a visit from Elton and the like.

What all those involved are less keen to trumpet is that 1116 Ocean Drive is also where Mr Versace was shot dead on the steps in 1997. Could this tragic aspect of its past prove a problem?

This is not a prospect that would appeal to all. But then, whoever snaps up Casa Casuarina, where even the swimming pool is tiled in 24-carat gold, is unlikely to be a shrinking violet.

Read more here: http://www.telegraph.co.uk/property/9364511/Would-you-buy-the-house-where-Gianni-Versace-was-shot.html

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Billy Joel Selling A Superb Miami Beach Mansion For $14.75 Million

Miami Beach, Florida – The Miami real estate newswire this week’s information on a Mansion but not one in the sky. We frequently report on Mansions in the Sky, Condos in Miami. This is an actual Mansion on the sandy grounds of Miami. Following 6 Years of living in this luxury Miami Home, Billy Joel is selling. He is known as The Music Man, Billy Joel Is asking $14.75 Million for this Miami Beach Mansion.

Mansion located on La Gorce Island, a Gorgeous Gated Community in Miami Beach

The celebrity real estate news in Miami is often loaded with the big time players. This six-time Grammy-winning singer and songwriter, Billy Joel is selling his mansion on Miami Beach’s gated La Gorce Island. Billy Joel has owned the .67-acre Miami Beach Property since February 2006. This property is pie-shaped and of course on the waterfront. Billy Joel purchased the posh property on La Gorce Island, using a limited liability company, for $13,500,000. It appears through various real estate newswires in Miami that this was a cash deal.

Mediterranean Home with Stunning Views of the Water

The Miami Beach property is viewed as a Mediterranean Revival mansion-in the style, similar to that of the respectable architect Addison Mizner. This Miami Mansion was only built in 2004, as it consists of approximately 8,884 square feet and contains a total of 7 bedrooms and 8.5 bathrooms. This Miami Beach Luxury property includes a separate 1 bedroom and 1 bathroom guesthouse or once what was called a Mother-in-law’s home.

Mansion with Classic Designs Everywhere An Investor Looks

The Florida property has sweet Palm trees populating the sides of a paver stone driveway that passes through a motorized wrought iron gate. Billy Joel’s Miami Mansion has a palm tree-ringed interior motor court with two separate and semi-detached two-car garages. This Miami Beach home is loaded with marble, and limestone. The architectural designer did an amazing job as this luxury home includes elevated and barrel vaulted ceilings. The piano man can see through the French doors and take advantage of the stunning views of the Biscayne Bay.

A Miami Real Estate Broker’s Dream Listing

The Miami mansion, according to the Real Estate Broker’s listing details, has formal living and dining rooms. The Miami Real Estate Broker lists details such as a genuine cook’s kitchen, a home office, and a waterside family room with groin-vaulted ceiling. This Miami Luxury property owns a, built-in wet bar, with wine cellar for all those Canadian buyers who want to switch from Miami condos to a ritzy Mansion.

Mansion in Miami Beach for Those Qualifying for Key Man Life Insurance

The breathtaking La Gorce Island is definitely a desired enclave by celebrities, wealthy Private Investors and those who have a need for Key Man Life Insurance.  In other words the extremely wealth love this are of Miami and South Florida. For those who are old enough, you might remember Cher? She once owned a large residence just down the street from Billy Joel. Also nearby was the Latin pop – crossover singer Shakira. We saw newswires report that Bee Gee Maurice Gibb owned a La Gorce Island mansion yet he sadly died in 2003.

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Filed under Celebrity Homes, Luxury Properties, Miami Beach