Tag Archives: South Beach

In Miami, Wondering About a Bubble


A DOZEN years ago, I lived through the hype machine of the energy trading industry in Houston.
Enron and other firms were transforming themselves into investment banks for traders of natural gas and electricity. They sometimes booked profits today on revenues not expected for another decade. Companies showed off their state-of-the-art trading floors. One hired Ray Charles to sing at a dinner for analysts. We all know how that story ended.

There have been other bubbles, of course — particularly in the technology sector — but these days, I’m having flashbacks to my Houston days when I visit Miami and learn more about its high-end real estate market.

Demand for expensive waterfront properties, much of it coming from South Americans and other foreigners looking to park their cash, has the industry punch-drunk with enthusiasm. Miami agents are putting off vacations (lest they miss a big sale), and some are regularly flying to South America on sales missions.

It’s a roller coaster that has a lot of people shaking their heads in disbelief. After all, as recently as two years ago, Miami was the poster child for distressed real estate. “Now it is redefining itself through luxury real estate,” said Jonathan J. Miller, president of Miller Samuel, an appraiser that produces a quarterly report on Miami for Douglas Elliman Florida.

“It is like it got rebranded,” he added.

But is it a bubble? Or, to frame the question more specifically, just how sustainable — and healthy — is this recent boomlet?

The truth is that Miami, more than any big city in the country, has two very different real estate realities somehow coexisting, at least for now.

On the one hand, there are the nondistressed properties along the water, where sales activity is climbing, prices are on the rise, and some record sales this year have captured the industry’s imagination.

A penthouse on South Beach sold to an Italian for $25 million. A single-family home in Indian Creek sold to a Russian for $47 million. And the telecom mogul Peter Loftin listed the former Gianni Versace mansion on Ocean Drive (where Mr. Versace was murdered) for $125 million.

Foreign purchases — which analysts estimate make up a third of all sales in Miami and very likely more than half of sales over $1 million — are driving much of the sales activity. New Yorkers have also played a big role, brokers say. And cash is king: nearly 73 percent of nondistressed condo sales, and 76 percent of distressed condo sales, were all-cash in the third quarter of this year, Miller Samuel said in its most recent Miami report, released in the last week. Continue reading

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Miami-Dade Zip Codes Have Top Million-Dollar Home Listings

Coldwell Banker’s list of the nine neighborhoods with the most million-dollar listings includes two Miami-Dade neighborhoods.

At No. 5 is Miami Beach (33139), which has 507 homes on the market priced at $1 million or more. One-fifth of those are priced at more than $5 million. More than 30 are going for more than $10 million, and seven homes sold last year in that range.

At No. 6 is 33160, which Coldwell Banker identifies broadly as North Miami Beach, but which is actually based on luxury listing activity in Aventura, Sunny Isles Beach and Golden Beach, said real estate experts who examined the list and data.
Beth Butler, president of One Sotheby’s International Realty, which reviewed the list for the Business Journal, said the ZIP code includes all of the Trump Tower projects and other high-end condo product like Jade Ocean that command that kind of pricing.
North Miami Beach has 498 homes for sale priced at $1 million or more, according to the list.

“In the last few years, we have had the most $1 million-plus sales in Sunny Isles and Aventura,” Butler said.
Peter Zalewski of Condo Vultures said there are currently 32 homes, condo units and townhomes for resale in North Miami/North Miami Beach that are priced at $1 million and up. North Miami does have high-priced neighborhoods on its east side.
Ron Shuffield, president and CEO of residential brokerage Esslinger Wooten Maxwell Realtors, said there are currently 1,946 residences listed at more than $1 million in Miami-Dade County. More than 900 are single-family homes and more than 1,000 are condominiums.
He said that, in 2008, the local market shifted toward having more high-end condominiums than high-priced single-family homes because of the high volume of luxury condos built during the boom of the last cycle. There is an average of 51 sales involving single-family homes priced at more than $1 million, and an average of 79 similarly priced condos sold every month in Miami-Dade.
At the top of the Coldwell Banker list is Paradise Valley, Ariz., a small, affluent town in Maricopa County.

Miami-Dade ZIP Codes Have Top Million-Dollar Home Listings, 27 September 2012, By Oscar Pedro Musibay, Retrieved from http://www.bizjournals.com/southflorida/news/2012/09/27/two-miami-dade-zip-codes-have-top-1m.html .

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FOR SALE- 3801 COLLINS AVENUE- MIAMI BEACH, FLORIDA

$950,000
2 BED, 2 BATHS
1,212 SQUARE FEET
3801 Collins Ave. #1204
Miami Beach, Fl 33140

LOWEST PRICED 2 BED IN THE BUILDING! FABULOUS FLOW-THRU UNIT WITH DIRECT OCEAN AND BAY VIEWS OFFERING BREATHTAKING SUNRISE AND SUNSETS FROM 2 EXPANSIVE BALCONIES. THE LAYOUT FEATURES A WIDE-OPEN FLOOR PLAN WITH A PRIVATE ELEVATOR TO THE UNIT, SLATE BATHROOMS, STATE-OF-THE-ART KITCHEN WITH SUBZERO AND MIELE APPLIANCES AND AMAZING OCEAN VIEWS FROM THE MASTER SUITE! EXCLUSIVE BOUTIQUE BUILDING ON THE OCEAN COMPLETE WITH AN INFINITY POOL, GYM, SPA, WINE ROOM, VALET PARKING AND COMPLIMENTARY BEACH SERVICE!

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

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Real Talk With Howard Chase- Real Estate Tips For Foreign Investors

For more information about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505. Remember to subscribe to my Youtube channel. Thank you and have a great day!

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

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FOR SALE-3801 COLLINS MIAMI BEACH, FLORIDA

 

 

 

 

 

 

 

 

 

 

 

$ 5,000
2 Beds 2 Baths
3801 COLLINS Unit 1204
Miami Beach , FL 33140

Fabulous flow through unit with direct ocean and bay views. Enjoy breathtaking sunrise and sunsets from 2 large balconies-open floor plan with private elevator to unit, slate bathrooms, state of the art kitchen with subzero and miele appliances. Amazing ocean views from master suite! exclusive boutique building on the ocean complete with an infinity pool, gym, spa, wine room, valet parking, and complimentary beach service! Available for short-term lease rental. If you have any inquiries about about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505.

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

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Rewards Of Working In Real Estate

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

For more information about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505. Remember to subscribe to my channel. Thank you.

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FOR SALE-THE BENTLEY BAY CONDO- 540 WEST AVE. MIAMI BEACH

 

 

 

 

 

 

 

THE BENTLEY BAY CONDO
1 BEDS 1 BATHS
540 WEST AV Unit 1013
Miami Beach , FL 33139
RENTAL – A
MLS #: A1515001
Year Built: 2004
Square Ft: 777

Featuring brand new designer furniture, gorgeous white marble floors and all the upgrades you can imagine. incredible finishes, views for days, jacuzzi tub and more .. available short term or long, easy to show. For more details visit Howardchaserealestate.com. If you have any inquiries about about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505.

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address:
1354 Washington Avenue Suite #220
Miami Beach, FL 33139

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