Miami comes in 6th in Knight Frank’s Wealth Report for The world’s most important cities to ultra high-net-worth individuals.
For the 3rd consecutive year, Miami has moved up in the ranks.
The Miami Report
The latest edition of The Miami Report is out!
The ISG WORLD family and parent company to our brokerage, Related ISG International Realty, is proud to present the most recent update on the current market conditions of Miami, our emerging Global City.
Discover the factors that continue to move Miami up in ranks as one of the top ten cities that matter to UHNWI’s. Explore the effects Miami’s real estate, financial, cultural, and technology industries have on our community, and examine the factors sculpting the future of our city.
In this edition, The Miami Report goes a step further and takes an in-depth look into how cultural livability factors are especially attractive to ultra high-net-worth individuals. Furthermore, it explains how the surge in value of the dollar has caused a softening of new condominium absorption. History, however has proven that once the new currency dynamic is accepted as the norm, the lure of Miami’s stable investment environment and asset protection will once again fuel foreign investment in our market.
And the most exiting news:
Technological advancements, international finance and entrepreneurial endeavors will provide substantial opportunities for job growth in Miami. The introduction of innovative ideas combined with a well-educated labor force will generate a flow of capital investments to our magical city.
Please contact us for a complimentary copy of The Miami Report by leaving a comment on this blog post or emailing us at firstname.lastname@example.org or REGISTER HERE
Other articles of interest:
**originally published 10/22/2015
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Wishing you and your family a wonderful holiday weekend, from our Miamism family to yours!
As your Downtown Miami Real Estate Specialists, we present to you our monthly Ten Museum Park Real Estate Market Report for the month of October. Call us if you are considering buying or selling at Ten Museum Park.
Ten Museum Park – current Listings
There are currently 18 Ten Museum Park residences for sale: (Compared to 20 in September)
- Highest Priced Listing – $1,899,000 for a 3 level PH loft with 3 bedrooms and 3 bathrooms and 2,581 sq.ft. of living space (residence 4207)
- Lowest Priced Listing – $359,500 – residence 1205 – 791 sq.ft. – 1 bedroom / 1.5 bathrooms
Ten Museum Park – pending sales
There are currently two properties under contract at Ten Museum Park.
- Unit 1501, which we told you about last month, has not closed yet. It was listed for $1,026,000 in May and reduced to $989,000 in August. It has 1,946 sq.ft. of living space, 2 bedrooms / 2.5 bathrooms and 2 parking spaces.
- Unit 2802, originally listed for $975,000 in April, then raised to $1.2 Million in June and reduced to $1,090,000 in October. It has 1,802 sq.ft. of living space, and 2 bedrooms / 2.5 bathrooms.
Ten Museum Park – October 2015 Sales
There were no Ten Museum Park sales in October, compared to 4 sales in the previous month.
Ten Museum Park – Building Features
Ten Museum Park is a boutique, luxury condo development located at 1040 Biscayne Boulevard in Downtown Miami, directly across the street from the newly opened Museum Park and The Miami Airlines Arena.
- 200 total units – each with 10-foot or 20-foot floor-to-ceiling glass windows
- 50-story development
- completed in 2007
- Developer: Covin Development
- Architect: Chad Oppenheim
- Amenities include: a full-service spa with steam room, snow room, and treatment rooms; state-of-the-art fitness center; spin studio/yoga room with class offerings; 24-hour, full-service concierge; pool deck with resistance and plunge pools, lounge chairs, and hot tub; 24-hour valet parking; and on-site building management.
- pet-friendly for both owners and renters (up to two pets with a maximum combined weight of 100 pounds)
PLEASE CALL US FOR A LISTING PRESENTATION
The Miamism Sales Team specialized in Ten Museum Park and can represent you in the sale or purchase of a condo. Please contact TenMuseum@miamism.com
To sign up to our monthly Home Trend Reports, go to MiamismTRENDS.com and fill in your information.
Condo Name: Ten Museum Park
Architecture: Chad Oppenheim
Developer: Covin Development
Location: 1040 Biscayne Boulevard, Miami, FL 33132
Fisher Island is no stranger to Forbes’ 2015 list of America’s Most Expensive ZIP Codes, on the contrary, Fisher Island has been a regular participant in previous years. This year, 2 other Miami neighborhoods made it to the infamous list.
America’s Most Expensive ZIP Codes – Methodology
Forbes has worked with the housing market data provider Altos Research on this list for several years. Our ranking is based on asking prices rather than closed sales. We believe the former is in many ways is a better barometer of the current market — the sample size for sales prices is smaller and the data is older given the time it takes for transactions to close or become public.
Altos looked at prices of single-family homes and condos in 28,500 ZIPs (which covers 95 percent of the U.S. population), calculating a median, rolling average for the 90-day period ending Oct. 9. For each ZIP code, prices are weighted according to the mix of housing stock available in the market.
#6 – Fisher Island 33109
Miami’s Fisher Island has one of the highest per-capita incomes in the U.S., so it’s not surprising that it also has some of the most expensive real estate.
Median home price: $5,560,077
Average days on the market: 147
#28 – Coral Gables 33156
Median home price: $3,861,604
Average days on the market: 258
#35 – Coral Gables 33143
Median home price: $3,861,604
Average days on the market: 117
Although it’s great news that Miami makes it to the top 50 list, there’s something about this list that favors those tiny enclaves around the country. There are many zip codes in Dade-county that contain several cities/neighborhoods and therefore don’t make the list because of the disparity in price ranges. It’s a zoning and urban planning issue and we should not misconstrue this information to mean that the most expensive homes are only in these areas. Like everything in life, take this information with a grain of salt.
Keystone Point Real Estate Market Report
There are currently 34 Keystone Point homes for sale (compared to 35 in September):
- Highest priced listing: $5,290,000 (open bay Mediterranean estate located at 12485 Keystone Island Dr)
- Lowest priced listing: $495,000 – 3/2 with 1,412 sq.ft. at 1965 Alamanda Dr
- Pending Sales (properties under contract): 7 (compared to 4 in September)
- Closed sales in October 2015: 1 (compared to 7 in September)
The Keystone Point home sold in October was for the dry-lot property located at 1850 Keystone Blvd. It was a 3 bedroom/ 2 bathroom home with 1,720 sq.ft. of living space and a 10,198 sq.ft. lot. It was listed in August for $749,000, was under contract in 2 weeks and closed for $735,000 ($427/SF)
Seeing only one sale last month may lead you to believe the market has slowed down, but the problem is the lack of inventory. Today’s educated and discerning buyer is willing to pay a bit more, but they are looking for good floor plans that make sense, and homes in good, move-in condition.
Keep in mind that the average selling price per square foot in Keystone Point in September for dry-lot (non-waterfront) homes was $336. (compared to the one sale in October for $427/SF).
Past averages in Keystone Point are as follows:
- September $455
- August $414
- July $396
- June $411
- first 1/2 of 2015 $438
There were no waterfront sales in Keystone Point in October.
Call us if you are thinking about buying or selling in Keystone – we’ll be happy to provide a no obligation consultation for your home.
Keystone Point House of The Month
The Miamism Sales Team recommends the Keystone Point home located at 12990 Biscayne Island Te. This waterfront home was built in 1959, has 4 bedrooms / 3.5 bathrooms, almost 4,500 of living space and a 12,500 sq.ft. lot. Features include: renovated, gourmet kitchen, contemporary design, big master suite area, summer kitchen, pool and straight access to the bay with no fixed bridges.
The asking price is $2,250,000 which is $508/sq.ft. It’s been listed since August and also on the market for rent for $11,000 per month.
Please call us to coordinate a showing appointment of this or any other Keystone Point home.
To sign up to our Home Trend Reports, go to MiamismTRENDS.com and fill in your information.
Call us Today for a listing appointment!
If you are interested in getting a list of all properties currently for sale in Keystone Point, we will be happy to send you a digital copy at your request. We can also send you monthly market reports directly to your inbox. Feel free to email us at Keystone@miamism.com
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