Miamism

The question of the day!! Has Miami Real Estate Hit Bottom??

Most of you that know us know that we are not the type to follow NAR's latest REALTOR bandwagon with "Now is the time to buy" campaign - we just don't see how a National Campaign of that magnitude can generalize about every real estate market since each one is so local in nature.

With that said, there are tell-tale signs that you, as a buyer, should be aware of:

• Investors buying

• Renters buying

• Sales Increasing

We have seen the numbers of Investor movement increasing at a drastic pace. Although we are also hearing the known phrase "Buy when no one else is buying"..... others are also catching on. These investors are not only local, but they come from other parts of the US, from Canada, Europe and South America.

We are also seeing those people that chose to rent 8 months to a year ago (because they wanted to wait for the market to stabilize), making their move now, or at least are beginning to consider to buy.

Miami Real Estate Sales have also increased and numbers don't lie. Here are some examples taking into consideration sales in the first 4 months of the year (from January 1st to April 30th) and the second third (which is not done yet) from May 1st to Today - August 16, 2008. You can see how sales are slowly creeping up.

• Miami Beach Real Estate - single-family homes
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    • First 1/3 of the year - 28 closed sales
      
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    • Second third of the year - 40 closed sales.

• Miami Shores Real Estate - single-family homes
  
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    • First 1/3 of the year - 26 closed sales
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    • Second third of the year - 35 closed sales

• Miami Real Estate - single-family homes
  
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    • First 1/3 of the year - 907 closed sales
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    • Second third of the year - 950 closed sales

• El Portal Real Estate - single-family homes
  
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    • First 1/3 of the year - 1 closed sale
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    • Second third of the year - 4 closed sales

• Aventura Real Estate - condos
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    • First 1/3 of the year - 208 closed sales
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    • Second third of the year - 266 closed sales

Please don't misconstrue this to mean that we are telling you to rush out right now and buy a property. The truth is that prices may keep dropping a bit in certain neighborhoods, but if you are looking for a long term Miami real estate investment, the signs of a stabilizing market are starting to show.

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This week's Miami Beach Luxury Condo pick is located in SoFi (South of Fifth) in SoBe (South Beach) - It's so Miami to abbreviate everything from places, to architecture to food. The Continuum has to be the best located condo in South Florida (that's my opinion of course) - located at the tip of South Beach right on the ocean with unbelievable amenities. Designed by architect Fullerton Diaz Architects, Inc, The Continuum is "the" Miami Beach Luxury Condo in a gorgeous location on the ocean with beach, amazing views and top notch amenities:

• 1,000 feet of sandy beaches
• full-service beach club with beach furniture and cabanas
• expansive free form lagoon swimming pool and spa
• sundeck with pool furniture and umbrellas
• pool pavilion
• landscaping and site design by renowned landscape architects Bradshaw, Gill and Associates
• 3 har-tru clay tennis courts
• 20,000 sq. ft. of state of the art Spa and Exercising facility including
  • fully equipped world class fitness center
  • complete selection of classes to choose from and personal training
  • men's and women's lounges complete with treatment rooms, sauna, steam room, whirlpool, cold plunge, relaxation lounge and shower facilities
  • spa treatments
  • roof top infinity lap pool
  • sundeck

The Continnum on South Beach Condo - 100 S. Pointe Drive - residence 1606

Listed for $7,499,000

This is what the MLS description reads:

Magnificent 4 bedroom plus den and 4.5 bathrooms with floor to ceiling windows and 800 sq. ft. of wrap around balcony allow for unobstructed panoramic views of the Atlantic Ocean, Fisher Island, Cruise Ship Alley and The Miami Skyline from every major room. Kitchen features include Italian cabinets, granite counters, Miele appliances, and Sub-zero refrigerator.

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There are some older buildings in Miami Beach that make a statement, Miami Beach Luxury Condos are known worldwide and the The King Cole is one of them. Built in 1963, it represents the MiMo style (Miami Modern) because of its concave shape where the views from the waterfront units are framed beautifully.

There are a lot of people that argue that the building was designed by Morris Lapidus, because its shape resembles Lapidus' Fontainebleau, but it wasn't. I am still doing some research to find out who the original architect is - if anyone reading this article knows, please feel free to jump right in and let me know. I even asked known architectural critic, Beth Dunlop and she confirmed The King Cole was not designed by Morris Lapidus.

Now to the details. The King Cole Condo has an incredible marina and you can see from this aerial that it accommodates big boats. The slips are privately owned, some are for sale and can dock up to 83 foot vessels. It is a full amenity building with:

• heated pool
• 24-hour valet-parking
• gym overlooking the water
• children's playroom
• solarium
• saunas
• marina
• doorman security

It is located on the Southeast corner of Normandy Island in Miami Beach at 900 Bay Drive.  Most of the interest we get from the King Cole are people looking for dockage since docking a big 65+ vessel in Miami can be expensive.  The King Cole's private Marina makes it convenient to dock your boat year round and although the slips are not always for sale, we have contacts within the building if you are interested.

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How do you define Miami Luxury Real Estate?

Believe it or not, the answer is not as clear cut as you think.  People's definition of luxury varies depending on what they have been exposed to and we find ourselves asking our clients to please define what they mean by "Miami Luxury Real Estate".

For people moving from other parts of the US - luxury may mean amenities offered in a particular Miami Beach Condo or even a particular neighborhood.  Does the building have full amenities like valet parking, 24-hr security, concierge, pool, gym, spa.  Or does the neighborhood have golf, private beaches, and tennis.

Luxury Real Estate is not only defined by price (although it is definitely a main factor).  There are older buildings in Miami that have great amenities, high monthly maintenance fees, but the actual prices of the residences within the building complex are affordable.  Examples of these type of buildings are Quayside Towers, The Jockey Club and The Cricket Club.  These are buildings with great reputations and sought after even when you compare them to prime Miami Beach Real Estate.

Then you have Fisher Island Real Estate.  Talk about exclusive!  When you talk about Luxury Real Estate in Miami, Fisher Island comes up first.  A private island, accessible by Ferry, with Golf, Restaurants, shopping, Tennis....and so much more.  Celebrities like Oprah, Andre Agassi and Boris Becker own Fisher Island Real Estate.  But if you have ever seen properties within the island you will know that a lot need updating and reflect finishes from the 80's when the buildings were constructed.   But what defines Luxury in Fisher Island's case is security, amenities and lifestyle.

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Some people refer to the area around The Arsht Center for Performing Arts, formerly known as Carnival Center for Performing Arts as "Miami's Performing Arts District" (somehow the whole name change makes me think of Prince). It is full of antagonisms and controversy because the Performing Arts Center has not, excuse the pun, "performed" as originally planned. The concept was to give Miami what it was missing, the performing arts and theater culture that major cities have. There were amazing projects built all around and the area has boomed....but maybe not at the pace everyone hoped.

Real Estate was to follow the lead of the multi-million dollar project, especially because the city was dumping a lot of cash into the re-design of the area - from pedestrian friendly streets to public places. And so it happened, beautiful Miami Luxury condos around the Arsht Center for Performing Arts were constructed with amazing views of the city of Miami as well as the Bay and Port of Miami together with best amenities. These are not only centrally located, but are close to shopping and withing walking distance to everything you need and a stone throw away from Downtown Miami.

The Arsht Center for The Performing Arts

The Arsht Center for the Performing Arts is a complex of multi-purpose state-of-the-art performance halls . Designedby Cesar Pelli and Associates, it is the focal point of performing arts activity in South Florida and serves as a showcase for the finest established and developing cultural programs.

i's Center for Performing Artsiami's Center for Performing ArtsLocated on Biscayne Boulevard between NE 13th and 14th streets, the Arsht Center for the Performing Arts consists of three performance facilities which are linked by a pedestrian bridge spanning the Boulevard. The Center's performance halls include a concert hall designed for concerts of classical and popular music and a ballet opera house, capable of accommodating the grand sets and scenery employed in major theatrical productions. The complex also houses a theater for small-scale theater and dance presentations. The center's auditoria, banquet facilities, plaza and other public areas are intended to accommodate a range of civic and social events.

The economic impact up and down Biscayne Boulevard, from Overtown to Biscayne Bay, is obvious and new Miami downtown condominium projects make their proximity to the Miami Arts District a major selling point.

This is an old photo before many of the condos South of the Center were built, but gives a great perspective of the city.

Wynwood Luxury Condos or Miami Arts District

Some local Realtors used to refer to the high-end condos at Wynwood (which is just East and North of the center) as "better" than those condos being built South of I-395 or "the grid-lock" area. I always laughed at the inference that those condos would be superior, since the others were not quite completed.

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