According to Knight Frank’s new Global Wealth Report for 2015, Miami ranks six in top 40 most important global cities for super wealthy. London came in at number 1 for the world’s ultra-high-net-worth individuals (UHNWI), followed by New York, Hong Kong and Singapore.
World Property Journal follows up by telling us,
Yet Miami, over the last decade, has quietly moved further up the list of the ‘Top 40’ most important global cities for the world’s super rich. In 2015, Miami now is ranked number six worldwide, ahead of cities like Paris and Dubai.
Knight Frank’s Attitudes Survey reveals cities where the best investment opportunities are for the super rich in 2015,
Looking to the future, one constant remains: the rise of the Asian powerhouse cities, the relative decline of the European centres and the tussle between the two global behemoths – New York and London, with New York expected to be the most important city for global UHNWIs in 2025.
This goes hand in hand with our article from September 2014 – Why you need to invest in Miami real estate right now. If the super rich believe in Miami, then it gives us further food for thought.
- Miami as a Financial Hub
- Miami as a Tech Hub
- Miami has lower taxes
- Miami Shopping, Gastronomy and Culture
- Miami as Top City in Wealth
- Miami’s Infrastructure
- Miami Starchitects
- Miami as Top Beach City
Contact us if you are interested in buying or selling in Miami, we specialize in architecturally significant and historic properties and have team members all over South Florida to help you with any type of investment.
Surfside Real Estate Market Report
There are currently 36 Surfside homes for sale: (compared to 43 in April)
- Highest priced listing: $5,000,000 (for the partially renovated, Biscaya Island home with 100′ of water frontage, located at 1332 Biscaya Dr)
- Lowest priced listing: $589,000 (9424 Byron Av)
- Pending Sales: 7 (compared to 3 in April)
- Closed sales in May: 3 (compared to 5 in April)
- Median Sales Price in May: $639,000
The 3 Surfside homes sold in May were the following:
- 9149 Emerson Av – 4 bedrooms / 3 bathrooms, 1,871 SF on 5,600 SF lot – originally listed for $999,000 in December of 2014 with several price reductions and selling for $570,000 ($305/SF)
- 8950 Carlyle Av – 3 bedrooms / 2 bathrooms, 1,543 SF on 5,600 SF lot – listed for $659,000 in February and selling for $625,000 ($405/SF)
- 9041 Garland Av – 3 bedrooms / 2 bathrooms, 1,760 SF on 5,600 SF lot – listed for $757,000 in January, reduced to $739,000 in March and selling at $720,000 ($409/SF)
The average selling price per square foot for Surfside homes not in the water in May was $373 compared to:
Inventory continues to decrease in Surfside which is textbook for rising prices. (Supply is less than Demand). Although price per square foot dropped a bit last month, the overall market continues to increase at a conservative pace. This does not give you ammunition to overprice your home, look at what happened to 9149 Emerson…which was grossly overpriced and sold under market.
Always consult with a realtor that knows and understands the dynamics of the area. We are here to give you a no-obligation listing consultation where we discuss not only price, but condition of your home and give recommendations for how to best show.
There were no waterfront sales in Surfside in the month of April or May but there were 11 waterfront homes sold in Surfside in 2015 and that average was $634/SF.
Surfside Home of The Month
Miamism Sales Team features the Surfside waterfront property located at 8925 Bay Drive – Beautifully renovated mid-century modern, LEED-certified home on canal. (no pool)
4 bedrooms / 3 bathrooms, 2,660 SF of living space on 7,500 SF lot with 50′ of water frontage. . The marketing description reads:
This award-winning 2-story waterfront home in Surfside is the perfect expression of elegant ease. Meticulously renovated down to the studs & LEED-certified, every detail’s been considered. 4 bedrooms, 3 baths & 2-car garage. Chef’s kitchen with Thermador & Subzero appliances. Located on quiet cul-de-sac with lushly landscaped yard & outdoor living rm. New 50ft dock, no fixed bridges to ocean. Huge generator, 3-zone AC + so much more. Walk to the beach & Bal Harbour Shops. Zoned for A+ Bay Harbor Schools.
Asking price is $2,240,000 ($842/SF)
Please contact us for more information and we will also be happy to arrange a showing appointment.
To get a FREE, no obligation CMA (comparable market analysis) go to MiamismValue.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 Surfside, 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 Surfside@miamism.com
Miami real estate is here to stay. It’s not a passing movement, it’s not a bubble, it’s not a fad. Of course it will have its ups and downs like any real estate market in the history of the industry, but there are exciting changes that make our city, Miami, the place to invest in NOW. We, as Miami REALTORS, embrace those changes, feel privileged to be witness to this amazing growth, and are here to help you, our clients, understand the reasons to buy and invest in Miami now.
Miami is being called “The New Manhattan”, the “next big tech hub”, the “yachting capital of the world”, just to name a few. Here are crucial points why Miami is growing in popularity, and why it’s more than just a winter escape, but be warned, there will be a lot of links to support what we’re saying. Be ready to click away, read and then come back to us ready to buy. We will help you determine where to buy according to your needs.
Miami as a Financial Hub
According to The Business Insider, Miami is already the 2nd most popular financial hub in the country after NYC and refers to Miami as a financial gateway to the Americas.
Jennifer Odence from The Hedge IT Blog says that Miami is,
Currently home to over 60 international banks and 100 alternative investment companies, Miami and its busy Brickell Avenue has emerged as “Wall Street South,” and according to Forbes is luring many financial firms away from more traditional hubs such as New York and Greenwich, CT.
Miami as a Tech Hub
According to Fortune, Miami is making a different name for itself as a booming hub for technological innovation. From large-scale technology conferences, Microsoft’s first U.S.-based “Innovation Center” in Miami, to start-up incubators opening up shop in Miami and organizations like the Knight Foundation who are investing in the build-out of the city’s entrepreneurial community.
And what about the idea of Miami being a tech hub of the Americas? The Huffington Post tells us that,
The region in and around Miami has long pinned its financial fortunes on real estate and banking, but a combination of factors — the recent recession that shook those economic drivers coupled with an increase in cloud computing, the rapid growth of mobile devices in Latin America, and the area’s vast health care industry — now have civic leaders and local entrepreneurs making a push to diversify into the tech industry.
And lastly, we’ve told you about Richard Florida, founder of the Creative Class Group and his views of why Miami is more than just a vacation destination. But Florida also tells us how start-ups are surging back in the urban cores of big cities including urban Miami. Richard Florida states,
The past decade or so has seen the region become a fantastic destination for arts and culture. The whole area is beginning to attract a new generation of talented people in their 30s and 40s, who are far less tethered to their jobs. Digital technology enables them to work from anywhere and they are choosing Miami. These people don’t just work in tech per se, they work in and are creating a wide range of businesses, many in the health and lifestyle sectors. Miami is really beginning to achieve in the lifestyle space.
Miami has lower taxes
Enough said, California and New York drive traffic and big businesses to Miami because of lower taxes, and Miami Today gives us examples.
Miami Shopping, Gastronomy and Culture
Art Basel embraces the artworld with the biggest international art event and has helped Miami’s transformation into a cultural hub .
And what about Miami as the Yachting Capital of the world? In addition to The Miami International Boat Show, The Huffington Post reasons,
Factor in 3,000 hours of sun annually, and it’s obvious why this South Florida town would be the ultimate Stateside haven for a boat-up luxury lifestyle
And shopping is not just your regular shopping. In addition to Bal Harbour Shops (the most lucrative shopping mall in the world), we have Miami’s Design District – a destination for luxury shopping and dining, headed by Craig Robbins, as well as Swire’s Brickell City Centre.
And talking about dining, we can’t forget the celebrity chef scene in Miami – from Michael Schwartz to Top Chef’s Jeff McInnis.
And when it comes to museums, we don’t just have the new PAMM, the list will impress you.
Miami as Top City in Wealth
Ocean Drive Magazine tells us why the world’s billionaires re staying put, but most importantly, Miami makes it into Knight Frank’s TOP CITY IN WEALTH report, and staying up there in their prognosticated next ten years.
Miami was also identified by Forbes as best places for business and careers.
A lot of money is being dumped into Miami’s infrastructure, from The Port of Miami in order to accommodate megaships from The Panama Canal, to The Port of Miami Tunnel just finished under Biscayne Bay. We’re also seeing major work in Miami’s expressways by The Department of Transportation.
We can’t forget All Aboard Florida, the high-speed train that will connect Miami to Orlando; Or Miami Central Station which will serve as Miami-Dade County’s first all-inclusive ground transportation hub.
An important city is nothing without a great airport and Miami International Airport is undergoing a $6.4 Billion improvement project.
The City of Miami has also adopted a new zoning code guided by New Urbanism and Smart Growth known as Miami 21. Miami 21 is a form-based code whose goals are to create neighborhoods by the interaction of buildings and streets, it promotes a sense of place and encourages walkability and has high emphasis on making everything compatible through orientation and design.
Starchitects in Miami
This is one of the most exciting for me because in addition to seeing Arquitectonica all over the place, we started seeing well-known architects like Herzog & De Meuron in the 1111 Lincoln Road parking garage, then Frank Gehry in The New World Symphony, and the much-anticipated 1000 Museum by Zaha Hadid.
But star power doesn’t stop there, huge architecture names like Carlos Ott, Enrique Norten, Norman Foster, Rem Koolhas, Richard Meier….the list goes on and on and the projects are magnificent! All making our Miami even better than it is today.
Miami as Top Beach City
And I left this one to the end because it’s sort of a “DUH” statement and it’s the main reason Miami has the popularity it has – perfect weather all year round and makes National Geographic’s Top Beach Cities List.
The Miamism Sales Team is ready to help you analyze your options in The Miami Real Estate Market and become your go-to REALTORS for everything Miami. Nothing more exciting than being involved in the beginning growth stages of a great Global City.
Request a FREE market report or custom property analysis by contacting firstname.lastname@example.org or calling Ines directly at 305.206.9366
*originally published 9/24/2014*
Why would you need a REALTOR? really? Have you ever questioned the need of an third party in a real estate transaction? The only parties you really need are a willing seller and ready and able buyer….the rest of the intermediaries only cause problems, right?
The answer is yes if you live under a rock where local rules and regulations as well as national mandates don’t ever interfere with your life. The point is that there are “specialists” and “professionals” in every field. They are there to make the process easier, to diminish pressure and carry out tedious roles. Of course you don’t really need them, the same way you don’t need a receptionist to answer the phone, a secretary to file your paperwork or an accountant to file your taxes.
FSBO – please go ahead
If you are a “do it yourself” type of person, a control freak, incapable of delegating and one that gets off on dealing with mundane and aggravating issues, please don’t even call a REALTOR. We totally encourage you to do it yourself, you will be wasting everyone’s time in addition to not getting things achieved your way. Please don’t expect a cut on the other agent’s commission though – doing it yourself, will just mean that the other guy will make more money – guaranteed.
Transaction Specialists – headache removers
Now…if you appreciate the knowledge and experience of those are immersed in the business. If you can see value in working with those that have learned the intricacies of real estate transactions and the local nature of the real estate market. And if you believe that they will be able to guide and make useful recommendations throughout the process, then you will definitely need a REALTOR.
The reason I’m writing this is because we get approached by 2 types of clients on a daily basis: those that will never value our expertise and will constantly question our worth, and those that will not even question our involvement and will be happy to compensate our time.
Don’t assume all REALTORs are equal
Obviously, we only work with those that value our time and knowledge. We cut out the noise, get to the point, and help you achieve your Miami Beach home buying needs.
Miami real estate transactions are rarely easy and there are always obstacles either in inspections, title work, coordination, deadlines, contingencies or whatever else – even cash transactions can have problems. We are here, as your Realtors, to address those problems and will have your best interest at hand. We are pro-active and will anticipate problems before they even occur and will ultimately, help you achieve your home buying needs.
**published June 8/2010
Another old article from 2010 – we had just created our Facebook Business Page and invited you to it. Gotta love it!
Yesterday I posted this photograph on our photo-blog as well as Twitter and Facebook and received all kinds of horrific responses as if Termites were the end of the world. You would be amazed at the amount of people that run from a property if they hear it has termites and I’m here to try to clear some myths.
First let me say that if you are buying a house anywhere in Miami or Miami Beach, it is very common to find evidence of termites. Termites thrive in humid climates and Miami = humid capital of the world which means EXPECT TERMITES! The real question for you as a buyer or even a home owner should be if there are live termites and second, how bad is the damage they have caused (if any). Most of the time, even if you find evidence of live termites (like the photo of the fresh droppings above), it doesn’t mean there is major damage – that’s why a good, reputable building inspector is not just necessary, but crucial.
A lot of building inspectors are not equipped with in-depth knowledge about termites, so when all else fails, call a licensed termite company directly to verify information from building inspectors – if you want to read a funny story about a building inspector who gave scary and funny information about subterranean termites, please read Miami Shores Inspection Comedy. Just be smart about interpreting findings and don’t be afraid to double check “experts” opinions (I know it can be frustrating, but a lot of these industries are not regulated).
Here’s the 411 from Guarantee Floridian:
Whenever a wood-destroying organism inspection is to be put in writing, the State Form 1145 must be used and certain guidelines must be followed. According to Florida Statutes under Section 482 only pest control companies that are licensed in the category of termite are permitted to issue Form 1145/Wood Destroying Organism Reports. These reports are sometimes referred to as “Termite Inspection Reports” but this is misleading. According to the State, Wood destroying organism means arthropod or plant life which damages and can re-infest wood in a structure, namely termites, powder post beetles, and old house borers, and wood decaying fungi. Banks and lenders usually require a wood destroying organism report to be completed before they issue a mortgage.
One other thing to remember is that even if you buy a home that is termite free, it doesn’t mean it will remain that way forever. It’s good to keep a termite warranty that usually costs only a few hundred dollars per year and then will cover re-inspections and actual treatment if needed.
Hope the myths are covered and fears gone – don’t be afraid to hear that your Miami Beach home has termites, expect it and be ready to address the issues.
By the way….we have a new Miamism Facebook Page – tell us how we’re doing and stay on top of the conversation:
**published Jan 4/2010