Miami never gets old, there are unbelievable views everywhere you look. Take this shot for example, taken by Lenny Furman from ICON Miami Beach showing The Port of Miami, MacArthur Causeway, Government Cut, Downtown Miami Skyline and a a corner of Star Island.
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Let’s get this out of the way first: I’m a fan of Herzog & de Meuron, I’m also a fan of landscape architect Raymond Jungles, and I totally get the “landmark” concept of Robert Wennett. Now let’s get to Eleven Eleven Lincoln Road.
We’ve all been seeing this building going up in the past few months and for me it has had mixed emotions (very similar to those associated with Frank Gehry’s New World Symphony Campus). Emotions of confusion, excitement, wonderment, curiosity. Is it a parking lot looking structure with all kinds of funky things integrated in the mix? Is is chaos amongst the landscape? Will it bring sense to Morris Lapidus mid-century architectural follies all over Lincoln Road?
To understand the building, I think it’s crucial to see the creator’s concept video:
11 11 Lincoln Road is described by architect Jackques Herzog as
pure Miami Beach – “all muscle without cloth”. Each level of the sculptural parking facility is filled with natural light, creating successively striking vistas of the city. At its base, the retail spaces offer unobstructed access to newly transformed public space
Once you see the video and hear Herzog’s vision, then you start to understand the naked parking-lot looking structure. It’s supposed to be sculptural (very much like Lapidus’ follies). It’s supposed to strip down the architecture core and make itself susceptible to tough Miami Beach critics. Aaaaaah! but here’s the thing….many will get the concept, but will they buy it?
We can’t deny the raw nature of the space, the urban context was respected, and the transition to Lincoln Road with Jungle’s hardscaping is genius – this segment of Lincoln Road will be more than just the movie theater now and will come to life like never before. I can’t stop thinking what would have happened if I would have presented a project like this while in architecture school at UM – I would have been laughed off the design floor and my professors would have told me to go back to the drawing board and actually “finish” the project. It’s ironic how the more successful architects have managed to marry function and form while shutting mouths of the most respected figures out there. It definitely makes me smile.
The building, although not yet finished, has already began integrating with South Beach. To my surprise, the whole process has been very well orchestrated. Kudos to Miami Beach. To me it’s still a bit chaotic and hope it will make more sense as it gets close to completion. I do love the fact that well renowned architects are finally getting a piece of the Miami architecture puzzle.
Wow – maybe I bit off more than I can chew here. Well, lets at least try to dig deep enough to be of value but not too deep that it bores you to tears. That is one of the main quandaries of being a Miami loan officer – I love this stuff, but most people would rather by playing on Miami Beach or sipping a Mojito than reading about how FED policy influences long term mortgage rates, am I right?
In this first segment, I am going to touch on the FED and how they do not have direct control over long-term mortgage rates like for 30-year fixed Miami Beach mortgages. In Part II, I will touch on how the FED can influence rates. And lastly – in the ever awaited Part III, I will address the potential nuclear bomb coming at the end of March. If you made it this far – that likely got your attention.
Attention A.D.D. readers- may want to call or email me if you are considering one of the following in the near future.
Contrary to popular belief, the FED does not dictate long-term mortgage rates directly so lets dispel that out of the gate. It is not uncommon for me to get multiple calls asking if it makes sense to get a Miami refinance after the FED meets and the public reads “FED Lowers Rates Again” in the Miami Herald. The FED controls short term lending rates in the form of the Discount Rate [aka the FED Funds Rate] and the PRIME Rate. This change has much more immediate effects on things like credit card intetest rates, car loans, and lines of credit offered through banks. The Discount rate is what the FED charges banks to borrow money from the them and the PRIME Rate. PRIME is what banks use to lend to their commercial clients for things like capital equipment loans. PRIME is also a common index used as a basis for Home Equity Lines of Credit [HELOCs] for residential real estate.
Stay tuned for Part II coming to your favorite resource for Miami Beach Real Estate Information – MIAMISM.com
As one of Florida’s Top FHA Mortgage Brokers, Chris actively serves the Miami and Miami Beach real estate markets. For mortgage advice, contact Chris directly via email Chris [at] Miamism [dot] com or by calling 407 377 0500 x 210
There were 16 Miami Beach Homes sold in February ranging in price between $191,300 for a bank owned Normandy Island home to $7,250,000 for a Star Island fixer upper. Talk about a huge disparity and what makes Miami so interesting to many. We can’t deny that there’s something for everyone here! With no further delay, here are the 3 Most Expensive Miami Beach Home sales last month.
February’s Most Expensive Miami Beach Home Sale
44 Star Island Drive – Miami Beach, FL 33139
Listed for $8,750,000 and sold for $7,250,000 on February 25th, 2010
The house itself is only 4,720 square feet, which is tiny compared to its neighboring estates. It was built in 1935 and to many it will be the “ugly duckling” of the island. But I urge to look past the obvious and notice that the existing structure does have a nice Florida Vernacular feel to it and nothing a little money and love can’t fix. It’s listed at $1,854 per square foot but I know that’s not a fair assessment since it’s all about the size of the lot. Well….Shaq’s lot was 87,120 square feet with 312 feet of frontage and the house was impeccable and needed no “updating” (other than changes here and there for tastes sake). So, my guess is that neighbors are pretty angry right about now because the only comp is throwing all the numbers off. Just based on the one sale, this property is grossly overpriced.
Here’s the MLS description:
Located on exclusive Star Island among some of Miami’s favorite celebrities, this bayfront estate offers over 200 feet of prime water frontage and provides beautiful sunrises, southeastern breezes and the utmost in security and privacy. Just minutes from both Downtown Miami and South Beach, this Colonial-style 4,720 home is ready for your update or build to suit. Ideal waterfront for large vessel. Least expensive property on Star Island!!
Features:
4,720 square feet of living space
Built in 1935
6 bedrooms / 5 bathrooms / 1 half bath
215 feet of water frontage
48,266 square foot lot
Barrel tile roof
2-story home
February’s Second Most Expensive Miami Beach Home Sale
269 N. Hibiscus Drive, Miami Beach, FL 33139
Listed for $5,995,000 and sold for $5,400,000 on February 24th, 2010
New Hisbiscus Island construction (built in 2007) with an interesting listing history. The home was originally listed in April 2007 for $10,900,000 and was on and off the market with several price reductions and increases and finally selling for $5.4 M last month. The MLS description reads:
New-elegant Mediterranean-waterfront estate on guard gated Hibiscus Island. This luxury 3-story home comes equipped with dramatic volume ceilings, oversized impact windows/doors, multiple private balconies and boat dock which can accommodate large vessel. Resort style swimming pool w/jacuzzi, elevator, top-of-the-line appliances, marble/wood flooring throughout. 40 X 30 roof top terrace with spectacular views of Biscayne Bay, the Downtown Miami Skyline and Port of Miami. Never been lived in. New home.
Features:
New construction – built in 2007
8,096 square feet of living space
12,250 square foot lot with 70 feet of water frontage
bayfront
2-story home
6 bedrooms / 7.5 bathrooms
pool with jacuzzi
elevator
within guard-gated Hibiscus Island
February’s Third Most Expensive Miami Beach Home Sale
5760 North Bay Road, Miami Beach, FL 33140
Listed for $5,950,000 and sold for $4,500,000 on February 22, 2010
This home was listed for $7,495,000 in September 09, reduced to $5,950,000 in December and was under contract by January 7th 2010. North Bay road boasts with the most beautiful, unobstructed views of Biscayne Bay, and this house is the perfect example of that. Older home, built in 1963, without being pretentious, except for the view. Shows location is still worth a pretty penny in Miami Beach. The MLS description reads:
Endless views on this gated Mediterranean Estate on prestigious upper North Bay Rd, on a very large lot (26,830 SF) wide Biscayne Bay front lot with a large concrete dock for a substantial boat, elegant open floor – turnkey estate! Gorgeous pool, large master bedroom with sitting area and the best views on N Bay Rd. Circular driveway and lush landscaping Miami Beach Waterfront Dream!
Features:
Built in 1963
6,752 square feet of living space
26,830 square foot lot with 92 feet of water frontage
3 bedrooms / 4 bathrooms
2-car garage
pool
**all information obtained from the SouthEast Florida Multiple Listing Service**
We interrupt our regularly programmed Miamism Fridays with this important community announcement. Miami Shores Unity Day is tomorrow!!
WHAT: Miami Shores Unity Day
WHEN: Saturday, March 6th, 2010
WHERE: Miami Shores Recreation Fields (9825 Park Drive)
TIME: 3:00 PM to 7:00 PM
Activities will include rockwall climbing, bungee jumping, touch a truck, giant slide, obstacle course, inflatables, game trailer and more! Wristbands are $10 each and this year there will even be a Car Show on Grand Concourse. Don’t forget Food and live music and tons of community spirit.
Features:
