Once the nation’s epicenter in the real estate collapse Miami, Florida condo sales are soaring, up 43% over year ago levels, according to the Miami Association of Realtors. The Miami housing market has now experienced rising sales for nearly two straight years.
Miami ’s condominium market tanked even before the financial crisis struck Wall Street two years ago as New York based hedge funds and banks cancelled financing agreements on dozens of new condo developments being constructed. The new construction condo market almost froze, nearly paralyzed as a result, triggering a plunge in prices forcing many developers into bankruptcy.
But the rise in condo sales is breathing new life into the Miami housing market. “Demand for local properties, including multiple bidding reminiscent of the boom during the last decade is driving values,” said Miami Realtors President Oliver Ruiz. “Median and average sales prices are rising, while condominium prices are expected to follow due to the considerable increase in sales.”
The time it takes to market a home for sale dropped to 100 days for single family homes and 114 days for condominiums, showing that the market is nearing stabilization, despite declining condo prices.
However, the market isn’t without its challenges. Sales of existing single family homes dropped 8% in July from year ago figures, indicating the market is anything but fully stabilized. But record low mortgage rates and some of the lowest priced condos for any metropolitan region in the country should usher in a robust return in sales over the remainder of the year. Residential sales have increased for 23 straight months.
Even as home sales sank in the majority of the country by 27.2% in July, according to the National Association of Realtors, Miami and the rest of Florida condo sales increased. The median sales price for a condo in Miami in July was $110,500 down 20% from a year ago as bargain hunters bought up condos at some of the lowest prices in more than 15 years. Florida median sales prices declined 7% to $138,000 for single-family homes.
The inventory of residential listings marketed by the Miami-Dade County Realtors association dropped 11.4% from July of 2009, indicating that the market is showing strong signs of finally entering the recovery phase after record housing deflation. Average home sale prices are rising after hitting 30-year low values in many single family home neighborhoods. But lower prices obtained for condos still hurt the overall market.
Source: http://www.housingpredictor.com/miami-condo-sales-soar.html
By Kevin Chiu
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Showing posts with label real. Show all posts
Showing posts with label real. Show all posts
Wednesday, August 25, 2010
Monday, August 23, 2010
Miami Design District: Fashion, food and art
The several-block stretch of Miami that houses art galleries, mouth-watering eateries, high-end fashion and furniture showrooms got its start in sofas.
``From the beginning, the Design District was an international destination,'' said Craig Robins, CEO of real estate company Dacra, the primary landlord. ``The bad news was that furniture design doesn't attract a lot of foot traffic.''
While the neighborhood still doesn't get the general traffic of, say, Aventura Mall or Lincoln Road in South Beach, its reputation has gone from near-deserted trade district to Mecca of chic.
Within the last couple years, high-end retailers like Marni, Tomas Maier and Christian Louboutin have opened, and restaurants like Michael's Genuine Food & Drink and Sra. Martinez have established the district as a culinary destination.
Dacra spends about $2 million to promote the area, in large part through nontraditional methods like investing in public art or supporting exhibitions.
The strategy has focused on digital content, social media and online activity in recent years; print advertising is modest and mostly local, for example. Robins said he wants to get attention from sophisticated, creative visitors once they are already here rather than try to lure them to hop on a plane.
``If you start trying to advertise all over the world for something that's very localized, I think it's a mistake,'' he said.
Closer to home, the efforts also include putting on a monthly gallery walk and introducing $3 valet parking throughout the district.
For now, the neighborhood cannot pitch itself as a place to stay; there are no hotels. Robins said he has been approached by many, but wants to hold out for something unique.
Positioned on the west end of the Julia Tuttle Causeway, the district draws much of its traffic from Miami Beach -- and lost its flagship event, Design Miami, to the beach.
It was a decision Robins, majority owner of the event, made to give Design Miami more space and place it closer to Art Basel, the art world's annual descent on Miami Beach.
Robins was key to the redevelopment of South Beach two decades ago and then started buying property in the nearly deserted Design District in the mid-1990s. The 2002 arrival of Art Basel Miami Beach -- which Robins supported -- helped earn it widespread attention.
Though no clear numbers are availble, Robins said he believes the efforts to promote the locale as a destination is working.
``What we noticed this year was a very significant jump in retail sales to foreigners or tourists,'' he said. ``It was the first time the Design District broke from kind of being a local oasis to also attracting a lot of out of town guests.''
Eyeglass and clothing boutique owner Irina Chovkovy said she gets customers from around the world. They come to I on the District for the same reason she chose the Design District: because it is artsy, unusual and design-oriented.
Sloan Schaffer, owner of the commercial art gallery 101/exhibit, said he loves the area but thinks more work needs to be done to draw visitors. He works on committees trying to enhance amenities and draw more events to the area.
``It's this little niche that I think is really vital for Miami and it's a vibrant little area that has really defined its own mission and its own identity within the past couple of years,'' Schaffer said.
Source: http://www.miamiherald.com/2010/08/22/1785468/miami-design-district-fashion.html
-- HANNAH SAMPSON
DESIGN DISTRICT
Population: Not residential, but an estimated 65,000 in nearby Wynwood and Little Haiti.
The draw: Furniture, fashion, food and art
The pitch: Miami's creative laboratory
Budget: $2 million.
Who pays: Dacra, the real estate firm that owns much of the district
Challenge: No hotels
Website: miamidesigndistrict.net
``From the beginning, the Design District was an international destination,'' said Craig Robins, CEO of real estate company Dacra, the primary landlord. ``The bad news was that furniture design doesn't attract a lot of foot traffic.''
While the neighborhood still doesn't get the general traffic of, say, Aventura Mall or Lincoln Road in South Beach, its reputation has gone from near-deserted trade district to Mecca of chic.
Within the last couple years, high-end retailers like Marni, Tomas Maier and Christian Louboutin have opened, and restaurants like Michael's Genuine Food & Drink and Sra. Martinez have established the district as a culinary destination.
Dacra spends about $2 million to promote the area, in large part through nontraditional methods like investing in public art or supporting exhibitions.
The strategy has focused on digital content, social media and online activity in recent years; print advertising is modest and mostly local, for example. Robins said he wants to get attention from sophisticated, creative visitors once they are already here rather than try to lure them to hop on a plane.
``If you start trying to advertise all over the world for something that's very localized, I think it's a mistake,'' he said.
Closer to home, the efforts also include putting on a monthly gallery walk and introducing $3 valet parking throughout the district.
For now, the neighborhood cannot pitch itself as a place to stay; there are no hotels. Robins said he has been approached by many, but wants to hold out for something unique.
Positioned on the west end of the Julia Tuttle Causeway, the district draws much of its traffic from Miami Beach -- and lost its flagship event, Design Miami, to the beach.
It was a decision Robins, majority owner of the event, made to give Design Miami more space and place it closer to Art Basel, the art world's annual descent on Miami Beach.
Robins was key to the redevelopment of South Beach two decades ago and then started buying property in the nearly deserted Design District in the mid-1990s. The 2002 arrival of Art Basel Miami Beach -- which Robins supported -- helped earn it widespread attention.
Though no clear numbers are availble, Robins said he believes the efforts to promote the locale as a destination is working.
``What we noticed this year was a very significant jump in retail sales to foreigners or tourists,'' he said. ``It was the first time the Design District broke from kind of being a local oasis to also attracting a lot of out of town guests.''
Eyeglass and clothing boutique owner Irina Chovkovy said she gets customers from around the world. They come to I on the District for the same reason she chose the Design District: because it is artsy, unusual and design-oriented.
Sloan Schaffer, owner of the commercial art gallery 101/exhibit, said he loves the area but thinks more work needs to be done to draw visitors. He works on committees trying to enhance amenities and draw more events to the area.
``It's this little niche that I think is really vital for Miami and it's a vibrant little area that has really defined its own mission and its own identity within the past couple of years,'' Schaffer said.
Source: http://www.miamiherald.com/2010/08/22/1785468/miami-design-district-fashion.html
-- HANNAH SAMPSON
DESIGN DISTRICT
Population: Not residential, but an estimated 65,000 in nearby Wynwood and Little Haiti.
The draw: Furniture, fashion, food and art
The pitch: Miami's creative laboratory
Budget: $2 million.
Who pays: Dacra, the real estate firm that owns much of the district
Challenge: No hotels
Website: miamidesigndistrict.net
Friday, July 9, 2010
Miami Beach Luxury Real Estate Gets Cheaper as Short Sales Abound
Finding a "cheap" mansion on Miami Beach has become easier in the last few years due to the yo-yo-ing real estate market. That is, if you consider $3 million to be cheap. A few years ago, many of the properties on millionaire-row streets like North Bay Road and Palm Avenue were untouchable by many well-to-do buyers. Now those priced at $12 million and $13 million have dropped to $9 million, while those at $6 million are now priced at $3 million.
Ironically, wealthy all-cash buyers may ultimately rescue the deeply depressed local housing market.
"We definitely see affordable mansions happening all over, but especially in our waterfront properties, where the most desirable mansions are located," says Esther Percal, a Realtor with Esslinger, Wooten, Maxwell who has made a career of selling luxury real estate on Miami Beach.
She's referring specifically to North Bay Road where unobstructed, bay-front homes range near 14,000 square feet, with 80 feet of waterfront.
These lower prices are a 40 percent reduction from what these homes cost when the market was booming. Taking advantage of the affordability are interested buyers who had been hovering around Miami Beach looking for a home, but were unable to purchase. Now is their time. In the centrally located Venetian Islands, which are walking distance to South Beach, homes can be bought for between $1 million and $1.5 million, an affordable price considering that most are 10,500 square feet with 65 feet of waterfront.
Celebrities are not immune to these lower prices, with NBA Star Shaquille O'Neal taking a hit on his two-story Star Island home. He originally purchased the 20,000-square-foot, eight-bed, nine-and-half-bath house for $18.8 million in 2004 and sold it to a Russian buyer in June of 2009 for $16 million. He had originally put the two-acre parcel at 26 Star Island Drive on the market for $32 million, and he got a higher offer at first. But O'Neal ended up with a loss while the European got a sweet deal.
With Miami being a playground for the rich, most of the buyers -- some 60 percent of them -- are part-time residents (mostly Europeans and Northerners) and they're buying with all cash. "These folks have wanted a piece of the beach for a while but a few years ago even non-waterfront property was $1 million and now that's down to $500,000, meaning we are no longer untouchable as we once were," Percal says. Besides, dealing with the banks and any kind of financing is a nightmare, since everything is down in appraisals and banks. The all-cash deals are not subject to financing.
All these facts and figures are indicators of a possible slight turnaround in the market. Sales have been so strong in the past two years that good deals are getting harder to find. "Turning the market around is a matter of absorption and we're seeing that. Where once we had an 18-month inventory it's now down to a 14-month inventory, so there's market absorption," she said.
So it may be that, in the long run, these cash buyers will be partly responsible for rescuing the housing market.
Wouldn't that be something?
Source: http://www.housingwatch.com/2010/07/08/miami-beach-luxury-real-estate-gets-cheaper-as-short-sales-aboun/
By Josie Gulliksen
Ironically, wealthy all-cash buyers may ultimately rescue the deeply depressed local housing market.
"We definitely see affordable mansions happening all over, but especially in our waterfront properties, where the most desirable mansions are located," says Esther Percal, a Realtor with Esslinger, Wooten, Maxwell who has made a career of selling luxury real estate on Miami Beach.
She's referring specifically to North Bay Road where unobstructed, bay-front homes range near 14,000 square feet, with 80 feet of waterfront.
These lower prices are a 40 percent reduction from what these homes cost when the market was booming. Taking advantage of the affordability are interested buyers who had been hovering around Miami Beach looking for a home, but were unable to purchase. Now is their time. In the centrally located Venetian Islands, which are walking distance to South Beach, homes can be bought for between $1 million and $1.5 million, an affordable price considering that most are 10,500 square feet with 65 feet of waterfront.
Celebrities are not immune to these lower prices, with NBA Star Shaquille O'Neal taking a hit on his two-story Star Island home. He originally purchased the 20,000-square-foot, eight-bed, nine-and-half-bath house for $18.8 million in 2004 and sold it to a Russian buyer in June of 2009 for $16 million. He had originally put the two-acre parcel at 26 Star Island Drive on the market for $32 million, and he got a higher offer at first. But O'Neal ended up with a loss while the European got a sweet deal.
With Miami being a playground for the rich, most of the buyers -- some 60 percent of them -- are part-time residents (mostly Europeans and Northerners) and they're buying with all cash. "These folks have wanted a piece of the beach for a while but a few years ago even non-waterfront property was $1 million and now that's down to $500,000, meaning we are no longer untouchable as we once were," Percal says. Besides, dealing with the banks and any kind of financing is a nightmare, since everything is down in appraisals and banks. The all-cash deals are not subject to financing.
All these facts and figures are indicators of a possible slight turnaround in the market. Sales have been so strong in the past two years that good deals are getting harder to find. "Turning the market around is a matter of absorption and we're seeing that. Where once we had an 18-month inventory it's now down to a 14-month inventory, so there's market absorption," she said.
So it may be that, in the long run, these cash buyers will be partly responsible for rescuing the housing market.
Wouldn't that be something?
Source: http://www.housingwatch.com/2010/07/08/miami-beach-luxury-real-estate-gets-cheaper-as-short-sales-aboun/
By Josie Gulliksen
Tuesday, September 8, 2009
Caribbean Miami Beach gets new owner
A New York City investor is the new owner of the Caribbean Miami Beach condominium.
The buyer, an affiliate of New York City-based Melohn Properties, bought the mortgage from ailing Corus Bank.
The Chicago-based bank (NASDAQ: CORS) had given Caribbean Group Owners a $127.7 million mortgage to renovate the hotel into a 103-unit oceanfront condominium at 3737 Collins Ave., in Miami Beach. The developer, a partnership between Christa Development and Bluerock Real Estate, had sold just 13 units since July 2008.
Corus Bank, which faces a risk of failure under the weight of delinquent condo construction loans, sold its mortgage on Aug. 19 to 3737 Caribbean Partners. A source familiar with the deal said that Corus Bank had previously offered the note for sale at between $50 million and $55 million.
Christa Development VP Frank Christa said the developers have voluntarily turned over the Caribbean Miami Beach to the new lender.
“The new lender is in charge of it,” said Christa, who noted that no foreclosure lawsuit was filed.
Marcela Catapano Criscito, a real estate agent hired by the owner of the Caribbean Miami Beach to sell units, concurred.
The Caribbean Miami Beach was designed by architect Kobi Karp, with interiors designed by Christopher Ciccone, the brother of pop star Madonna. It has a heated infinity-edge swimming pool, spa, sun deck, billiard lounge, fitness center, wine vault, cigar humidor and 24-hour concierge service.
Units were priced from $500,000 to $8 million. They are divided between the renovated six-story building, with 35 units, and a new 19-story tower, with 68 units.
Condo VulturesCEO Peter Zalewski called the Caribbean Miami Beach the crown jewel of Corus Bank’s loan portfolio. With its strong location and quality design, it can probably have its units sell for between $450 and $550 a square foot, he said. He added that the 13 sales that were closed at Caribbean Miami Beach by the developer went for an average of $848 per square foot. Those sales generated $21.4 million in revenue.
For more information check the website http://www.buymiami.net/
“The owner will flip these units immediately,” Zalewski said. “They probably have the ability to burn through most of them during the tourism season.”
Zalewski, who has looked at the project on behalf of potential buyers, said Corus Bank could not have made this deal without the Federal Deposit Insurance Corp. signing off on it. At least six groups were competing to take it over, he said.
“The Caribbean was the most desirable bulk play in South Beach because so few projects there were in distress,” Zalewski said.
A Melohn Properties official was not immediately available for comment.
For more information check the website http://www.buymiami.net/
Source: http://www.bizjournals.com/southflorida/stories/2009/08/31/daily66.html
Brian Bandell
Labels: condominiums, houses, miami beach, south beach
The buyer, an affiliate of New York City-based Melohn Properties, bought the mortgage from ailing Corus Bank.
The Chicago-based bank (NASDAQ: CORS) had given Caribbean Group Owners a $127.7 million mortgage to renovate the hotel into a 103-unit oceanfront condominium at 3737 Collins Ave., in Miami Beach. The developer, a partnership between Christa Development and Bluerock Real Estate, had sold just 13 units since July 2008.
Corus Bank, which faces a risk of failure under the weight of delinquent condo construction loans, sold its mortgage on Aug. 19 to 3737 Caribbean Partners. A source familiar with the deal said that Corus Bank had previously offered the note for sale at between $50 million and $55 million.
Christa Development VP Frank Christa said the developers have voluntarily turned over the Caribbean Miami Beach to the new lender.
“The new lender is in charge of it,” said Christa, who noted that no foreclosure lawsuit was filed.
Marcela Catapano Criscito, a real estate agent hired by the owner of the Caribbean Miami Beach to sell units, concurred.
The Caribbean Miami Beach was designed by architect Kobi Karp, with interiors designed by Christopher Ciccone, the brother of pop star Madonna. It has a heated infinity-edge swimming pool, spa, sun deck, billiard lounge, fitness center, wine vault, cigar humidor and 24-hour concierge service.
Units were priced from $500,000 to $8 million. They are divided between the renovated six-story building, with 35 units, and a new 19-story tower, with 68 units.
Condo VulturesCEO Peter Zalewski called the Caribbean Miami Beach the crown jewel of Corus Bank’s loan portfolio. With its strong location and quality design, it can probably have its units sell for between $450 and $550 a square foot, he said. He added that the 13 sales that were closed at Caribbean Miami Beach by the developer went for an average of $848 per square foot. Those sales generated $21.4 million in revenue.
For more information check the website http://www.buymiami.net/
“The owner will flip these units immediately,” Zalewski said. “They probably have the ability to burn through most of them during the tourism season.”
Zalewski, who has looked at the project on behalf of potential buyers, said Corus Bank could not have made this deal without the Federal Deposit Insurance Corp. signing off on it. At least six groups were competing to take it over, he said.
“The Caribbean was the most desirable bulk play in South Beach because so few projects there were in distress,” Zalewski said.
A Melohn Properties official was not immediately available for comment.
For more information check the website http://www.buymiami.net/
Source: http://www.bizjournals.com/southflorida/stories/2009/08/31/daily66.html
Brian Bandell
Labels: condominiums, houses, miami beach, south beach
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