Congratulations to my buyer (me) on the purchase of this stunning luxury condo at Bayview Terrace Miami Beach!

Bayview Terrace South Beach was completed in 1971 in the highly sought-after West Avenue neighborhood of South Beach and has a total of 195 condominiums.

Bayview Terrace South Beach Unit 1012 Photos:

Currently Available Units at Bayview Terrace South Beach:

Bayview Terrace South Beach Property Features:

• 15 Stories
• 195 units
• Built in 1971
• 3 Elevators
• Parking Available
• Pool
• Fitness Center
• Boat slips
• 24-hr front desk concierge

A lawsuit against the NAR (National Association of REALTORS®) was filed in 2019 by home sellers who alleged that real estate agents nationwide colluded to keep real estate agent commissions high by requiring sellers to pay the commission of the real estate agent who represents the buyer. Nobody is quite sure how this lawsuit succeeded because real estate agent commissions have always been negotiable, and nowhere in the United States have they ever been non-negotiable. Essentially the lawsuit has done nothing to benefit real estate buyers or sellers and has likely now made the entire process more expensive and complicated, especially for buyers.

What Does This Mean for You?

Buyers:

You will now need a written contract with your real estate agent up front, outlining the services they are providing to you, and the fees that you are required to pay them. This can help you compare agents and ensure you get good value.

Sellers:

You can still offer to cover the buyer’s real estate agent fees, but it won’t be mandatory.

Will It Affect Home Prices?

Probably not. Sellers will likely keep the savings instead of lowering their prices.

The Old System vs. The New System

Old:

The seller pays a total commission to their listing agent, who then offers a portion of that commission to the buyer’s real estate agent.

New:

Offers for buyer agent compensation won’t be listed publicly on the MLS anymore. Buyers will now be forced to negotiate the real estate agent fees directly with their real estate agent.

Do You Need a Buyer’s Agent?

No, but it’s certainly strongly recommended that you work with a buyer’s real estate agent who knows the market, the properties, the laws, and how to negotiate; especially for first-time buyers, those relocating, or those navigating a competitive market. Agents provide invaluable expertise and can save you a lot of time and money.

The Future of Real Estate Commissions after 2024

• Sellers will likely have to offer credits to cover the buyer’s real estate agent fees.
• Listing agent commissions might stay the same or might increase.
• Buyer’s real estate agent commission offers might disappear, replaced by negotiation.
• New fee models for real estate agents (such as flat fees) might emerge.

Congratulations to my buyers on their new luxury home at Capri South Beach!

I negotiated a great deal for my clients on this stunning 2 bedroom luxury condo at Capri South Beach with a nearly 25% discount off the original listing price. This property was originally listed at $1,095,000 and sold for $835,000.

For the last 4+ years Miami Beach has been a strong buyers market, and many of my buyer clients are now finding deals that are too good to pass up. Prices are declining steadily and inventory is increasing; which makes this a prime time to be shopping for real estate in Miami Beach. If you are considering buying luxury real estate in Miami Beach, contact me for free advice and assistance; I’m happy to help!

Capri South Beach Unit 405 Photos:

Currently Available Units at Capri South Beach:

Miami is one of the top ranked cities in the world, consistently. Miami’s rapidly growing technology and startup sectors and our year-round perfect weather makes Miami the “Happiest City to Work” in the United States, according to Career Bliss. According to Realtor.com, Miami is the #2 destination in the country for ‘millennials’. Miami’s evolution from a tourist city to one of the world’s top ranked cities is proven in the statistics:

Miami is America’s Cleanest City:
As Ranked by Forbes for its year-round good air quality, green spaces, and clean drinking water. Also, Miami is the only major “subtropical” city in continental U.S.; average temperature 75 F/ 23 C

Miami is the happiest city to work:
Miami was named the “Happiest City to Work” for the second consecutive year in 2016. Miami’s growing startup/technology scene and its all-year sunny weather played key factors in the high rating. (Source: Career Bliss – January 2016)

Miami is the most international city in the United States:
About 51 percent of the Miami population is foreign-born. Miami’s concentration of foreign-born residents is more than double the national average of 19.4 percent. (Source: U.S. Census Bureau)

Miami is the Most-searched U.S. city for international home buyers:
Miami is the top U.S. destination for foreign home buyers. (Source: Realtor.com, Trulia.com- March 2016)

Miami is the 2nd-fastest growing economy among large U.S. cities:
Among all cities, Miami had the 17th best economy. Miami’s growing population, startup network, tech industry and new businesses fueled the high rankings. (Source: Wallet Hub – September 2015)

Miami is the 4th-healthiest city in America:
Miami’s clean air, access to quality health care, rate of smokers, walkability and amenities were key factors in the ranking. (Source: Livability – April 2015)

Miami is the 4th-fastest growing neighborhood in America:
Downtown Miami, which grew from 40,000 to 80,000 residents from 2000 to 2015, is an American boomtown and is projected to have a five-year household growth of 14.9 percent (Source: Realtor.com – April 2016)

Miami is the 2nd-best place in America to start a business:
South Florida finished second behind Austin, Texas for the best location to start a business. (Source: American City Business Journals study of small-business vitality, April 2016)

Miami is the 5th-most walkable city in the United States:
Miami finished with a walk score of 75.6, trailing only New York (87.6), San Francisco (83.9), Boston (79.5) and Philadelphia (76.5). (Source: Walk Score – April 2015)

Miami is the 11th best public transit in the United States:
Miami ranked 11th in the nation in transit among cities with a population of more than 250,000 (Source: AllTransit – April 2016)

Miami is the 5th-greenest city in the United States:
Miami’s air quality, transportation, energy sources for heating in homes, and housing density contributed to the ranking. Miami trailed only Honolulu, Washington, D.C., Arlington, Va., and San Francisco. (Source: NerdWallet – May 2015)

Miami is the 6th-best air quality in the United States:
Miami had a median air quality index of 43, tied with Seattle, Hialeah and Fort Lauderdale. Only eight cities had a better air quality index than Miami. (Source: 2014 U.S. Environmental Protection Agency’s daily Air Quality Index)

Miami is the 8th-most populated region in the United States:
The Miami-Dade, Broward and Palm Beach metro area added 500,000 new residents in the past five years and now boasts more than 6 million residents for the first time (Source: U.S. Census Bureau – March 2016)

Miami is the Top destination for migrating New Yorkers:
About 22,000 New Yorkers migrated to Miami between 2009 and 2013. (Source: U.S. Census Bureau)

Miami is the 12th-most important city in the world for the ultra-wealthy:
In the United States, Miami ranked No. 2 for where ultra-high-net-worth individuals want to live, work and invest. (Source: Knight Frank- March 2016)

Miami is the 6th-best city for Hispanic entrepreneurs:
Two South Florida cities, Hialeah (No. 6) and Miami (No. 15), were ranked among America’s best cities for Hispanic businesses (Source: WalletHub – April 2016)

Miami is the 7th-fastest growing market for construction jobs in the United States:
Miami-Dade County ranked seventh for most construction jobs added over the past 12 months (Source: Associated General Contractors of America – April 2016)

Miami is the 23rd-best area for launching a career in the United States:
The Miami-Fort Lauderdale-West Palm Beach metro area ranked as the 23rd best area for launching a career. South Florida earned high marks for career advancement (No. 15), quality of life (No. 20) and social opportunities (No. 11). (Source: Bankrate.com – April 2016)

Miami is the 2nd-highest proportion of Hispanic owned businesses in the United States:
Miami finished with the second-highest proportion of Hispanic-owned firms with 69.2 percent, more than twice the U.S. average rate. (Source: U.S. Census Bureau’s 2012 Survey of Business Owners.

Awesome Facts about Miami:

Record home sales activity:
The Miami real estate market, including both existing and new construction properties, experienced record sales activity from 2011 until 2015. Sales remain strong, particularly in certain price points and neighborhoods.

Rising prices remain at 2004 levels:
Miami home prices have increased consistently since 2011 yet remain at 2004 levels. While Miami is recognized a leading global city, local real estate is much more affordable than its counterparts.

Majority of transactions are all cash:
All cash transactions account for more than 50% of Miami existing sales and 80% of new construction, making a crash very unlikely.

Luxury real estate:
Christie’s International Real Estate recently ranked Miami ninth among its top 10 luxury markets in its “Luxury Defined” 2015 report. Only three other U.S. cities made the prestigious list: New York, Los Angeles, and San Francisco.

Miami remains the top market for international buyers in the United States:
International sales and dollar volume account for 26% and 36%, respectively, of all sales in South Florida.

Preconstruction market vastly different to the last boom:
Today, most Miami preconstruction condo developers require a 50-percent cash deposit on new units.

Growing area for medical tourism:
Miami boasts 33 hospitals. Baptist Hospital of Miami ranked as one of the highest performing hospital systems in the country. The region also provides specialized care that patients can’t find in any other part of the world.

Cruise Capital of the World:
Known worldwide as the “Cruise Capital of the World” PortMiami is the global headquarters for five leading cruise lines – Carnival Cruise Lines, Norwegian Cruise Line, Royal Caribbean Cruises, Oceania. PortMiami is ranked among the fastest-growing seaports in the nation. Port Everglades in Broward County is one of the top three cruise ports in the world.

Beaches:
Greater Miami has 84 miles of Atlantic Ocean coastline, 67 square miles of inland waterways and 15-plus miles of world-famous beaches for running, walking, and swimming.

America’s top tourist destination:
Miami led the nation in average daily occupancy (84.2), average daily room rate ($241.70) and revenue per available room ($203.49). Miami attracted 4.25 million visitors in the first quarter of 2015. (Source: Smith Travel Research- April 2015)

Banking:
Miami has the largest concentration of domestic and international banks south of New York City, with approximately 87 financial institutions and 33 foreign bank agencies. “The Gateway to Latin America” also has more than 1,000 multinational corporations.

Schools:
Miami Dade County Public Schools receives more National Magnet Schools of Merit Awards than any other school district nationally. Miami offers 460 choice programs in all grade levels, which is the most of any Florida school district and among the top in the country.

Parks & Recreation:
Miami-Dade County Parks is the third-largest county park system in the United States, consisting of 260 parks and 12,825 acres of land. Miami is the only city in the U.S. bordered by two separate national parks: Biscayne National Park and Everglades National Park.

World-class art and entertainment:
Downtown Miami has the highest concentration of cultural institutions in the Southeast. Downtown has the Adrienne Arsht Center for the Performing Arts and a new waterfront art museum. A new downtown science museum will open in late 2016.

If you’ve paid more than $150 to apply to live in a condo in Florida, you’ve been ripped off.

Miami Condo Listings with Illegal Application Fees. Courtesy of Miami Herald.

Last month I was reading the latest issue of ‘Florida Realtors’ magazine and I came across an article that informed Florida Realtors that condominium associations are not permitted to charge any transfer fee or application fee that exceeds $100 per applicant, (and that any husband, wife and child are always considered one applicant). Whether this fee is a transfer fee, an application fee, or a tenant screening fee; the maximum fee allowed by Florida state law is $150. This came as a complete surprise to me, considering I had assisted many clients with rentals and sales of condo properties in Miami in which the condo management fees ranged from $150 to $250. Almost every client that I have ever had has complained to me about these illegal application fees, but until reading the article in the ‘Florida Realtors’ magazine, I was completely unaware that any fee exceeding $150 was illegal.

I decided that something should be done about it.

I called the Florida Realtors Legal Hotline to clarify that these fees were illegal, and to get more information for my clients about what kind of recourse they would have to get their money back. The Florida Realtors Legal Hotline is an invaluable resource for Realtors that allows us to instantly speak to an attorney about various real estate topics.  The attorney that assisted me informed me that, yes, any fee exceeding $100 is illegal, and that my clients have 4 options to get their money back and to report this illegal activity. Those 4 options are listed below.

I then reached out to the Miami Herald to see if they’d like to investigate this issue, and to help get the word out to consumers statewide. Real Estate reporter Nick Nehamas did an amazing job researching how widespread this illegal activity really is, and helped consumers statewide by publishing it on the cover of the Miami Herald on Friday, June 3, 2016:

“South Florida condo boards rip off consumers with high application fees” – Miami Herald

The Miami Herald (https://www.miamiherald.com/news/business/real-estate-news/article81430117.html) analyzed the current listings in the MLS (Multiple Listing Service) and found that in Miami-Dade county, 46% of the condominiums listed for rent or sale show that they require a fee of more than $150 per applicant. The issue here is that Realtors are the ones entering the fee into the MLS system; so they are exacerbating the problem by allowing the activity to continue, and by publishing it for their clients and other Realtors to see. In my opinion, Realtors should be highly aware that any application fee over $150 is illegal, and thus, they should never be entering any number higher than that into the MLS, and they should be reporting any condo that’s attempting to charge an excessive fee to their clients, and to the State of Florida.  For those Realtors that are unaware that these fees are illegal, the MLS system itself should be set up to stop any Realtor from entering a number higher than $150 into the application fee field. This is an issue that myself, and some other Realtors, are taking up with the Miami Association of Realtors.

Clearly, this is a HUGE issue, and it’s going to take a LOT of work, by a lot of people, to resolve it. If Realtors are educated properly they can inform their clients to never pay illegal fees. If condo boards are educated properly they can change their policy on fees to comply with Florida State law.

“You’ve single-handedly changed the lives of hundreds of thousands of Florida residents by exposing this”
– B. Hunt

The Miami Herald investigation found that Quantum on the Bay in Miami charges renters $625 to apply and move in.

If you’ve been the victim of illegal condo fees, do these 4 things:

Inform the condo board that the fee is illegal.
Consumers should inform condo associations that they are breaking the law. If you have already paid an illegal fee, you are entitled to a refund. Section 718.112(2)(i) of the Florida Statutes prohibits condos from charging more than $150 in transfer fees per person or married couple. That includes application fees, credit checks, background screenings, move-in fees, pet registration and other charges related to the sale or lease of a condo unit.

File a complaint with the Division of Florida Condominiums, Timeshares, and Mobile Homes.
If the association insists on charging more than what is allowed by law, you must file a written complaint with the Division of Florida Condominiums, Timeshares, and Mobile Homes: http://www.myfloridalicense.com/DBPR/condos-timeshares-mobile-homes/

File a complaint with the Florida Attorney General.
The Florida Attorney General’s office accepts consumer complaints. Visit the following website for information: http://myfloridalegal.com/Contact.nsf/Contact?OpenForm&Section=Consumer_Protection_Division

File a civil lawsuit, or join a class-action lawsuit.
Consumers can also file civil lawsuits against condo associations. After the publication of the article in the Miami Herald, many attorneys have begun investigating claims.  One such attorney is Aaron Resnick, P.A.

Search for your new Miami Home:

Miami is officially the strongest real estate buyer’s market in the entire country, and Miami Beach is #2.

For the past 18 months I’ve been telling my buyers that NOW is the time to be buying real estate in Miami. The data now proves it: Miami, Miami Beach, and Weston are the 3 best cities in the country to be a buyer. In fact, 8 of the top 10 buyers markets in the country are all in Florida.

Home inventory is swelling rapidly and the median days that homes are sitting on the market is steadily increasing. A majority of homes are now taking over three months to sell.

We are heading towards a price correction in the Miami condo market. As of late 2015 we started seeing a slowdown in real estate sales both in Miami and in Miami Beach, but the changes in the Miami Beach market are the most drastic. This is most certainly NOT signaling another recession; we are simply finally seeing a cool-down and adjustment from the frenetic pace of sales and price increases that we’ve had for the past few years, and I welcome it. We need more stability in this market. I don’t expect to see anything as dramatic as we saw in 2007, but a 10%-20% decline in prices and sales is likely.

Take a look at some of these numbers:

In Miami, 1,876 single-family homes sold in the fourth quarter of 2015, a 14% decline from 2014’s fourth quarter sales. Condos had a larger decline in sales for the same period at 16%.

In Miami Beach, only 80 single-family homes sold in the fourth quarter of 2015; a 28% decline from the same quarter in 2014. Condo sales declined 20 percent in the same timeframe.

Miami Home Sales Year-Over-Year Change: 5 months of consecutive declines

So what’s causing the correction in the Miami real estate market?

• The US Dollar is strong relative to the countries that invest heavily in Miami real estate.
  The US dollar is up 17% in the past 12 months, making it that much more expensive for foreign buyers to purchase real estate in Miami and Miami Beach. Meanwhile, in Russia, their currency has dropped a staggering 36% versus the US dollar in the last 12 months; so buyers from Russia are now nowhere to be seen. In Brazil, another country that typically sees a lot of real estate investment in Miami, their currency is down 28% versus the US dollar. As most people are aware, foreign buyers have typically accounted for at least 50% of all real estate sales above $1 million in Miami, now, they’re gone. Canadian buyers have vanished due to the currency exchange, and as the Huffington Post reported, one Miami condo developer is actually so concerned that they are offering a whopping 35-per-cent discount to Canadians! The Canadian dollar is 25 per cent lower than the U.S. dollar currently, but that still isn’t enough to attract Canadian buyers anymore.

• We have fewer distressed properties on the market.
  The real estate market in Miami recovered rapidly, and has now had a few very strong years of sales, so distressed properties (short sales and foreclosures) are less common. For example, sales of distressed condominiums in Miami in the fourth quarter of 2015 were down 41% from the same quarter in 2014. That’s a dramatic difference.

• There is a lot of new condo inventory coming into the market.
  In Miami, in the fourth quarter of 2015 we had more than 8,000 condominiums listed for sale, an increase of 12% from 2014. In Miami Beach we saw close to 29% more condominium units listed in Q4 of 2015 versus Q4 of 2014. We currently have an astonishing 353 new condominium projects being developed now versus 246 back in 2008. This influx of new condominiums has affected the supply of homes on the market; in a healthy real estate market you want to have 6-9 months worth of inventory. In Miami Beach we have 18 months of supply of condos, and 24 months of supply of single-family homes. In January 2016, we had 6,000 new listings added to the MLS, the largest volume of new listings in at least 2 years, and that number is likely to be WAY off, because developers never list every available unit in new developments; they tend to list just a tiny fraction of them. In 2015, Miami broke the record for the highest volume of construction in history. In 2015, the building department in Miami oversaw 23,000 construction permits, 96,000 inspections, and 61,000 plan reviews. Miami completed $503 million worth of construction and had $2.4 billion of construction underway.

In Miami Beach we are seeing widespread price reductions, usually multiple times per listing before a property sells.

Miami Beach specifics:

In my home market of Miami Beach, single-family home sales and condominium sales are both down significantly and more new inventory continues to be brought to market. We have almost 30% more new listings now than we did a year ago, and prices are trending downward with an average decline of 10% year-over-year. Oddly, prices of single-family homes here in Miami Beach seem to be skyrocketing, and I’m not exactly sure why. Perhaps the constant frustration that most of us have with living in condominium developments here is driving most of us into single-family homes. A few months ago I was telling clients in South Beach that we had single-family home options for them just starting at under $1 million. We now rarely have anything for less than $1.5 million, and the average selling price here was an astonishing $3.35 million in the fourth quarter of 2015 — a 67% increase from 2014. For most of us, even with the correction in the Miami real estate market, the dream of buying a single-family home in Miami Beach will remain a dream for the foreseeable future.

So what does this all mean for you?

It’s time to slow down, study the market, and exercise caution. The market is not what it was in 2013-2014 when properties were selling the same day they were listed for above asking price, in all cash.

Buyers:
Due to the correction in the Miami real estate market, 2016 is an absolutely amazing year to invest in real estate in Miami! In most markets we will see widespread price declines. The very high-end market of $3 million+ appears to still be untouched by these recent changes, as is typical for buyers with unlimited spending ability. If you’ve been thinking about buying real estate in Miami for the past few years, but were put-off by the rising prices, 2016 will likely be your best bet to make a move and get a better deal than could be had in 2012-2015. Developers of new condominiums are already making changes in their buying terms, and are also reducing their asking prices. For example, Brickell City Centre, a massive development in Miami, recently reduced their deposit from 50% to 35% in order to attract more buyers and compete against hundreds of other projects. With foreign currencies continuing to decline, it’s only a matter of time before foreign investors begin to sell their condominiums for below market price. Use my Miami MLS Search to see what’s available now!

Sellers:
You might want to sit tight for a bit and see how this correction in the Miami real estate market plays out; listing your property in 2016 will mean that you have more competition, a longer time before your property sells, and potentially some disappointment at the new value of your property. If you are comfortable with those possibilities, there’s no reason not to list your home for sale, just be prepared for less demand than we’ve seen in recent years. All of the factors that affect sales are truly neighborhood-specific though; so ALWAYS make sure that you work with an experienced and knowledgeable Miami Beach Realtor if you plan on selling, so that you can get accurate and current information that’s specific to your situation.

Fall 2016 Update via StatFunding:

The Miami Beach market remains painfully slow with 139 homes sold in the last 30 days. This is a massive 11.5% drop in sales. Meanwhile, in Miami, there were 297 houses sold; the highest number from any of the surrounding cities. Buyers should note that house prices increased in Miami Beach, with the median price rising from $430,000 to $440,000. Miami Beach is a very strong buyer’s market with a whopping 23 months of inventory up for sale.

What can we expect in the next 24 months?

If we are at an inflection point in the condo cycle, the most likely chain of events based upon current market trends is as follows, but this is only a theory:

Most preconstruction buyers will reluctantly close on units due to the 50% deposit structure commonplace in this condo cycle. A subset of preconstruction buyers will be forced sellers for economic reasons and will likely be forced to sell at significant losses. Due to systemic market risks evident in the market, prudent lenders will withdraw from financing preconstruction condo buyers altogether. As a result, a subset of 50% deposit-holder-buyers will not be able to close their preconstruction purchases due to unavailability of financing for their remaining 50% balance to close. Financing for actual end users and resale buyers will also likely become unavailable, which will further shrink the pool of potential buyers and further depress prices. Condo lenders who failed to exit the market early will likely see high default rates, and lenders with loans at the higher end of the loan-to-value spectrum will likely realize losses following short sales and foreclosures. Rents will likely tumble as preconstruction buyers unwilling to take losses on their condos flood the rental market with new units.

http://www.miamirealestateguy.com/Miami-Preconstruction-Condo-Market-Update.pdf

One of my absolute favorite places in all of South Florida is the neighborhood of Wynwood Miami. It’s the global epicenter of street art and contains some of the most stunning art and graffiti ever produced. I always take my friends and family to see Wynwood when they come to visit Miami. For the past few years, it’s been one of the top things to do in Miami whether you live here or are just visiting. The art is absolutely astonishing, the events are fun, and the whole scene in Wynwood is constantly changing, developing, and improving. And now, after years of transformation, Wynwood Miami has been officially named one of America’s Greatest Places by the American Planning Association!

The American Planning Association is a non-profit educational organization that provides leadership in the development of vital communities around the country. Every year, the American Planning Association announces their list of 15 ‘Great Places in America’, which is composed of ‘Great Neighborhoods’, ‘Great Streets’, and ‘Great Public Spaces’. For 2015 the APA chose 4 Great Neighborhoods, 5 Great Streets, and 6 Great Public Spaces. Our beloved Wynwood Miami neighborhood was selected as one of the 4 best neighborhoods in the United States. The APA chooses special places in the United States that demonstrate “exceptional planning, exceptional character, and exceptional quality. Great Places are selected once per year and represent the gold standard in terms of having community involvement, a true sense of place, a vision for the future, and strong historical and cultural interest.”

One of my favorite art pieces in Wynwood Miami

“Wynwood Miami, is a neighborhood on a meteoric rise. Through public participation and good planning, Wynwood has rapidly transformed from an area of neglect to a bustling, mixed-use, art and innovation mecca.” – The American Planning Association

You can read more about the changes in Wynwood and the rest of the APA’s words on their Wynwood Miami page.

The Street Art of Wynwood, Miami – My Inspiration for this post.

For more photos of the stunning street art in Wynwood, check out my ‘Street Art & Graffiti of Wynwood Miami‘ photo album. I add new photos every few months as new art is added to the neighborhood.

If you’re a fan of graffiti and street art, you might like my earlier post about integrating graffiti into interior design.

Congratulations Wynwood, you deserved this accolade!

7 years ago, the South Florida housing market was in such poor shape that new condo construction in Miami came to a standstill, (As I detailed in my recent post ‘2015 Miami New Condominium Construction Update‘). Fast forward to 2015 and roughly 100 new condo towers are under construction in coastal South Florida, with at least 3 of those featuring a 50 million dollar penthouse on top. In Miami, two 50 million dollar penthouses have already gone into contract in 2015.

Before this recent 50 million dollar penthouse condominium building boom, Miami’s highest-priced single-family home sale was for $47 million back in 2012 (3 Indian Creek Island Rd Miami Beach, FL 33154). That was an absolutely stunning 30,000-square-foot single-family home set on two acres of land, and as of 2015, that house is still the highest closed sale on record in Miami. Another single-family home called Mashta House in Key Biscayne is currently listed for sale for $60 million, but hasn’t yet moved at that price. To date no condominium in Miami has closed anywhere near those prices. So far, the highest recorded sale for  a condominium in Miami is $34 million, when a buyer purchased two triplex penthouses totaling 16,271 square feet across three levels at The Residences at Miami Beach EDITION (2901 Collins Ave, Miami Beach, FL 33140), the new hotel-condominium project by Ian Schrager.

Neither of these amazing records will stand for very long. At Faena House (3201 Collins Ave, Miami Beach, FL 33140), a luxury condominium tower in Miami Beach, the penthouse is under contract for more than it’s $50 million list price. Word on the street is that the 18,253 square foot duplex penthouse at Faena House is under contract for $60 million, but that cannot be confirmed until the sale closes. Alan Faenas next project is called Faena Versailles Contemporary and it will feature yet another 50 Million dollar penthouse condominium.

In my neighborhood of South Beach, at the Continuum 2, the four-story penthouse owned by the Continuum developer Ian Bruce Eichner, is listed for $50 million ($4,519 per square foot). The Continuum 2 penthouse isn’t even new construction; it was built 13 years ago; but as they say, strike when the iron is hot!

Condos aren’t the only properties that are setting record listing prices in South Florida: At an incredible $200 million+/-, ‘Gemini’ in Manalpan (south of Palm Beach) was just announced for sale today. Gemini is a 33 bedroom, 34 bathroom, 12 half-bathroom, 16 acre estate with 2500 feet of waterfront that’s owned by the Ziff Publishing family. Gemini is the most expensive single-family home for sale in the entire country. Another house in Key Biscayne called Mashta House, that I wrote about previously, is for sale for $60 million.

Is it your time to call Miami home? If so, please feel free to Contact Stavros Mitchelides, Miami Beach Luxury Realtor today for assistance with your new penthouse purchase!

Current 50 million dollar +/- penthouse condos for sale:

Faena House Balcony

Faena House Penthouse: $55 million ($3,013.20 per square foot).
Under contract at an estimated $60 million
Developer: Alan Faena
Architect: Foster + Partners

All Available Faena House Condos For Sale:

Continuum 2 South Beach Penthouse Balcony

Continuum 2 South Beach Penthouse: $50 million ($4,519 per square foot)
Developer: Ian Bruce Eichner
11,065-square feet. Four floors, six bedrooms, seven full-baths, 6,092 square feet of outdoor space. Includes 10 private parking spaces, a 250-square-foot beachfront cabana loft, and an 884 square-foot guest suite.
Architect: Sieger Suarez Architectural Partners

All Available Continuum 2 Condos For Sale: 

One Thousand Museum Penthouse: $49 million ($2,866 per square foot)
A duplex penthouse on the 58th and 59th floors contains 15,700 square feet and offers 1,000 square feet in terraces; the condo features six bedrooms and six full-and two half-baths. The two-level unit also comes with its own private pool.
Developer: Gregg Covin and Louis Birdman
Architect: Zaha Hadid Architects

How many massive $50 million penthouses can the Miami market handle? Based on the current interest that we are seeing in these uber-luxury residences, it’s likely that we can see a few dozen more constructed or converted in the coming years. Instability in foreign countries is making these $50 million-plus properties an attractive investment for foreign buyers; and the horribly cold weather in the Northeast USA surely is driving many New Yorkers south as well!

Miami has gained the Worlds attention as a city that can easily attract the world’s richest people, thanks to its incredible climate, stunning residences, and attractions like Art Basel. Miami ranked 7th place in the Knight-Frank 2014 annual global cities list based on quality of life, political power, economic activity, and the number of ultra-high net worth people who live here.

Is it your time to call Miami home? If so, please feel free to Contact Stavros Mitchelides, Miami Beach Luxury Realtor today for assistance with your new penthouse purchase!

The City of Miami Beach is raising streets in an effort to protect the city from the impending sea level rise. We all know that the Sunset Harbour and West Avenue neighborhoods of Miami Beach have been BURIED by construction over the past couple of years, but this new project all but guarantees that construction will continue for the time being. In all honesty, the construction is welcome, considering that we are all well aware that every year, we are seeing our streets flooded with more and more water. The West Avenue and Sunset Harbour areas are consistently underwater due to sea level rise, and raising them is one major aspect of the City’s solution.

The first phase of this project began in February 2015 and as of April 2016, about 70% of the Sunset Harbour neighborhood is completed, with streets being raised an astonishing 2+ feet (as you can see in my photo above).

Public Works director Eric Carpenter made a good point when he announced that the street raising project should coincide with the already-planned underground infrastructure work, rather than subjecting West Avenue to two separate projects at two different times.

“It doesn’t make any sense to disturb the street twice,” he said. “We’re moving forward with the storm water improvements. What we’re trying to do now is get a consensus from the community that we want to move forward with everything else on that street so that we don’t have to come back later and tear it up again.”

With the newly raised road, they would create different transitions from the road to the sidewalks depending on the adjacent property.

City engineer Bruce Mowry said that the western side of South Beach is “ground zero” for the effects of global sea-level rise. “I’m not going to stop sea-level rise, but we are here to try to mitigate.” he said.

The impacts of climate change and rising sea levels are not an exclusive phenomena to Miami Beach, yet the aggressive adaptation initiatives being pursued – including the installation of storm water pump stations, raising roads, and increasing the urban forest – has put Miami Beach at the forefront of the international conversation on climate change and sea level rise.

The City of Miami Beach is a vocal member of the Southeast Florida Regional Climate Change Compact; a regional partnership among the municipalities of Miami-Dade, Broward, Monroe, and Palm Beach counties geared towards coordinating climate change mitigation and adaptation efforts.

In October of 2015, the Compact released updated sea level rise projections using data from the National Oceanic and Atmospheric Administration (NOAA), the US Army Corps of Engineers, and the Intergovernmental Panel on Climate Change.

Sea levels have risen 3 inches since only 1992. The sea level rise scenarios developed by this group estimates an increase in sea level of approximately 12 inches by 2030, up to 34 inches by 2060, and up to 81 inches by 2100.

Although this data shows a relatively small increase in short-term projections (2030), they show a remarkably significant increase in sea level rise throughout the medium and long-term scenarios (2060-2100).

The City of Miami Beach is developing a resiliency strategy to plan for the future of our urban island based on projected changes to our environment. These predictions are based on current greenhouse gas emissions and can only improve if the amount of emissions released into the environment are drastically reduced. The City of Miami Beach is taking steps to reduce greenhouse gas emissions within government operations, and strongly encourages residents and visitors to do the same. The City is incentivizing the community to build more efficiently by requiring all new construction over 700 feet to achieve LEED Gold certification. Additionally, in the coming months, many more electric car charging stations are being installed in City parking lots and garages to encourage the ownership and use of electric vehicles.

Crescent Heights, one of my favorite developers, has announced that a New Whole Foods Coming to South Beach. The latest iteration of this project (and the only iteration that has ANY architectural relevance) was designed by Chad Oppenheim. This new Whole Foods on Alton Road will also house a Wells Fargo Bank. It’s to be located on the corner of Alton Road and 19th Street in Miami Beach (right next to a Publix, a Fresh Market, and Epicure Market, and just north of Lincoln Road).

The current Whole Foods (also on Alton Road) is small, always crowded, constantly out of produce (ironic), and has an extreme shortage of parking. As a resident of South Beach, I’ve been waiting for this expansion to happen for years, although I do also love shopping at The Fresh Market because they don’t have ANY of those issues.

The South Beach neighborhood will be greatly improved with a Whole Foods that can finally accommodate it’s own popularity. For those of you that are wondering, this shiny new Whole Foods will not replace the old one on West Avenue, it will be in addition to it.

UPDATE 5/26/2015: THANKS TO THE NEW DESIGN BY CHAD OPPENHEIM, THIS PROJECT HAS BEEN APPROVED! =)

1212 Lincoln Road Before

1212 Lincoln Road After

1212 Lincoln Road Before

1212 Lincoln Road After

There has been a lot of commercial redevelopment lately in the Lincoln Road area of Miami Beach where I live, from the iconic 1111 Lincoln Road to the new Gap store, H&M store, and the entire replacement of Alton road.  The newest addition to my neighborhood is replacing one of the most run-down and poorly maintained blocks on Alton Road, and the plans are stunning.

Crescent Heights, one of my favorite developers, has approval to demolish most of the block  on the corner of Alton Road and Lincoln Road (pictured above), and replace it with a beautiful five-story retail and parking building called 1212 Lincoln. 1212 Lincoln will feature 3 stories (297 parking spaces) of incredibly important parking, and two levels of retail. Crescent Heights purchased most of the properties between 16th Street & Lincoln Road throughout 2013 and 2014 in order to facilitate this plan. The Miami Beach Design Review and Planning Boards have fully approved the 1212 Lincoln Road by Crescent Heights project, which is scheduled to begin construction soon and will take about two years to complete.

The project is designed to mesh with the Regal Cinemas building and the 1111 Lincoln Road building across the street on the east side of Alton Road, Jose Gelabert-Navia, the project’s lead architect said.

Although I personally favor zoning that mandates that residential units and excess parking be built whenever commercial is built, I still am a huge fan of improving neglected real estate, and in this case, the changes will be a dramatic improvement. The design is stunning, and the only thing this project is missing is a mix of residential units.

Developer Russell Galbut (Crescent Heights) plans to build two other major projects on Alton Road as well: The Wave, a 4 building project with 321 apartments and 50,000 square-feet of retail space will be located between Fifth and Seventh streets; and a 50,000 square-foot building at 1901 Alton Road that will include a new 40,000 square-foot Whole Foods Market.

UPDATE JULY 2016:

1212 Lincoln Road will have 92,725 square feet of retail, 104 hotel rooms, and 447 parking spaces.

Crescent Heights just bought its 10th property in Miami Beach, paying $12.25 million for the retail building at 1600 Alton Road in South Beach. The two-story retail building was developed in 1959 and last sold for only $330,000 in 1988. Crescent Heights now owns most of 1.62-acre site. They now want to submit a new plan to the city for approval, and if you ask me, the new design ruins the entire project.  It went from a stunning piece of architecture, to a generic glass box. I’m pretty disappointed in this.

In January,Crescent Heights also paid $10 million for the Bridgestone Tire building across the street at 1575 Alton Road. Additionally, they now own 1100 15th Street, 1220 16th Street, 1428, 1614, 1616 and 1624 Alton Road, 7316 Collins Ave., and 1550 and 1620 Alton Road. All but three of those properties are near the intersection of Alton Road and 16th Street.

The updated design will now be a five-story hotel, luxury retail shops, and a large indoor food court with a second floor balcony stretching along almost all of the 1600 block of Alton Road.

The first phase of the project will be a large food court and parking area designed by New York design firm AvroKo. The area will be enclosed but will have a large balcony that will function as a common area where people can gather overlooking Alton Road. 447 parking spaces will be added.

The second phase of construction will be the construction of a 100 room luxury hotel that will replace the current Wells Fargo bank. Perkins + Will is designing the project.

If you’re a current Miami homeowner, or a potential buyer; I’ve got good news for you: Miami home prices increased an incredible 9.5% in 2014!

According to the S&P Case-Shiller indices, of the 20 largest cities in the United States; Miami home prices rose more than any other city. The National S&P Case-Shiller index gained only 4.5% percent year-over-year, but Miami more than doubled that average. If you’re a current Miami homeowner, or potential seller; your investment is doing quite well! For those of you that are looking to buy real estate in Miami, you can be happy that, in at least the short-term, your new investment is likely to continue appreciating. Now is a great time to get into the Miami real estate market!

Miami median home sale prices 1993-2014

Miami home prices are the highest that they have been since May 2008, right before the market declined, but even with these impressive value increases, homes are still 32% below their 2006 peak.

While Miami home prices rose in October 2014, prices aren’t increasing quite as fast as they did in 2013. 2015 is likely to bring back that fast pace in prices though, because so much new construction inventory will become available this year in Brickell, Downtown and Miami Beach.

Check out our Westside Estate Agency Miami monthly Miami real estate market update for more statistics!

If you, or anyone you know would like assistance with buying or selling luxury property here in Miami or Miami Beach, please feel free to Contact Stavros Mitchelides at Westside Estate Agency Miami.

Miami new condominium construction appears to have rebounded faster than anywhere else in the country, from what I can tell. I remember back in 2006, seeing more cranes on the Miami skyline than I could count; and at one point I read an article that said that we had the most new condo tower construction cranes of any city on Earth. Just two years later, in 2008, I looked across Biscayne Bay to see ZERO cranes. It was a surreal scene; showing just how hard the economic collapse had hit Miami…but as fast as that decline happened, the rebound has been just as striking.

The image at the top of this page was published by Brickell Magazine to show how our beautiful Miami skyline will look by 2020. All of the red lines correspond to new condo projects that are either currently under construction, or soon to break ground. Very soon, the Miami skyline will stretch all the way from Biscayne Bay to I-95, and sales of these new condominiums in coastal Miami are very strong; reflecting a significant demand in 2015.

As of 2014, 9 brand new condo towers had been completed east of interstate 95.  There were also 54 new condo towers under construction, an additional 62 planned towers, and a whopping 80+ more that were announced but not yet approved. There are currently 84 condo projects with 98 towers currently selling in Miami. 67% of those units are sold. The average price per square foot of these new construction units is $855.

As of March 2015, developers now have more than 100 brand new condo towers under construction east of I-95 in South Florida. The 100+ condominium towers that are under construction as of March 2015 will result in more than 11,000 new condo units in Miami-Dade, Broward and Palm Beach counties! These eye-opening statistics mean that the condominiums that are currently under construction (or that were just completed) represents more than 30 percent of the more than 42,700 planned condos in 330 new towers announced for South Florida.

Regarding new construction condo prices; although new sales and resales of existing Miami condos are still increasing, the average rate at which they’re increasing is slowing. Miami condo prices rose 16 percent in 2014, down from 27 percent in 2012 and 22 percent in 2013.

The median sales prices for all housing types in the area have increased for the month of April 2015. Approximately 70 percent of all home purchases in Miami have been paid completely in cash in March 2014. While this is a decline compared to December, this is still WAY above the national average of 35.5%. Condominiums, as usual, are the biggest volume property sales, with 65.8% of condominium sales paid for in cash in April 2015. Single family homes paid in cash were about 36% of total sales for the market.

There is no sign of the Miami New Condominium Construction market slowing down, as the total active listings for the month of April 2015 are higher than the April 2014 figures; however, this figure is still 60% lower compared to the crazy 2008 levels.

More than 72 percent of the new condominiums in all of South Florida are located in Miami; so there are plenty of opportunities to find your dream home in Miami!

Check out my Westside Estate Agency Miami monthly Miami real estate market update for current statistics.

Planned Construction Condos in Miami

Under Construction Condos in Miami

Recently Completed Condos in Miami

Miami New Construction Condos For Sale:

If you’d like to know more about any of the stunning Miami new condominium construction projects in Miami or Miami Beach, don’t hesitate to Contact Stavros Mitchelides Miami Beach Realtor at Westside Estate Agency Miami.

Miami Beach is replacing up to 6 of its 29 world-famous lifeguard towers with new models designed by the original architect, Bill Lane. The old, weathered wooden towers are showing their age (I just took the above photos last week) and no longer reflect the vibrant, modern city that they represent. Miami Beach’s World-Famous Lifeguard Stands have appeared in countless books, movies & photos and when they were originally installed in the reconstruction after Hurricane Andrew in 1992, they instantly became landmarks of the revived South Beach. The Ocean Rescue currently guards twenty-five (25) locations. They are located at the Jetty Beach, South Point Park, 1st Street, 3rd Street, 5th Street, 6th Street, 8th Street, 10th Street, 12th Street, 13th Street, 14th Street, 15th Street, Lincoln Rd, 17th Street, 18th Street, 21st Street, 29th Street, 35th Street, 46th Street, 53rd Street, 64th Street, 72nd Street, 74th Street, 77th Street, 79th Street, 81st Street, 83rd Street and 85th Street.

The new towers, a set of six shown above, are both revamped versions of the original designs, and entirely new designs including: the Sci-Fi Earth Cabana, the Punk, the Ducktail Greaser, and the Airstream Diner Trailer.  The City approved the refurbishment in November, with plans to have them ready by the Miami Beach Centennial 100-Hour Celebration.

According to the city’s Design Review Board staff report, discussions about replacing the lifeguard stands began in November of 2006 and took until 2015 to actually accomplish. In the report, the old red-and-white lighthouse-style lifeguard stand at South Pointe (shown in the above photos that I took last week) is New England in style, having no relevance to South Beach. Other lifeguard stands constructed by the city’s Property Management division “Were generally considered decorated in questionable taste,” the report reads. One example of this is the horrid seashell covered stand in my photos!

“When you have structures on the ocean, there’s a lot of wind, there’s a lot of salt, there’s a lot of wear and tear. And that’s our front door. That’s the beginning of where our brand takes place, I think it’s going to be a positive shock, because the new styles and designs are really hip, they’re really cool, and they match what Miami Beach is all about.” said Miami Beach Mayor Philip Levine.

“The cost of the new lifeguard stands is about $30,000-$50,000 each, out of $1.5 million that’s already been budgeted. Miami Beach City commissioners still have to bid out construction plans for the lifeguard stand construction.

The city of Miami Beach is considering auctioning off the old stands.

Westside Estate Agency is the most successful boutique agency in Beverly Hills & Malibu California, and has now expanded into Miami! Westside Estate Agency caters to elite home buyers and sellers; celebrities, industry leaders, entrepreneurs and business leaders. The privacy of our clients is the highest priority. As a boutique real estate agency, we are able to respond and react to clients and their requests individually and uniquely. We also take advantage of our ability to implement new technology early and quickly. The flexibility in our services helps Westside Estate Agency Miami stand out among other real estate brands.

Founded in 1999,Westside Estate Agency Miami is defined by the values and the vision of its two founders, Shapiro and fellow real estate powerhouse and the nation’s most successful agent, Kurt Rappaport, who felt there had to be a better way to meet the very high expectations and individual needs of their high-net worth clients. Today, the agency has a list of clients without parallel, at the pinnacle of the business, financial, technology and entertainment industry generating billions in sales and the highest average price per sale in the industry.

Westside Estate Agency is recognized and ranked as the #1 residential real estate brokerage based on average home sale prices and average home sales price per agent. This amazing accolade reinforces Westside Estate Agency as the top luxury real estate broker. If you are a luxury home seller, you want to choose the broker that has proven results; Westside Estate Agency is the absolute leader in luxury home sales. No other firm ranked higher in average sale per transaction or average sale per agent! Westside Estate Agency has an average sale per transaction of $9,159,864 and an average sale per agent of $4,325,000!

OFFICIAL PRESS RELEASE: (Beverly Hills, CA) — Westside Estate Agency (“WEA”) is excited to announce today the GRAND OPENING of its new Miami, Florida office located in the heart of the city’s prestigious banking/finance district. The Westside Estate Agency Miami location joins WEA’s already established offices in Beverly Hills and Malibu, California. The office will be led by Cyril Bijaoui, one of Miami’s top real estate power brokers who has been involved in several hundred million dollars of luxury real estate transactions, and brings both a wealth of experience and an established team to WEA.

The Miami luxury real estate market has long had an established International City ranking and holds the number nine position worldwide in the 2014 International Real Estate Report. Miami is second only to London as the world’s most popular second-home market and is quickly catching up to New York City in price per square foot for luxury residential real estate. With its competitive pricing and cultural and business value, Miami continues to see rapid growth as a leading luxury market in the United States.

Current Westside Estate Agency Miami Listings:

If you, or anyone you know would like assistance with buying or selling luxury property here in Miami or Miami Beach, please feel free to Contact Stavros Mitchelides,  Miami Beach Realtor.

The Miami mansion located at 3590 Crystal View Court Miami, FL 33133 that was once home to basketball star LeBron James sold in 2023 for $18.5 million.

Lebron James’ former Miami home overlooks a beautiful bay in Coconut Grove, Florida and features a chef’s kitchen, sommelier’s wine cellar, office, custom theater, generator, guest home & private master rooftop sun deck. Glass doors open to covered terraces throughout. Luxurious outdoor living; summer kitchen, 4500 sf entertainment space, infinity edge pool & concrete dock for two 60′ yachts. Walled, gated private estate with state-of-the-art security system, security quarters & more!

Unobstructed open bay views from this 3-floor contemporary compound featuring 6 bedrooms, 8.5 baths 12, 178 sqft. 1st floor with over 4, 000 sqft under AC not included in Living area where you can enjoy a full gym and playroom. 2nd floor has a gourmet kitchen, custom theater, wine cellar, office, living room w/bar and maids quarters. 3rd floor has the master bedroom with his and hers closets/baths, huge balcony with stairs to a roof top sun deck and 3 bedrooms. Detached guesthouse 1 bedroom 1 bath. Savant system throughout the house & state of the art security system. Exterior: infinity pool, swim up bar, custom island bar and bbq, natural gas generator and a concrete dock for two 60 ft yachts.

Lebron James’ Former House Photo Gallery:

Coconut Grove Homes Currently For Sale:

The original house on Mashta Point.

Mashta House, the estate of one of Key Biscayne’s founding families, the Matheson’s, just sold for $47 million, becoming the second most expensive sale in Miami-Dade County in 2015, and the most expensive sale ever in the history of Key Biscayne.

This estate sold for $4,052 per square foot.

Jorge Uribe listed the home in September 2014 for $60 million, then reduced the price to $55 million in May. The home finally sold on December 23, 2015. Someone got themselves an incredible Christmas present.

Uribe represented both the seller and the buyer, likely netting himself close to a $3 million commission. The owners of the property paid $1.3 million for it in 1989, garnering themselves a quite impressive $45 million+ profit.

This sale matches the all-time record for any single-family home sale in Miami-Dade County; the $47 million sale of 3 Indian Creek Island back in 2012. The only sale price that beat this one in 2015 was the $60 million sale of the Faena House penthouse in Miami Beach to billionaire Ken Griffin.

MASHTA HOUSE ORIGINAL POST PRIOR TO SALE:

A Key Biscayne waterfront mansion called Mashta House, located at 775 S Mashta Dr, Key Biscayne, FL 33149, that’s situated on a private 2 acre peninsula with a private cove is now listed for $60 million.

If it sells for its asking price, this property will set the record for the most expensive residential sale in history in Miami. The current record was set in 2012 by a $47 million sale of an Indian Creek Island house. A penthouse at Faena House in Miami Beach priced at $50 million is in contract, but hasn’t closed yet.

Known as Mashta Point, the crescent-shaped property sticks out into Biscayne Bay with a man-made cove and a deep-water harbor. The 12,000-square-foot house was built in the early 1990’s. It has 6 bedrooms, 8 bathrooms, an elevator, a pool, and dock. The house currently rents out for $50,000 a month.

Mashta Point was originally constructed on the Bay side of Key Biscayne by William John Matheson, who owned an extensive coconut plantation on the island. where : Matheson built the custom-designed “Moorish-style palace” as an entertainment centerpiece and island hideaway for his family and guests. Mashta, an Arabic word, means “Resting House” and “Where Waters Meet.”, a perfect name for this island paradise home. Mashta House was originally built on manmade filled swampland.

For some more history on Mashta House in Key Biscayne, check out my post about the History of Bill Baggs State Park.

Price:$60,000,000
City:Key Biscayne
Zip:33149
State:FL
MLS#:A2001951
Type:Single Family
Square Ft.:11588
Year Built:1991
Beds:6
Baths:8
Tax Year:2013
Taxes:128153

Currently Available Homes for Sale in Key Biscayne: