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.

Realtors, homeowners, and renters: maintaining our neighborhoods and our community’s quality of life is a shared responsibility between all of us; and the city of Miami Beach has a code compliance department that’s there specifically to enforce the codes that keep our neighborhoods clean and safe. Our code compliance officers monitor residential and commercial districts for violations of the city code, and are responsible for ensuring compliance. As a resident of Miami Beach, you can do your part to improve our neighborhoods by understanding what is legal and illegal, and reporting every violation that you see to our Code Compliance Department.

Below are the most commonly reported violations; we encourage you to report any of them that you see in your neighborhood:

1. • Illegal Dumping Keep your neighborhood clean – don’t dump illegally! Single-family homes or residents with residential city service trash pickup are allotted 4 free bulk pick-ups a year with a scheduled appointment. Please do not place garbage or trash out for collection on the swale (adjacent city property that includes a depression created in the ground that carries rainwater by gravity away from your home and property) more than 24 hours before your scheduled collection time. With proof of residency, Miami Beach residents also have the ability to discard bulk items and other refuse at no cost. For more information on proper disposal for residents, contact the sanitation department at 305-673-7616.

1. • Littering Throwing trash such as paper, bottles, cans, food containers and even litter left behind by cat feeders on the ground is illegal littering. Littering is illegal, harmful to the environment and just looks bad. Help keep Miami Beach clean by trashing your trash and recycling your recyclables.

1. • Overgrowth Rainy season means grass grows faster than usual. Every property owner is required to maintain their property and swale by cutting their grass regularly and keeping the area free of weeds.

1. • Graffiti Properties must be graffiti-free. Please cover graffiti with matching paint. Businesses have seven days from the day of citation to correct the violation and residents are allowed 10 days. If you see graffiti, you can report it using the free e-Gov App below.

1. • Signage (unpermitted & prohibited) Posting ANY signs on public property is illegal, and under certain circumstances will result in violations and fines. While election signs are not allowed on public property, they are allowed on private properties within certain specifications. Please contact the code compliance department for more information at 305.673.7555. All real estate signs without a permit are illegal.

1. • Illegal or Unlicensed Short-Term Rentals Pursuant to the Miami Beach City Codes (Sec 142-1111 and Sec. 142-905) (Miami Beach Land Development Regulation – Chapter 142, Article IV, Division 3) vacation/short-term rentals are prohibited in all single-family homes and in many multi-family housing buildings in certain zoning districts of Miami Beach. Approved vacation/short-term rentals must have the proper authorization and zoning approval for this activity, including a business tax receipt. If a building or unit is found to be operating a short-term rental illegally, tenants/visitors will be vacated and fines will apply to the owner. For more information, visit: www.practicesaferenting.com

1. • Boats, Trailers, & Scooters Boats, boat trailers, camper trailers, recreational vehicles, and scooters must be parked on a paved, permanent surface area on the side of your home or backyard. These types of vehicles are not permitted to be used as a dwelling and cannot be visible from any right-of-way or adjoining property. If you see illegally parked vehicles, you can report them using the free e-Gov App below.

1. • Property Maintenance of Structures Property maintenance standards are crucial to the prevention of blight and decay, and the safeguarding of public health, safety, morals and welfare. Please keep your area and surrounding property not just clean, trimmed and painted, but ensure there are no visible signs of decay (broken windows, peeling paint, broken fences, unmaintained landscaping, pest infestations, etc.). If you see unmaintained properties, you can report them using the free e-Gov App below.

1. • Items or Activities that Require a City Permit Some of the most common items requiring a permit include: real estate signs and garage sale signs. Permits can be acquired through the license division at 305-673-7420; Permits for painting the exterior of a building can be obtained through the Planning Department at 305.673.7550; and building renovations and fences prepared through the Building Department at 305-673-7610.

1. • Dogs and Other Pets Dogs and other animals must be on a leash when in public. If you see any pet that is off-leash, you should report it immediately by calling 305-673-9453.

1. • Commercial Storefronts Brown paper covering the windows of empty commercial storefronts is illegal. The city has launched a program to eliminate the appearance of blighted empty storefronts. The city will provide window covers to replace the ugly brown paper we often see. If you see a storefront with illegal brown paper, you should report it by calling 305-673-9453 or by using the free e-Gov App below.

1. • Other Issues There are many other things that you can report through the app or via phone that the City of Miami Beach ENCOURAGES you to report. These items include damaged or cracked sidewalks or curbs, potholes, standing water, broken or defaced crosswalk signals, broken street lights, and many more items. The free e-Gov App will provide you with a list of items that the City wants you to report or you can simply read the City of Miami Beach website to learn more.

    

   

   City of Miami Beach e-Gov Cell Phone App

   The City of Miami Beach has a free cell phone app designed specifically for you to report every code violation that you notice. The app connects you directly with the City of Miami Beach government to resolve issues in the community in a snap. Report concerns, track requests and provide comments. The app also has a ton of other useful features for residents.

   Download the Miami Beach e-Gov app today and improve the quality of life of our community!

   City of Miami Beach E-Gov – Android Apps on Google Play

   City of Miami Beach e-Gov on the App Store – iTunes – Apple

   Urgent Reporting of Violations: If you see a violation that requires an IMMEDIATE response (off-leash dogs, illegally parked cars, dog owners not picking up their dog waste, etc. etc. you should report it immediately by calling 305-673-9453, not by using the cell phone app.

   Facebook Group: If you are concerned about the quality of life, and cleanliness of our city, and want to join our public group of like-minded residents that was started by my friend Michael DeFilippi, you can join our group here: Clean Up Miami Beach on Facebook

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:

Serene in its elegance and simplicity, The Setai Resort & Residences is an experience unlike no other in Miami. The Setai Resort & Residences is an oasis of tranquility amidst the high energy of South Beach. Its design combines the architectural history of the Miami Beach Art Deco District with the multi-faceted cultural history of the International Art Deco movement; particularly its influence in Asia. The Setai Resort & Residences creates a private world that connects you with the greatest attractions that South Beach has to offer; The New World Symphony, the Bass Museum, Lincoln Road, the beach, and restaurants are all within walking distance.

The Setai Resort & Residences is a 38-story condominium tower that was constructed in 2004 containing 163 residences. The five-star hotel at The Setai Resort & Residences is located adjacent to the condominiums and consists of an eight-story building with 88 guest rooms. Amenities at The Setai Resort & Residences include three oceanfront swimming pools, beautiful gardens, a boutique, a fitness center, an art store, and much more.

Setai Resort & Residences Condos For Sale:

Setai Resort & Residences Features:

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

Biscayne Bay is a shallow saline tropical bay located along the southeastern coast of Florida. It is bordered to the west by the mainland of Florida, which includes the densely populated areas of Miami-Dade County. To the east the Bay is bordered by a series of barrier islands and the northern Florida Keys. The Bay is connected to the Atlantic Ocean by a series of channels and cuts, some natural and some manmade, and it contains a number of islands, the majority of which are manmade.

Biscayne Bay was formed as rising sea level filled a limestone depression. It is not a drowned river valley like most estuaries. Unlike other estuaries, the Bay does not receive a sediment load from major river systems. Most sediments in the Bay are produced by local biota.

The Biscayne Bay system can be divided in three major areas. The North Bay area extends south from Broward County to Rickenbacker Causeway, constituting approximately 10% of the total Bay area. Of the numerous islands in this part of the bay, only Belle Isle and Virginia Key are natural. The area is heavily populated, with most of the shoreline bulkheaded and the majority of the bottom dredged. Major tributaries to North Bay include Arch Creek, the Biscayne Canal, Little River and Miami River, and tidal exchange with the Atlantic ocean occurs at Bakers Haulover Cut, Government Cut and Norris Cut.

The Central Bay ranges from Rickenbacker Causeway south to the boundary of Featherbed Bank just north of Sands Key. Tidal exchange occurs through the Safety Valve, a series of shoals which make up the eastern boundary of this part of the Bay. The Coral Gables Waterway, Snapper Creek and Cutler Drain are the main tributaries to this section. Development along the coastline is not as pronounced in this section, so much of the natural mangrove wetlands are still intact along with large seagrass beds and small areas of soft coral and sponges. Chicken Key and Soldier Key are the only natural islands.

South Bay extends from the Featherbed Bank to Card Bank. Largely undeveloped, the area is fringed by mangrove wetlands, with dense seagrass beds, large hard ground areas and algal communities. Black Creek, Princeton Canal, Military Canal, Mowry Canal and Model Land Canal drain into this part of the Bay, with restricted tidal exchange through Broad Creek, Caesar’s Creek, Angelfish Creek and between the northern Florida Keys. The southern end of the Bay is connected by restricted openings to Card Sound, with limited exchange between the two. There are a number of natural keys in this part of the Bay as well.

Biscayne Bay looking towards Miami from Virginia Key

History of Biscayne Bay:
Although the environment of Biscayne Bay has changed considerably over the past two centuries, prior to the mass urbanization at the beginning of the 20th century all major changes to the Bay were due to natural forces such as hurricanes. A 1770 chart shows a continuous barrier island encompassing what is now Miami Beach. A hurricane formed Norris Cut in 1835.

During the early 1900’s, the population in South Florida was small, only about 40,000. Most were dependent upon the Bay for survival as agriculture was limited. Members of the Seminole Indian tribe frequently traveled down the Miami River to the Bay and camped on the banks. “Miami” is the Seminole word for “sweet water”, and the freshwater springs in the river and bay were one of the features of the area.

In 1896, Henry Flagler decided to extend his Florida East Coast Railway to Miami, hoping to attract northerners to the mild, warm climate. Flagler built the Royal Palm Hotel on Brickell Point the following year. Miami began to grow and the city was incorporated. As the population increased, so did the need for dry land, and beginning in 1903 canals were dug to drain the coastal wetlands. The rapids of the Miami River that were located near today’s 27th Ave. were dynamited in 1908. Advertisement about the City of Miami led to over 10,000 people being turned away from the hotels in 1917 & 1918. The sharply accelerated growth in the Miami area continued until the 1920’s. Lack of protective legislation permitted wholesale shoreline and mangrove destruction, and construction of canals, channels, cuts and bridges. Dredge material from the channels and cuts was used to create artificial islands and destroyed or damaged large areas of Bay bottom.

Government Cut, Fisher Island, and Terminal Island in a rare photo from 1915

The Port at that time was located in the Miami River and could only be reached by the channel around Cape Florida. Government Cut was constructed in 1902 to provide a more direct route. The dredge spoil was used to create Dodge Island, Lummus Island, as well as Fisher Island. Tidal flow through the new cut caused beach erosion on Virginia Key and Key Biscayne. The first bridge to Miami Beach was constructed in 1913, and Carl Fisher began development of the beachside area as a resort, destroying the mangrove forests and installing bulkheads. Star Island was the first true fill island constructed by bulkheading an open water area.

Star Island, Palm Island, and Hibiscus Island, in Miami Beach with the brand new Venetian Islands in the background

The land boom of the 1920’s brought the continuation of considerable development to Miami and Miami Beach. “Water acreage” was often sold before islands were even built. The Venetian Islands were built in rapid succession, but plans for expansion were thwarted by objections to “further mutilation of the waterway”, the land boom bust, a hurricane, and the onset of the Depression. The Intracoastal Waterway, Bakers Haulover Cut, and the 79th Street Causeway were all constructed in the mid 1920’s. The Hurricane of 1926 was rated a category 4 on the Saffir/Simpson scale, and the 300,000 people in South Florida were totally unprepared. News of the devastation destroyed South Florida’s image as a tropical paradise, dramatically slowing the pace of development. More than 75% of the land between Broad and Rickenbacker Causeways had been developed, and 75% of the bay bottom from Venetian to MacArthur Causeway had been dredged or disturbed before 1930. This damage would continue to affect the Bay until the present.

Biscayne Bay topography showed little change in the 1930’s, except for the construction of a few more spoil islands. Sea level began to rise during this time, and bacterial pollution was found from Tahiti Beach to North Bay. The pollution was traced to the City of Miami, where 59 sewers emptied untreated, raw waste into the Bay and Miami River.

The 1940’s and World War II improved the Miami area economy, although most coastal water activity ceased due to the presence of German submarines just off the coast. Homestead Air Force base was built during the war.

Rickenbacker Causeway and the Bay Harbor Islands

Rickenbacker Causeway and the Bay Harbor Islands were built in 1943, and several parks were created, including Crandon Park, Cape Florida State Recreational Area, Biscayne National Park and Everglades National Park. Environmental conditions in the Bay continued to deteriorate, as the Bay was constantly fouled with sewage and suspended material. A faunal shift due to change from euhaline to polyhaline conditions occurred in Manatee Bay. Decline in fish, crab, and coral was noted as well. Public outcry finally led to the construction of the Virginia Key sewage plant, and public raw sewage outfalls were capped. Saltwater intrusion became significant at this time, and salinity control dams were installed in most Miami canals in 1945.

Population increase in the 1950’s meant continued urban expansion. Broad Causeway was constructed in 1951, resulting in restricted tidal exchange to North Bay. Dodge Island was chosen as the site of new Port facilities in 1959, and construction began soon thereafter. During the 1950s, the number of outfalls was reduced and the level of coliform bacteria in Biscayne Bay waters declined. Populations of benthic macroinvertebrates in the area near the City of Miami and the Miami River declined from abnormally large numbers of species and individuals to normal numbers of each. In hard sandy bottoms adjacent to outfalls, numbers of species and numbers of individuals increased. In poorly flushed waters, volumes of zooplankton decreased to about one-half the pre-abatement values. Abundance of amphipod tubes declined. Populations of other fouling organisms remained about the same. There was no evidence of improved commercial and sports fishing. Surveys of the North Bay in 1954-57 and 1959 showed the area to be almost totally devoid of attached benthic life. Fishing in the area was minimal. The waters of the ship basins were found to be traps for the collection and sinking of debris and garbage.

Aerial view of Miami in 1969, note the undeveloped Brickell Key.

Urban development continued into the 1960’s. The Julia Tuttle Causeway was built in 1961, further restricting circulation in North Bay. The fill borrow pit, just north of the causeway, was 29 feet deep. The Dodge Island Seaport officially opened in 1964 when port operations were moved from the old site in Biscayne Blvd. Port activity continued to increase as cruise lines used the Port as a base of operation. Hurricanes Donna, Cleo and Betsy passed near or over Biscayne Bay.

In 1974, the Biscayne Bay Ecology Committee organized a symposium on the status of the Bay and the papers published in the proceedings are a synthesis of the physical, geological and biological processes, and man’s uses and interaction with the Bay. The last major change to North Bay took place with the expansion of the Port of Miami onto Lummus Island. In 1974, the Florida State Legislature enacted a law designating Biscayne Bay as an aquatic preserve, placing stringent controls on further development in the Bay area. The nuclear units of the Florida Power and Light Turkey Point Power Plant in South Bay began operations in 1972, giving researchers an opportunity to study the effects of thermal pollution on the bay. Pollution inputs to the Bay during the 1970s were attributed to runoff from the urban areas and continuing sewage pollution. Teas et al. (1976) studied changes in shore vegetation up to the 1970s at five sites: Interama, Cocoplum, Saga, a section south of Black Point, and Card Point. Shore vegetation had been eliminated in most of the northern Bay and seriously impacted elsewhere. Sick and deformed fish were caught in Biscayne Bay.

During the 1980s, fine suspended material was identified as a major problem in Biscayne Bay. Steps were taken to reduce the suspended material, and the amount of suspended solids decreased in the Bay from 1979 to 1983. However, initial efforts to restore seagrasses failed due to high turbidity. The only parts of North Bay that appeared healthy were flushed with ocean water from Bakers Haulover Cut, and Julia Tuttle Causeway. The most turbid water was found between the 79th Street and Broad Causeways. Development of Brickell Key began at this time. Scientists found high concentrations of hydrocarbons in the sediments of Biscayne Bay, Little River, the Miami River, Black Creek and Military Canal in 1982-1983.

The 1990’s are marked by the passage of Hurricane Andrew, the category 4 storm which passed directly over Biscayne Bay in August of 1992. The dramatic removal of exotic vegetation by the storm presented a unique opportunity to replant with native species. As of 1995, one million mangrove trees were planted on the shores of Biscayne Bay and 100 acres of wetlands were restored or created. Fishing improved in Biscayne Bay during the 1990s perhaps due to reduction of contaminant input, above-average rainfall reducing the salinity, and the statewide ban on coastal net fishing protecting game-fish and bait established in 1995. Fishermen reported clearer waters in the northern Bay.

Flora and Fauna
The flora of Biscayne bay is dominated by seagrass beds and mangrove communities. The major seagrasses found in Biscayne Bay are Thalassia testudinum (turtle grass), Halodule wrightii (Cuban shoal grass), and Syringodium filiforme (manatee grass). These plants function as a food source, provide shelter and protection, stabilize sediments, and act as a chemical sink. There is a progression of these seagrasses with distance from shore in non-disturbed areas of Biscayne Bay. There is a band of Halodule intertidally and a band of Thalassia sublittoral interspersed with Halodule and Syringodium, thinning out into green alga and a sand bottom towards mid-Bay. Seagrasses in the northern part of the Bay have been heavily impacted and normal communities are not observed north of the Port of Miami. Efforts to mitigate seagrass beds have met with mixed results. The effect of the thermal effluent released by the Turkey Point Nuclear Power Plant on Thalassia beds has been studied extensively. Thalassia disappeared in areas of water 5ø C above ambient, and declined by 50% in waters 3-4ø C above ambient temperature. Environmental stress caused by temperature or salinity changes may make Thalassia more susceptible to disease. An increasing problem in Biscayne Bay is the scarring of seagrass beds caused by boat propellers. The greatest scarring damage has occurred in areas of dense human population with approximately 6% of the seagrass beds in Dade County having moderate to severe scarring.

Grounding and prop scars in Biscayne Bay near South Beach

The most common mangrove species in the Biscayne Bay area are the red mangrove (Rhizophora mangle); the black mangrove (Avicennia germinans); the white mangrove (Laguncularia racemosa); and the buttonwood (Conocarpus erectus). The red mangrove, with its thick mass of prop roots, is particularly well established in the substrate, and only the most violent of hurricanes can disturb it. It forms a protective barrier along the coast, behind which the other mangroves and associated flora take root. Accumulation of sand, leaves, and debris in the mangrove forest eventually raises soil levels. The result is a gradual land building and seaward extension of the coastline. For most of Biscayne Bay’s history, mangrove forests in Florida were regarded as a wasteland suited only for development. However, these forests contribute in many ways to man’s economic betterment. Ninety-five percent of the annual mangrove leaf production eventually enters the aquatic system as detritus, which is the basis of the estuarine food chain. A number of commercially valuable species rely on the mangrove swamp as a nursery and feeding ground. Mangroves along Biscayne Bay can be classified into five communities: Coastal Band, Dense Scrub, Sparse Scrub, White and Mixed, and Black Marsh. The Coastal Band of mature mangroves along the shore is the most productive, and the dwarfed Sparse Scrub the least. During the last few years, mangrove die-offs have been observed, first in black mangroves and currently in red mangroves at lower elevations. There is a rough correlation with seagrass die-offs suggesting possible correlation to high salinities. Changes in precipitation and runoff are the most important factors concerning mangrove survival. In addition to changes in mangrove ecosystems due to climatic factors, mangrove forests along the shores of Biscayne Bay were destroyed beginning in the 1910s as the result of urbanization, including the construction of the drainage canal system, which altered the hydrology of the Bay area.

Up until the 1940s, the Biscayne Bay sponge fishery was one of the most valuable fisheries in Florida. A combination of disease, heavy harvesting, and the introduction of synthetic sponges has reduced the industry to a small fraction of its former importance. Currently, highest sponge densities occur in Biscayne Bay in hard bottom areas with moderate currents, constant salinity, low sedimentation, shallow, coarse sediments and sparse vegetation. The highest densities are in a north-south cluster in Central Bay. Biscayne Bay was closed to commercial sponging in 1991. Biscayne Bay to is an important refuge for juvenile spiny lobster (Panulirus argus) and a large portion of the Bay is designated as a Lobster Sanctuary.

Many species of birds are found in Biscayne Bay, some are permanent residents while others use the Bay as a resting area during migration. Major bird rookeries include Bird Key, Chicken Key, Biscayne National Park, Key Biscayne, Virginia Key, and the mangrove islands in North Bay.

Crocodiles are an endangered species throughout their range in South Florida which includes Biscayne Bay, Card Sound and Barnes Sound. The population represents a large part of the breeding individuals in the US. Nesting sites in Miami Beach and the upper Florida Keys have been lost to development, although the loss has been compensated by the creation of artificial nesting sites on spoil banks along the cooling canals of southern Biscayne Bay.

The Florida, or West Indian manatee (Trichechus manatus latirostris) is regarded as a regional subspecies. Manatees are herbivores, feeding on aquatic plants, and they require freshwater sources, proximity to channels 3 to 8 feet deep, and access to warm water during the winter. Manatees are found along most of the coast of Florida. During the winter, they migrate to warmer waters and are known to congregate in natural or industrial warm water sources. Concern for the survival of the manatee in Florida was recognized as early as the 1700’s when the English Crown established all of Florida as a manatee refuge. By 1893, the State of Florida passed laws prohibiting the capture or killing of a manatee without a permit. The manatee was listed an endangered species in 1967 and thus came under the protection of the Endangered Species Preservation Act of 1966. A series of subsequent legislative actions to protect endangered species, including the manatee, took place and by the 1970s US Fish and Wildlife Service organized a Recovery Team to prepare an overall recovery plan for manatee. Central to conservation efforts has been the successful marketing of the manatee image to the extent that they evoke sympathy and support from the legislators, the media and the public. Manatees continue to suffer a high degree of human induced mortality and injury, usually the result of wounds caused by boat propellers. Biscayne Bay is a Federally Designated Critical Habitat for the Florida manatee, with a winter population of 80 to 100. More than 80 mortalities in Dade County between 1974 and 1993 were caused by human activities.

Restoration, Mitigation, and Management Efforts

Since the 1940’s, a significant amount of Federal Legislation has been passed to protect the environment, with many affecting in some way the Biscayne Bay area. This legislation includes:

The Federal Water Pollution Control Act (FWPCA), originally enacted on June 30, 1948 (Publication 845, 62 Stat. 1155).
The Clean Air Act (CAA), also called the Air Pollution Control Act (Public Law 159, 69 Stat. 322), originally enacted on July 14, 1955.
The Toxic Substances Control Act (TSCA) (Public Law 94-469, 90 Stat. 2003), originally enacted on October 11, 1978.
The Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) 1947 (Public Law 102, 61 Stat. 163), originally enacted on June 25,.
The Resource Conservation and Recovery Act of 1976 (RCRA) (Public Law 94-580, 90 Stat. 2795), also known as the Solid Waste Disposal Act, enacted on October 21, 1976.
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) (Public Law 96-510, 94 Stat. 2767), also known as the Superfund Act, enacted on December 11,1980.
The Emergency Planning and Community Right-to-Know Act of 1986 (EPCRKA).
The Endangered Species Act (ESA) (Public Law 93-205, 87 Stat. 884), approved on December 28, 1973.
The National Marine Sanctuaries Act (Public Law 95-532, Title III, 86 Stat. 1061), approved on October 23, 1972.
The Marine Mammal Protection Act (MMPA) of 1972 (Public Law 92-522, 86 Stat. 1027).
The Federal Coastal Zone Management Act in 1972 (Public Law 92-583, 86 Stat. 1280).
The Magnuson-Stevens Fishery Conservation and Management Act of 1976 (Public Law 94- 265, 90 Stat. 331).
The Fish and Wildlife Coordination Act (FWCA) was enacted on March 10, 1934 (Public Law 121, 48 Stat. 401).
Bans on leaded gasoline, DDT, polychlorinated biphenyls and other toxic substances have been important as well (Cantillo et. al., 2000).

There have been extensive restoration efforts in the Bay, including clearing of exotic vegetation, dumped spoil, solid waste, and mitigation of mangrove and seagrass areas. Florida is the leading state in number of artificial reefs. The first artificial reef permit on file is dated 1918. There are seven artificial reefs located within Biscayne Bay:

Seagrass Restoration in the deep dredge holes in 2014/2015/2016
Pelican Harbor Reef, created in 1979, consisting of concrete culverts.
Julia Tuttle Artificial Reef, created in 1982, consisting of 133 autos, 12 vessels, 27 tanks, and 2540 tons of concrete, plus the new reef balls installed in 2014.
North Bayshore Park Reef, created 1982, consisting of concrete rubble and pipe.
Mercy Hospital Reef, created in 1984, consisting of concrete rubble, bicycle racks, vessels, and habitats.
Rickenbacker Causeway Reef, created in 1986, consisting of concrete piles and limestone boulders.
San Souci Reef, created in 1991, consisting of 3611 tons of limerock boulders.
Brickell Area Reef, created in 1991, consisting of 3370 tons of limerock boulders.

There are five parks/reserves located in and around Biscayne Bay as well. They are:

Biscayne National Park, established in 1968, encompasses most of the southern Bay.
The Bill Baggs Cape Florida State Recreation Area, located on the southern portion of Key Biscayne.
Crandon Park opened in 1948 and is located on the northeastern shore of Key Biscayne.
Matheson Hammock Park was acquired in 1930, and is a man-made atoll pool.
The Deering Estate and Vizcaya were purchased by the state and county in 1985.

Recommendations for Biscayne Bay:

Increase groundwater flow and control large freshwater influx events by retention of stormwater runoff, impervious surface reduction, management of water releases through the canal system.
Monitor water quality parameters and enforce penalties for violation.
Upgrade existing stormwater system with pollution control devices, then actively maintain the system to ensure efficiency and effectiveness.
Use best management practices to reduce pollution from agricultural runoff.
Remediate contaminated areas such as landfills through relocating or relining.
Dredge or in some way remove contaminated sediments from the Bay bottom and contaminated tributaries such as the Miami River.
Enforce penalties for waste dumping and sanitary discharges.
Fill deep borrow pits to reduce turbidity issues and promote the recolonization of seagrasses in the Bay.
Continue to preserve, protect, and mitigate mangrove, shoreline and wetland communities. Continue to remove and control exotic animals and vegetation.
Promote and provide educational programs about environmental concerns, and small boat handling and safety.
Continue to acquire and protect sensitive lands that are in direct proximity or directly impact the Bay, and enforce zoning regulations of other lands in the Bay area.
Continuation of monitoring of floral and faunal populations in the Bay, and strict enforcement of regulations designed to protect those resources.

Called ‘The Beach House’, 222 Ocean Drive is the only single family home that exists on world-famous Ocean Drive in South Beach…and it’s not only on Ocean Drive, but it’s also in the amazing ‘South of Fifth’ neighborhood, my favorite neighborhood in Miami Beach. There is literally nothing like this home, anywhere. It’s DIRECTLY across the street from the Atlantic Ocean and it’s hidden in plain sight in the epicenter of one of the most famous streets in North America. 222 Ocean Drive is literally steps away from the best restaurants in Miami and one of the best beaches in the World.  The home is currently owned by Shareef Malnik, owner of ‘The Forge’ restaurant in Miami Beach.

222 Ocean Drive has 7,050 SF of pristine living space, and easily bests the style of Calvin Klein’s Miami Beach house that I wrote about a few months ago. The Beach House was originally constructed in 1930, and was totally renovated in 2014 by Briggs Edward Solomon. Briggs Edward Solomon specializes in calm, earthy, organic design, which my readers are probably aware, is one of my favorite design styles. The craziness of South Beach can only be tamed with an interior design style such as this. We all want a zen-like retreat to escape the South Beach lifestyle!

222 Ocean Drive has 4 bedrooms, 6 bathrooms, a beautiful minimalist fireplace, a 2 car garage, walk-in wine vault, a home theatre, a private pool on the roof, a sun deck, a summer kitchen, and some architecturally stunning features such as the central staircase (see photos below!). The flooring is 11″ Wide Oscar Ono rustic wood planks throughout the home. The kitchen features Miele, Subzero and Viking appliances with white quartz counters. The entire home is automated with touchpad controls by Crestron.

‘The Beach House’ 222 Ocean Drive, Miami Beach, FL 33139 Details:

Bedrooms: 4
Bathrooms: 4 Full Bathrooms and 2 Half Bathrooms
Interior SF: 7,056 Square Feet
Total SF: 7,707 Square Feet
Lot Size: 5,750 Square Feet

Indoor Flooring:

• Oscar Ono engineered wood flooring – 11” wide, all white

Outdoor Flooring:

• Oscar Ono solid wood decking – 4” wide, Chene Oak

Landscaping/ Outdoor Space:

• Design and installation by Lance Allan Tinkler
• Artificial Topiaries by Majectic Gardens
• Entertain South Beach Style on your Private Rooftop Deck with dark bottom Pool including swim against jets for cardio fitness as well as a rooftop Cabana Bathroom.
• Summer Kitchen includes a Gas Grill, Refrigerator, Ice Maker and Prep Sink all wrapped in Brazilian Ipe Wood and Polished Concrete for easy outdoor maintenance.

Window Treatments:

• Manufactured & installed by Instyle Window Décor Fabrics by Arabel Fabric

Living Room:

• Structural, rare poured concrete column designed by BES
• Lots of Natural Light with soaring 20 foot high LOFT ceilings in Living Room Area.

Dining Room:

• Formal Dining area for 12 features the Custom Backlit Wine Cellar coupled by a sitting area with charming Fireplace and TV.

Spiral Staircase:

• Dramatic White Drywall Spiral Staircase designed by BES; reminiscent of New York’s Guggenheim Museum’s ultra-contemporary Stairway.
• Lighting & installation from Flos

Sitting Area:

• Fireplace by Spark Modern Fires

Wine Cellar:

• Custom wine cellar by Wine Cellar International LLC.
• Custom iron doors by High Tech Access Corp.

Kitchen:

• Custom Eat-in Kitchen with giant entertaining Island suited for 6 to dine.
• Equipped with gas Viking Chef’s Stove, Miele and SubZero appliances and walk-in pantry.
• Millwork by Unique Designs
• Fittings & backsplash by Waterworks
• White quartz countertops by Opustone

Bar:

• Appliances by SubZero
• Millworks by Unique Designs
• St. Tropez stone by Opustone
• Fittings by Waterworks
• Wood slatted wall designed by BES

Media Room:

• AV by Visual Acoustics
• Cabana Style cozy Theatre featuring a drop down screen, Epson Projector and dynamic Surround Sound.
• Adjacent Entertaining Bar for immediate pleasures while viewing movies or sports.

Powder Bath:

• Fittings & furniture by Waterworks
• Wood paneling by Unique Designs
• Duravit Toilets

Laundry Room:

• Washer/Dryer by GE
• Millwork by Unique Designs
• White quartz countertop by Opustone

Closets:

• Closet design & installation by Closets Etc.
• Spinneybeck leather pulls

Garage:

• Private two-car garage plus extra storage and service corridor.
• Storage by Closets Etc.

Master Bedroom:

• Motorized Window Treatments by Visual Acoustics
• Automatic retractable TV below bed by Activated Designs

Master Bath:

• Fittings by Waterworks
• White quartz flooring and countertop by Opustone
• Millwork by Unique Designs

Guest Bathrooms:

• Fittings and shower tile by Waterworks
• Porcelain flooring by Ceramic Matrix
• Vanities by La Cava
• Sconces by Nemo Lighting
• Medicine cabinets by Robern
• Glass enclosures by Prime Showers

Third Floor Terrace:

• Appliances by SubZero and Wolf
• Millworks by Unique Designs

Security

• Walled and gated for privacy with 8 perimeter cameras.

Floor plans:

Second Floor of 222 Ocean Drive

First Floor of 222 Ocean Drive

Miami Beach Single Family Homes For Sale:

If you, or anyone you know would like assistance with buying ‘The Beach House’ at 222 Ocean Drive, Contact Stavros Mitchelides, Miami Beach Luxury Realtor to chat about your needs, or if you’re ready to begin looking for your new Miami home, start your Miami real estate search now!

Phil Collins’ Miami Beach Mansion is one of the most beautiful 1920s homes in Miami Beach. Phil Collins bought this stunning, classic Miami Beach home for $33 million in June of 2015. Phil Collins’ Miami Beach Mansion has 200 feet of clear waterfront on Biscayne Bay and a beautiful view of the Miami skyline. The Mediterranean-style home, built-in the late 1920’s, has 12,100 square feet of living space with 7 bedrooms. The master bedroom alone measures 1,000 square feet. Phil Collins’ Miami Beach Mansion has an elevator and an interior courtyard with a 6,000 gallon koi pond. This beautiful home located at 5800 N Bay Road in Miami Beach also has a 60-foot long swimming pool and spa tub, a coral stone deck, and a cabana with an outdoor kitchen. The property also has a dock with room for several large boats.

5800 North Bay Road Property Facts:

Beds: 7
House Size: 12,153 Sq Ft
Neighborhood: La Gorce – Miami Beach,FL
Baths: 8 Full, 3 Half
Lot Size: 1.21 Acres
Price/sq ft: $2,715
Year Built: 1929
Style: Two Story, Mediterranean
Garage: 3 car

North Bay Road Homes For Sale:

If you, or anyone you know would like assistance with buying a home in Miami Beach, Contact Stavros Mitchelides, Miami Beach Realtor to chat about your needs; or if you’re ready to begin looking for your new Miami home, start your Miami real estate search now!

Calvin Klein’s Miami Beach Home at 4452 North Bay Road in Miami Beach Florida has been listed for sale. This is definitely one of my top ten favorite homes in Miami Beach. This absolutely breathtaking private waterfront sanctuary has a dock and an infinity pool with 113 feet of wide-open Biscayne Bay views. This 5,802 square foot home has multiple landscaped outdoor living & dining areas that increase the overall living space to 7,966 sq. ft. on a 16,709 sq. ft. lot.

Calvin Klein’s Miami Beach Home is by far one of the most zen, relaxing environments that I’ve ever seen. Every room in this home exudes an earthy, calming emotion that I’ve really never come across in any other homes in Miami Beach. The designer is Axel Vervoordt. Axel Vervoordt designs using the concept of Wabi. Developed in the twelfth century, Wabi advocates simplicity and humility; the rejection of anything that is superfluous. He is inspired by natural materials and time-worn objects.

Calvin Klein’s Miami Beach Home can be yours for $15,000,000.

Bedrooms: 5
Full Bathrooms: 5
Half Bathrooms: 2
Interior Area: 5,802 s.f.
Built: 1929
Taxes: $103,279
MLS ID: A2123175
Listing Courtesy of Douglas Elliman

4452 North Bay Road, Miami Beach, FL 33140 Map:

North Bay Road Homes For Sale:

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:
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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: 
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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!

FAENA VERSAILLES CONTEMPORARY WAS A PLANNED CONDOMINIUM DEVELOPMENT IN MIAMI BEACH THAT HAS NOW BEEN PUT ON INDEFINITE HOLD. THIS PAGE IS FOR INFORMATIONAL PURPOSES ONLY.

Argentinian developer Alan Faena has announced that he is building two new luxury condo towers at his mixed-use, arts-centered development called the “Faena District” in Miami Beach. Faena Versailles Classic will be located in the former Versailles Hotel at 35th Street and Collins Avenue, will have 22 units inside a restored Art Deco façade. An adjacent brand new tower called Faena Versailles Contemporary will have 41 units. Faena Versailles Contemporary luxury residences is a 16-story direct-waterfront condominium residence building designed by architect Brandon Haw, located in Miami Beach at 3401 Collins Ave Miami Beach, FL 33140. Faena Versailles Contemporary has 10’6” ceilings, terrazzo floors, white lacquer custom Italian kitchens with quartz countertops and stainless steel appliances, bathrooms with custom marble flooring and designer fixtures and large balconies with breathtaking waterfront views of the Atlantic Ocean and the glorious beaches of Miami Beach. Faena Versailles Contemporary will have two 8200 square foot complete-floor penthouses that feature panoramic ocean and city views. The top-floor penthouse will have a private elevator, a rooftop pool with 3 terraces and an infinity-edge pool overlooking the ocean.

The Faena Versailles Contemporary features 41 unique residences, ranging from 1,111 square foot one-bedroom apartments to 5,469 square foot five-bedroom apartments. The two grand full-floor penthouses feature breathtaking 360 panoramic views with over 8,000 interior square feet. The upper penthouse level enjoys its own elevator and private stair access to a spectacular rooftop pool with three terraces and an infinity edge pool overlooking the ocean. The Versailles tower will have a palette of warm soft greys and whites with a lightly bronzed tint to the glazing. The balustrades will be a smooth, warm white cementious material with clear laminated glass-topped with a small custom designed capping. The narrow, two-inch-wide external decking to the terraces shall be of recycled wood composite material in a warm smoke-grey color, soft to the touch and cool in the heat of the sun.

RESIDENCES · Each apartment boasts spectacular 12’-15’ balconies and 10’ 6 “ ceiling heights in the main living areas · Full height glazing with sliding doors to the terraces · Polished concrete floors with ability to inset carpet, stone, matching concrete or wood flooring per resident’s choice · Custom Terrazzo floors · Composite wood decking to terrace areas · Custom full height doors with high quality hardware and concealed hinges
BATHROOMS · Powder rooms with custom vanities and marble floors · Master baths with custom marble vanities, walls and floors, freestanding bath and enclosed WC and shower areas, custom mirrored cabinets with integrated LED lighting · Secondary baths with custom vanities and marble floors. · Kallista fixtures (or similar)
KITCHENS · Custom white lacquer Italian kitchens with quartz stone countertops and integrated stainless steel appliances

Faena Versailles Contemporary Details:
Address: 3401 Collins Ave Miami Beach, FL 33140
Year Built: 2017
Bedrooms: 1 to 5
Square Ft. Range: 1111 to 5469
Number of Floors: 16
Number of Condominiums: 41
Price Range: $3,000,000 to $50,000,000

Faena Versailles Contemporary Balconies:
Private bedroom balconies: 175 to 295 square feet
West-facing balconies: 361 to 763 square feet
Ocean-facing balconies: 677 to 1,353 square feet.
Penthouse ocean balcony: 1,450 square feet
Upper penthouse ocean balcony: 1,432 square feet
Pool deck: 2,037 square feet
Rooftop pool: 2,097 square feet

Faena Versailles Contemporary Brochure (PDF)

Faena-Versaille-Contemporary-Floor-Plans (PDF)

Faena-Versaille-Classic-Availability (PDF)

Faena-Versaille-Contemporary-Availability (PDF)

“The design of the new Contemporary Versailles condominium tower, sited next to the soon to be restored Classic Versailles, Roy F. France’s 1941 architectural gem—is a project that works on many levels. At the urban level, the new tower harmonizes with its neighbors to create a perfect synthesis between the gently undulating forms of the historic building, and the sculpted horizontal lines of the new Faena House, itself a contemporary response to its own historic neighbor the Saxony Hotel, also designed by Roy F. France and opened in 1948. Allowing the historic Versailles to breathe once more, allowing light and air to permeate the site, the new Versailles condominium is an elegant and poised neighbor, symmetrically balanced and scaled to respect both France’s Versailles to the north and Faena House to the south. As with the pieces of a chess set, each has its place, form and purpose, yet whilst different, they work together to create the whole.”
– BRANDON HAW

Available Condos in Faena Versailles Contemporary:

If you, or anyone you know would like assistance with buying a condo at Faena Versailles Contemporary, please feel free to Contact Stavros Mitchelides, Miami Beach Realtor to chat about your needs, or if you’re ready to begin looking for your new Miami home, start your Miami real estate search now!

ABOUT BRANDON HAW
Brandon Haw is highly regarded internationally as an architect of exceptional ability, integrity and professionalism. Trained at the prestigious Bartlett School of Architecture in London and later at Princeton University where he received his Master’s degree, Brandon spent 26 years in the studio of Foster + Partners becoming a Senior Partner and board director responsible for many notable projects from the Commerzbank in Germany, the Hearst Tower in New York to the Faena House in Miami. With a firm belief that good design can change lives for the better and that every designer has a responsibility to ensure their work not only lifts the spirit but also functions well for its purpose, Brandon co-founded Leitersdorf Haw Architecture (LHA) in July 2014, as President and CEO with his Partner Jonathan Leitersdorf. Based in New York, the practice undertakes high added value projects in the residential and commercial sectors as well as socially conscious urban, cultural and educational projects internationally.

ABOUT FAENA GROUP
Founded by Alan Faena, Faena Group specializes in the creation of one-of-a-kind holistic environments anchored in cultural experiences and socially responsible projects that integrate residences and hotels with art and cultural spaces. Faena Group is rooted in ideas and concepts that have the power to reshape and enhance our world. All of its projects are destination landmarks that inspire original thinking and cultural interaction. Since 2000, Alan Faena has partnered with Len Blavatnik, a business leader with global interests in natural resources, media, entertainment, telecommunications, and real estate; together they have transformed an abandoned stretch of property, the docklands of Puerto Madero, into one of the most valuable pieces of real estate in Latin America. The Faena Group’s success in Argentina has consolidated the company’s expertise in urban development. In 2015, Miami Beach will see the launch of the first phase of the Faena Group’s global expansion.

Faena Versailles Contemporary Video:

Faena Versailles Contemporary. By Brandon Haw from faena.com on Vimeo.

Faena Versailles Contemporary Location:

If you, or anyone you know would like assistance with buying a luxury residence at Faena Versailles Contemporary, please feel free to Contact Stavros Mitchelides, Miami Beach Realtor to chat about your needs, or if you’re ready to begin looking for your new Miami home, start your Miami real estate search now!.

South Florida is one of the most popular places in the entire country to move to, and almost every one of those people who are moving here are asking me “Where are the best places to live in Miami?”. Thankfully there’s a great interactive map that was created to answer that question!

City-Data user ‘Jacobmax‘ has created a very useful interactive Map of the Best Places to Live in Miami and Miami Beach called the ‘Miami Neighborhood-O-Meter’. The interactive map (below, with key) includes all of the neighborhoods and cities in Miami-Dade county, rated by quality of life (safety, crime, poverty, upkeep, amenities, reputability, etc.). The Map of the Best Places to Live in Miami and Miami Beach is color coded by neighborhood, with the best areas labeled in dark green color, and the worst areas labeled in red color (there is a complete key to this map at the end of this page). The creator of the map used factual government & public data, his own research, and ongoing community feedback to come up with the interactive map of Miami located below, and it’s updated regularly as Miami neighborhoods change.

The full size interactive map is below. You can zoom in & out, and click on any neighborhood to see the neighborhood name.

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.