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:

I spend a lot of time exploring Bill Baggs Cape Florida State Park on Key Biscayne, and I have often wondered how it came to be what it is today.

Key Biscayne is notably the southernmost sand barrier island in the continental United States, and it has a really fantastic history going back thousands of years. The recorded history of Key Biscayne is one of the longest in North America, starting 500 years ago with the arrival of Juan Ponce de León. urrently, Key Biscayne is roughly divided into thirds, with the northern third being Crandon Park, the center being the Village of Key Biscayne, and the southern third being Bill Baggs Cape Florida State Park.

While I was exploring and researching Bill Baggs Cape Florida State Park over the past few years, it had always seemed odd to me that there were numerous roads, a harbor, and other unusual features for a state park. While looking at Bill Baggs Cape Florida State Park on Google Maps, I was struck by the very unusual shapes in the mangroves on the north-west corner of the park (see photo below), so I contacted the Art Levy at the park for an explanation of what created these mysterious shapes, and for the story on the history of the park. It turns out that the entire property was originally slated to be a huge housing development. Those amazing patterns in the mangroves were the impetus for this article.

In the 1950’s, real estate developers were planning to build hotels, single family homes, and condominiums on the property that is today known as Bill Baggs Cape Florida State Park. The developers cut down every single tree on the entire property, including in the mangrove wetlands, and filled it all in with dredged material in order to level the property for development. At some point, the project stopped and invasive Australian Pine trees took root and dominated the area, much like you see on Virginia Key today. Bill Baggs, editor of the Miami News, strongly supported conservation efforts to rescue the southern section of Key Biscayne from development. Bill eventually convinced the owner to sell the property to the state for a park. Many years later, hurricane Andrew hit the park and destroyed most of the Australian Pines. After this fortuitous event, the State decided to restore the park to it’s 1950’s conditions, and the result is what we have today. Complete details on how this happened, and more, are below.

Cape Florida State Park Mangrove Wetlands Restoration

The strange features that you can see in the above photo are man-made canals and pools of water that are designed to help the mangrove restoration become successful. Drainage culverts were installed in the mangrove wetlands to allow tidal flushing, and mangroves were re-planted throughout the north-western tip of the park. The shapes that you see are excavations that allow the water from Biscayne Bay to penetrate and circulate to the roots of the mangroves.

The above photo is how Bill Baggs Cape Florida State Park looks today. You can see the harbor, the roads, the paths, and the location of the Cape Florida Lighthouse on the southernmost tip. All of these features are clearly visible in the below rendering of the 1950’s real estate development project. The roads that were built to service the condominiums, hotels, and houses are now walking paths, bike paths, and the roads that service the park.

The Island Paradise – Rendering of the 1950’s Cape Florida Housing Development

I absolutely love the above photo. It completely clears up all of the questions that I’ve always had about why Bill Baggs Cape Florida State Park looks the way it does. It’s pretty remarkable how similar the layout of the park today is to this historic rendering of what it was supposed to have become! Compare it to the photo above it to see how today’s state park has the exact same layout as the original housing development.

The Mackle Company developed the middle of Key Biscayne in the 1950’s

In the above photo from 1950, you can very clearly see how the entire bottom 1/3 of Key Biscayne was clear-cut and then filled in with dredged sand. You can also see the Matheson coconut plantation in northern part of the island that was owned by the Matheson family, and the outline of The Mackle Company development, ‘Biscayne Key Estates’. This clear-cutting of the entire bottom of the island is what led to the invasion by the Australian Pine trees. On the far right of this photo is ‘Mashta House’ which just sold for $47 Million in 2015.

A (very) brief (but remarkably interesting) history of Key Biscayne:

• The Tequesta Indians (tuh-KES-tuh) lived throughout coastal south Florida, including Key Biscayne, for thousands of years. They had villages that were raised above sea level on posts cut from trees. They lived very successfully on the island’s seafood and native plants.
• In 1513, Juan Ponce de Leon “discovered” the island, naming it Santa Marta and claiming it for the King of Spain in 1513. The King of Spain granted the island to Pedro Fornelis, a native of Minorca.
• When Florida was traded to England in the mid-1700’s land was offered to encourage British Colonial plantations. Syndicates of investors were formed, and one was called the Cape Florida Society. But the era ended abruptly when Florida was traded back to Spain.
• In 1790, petitions were entertained for Royal Spanish land grants. The first issued in South Florida was for Key Biscayne, predating Key West.
• A London-born American woman made history by selling 3 acres of her property to the U.S. government for the Cape Florida lighthouse, built in 1825. Using the lighthouse compound as a central plaza, she and her husband planned the first town of Key Biscayne in 1839, offering 264 lots at $500 each.
• A succession of lighthouse keepers watched over the key. On July 23, 1836, Indians forced into South Florida by the Seminole Wars attacked and burned the Lighthouse and the caretaker’s home. The U.S. military built Fort Dallas next to the burnt out lighthouse in 1838. The fort included a hospital for the Army, Navy and Marines.
• The Davis family laid out the first town on Key Biscayne in 1839. A few lots were sold, but development was slow.
• Disputes about legal ownership of the Key were long-lived and made their way to the U.S. Supreme Court. James Deering, who had purchased the land from the Davis family, prevailed. Waters Davis repurchased the lighthouse and property from the U.S. Government in 1903 for $400.
• Early in the 20th Century, two-thirds of the island was established as a coconut plantation by the Matheson family, the largest in the continental United States. They were the original owners of the famous ‘Mashta House‘ that I wrote about in 2015.
• The unnamed 1926 hurricane submerged the island as the eye passed directly over the Key, wiping out the coconut plantation.
• The Mathesons made a deal with Dade County, spearheaded by County Commissioner Charles Crandon, to donate the northern half of Key Biscayne to the public. In return, the County built a causeway to the Key from the mainland that was completed in 1947.
• José Áleman, a Cuban exile, bought Cape Florida (what is now Bill Baggs Cape Florida State Park) from James Deering in 1948. In 1949, a seawall was erected on the western and southern waterfront and the low-lying land filled with plans for development (see photo above).
• In 1951 The Mackle Company made a deal with José Áleman to purchase Cape Florida for $4,500,000 ($7,500 per acre). Áleman reneged on the deal and the Mackle Company chose not to pursue the matter in court.
• After Áleman died in 1951, his widow, Elena Santeiro Garcia, added to her Cape Florida property by buying an ocean-to-bay strip that had been part of the Matheson property. This strip included a canal that had been dug by William Matheson in the 1920s, and which extended from the bay across most of the island (visible in all of the above photos).
• In 1966 Bill Baggs, editor of The Miami News, was able to bring together Elena Santeiro Garcia with the State of Florida to purchase the land for the state park. Garcia sold the Cape Florida property in 1966 to the state of Florida. This land became Bill Baggs Cape Florida State Park, which opened January 1, 1967.

Cape Florida after the 1926 hurricane, with the Cape Florida Light in the background

Cape Florida State Park After Hurricane Andrew

The Bill Baggs Cape Florida State Park restoration project:

In the 1950’s over 200 acres of pristine wetlands on the south end of Key Biscayne, Florida were destroyed by the placement of over one million cubic yards of dredge fill from Biscayne Bay, and approximately two miles of concrete-lined shoreline. Those wetlands, which are essential to the general health of the coastal marine and estuarine ecosystem, were quickly taken over by a dry land forest of invasive exotic Australian pines (Casuarina equisetifolia). In 1992, Hurricane Andrew completely leveled the forest of invasive trees that dominated the area. In the aftermath of the storm, the Florida Department of Environmental Protection, Division of Parks and Recreation developed a draft conceptual recovery and restoration plan for the park. A major objective of the plan was to restore the historic vegetation types present on this portion of Key Biscayne prior to the destruction by the real estate developers. The vegetation types included beach dune, coastal strand, maritime hammock, interior isolated freshwater wetlands, and a large tract of tidally connected mangrove wetland in the northwest portion of the park. 85 acres of historical wetlands were restored at the park, through cooperative efforts of federal, state, and local agencies. The restoration plan involved the removal of exotics, removal of portions of the bulkhead and fill soil, placement of a protective lime-rock barrier, elevation grading, creation of isolated freshwater wetlands, tidal pools, flushing channels, and the planting of wetland vegetation.

The restoration plan was developed through the review of historical documents (1926 aerial photograph and personal observations), and field investigations of site characteristics. Field investigations included topographic, biological, geotechnical, hydrological, and archaeological reviews of the site. A comprehensive biological assessment was conducted, to document on-site and surrounding biological communities, to define biological goals and objectives, to identify environmental concerns, and to make specific recommendations concerning construction activities associated with the restoration. In addition, ground penetrating radar and electronic surveying were used to provide data on subsurface conditions. These evaluations were used to locate the five historically isolated wetlands that had been filled to 6.5 ft in the early 1950’s.

Wave energy, tidal regime, current velocity and bathymetry surveys were conducted to assist in the development of design components such as flushing canals (number, size, and depth), culverts (number, size, and elevation) and open water areas within the tidally connected wetlands. The final design was developed using the Dynamic Estuary Hydrodynamic Model, developed by the Environmental Protection Agency. Groundwater monitoring wells were installed one-year prior to the restoration, and were equipped with recorders to monitor seasonal fluctuations of groundwater. This was used to design elevations and contours of the five isolated freshwater wetlands which were restored in the park.

A two-phase archaeological monitoring plan, was conducted at the restoration site by a qualified archaeologist. Phase I included the evaluation of a series of trenches throughout the restoration area, and Phase II consisted of daily observations of the excavation work during the restoration process. Archaeological evaluation during the excavation phase of the project revealed a 1,000 year-old (B.P.) Human jawbone, along with an assortment of primitive conch shell tools. This is the oldest evidence of human habitation in this area.

Within 5 years of the restoration, a 100% survival of wetland species was realized. Wildlife observations conducted by FDEP, and local environmental groups documented an influx of fish and birds into the restoration area. More than 40 species of bird had been recorded using the saltwater wetlands and more than a dozen species of birds had been documented utilizing the freshwater wetlands.

The restoration of this area has been a fantastic success!

Map of Bill Baggs Cape Florida State Park:

Key Biscayne Condos & Homes For Sale:

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.

Miami’s MiMo neighborhood will soon have its first major condo project in years, as the 01 MiMo building has officially launched sales today with sales handled by our firm, Westside Estate Agency.

The MiMo neighborhood (‘Miami Modernist’ architecture or MiMo, is a style of architecture that developed during the post-war period) is located in the upper East side of Miami and has many historic hotels, single-family homes, and single-story retail properties. Most of the recent residential projects in the MiMo neighborhood are tiny in comparison to 01 MiMo Condominiums. 01 MiMo is located just minutes away from Downtown Miami, Miami International Airport, Port Miami, Miami Yacht Marina, The Design District, Midtown and of course, Miami Beach.

Vitrium Capital, and Argentine developer, is building 68 total condominium units (34 one bedroom, 18 two bedroom and 16 three bedroom units) and 2,324 square feet of retail space in the brand new 01 MiMo Condominiums building at 6443 Biscayne Boulevard. 01 MiMo will have two and three bedroom condos plus five two-story town houses. 01 MiMo will have a rooftop pool, a bamboo garden, a gym and a parking garage. 01 MiMo condos offer views of Legion Park & water views of Biscayne Bay to the East. Prices at 01 MiMo start around $307k and go to just below $800k. The prices at 01 MiMo are significantly cheaper than the downtown Miami, Brickell and Edgewater neighborhoods; so sales should be brisk; don’t hesitate if you’re looking for new construction at a reasonable price!

Vitrium Capital plans to complete 01 MiMo in late 2017, and sales are now open through us, Westside Estate Agency, so feel free to Contact Stavros Mitchelides at Westside Estate Agency for more information on 01 MiMo, or to reserve your unit today!

01 Mimo Condominium Prices:

1 Bedrooms ranging from $307,700 to $450,900

2 Bedrooms ranging from $395,910 to $728,740

3 Bedrooms ranging from $477,000 to $798,875

01 Mimo Currently Available Units:

01 Mimo Brochure & Floor Plans:

01 MiMo Miami Brochure & Floor Plans (PDF)

01 Mimo Floor Plan Renderings:

01 Mimo Location:
If you, or anyone you know would like assistance with buying a luxury residence at 01 MiMo Condominiums, please feel free to Contact Stavros Mitchelides at Westside Estate Agency Miami to chat about your needs, or if you are ready to begin looking for your new Miami condominium, start your Miami real estate search now!

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!