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

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:

Continuum 2 South Beach Penthouse Balcony

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

All Available Continuum 2 Condos For Sale: 

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

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

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

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

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!.

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

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

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

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

1212 Lincoln Road Before

1212 Lincoln Road After

1212 Lincoln Road Before

1212 Lincoln Road After

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

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

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

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

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

UPDATE JULY 2016:

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

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

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

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

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

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

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

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

Miami median home sale prices 1993-2014

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

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

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

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

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

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

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

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

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

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

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

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

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

Planned Construction Condos in Miami

Under Construction Condos in Miami

Recently Completed Condos in Miami

Miami New Construction Condos For Sale:

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