Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History
The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.
Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).
Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.
Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.
Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.
Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.
There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.
Cincinnati businessman, Josh Lehman recently sold his Miami Beach Mansion for $17.5 million. The waterfront mansion located on Hibiscus Island was sold 6 months after Lehman first purchased for a profit.
The buyer listed as Top Hibiscus LLC, an entity managed by Jose Carlos Pontes. Pontes is the head of Grupo Marquise a Brazilian-based construction company.
The mansion last sold for $15.5 million in May 2021 closing at a $2,850 per square foot. The current price closes close to $3,219 per square foot. The property was purchased with cash.
The property itself located at 160 S. Hibiscus Drive in Miami Beach features 5 bedrooms and 5.5 bathrooms totaling 5,427 square feet of living space. Upon entering, you immediately notice the tall ceilings, floating staircase, and the floor-to-ceiling sliding doors that lead to the exquisite back yard.
The waterfront mansion also features an Ornare custom kitchen, bar, spacious master suite with marble bath and Mia Cucina his/her closets. The exterior is complete with a rooftop deck, infinity edged pool with views of Biscayne Bay, outdoor bbq, and a 2 car garage.
The property was built earlier this year and the architect behind the modern design is Reinaldo Borges with interiors by Tara Nia Design. The home purchase also included a furniture package. The property also features a long dock for up to 38 foot boats.
Pontes, the purchaser of this property also sold another mansion that was located on Hibiscus Island in July 2021. That property located 150 S. Hibiscus was sold for $26.5 million.
Wynwood’s Hottest New Club Opens this Weekend-Mad Club
The newest luxury night club, Mad Club, brought to you by The Dirty Rabbit Group, will open their doors this weekend in Wynwood. Mad Club will one of the few night clubs in Wynwood that offer a luxury experience with bottle service.
The style of this new night club is like no other in Wynwood or Miami for that matter. As you enter, you’ll be greeted by a hostess in a white room with lined with crystal chandeliers, giraffe heads, and an expansive champagne bar.
Once out of the champagne bar, the hostess will lead you to your reserved area that resembles a large honeycomb. Upon looking out from your reserved area, the DJ booth looks exactly like a bee hive. There is nothing short of a bee and honey theme throughout the club.
“Become part of the honeycomb and see what the Queen has to surprise you every time” is what Mad Club’s website conveys and it does not disappoint.
Mad Club will feature two famous DJ’s, DJ Anastasia and DJ Walgee, and will spread out between Fridays and Saturdays. Those days are the only ones that Mad Club is currently open but depending on popularity, they may open additional days.
According to the owner, Andres San Martin, “It’s our mission to provide an experience that not only speaks to the lifestyle of Miami, by showcasing extravagant design and a vibe like no other.”
Not only will there be bottle service, there will also be complementary champagne. There will be a strict dress code for all. Reservations are required with general admission, hightop tables, and VIP tables.
Developer Relaunches Sales for Okan Tower in Downtown Miami
Originally launched in May 2018, Okan Tower was put on hold in early 2020 due to the pandemic. Now the developer, Okan Group, is relaunching plans for the development. This comes at a time where international travel has open to the U.S. and new developments are selling out in record time.
Sales have now officially started for the 70-story tower with 163 condos and 263 condo-hotel units. The site located at 555 North Miami Avenue in Downtown Miami will include luxury resort-style amenities, office spaces, entertainment areas, and a 316-key Hilton Hotel.
Prices for units at Okan Tower will begin at $387,000 for the condo-hotel units and $587,000 for the condos and will go up to $2 million. The hotel units will start on the 36th floor with studio to 2 bedroom floor plan options. These floor plans range from 445 to 1,250 square feet.
The condos will then begin on the 51st floor and will feature 1 to 3 bedroom floor plans. These units will have 695to 2,075 square feet of living space.
The tower will also feature 2 floor penthouse with 1,875 to 2,040 square feet of living space.
Okan will also include luxury resort-style amenities.
Amenities
70th floor rooftop pool
Sky deck with cabanas
12th floor lap pool
Club room and lounges
Health and fitness center
Spa
Children’s room
Theater
Wine cellar
Owner’s lounge
Amenity deck on floors 27-30
Cafe
Bars
Conference and meeting space
Ballroom
Spa with a marble Hamman
The developer stated that with the low inventory, now is the perfect time to begin sales and construction of Okan Tower. This will be the developer’s first real estate project ever.
Presales have already started with construction on Okan beginning in 2022. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Allure North Miami Tower Just Announced by Tate Capital
Plans for a mixed-use project in North Miami known as Allure North Miami has just been revealed. Tate Capital has brought forth plans for a conditional use permit to the city’s Planning Commission. The meeting was scheduled for November 2, 2021 and the current status of the conditional use permit has been released.
The site located at 1810 N.E. 146th Street features 2.11 acres. In an agreement with the city of North Miami, Tate Capital agreed to lease the property for 99 years at $100,000 annually. The developer has also requested a grant from the North Miami Community Redevelopment Agency for $15.2 million for infrastructure of Allure.
Jimmy Tate, a Tate Capital representative stated that they wanted something “unique and transformative” to showcase to residents that North Miami is the next city for urban development. Tate Capital wants to brand North Miami as a “new district” staring with Allure North Miami
Designed by Kobi Karp Architects, Allure will rise 20-stories and feature 360 apartments and 603 space parking garage. Around 8,429 square feet will be dedicated too retail with 36 apartments strictly for workforce housing.
Units will range from 608 to 1,411 square feet with studio to three bedroom floor plans. There will be around 30 studio apartments, 187-1 bedroom apartments, 132-2 bedroom apartments, and 11-3 bedroom apartments.
Amenities
Pool deck
Fitness center
Summer kitchen
Club room
Picnic areas
Package lockers
Elevated pedestrian bridge between tower and garage
If the project receives approval, the anticipated groundbreaking would take place in Spring of 2023 with a completion date of Winter 2024.
Miami’s First Vinyl Listening Bar-Dante’s HiFi
Wynwood welcomes Dante’s Hifi, the newest bar and listening lounge that will have you stepping into a different era. Think vinyl-covered walls, low lighting, and big leather couches that create a retro yet vintage vibe.
One of the cool things features of this bar is that it is similar to a speakeasy. With no front door, the entrance is in the back through a courtyard.
The intimate bar and lounge located at 519 NW 26th St., Miami was founded by Sven Vogtland, DJ Rich Medina, Alan Drummond, Jourdan Binder, and Arturo Nuñez. The inspiration behind the bar was from listening rooms in Japan. The group also wanted to offer a unique musical experience and not just another Miami nightclub. Medina wanted to bring “listening at a higher level” to Wynwood.
Vogtland being a massive vinyl collector states that “It’s a real cultural thing there, having a cocktail and enjoying vinyl. “That’s where Dante’s came from. I came home and told my business partner: ‘Miami is craving something a bit different.”
According to the owner’s Medina’s album collection is what’s playing at Dante’s HiFi and that around 40% of the records are still in the process of being moved from New York. One of the best things about the music is that there is a specific genre. According to one of the owners, “there’s room for everything.”
Starting the night off, the music is very laid back and chill. After hours, the music picks up and changes into more of a club-like vibe.
Dante’s can only hold around 50 people so reservations are not required by highly recommended with a $25 reservation fee that is applied to drinks.
Speaking of drinks, the cocktail menus are focused on highball that is made with Japanese whiskey and served in a great glass boot. There is also beer, wine, and other cocktails to choose from.
Membership options are also available.
Alaska Airlines Announces Daily Flights from Miami to Seattle
Coming in June 16, 2022, Alaska Airlines will begin daily transcontinental flights from Miami to Seattle. This will be Alaska Airlines’ 100th nonstop destination.
As of March, Miami has joined Oneworld Alliance. Oneworld Alliance was founded in 1999 as an airline alliance featuring 14 airlines that have flight patterns all over the world.
Alaska Airlines currently partners with American and maintains the Miami hub for the Latin America and Caribbean sectors, so it’s no surprise with the recent announcement.
According to the Alaska press release, “Think Seattle to Miami, then onward to locations such as Rio de Janeiro, Buenos Aires, or the U.S. Virgin Islands.”
American is currently the only carrier that flies from Seattle to Miami. The return of the Alaska Airlines flight will be the first time in a decade. The last time the company serviced the area was in 2012 around the same time the company cut operations to Florida.
The company will be using a 737-900 plane and will be the longest continental U.S. flight by distance. The flight itself will take 6 hours from west to east and 6 hours and 30 minutes from west to east.
The airline also services Fort-Lauderdale International Airport with expansions into Lost Angeles, Cleveland, San Francisco, and San Diego.
W South Beach Penthouse Sold to Entertainment Electronics Moguel
Jeff Walker, the President of Alliance Entertainment, an entertainment electronics company, recently purchased an upper Penthouse at the W South Beach for $9.25 million equating to nearly $4,000 per square foot.
Alliance Entertainment is located in Sunrise Florida and sells electronics (DVDs, Blu-rays, and video games) directly to retailers.
The property located at 2201 Collins Avenue, Unit 2006 in Miami Beach features 2,408 square feet of living space that spans over two levels with cascading glass balconies and two private rooftop terraces overlooking the Atlantic Ocean and Miami Skyline.
The unit also features 3 bedrooms, 3.5 bathrooms and is fully furnished. The kitchen boasts high-end stainless-steel appliances, quartz counters, and custom-made cabinetry. Just off one of the private terraces is the private plunge pool, grill, and lounge area.
According to county records, the seller was listed as SoBe W Estates and purchased the home in 2011 for $6.1 million.
The W South Beach is a 20-story condo-hotel development that was completed in 2009. The tower was developed by TriStar Capital, Related Urban Development, and Starwood Properties. The tower features 511 condo-hotel units that range from studio to four-bedroom floor plan options. There are also a few rare penthouses.
W South Beach offers luxury hotel amenities for all residents and guests including two pools with food and beverage services, private cabanas, and a full-service concierge. Other amenities include a 24-hour fitness center, tennis court, rooftop basketball court, business center, and much more!
Walker isn’t the first executive to live at W South Beach! This tower is known to house big-name developers, architects, and execs. During the construction of One Thousand Museum, Zaha Hadid purchased three combined units. The former Roadhouse Grill CEO also owned a penthouse in 2019 at the W South Beach.
E11EVEN Developers Announce Second Tower Called E11EVEN Residences Beyond
E11EVEN Hotel & Residences has been one of the hottest pre-construction developments in Miami since the day it was announced. So hot that it sold out even before breaking ground. Now we have a new tower to get excited about, and it’s directly next door, E11EVEN Residences Beyond. This tower will be the twin to the original when it comes to the luxury amenities and design but Beyond will be way more exclusive.
Located directly next to E11EVEN Hotel & Residences at 20 NE 11 Street in the Park West neighborhood, Beyond will be connected by a signature bridge allowing residents to go back and forth but only Beyond residents can have access to the original building and not the other way around. Like we said, exclusive.
Co-developed by PMG and E11EVEN Partners, E11EVEN Residences Beyond will feature 461 fully furnished and fully finished luxury units. Floor plans will range from studio to two bedrooms plus a selection of limited penthouses. E11EVEN Residences Beyond, designed by Sieger Suarez Architects will rise 65 stories tall and will feature a similar design to that of E11EVEN Hotel & Residences.
All residences were designed by the award-winning design firm, Avroko Hospitality Group. These units have been specially curated with luxury in mind. Residence amenities will feature high-end appliances like Sub-Zero and Wolf, which will include a microwave, dishwasher, and a built-in convection oven. A custom lighting package, fireplace, and a top-of-the-line washer and dryers are also in the units. One valet-only space is included with each standard unit.
E11EVEN Residences Beyond will feature all of the same luxury amenities that E11EVEN Hotel & Residences has to offer. That includes a signature restaurant, 93-foot resort-style pool with a private lounge on level 14, a state-of-the-art fitness center, access to E11EVEN Beyond Member’s Club, executive office suites, and workspace. One of the most exciting features is the helipad which will allow residents the ability to charter for travel. Beyond residences can also enjoy all of the amenities that the E11EVEN Hotel & Residences tower has to offer.
E11EVEN Residences Beyond will allow cryptocurrency for deposits.
Breakdown of Payments
10% at contract
10% within 3 months of contract
10% at groundbreaking (May 2022)
10% at 12 months from groundbreaking
60% at closing (Summer 2025)
Seventy-three units have already been reserved. The groundbreaking for Beyond is expected in May 2022 with a completion date in the summer of 2025. If you or someone you know have an interest in purchasing at E11EVEN Residences Beyond, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Related Group Announces Casa Bella Tower with Sales Beginning Soon
The Related Group is on the verge of launching sales for their newest tower in downtown Miami; Casa Bella. This residential tower will be built at 1400 Biscayne Blvd in the Miami Arts and Entertainment District and is on the same site where Auberge Residences was originally planned.
According to the renderings, it appears Related is continuing with the same design and specifications that were planned for Auberge. Those designs include full glass exteriors in a wave-like pattern, as well as the unit floor plans. According to The Real Deal, the Related Group is likely reusing them since they have already been approved and to fast-track construction.
Casa Bella will feature 3 towers and 2 will rise 60 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.
The newest tower will feature 1 to 5 bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout.
The location of this tower places residences near the Adrienne Arsht Center for the Performing Arts and the Miami Internation University of Art and Design. The Omni Station Bus Loop is also 1 block away.
With the reopening of borders and the lifting of the pandemic restrictions as of November 8, 2021, we will likely see an increase in international buyers, especially for the new construction towers. Currently, international buyers are representing around 50% of new construction developments when earlier in the year, they were only representing 20%.
Construction for the development is estimated for spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
