Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…
Rendering from Paramount Miami Worldcenter
Week of January 17-23, 2016.
The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.
Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]
Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]
While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]
In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]
Regalia Introduces a $45 Million Penthouse
“Life’s Magnum Opus” – That is the tagline for Regalia’s crown jewel, the 43rd floor penthouse. And what a jewel it is!
The penthouse spans the top two floors of the tower and also includes a 6,000+ square foot rooftop pool deck with a 360 degree terrace overlooking the Atlantic Ocean, Intracoastal Waterway, Golden Beach, Miami Beach and the Miami skyline. There are two other terraces, the 43rd floor has a 360 degree terrace and the 44th floor has one that spans 270 degrees. The rooftop pool deck also has a summer kitchen with retractable Louver shading, an indoor wet bar and a full bath.
Indoors, owners will find 6 bedrooms and 7.5 bathrooms spanning 10,000+ square feet. The three levels are tied together with a custom glass elevator and a floating grand staircase in the double height great room.
While visiting, guests can enjoy a dining room that seats 12, custom stone and glass wine cellar, a game room with designer billiards table, and a lounge theater and bar. The dining room and billiard table have custom pendant lighting fixtures. An art gallery mezzanine overlooks the double height great room.
For the owners, the grand master suite leaves nothing to be desired. A private spa holds a steam room, sauna and massage beds. The bedroom has a drop-down ceiling television and midnight bar, wine cooler, glass enclosures and secure safes. The grand master bath offers stone flooring and walls with glass enclosures, couples’ Jacuzzi tub with hydrotherapy and air treatment jets, and his and hers glass showers with rain heads, body jets and hand held fixtures. The dressing areas offer his and hers vanities with a separate make-up area for her and walk in closets.
Given that the name Regalia means, “the emblems or insignia of royalty, especially the crown, scepter, and other ornaments used at a coronation,” this residence is certainly fitting of the name. See below for additional photos and floor plans:
Regalia tower in Sunny Isles Beach
Level 1 Layout
Level 2 Layout
Level 3 Rooftop Pool Deck Layout
Fully Furnished 3 Bedroom Condo at Trump Palace in Sunny Isles Beach – $2.495M
Your paradise retreat awaits you. Wake up each morning to the sights and sounds of the beautiful Atlantic Ocean. A relaxing stroll down the white sand beaches is just an elevator ride away.
Welcome to Unit 3604 at Trump Palace – an impeccably designed, contemporary masterpiece with nearly $800,000 spent in renovations, furniture, and electronics. This flow-through residence includes 3 bedrooms, 3.5 baths with 2,167 interior square feet plus two spacious balconies and offers direct, breathtaking views of the Atlantic Ocean. Property features include: a private elevator and foyer; 10-foot ceilings with floor-to-ceiling glass windows; Sonos surround sound system; renovated kitchen with custom Italian cabinets and high-end appliances by Sub-Zero, Gaggenau, and Miele; custom half bath with stone tiled walls; and custom master bathroom with a white pedestal tub, glass-enclosed shower with rainfall shower and body jets, and side vanity for makeup and hair.
Trump Palace offers spectacular amenities,services, and features, which include: gatehouse entry with 24-hour attendant; a magnificent two-story lobby; 24-hour, full-service concierge; 1,000 feet of pristine beachfront; a temperature-controlled lagoon pool; two temperature-controlled lap pools; a Jaccuzi; waterfalls; snack bar and grill; and an 8,000 square foot spa and fitness center with state-of-the-art fitness equipment, men’s and women’s saunas, men’s and women’s steam rooms, and massage and body treatment rooms.
Attractively priced at $2,495,000. Contact me for additional details and/or to schedule a private showing.
Below are additional photos of Trump Palace #3604:
Venetian Islands Real Estate: November 2015 Market Report
Each week, Miami Beach Realtors host a progressive open house of listings in the area. This week’s focus was the Venetian Islands, with an impressive 23 properties on the tour! This is a great time for the Venetian Islands as the roads and infrastructure are in the last months of a $12.4 million restoration project. The Venetian Causeway is expected to reopen by the Spring of 2016, offering residents new roads as well as utilities. The construction project has not slowed the bustling real estate market in the neighborhood. Here are some highlights of the market as we draw an end to 2015:
Highest Price Listing: 610 W Dilido Island
$15,500,000 for 5 bedrooms, 6 baths in a 5,210 square foot home on a waterfront lot.
Lowest Price Listing: 211 S Rivo Alto Drive $1,595,000 for 4 bedrooms, 3 baths in a 2,194 square foot home on an interior lot.
Contracts Signed There are 4 properties that are currently under contract, ranging in price from $5,900,000 down to $929,000.
Recent Closings Over the last 3 months, we have seen 9 properties trade hands for $12,500,000 down to $1,525,000. Waterfront properties averaged $1,450/square foot in price vs $811/square foot for interior lots.
Featured Property: 300 W Rivo Alto Drive
Of the actively marketed properties in the neighborhood, we made special note of the home at 300 W Rivo Alto Drive, offered at $12,750,000.
This Venetian Island home was built in 1938 on a waterfront lot, but recently remodeled beautifully. It offers 5 bedrooms, 5 1/2 baths and 90 feet of bayfront views with an infinity lounge pool and boat dock. There is an outdoor living room with summer kitchen, garden and even a koi pond with waterfall. The interior design is tasteful yet dramatic with zebrawood walls, calcutta gold marble, top of the line appliances and Crestron security system.
Here are some additional photos of 300 W Rivo Alto Drive:
Shane Battier Lists Coconut Grove Home for $1,895,000
Just weeks after winning his second NBA Championship, Miami Heat Forward Shane Battier has listed his Coconut Grove home for $1,895,000, according to hothothoops.com. Battier purchased the five bedroom, Mediterranean-style home for $1.6M a little over a year ago in June 2012. The 4,300 square residence is situated on an 8,000 square foot lot and features a 2-car garage, covered patio with adjacent pool, formal dining room, gourmet kitchen with walk-in pantry, downstairs office and master bedroom with his and her walk-in closets.
Battier’s contract with the Miami Heat is set to expire at the end of next season but rumor has it that he is upgrading to a luxury home in Miami.
Miami Ranks Third on Knight Frank’s Q1 2013 Prime Global Cities Index
It is no secret that the Miami luxury real estate market has performed remarkably over the past twelve months. The latest report from Knight Frank confirms this. The Miami luxury real estate market ranked third behind Jakarta and Bangkok on Knight Frank’s Q1 2013 Prime Global Cities Index. Year-over-year, eight cities recorded double digit price growth for luxury homes but Jakarta, Bangkok and Miami led the way, recording annual price growth of 38.1%, 26.1% and 21.1% respectively. Surprisingly, prices for prime property in New York City declined 7.1% in the same time period, according to the same report.
Alex Rodgriguez Lists Miami Beach Mansion for $38M
After moving into the property less than a year ago, Alex Rodriguez looks to part ways with his ultra-chic Miami Beach mansion. The New York Yankees All-Star recently listed the 20,000 square foot, waterfront home for $39M. The modern North Bay Road estate is situated on a 1.07-acre lot and has 9 bedrooms, 11 full baths, and 2 half baths. The completely-gated property features 275 feet of water frontage, 2 boat docks, a 3,000 square foot sports room with batting cage, commercial-sized elevator, heated pool, gourmet open kitchen, home theater, outdoor kitchen area, guest house, Crestron lighting, 16 security cameras, surround sound system throughout, seamless indoor/outdoor living spaces, rooftop deck, separate gym building with steam room, covered terraces and a 2,200 square foot Master Suite with atrium, sitting area, his and hers baths and over-sized closets.
Alex Rodriguez purchased the property for a reported $24M in 2010 while it was still under construction.
$47M Sale of 3 Indian Creek Drive Shatters Previous Record Set in March
Records were made to be broken. Sometimes, however, records are shattered. The recent sale of 3 Indian Creek Island for $47M shatters the previous record-breaking sale for single-family homes in Miami-Dade County set earlier this year by 22%. Edward Lampert, Sears Holdings Corp.’s chairman and hedge fund billionaire, purchased a waterfront estate, also located on Indian Creek Island, in March for $38.4M.
3 Indian Creek Drive is paradise-living at its finest. The 30,000 square foot, waterfront home is situated on an 80,000 square foot lot and has 10 bedrooms, 10 full baths, 4 half baths, a 100-foot resort-style pool, a full catering kitchen, certified greenhouse, rooftop lawn and Jacuzzi, panic room, wine cellar, servant room, chromotherapy spa and massage room, library, elevator and a 7-limo-sized car garage.
No word yet on who the buyer of 3 Indian Creek Drive might be. There are currently two single-family homes available for sale which could potentially eclipse the record-breaking sale of 3 Indian Creek: 12 Indian Creek Drive, listed for $45M, and the former Versace mansion, located at 1116 Ocean Drive, which has an astonishing asking price of $125M.
Al Capone’s Former Palm Island House Hits the Market for $9.95M
There is no sure thing but death and taxes – so the saying goes. As it turned out in the end, the two certainties brought about the demise of legendary American gangster, Al Capone – a person who at one time seemed untouchable. When nothing else would stick, the U.S. government finally nabbed the Chicago kingpin on tax evasion charges. He was later tried in court and sentenced to federal prison. Many people erroneously believe that Capone spent his final days locked-up behind bars . The truth, however, is that the mobster was paroled on November 16, 1939 and returned to his home on Palm Island in Miami Beach, Florida where he ultimately died from a series of health issues.
Al Capone purchased the Palm Island estate in 1928 – three years before his prison conviction – for $40,000. He used the waterfront home as an escape from Chicago when the authorities started breathing down his neck. Over the years, the property has had many owners. The current owner acquired the estate in November 2011 for $5.65M and since that time has fully restored it. Yesterday, the Palm Island waterfront mansion hit the market once again with an asking price of $9.95M. That’s gangsta!
