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.
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.
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.
U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?
Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.
In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.
With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.
According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.
According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.
Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.
According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.
The Related Group Plans for Demolition of Site for New Tower-Miami Station
In January 2021, the developer, the Related Group revealed plans for a proposed transit-oriented tower called Miami Station. Now, plans are rolling out to begin demolition and preparation for construction.
The pre-construction site located at 525-533 NW 2nd Ave in the Overtown district of Miami recently filed to begin demolishing the current parking garage that sits on the site. The remains of the parking garage is that of the Logik office tower that stopped mid-construction during the recession in 2008. The concrete shell of the garage has never been utilized.
A separate lot is adjacent to MiamiCentral Station and is also the former site of the Krystal Tower that was never completed. A separate lot next door with the once planned tower, Avery MiamiCentral will eventually be added to the Miami Station site plan.
Once construction begins, the proposed tower will rise 41 stories at 459 feet tall. The proposed plans would include 309 apartments, over 200,000 square feet of office space, over 8,000 square feet of retail, and 510 parking spaces.
Units will feature studio to 3 bedroom floor plans a well as a few penthouse units ranging from 460 to 1428 square feet of living space.
The office space will occupy the first 12 floors with 13-foot slab to slab heights. The residential units will occupy the higher floors with 10-foot slab to slab heights.
Development Information
Developer: The Related Group
Demolition Contractor: BG Group
Architect: ODP
Structural engineer: B+J Consulting Engineers
MEP Engineer: Feller Engineering
Landscape Architect: Dixie Landscape
Exterior and Finishes: Facade +Envelope
Amenities
22nd-floor amenity deck
rooftop pool
Landscaped deck
Dog park
Several outdoor terraces
The date for the groundbreaking has not been set.
JSX Announces ‘Hop-On Jet Service’ Flights from Miami to Texas and New York
Miami welcomes JSX, a “hop on jet service” with crowd-free flights on private planes. With JSX’s announcement comes all the special privileges of a private jet without the hefty price tag.
Their East Coast routes will link Miami International Airport to New York and Texas with flights beginning November 18th. Fares from Miami to Westchester County, New York start at $749 one way, and Miami to Dallas start at $499 one way.
The best part of JSX flights is that they offer guests the ability to check-in for flights 20 minutes prior to departure between private terminals at Miami International Airport. Not only do they have a quick check-in, but there are also no crowds and 30-seat jets with business class legroom. JSX also offers two free checked bags, free snacks, and drinks.
According to the CEO of JSX, Alex Wilcox, “Since day one, our Customers have asked JSX to serve the East Coast and I am thrilled to say that our distinctive style of flying has finally arrived. It’s no secret that demand from New York and Dallas to Florida is at an all-time high, and we are delighted to bring our hop-on jet service to these vibrant markets ahead of the busy holiday season.”
JSX created this flight experience for anyone who values their time and wants a world-class experience, from business travelers, first-class fliers, to families looking for quick flights.
JSX is the first and only carrier that links Westchester County to Miami International Airport and the first “uber-like” plane carrier linking Dallas to Miami. Welcome to flying redesigned!
Photo Credit: JSX Website
Official Groundbreaking Date Set for E11EVEN Hotel & Residences
The long-awaited date for E11EVEN Hotel & Residences groundbreaking is finally set and we can’t be more excited. On November 11, 2021, construction will begin on the 65-story tower located in the Park West District in Miami.
One of the developers, PMG, posted on their social media accounts the big news along with the tower being 98% sold. This is of no surprise as E11EVEN is considered one of the fastest-selling condominium projects in the last decade. In February when sales were first announced, the units were at 80% sold.
PMG also announced in early June that they were also accepting cryptocurrency for the units. We are unsure of the total number of units that were purchased with the digital currency.
Construction plans were officially submitted on Wednesday, October 13, 2021. The plans include the demolition permit for site clearing and those are now under review. There is currently no pending or submitted construction permit.
The demolition contractor is listed as John Moriarty & Associated. The developer includes Property Markets Group (PMG) and E11EVEN Partners. Sieger Suarez Architects is responsible for the tower design. Interiors will be curated by AvroKO Hospitality Group.
The residences are fully finished and fully furnished starting at $300,000 and the floor plans consist of studio to 2 bedrooms. There is also a limited Penthouse Collection and 2 Presidential Suites.
Building Features
E11EVEN® app for concierge services and building amenities
Common areas featuring museum-quality curated fine art and installations
Limited Penthouse Collection and two Presidential Suites
Views of the Miami skyline, Biscayne Bay and the Atlantic Ocean
Club E11EVEN® Bar & Lounge
5-Star gourmet food hall
Casino-Style Sports Lounge
Chopra Spa & Studio mind & body experiences featuring a state-of-the-art fitness center, meditation, yoga, and customized treatment services
20,000 Square-foot, ultra-modern multi-level E11EVEN® Day Club and pool sits above 11 stories, overseeing the stunning Miami skyline
E11EVEN’s® rooftop experience is a unique 24/11 poolside venue featuring its own signature dining experience
E11EVEN® Beach Club
Complimentary 24-hour valet
Residence Features
9’6 – 10’ floor-to-ceiling windows varies by floor with stunning Miami skyline and Biscayne Bay views
Smart home technology experience. Includes integrated audio, video, and lighting systems
Contemporary lighting package
All residences include LED (or water-based) fireplace in every living room
Fully built-out closets in the master bedrooms
Washer and dryer
French balconies in select residences
Pre-wired for high-speed communications, multiple telephone lines, and cable
All residences include a signature Home Essentials Package: silverware, glassware, linens, sheets, towels
11 Resident Membership Package featuring an exclusive beach club, day pool, and ultra club access
Kitchens with custom countertops and backsplashes
Imported and custom kitchen and bathroom cabinetry by Italkraft
Subzero and Wolf appliance package includes microwave, dishwasher, convection oven, and refrigerator
Waterworks bathroom fixtures, features & accessories
Frameless glass-enclosed showers
If you or someone you know have an interest in purchasing one of the units at E11EVEN Hotel & Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Aria Reserve has Sold 40% Since Launching Sales in June on the South Tower
The Melo Group has reached another milestone in their pre-construction project for Aria Reserve in Edgewater. Including their construction permit application that is currently in review, the waterfront twin-tower project has also sold 40% of its units well before the groundbreaking.
The permit application for this project will allow for the Melo Group to begin foundation work. The foundation plans were submitted in early September. The plans will also include pilin work that was valued at $132,750.
Sales for Aria begin in late June of the 62-story South Tower. The North Tower is anticipated to launch sales closer to construction. According to the Melo Group, over $40 million of all 12 penthouses have sold within 90 days.
Construction deposits include a 30% deposit for all U.S. buyers and a 40% deposit for all international buyers. According to the developer, more U.S. has purchased penthouses.
Aria Reserve will rise 62 stories tall reaching 627 feet, making it the tallest dual waterfront residential development in the United States. The project will feature two towers, each with 390 units and 1,608 parking spaces.
Residential units will begin at $750,000. Although sold out, the penthouses started at $12 million. Units will feature 1 to 4 bedroom floorplans with 1,100 to 2,600 square feet of options. The penthouses themselves range from 3,500 to 9,000 square feet with each of them featuring a 3-car garage.
Tower Amenities:
2-acre recreation deck
Lap pool and spa
Gaming center
Playground
Tennis courts
Basketball courts
Paddle courts
Miniature golf course
Wellness center
Gym
Meditation Garden
Residence Features
Unobstructed views of Biscayne Bay and Ocean
Finished residences with two flooring options
All residences include 2 high-speed elevators
All residences include an office/media room
All residences are sunrise-sunset flow-through from East to West
3-month seasonal rentals allowed up to 4 times per year
Once permits have been approved for the Aria Reserve South Tower, construction should begin in the spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
57 Ocean Construction Complete and Condo Units are 100% Sold Out at $336 Million
Recently, we have seen a number of residential towers sell out prior to construction or during construction. Towers like Residences of Armani Casa and Aston Martin Residences have either sold out or are very close to selling out, so it is of no surprise to learn about 57 Ocean selling out, right as construction is complete.
The developer and Brazilian billionaire, Jose Isaac Peres’ recently sold out at 57 Ocean as well secured its temporary certificate of occupancy (TCO) for the tower. According to a managing partner, Marcelo Kingston, the sell-out includes a recent sale of a luxury penthouse for $36 million, originally listed at $38 million.
Sales previously launched in 2018 with price ranges from $1.5 million to $36 million. According to Kingston, closings will begin in October 2021. The tower sold out at $330 million.
According to the developer, about 60-70% of the buyers were domestic, and with the steady stream of sales, they were able to raise prices.
One of the lower penthouses that sold includes a $13.8 million unit purchased by Chuck Roberts, Stifel’s Managing Director of Investments.
57 Ocean located at 5775 Collins Avenue rises 18 stories and features 69 luxury condo units. Designed by Bernado For-Brescia of Arquitectonica and interiors by Patricia Anastassiadis.
57 Ocean Amenities
World-class spa
A state-of-the-art fitness center with a fully-stocked snack and juice bar
Thermal suite with steam room, aromatherapy saunas, experience showers, and ice fountain
Indoor and outdoor massage treatment suites
Library
Two expansive, infinity pools
Poolside cabanas
Poolside bar and lounge
Sunset terrace with a spa pool, wet deck, and lounge area
Meditation area
Yoga and Pilates area
Outdoor training area equipped with Myisle by Myequilibria
Clubroom with chef’s kitchen
Summer kitchen pavilion
Children’s playroom
Direct access to the beach and beach boardwalk
Services
Full-service concierge
24-hour valet parking service
24-hour security
Pool and beach attendants with food and beverage service
On-call fitness trainers, spa treatment specialists, and private chefs
Residence Features
Terraces, up to 12 feet deep
Wood-like ceiling accents
Glass balustrades
Modern Poliform cabinetry
State-of-the-art appliances
Solid marble waterfall island
Master bedrooms open to the terraces
His and her closets
Bathrooms lined in floor-to-ceiling stone
Floating tubs
Sliding glass doors and vanities by Poliform
Soft hidden lighting
According to Kingston, the project was completed on time. The developer is currently working on another boutique condo in Miami Beach called Ocean Park, which is anticipated to be complete in the summer of 2022
