Top 5 Spots to Celebrate Cinco De May in Miami 2021
Cinco De Mayo is finally here and we have found the best spots in Miami to celebrate! So bring your friends and/or family and lets try them all!
La Tiendita Taqueria
La Tiendita of Wynwood features authentic Mexican foods inspired by recipes passed down from the La Tiendita ancestors. For Cinco De Mayo, they will have beer specials, margaritas specials, food specials, as well as a live DJ from 12pm-3am. Click here for their full menu.
$5 Monopolio Clara
$30 Bottle Margaritas with Don Julio
$10 Pierde Almas Mezcal Gin
$199 Bottle of Don Julio Blanco
Toro Toro
Toro Toro is one of Chef Richard Sandoval’s ‘Pan-Latin’ steakhouses. This Cinco De Mayo, get ready for a tequila tasting with Casamigos hosted food parings. The fun starts at 5pm with a four-course tasting! Click here for more information.
Four-Course Meal Features
Pan-Latin inspired Cocktail
Casamigos mezcal served with fundido de queso a la tequila and Casamigos blanco paired with cobia tiradito
Casamigos reposado paired with smoked al pastor ribs with pineapple and chayote salsa
Coffee-rubbed lamb barbacoa, patacones and avocado crema paired with Casamigos anejo
Chocolate petits fours
Pisco Y Nazca
Pisco Y Nazca is celebrating this year’s Cinco de mayo with $7 margarita specials all day long paired with their classic menu! Click here for the full menu and Cinco De Mayo celebrations!
Chica
Chica is Miami will feature a live DJ starting and 5 p.m. going until midnight. Specialty cocktails and classic food menus will make Chica a one stop for all of your Cinco De Mayo needs. Click here for the full menu.
Feature Cocktail “Tomas Estes” made with reposado tequila, rasberry liqueur, cranberry juice, agave syrup, and lime $16
Baha fish dinner special for two
Whole duck carnitas special
Tres Leches $15
Boia De & Jaguar Sun
This exclusive collaboration are teaming up for Cinco de Mayo and serving you specialty foods, drinks, and an awesome DJ. This even will take place at 7357 NW Miami Court (Lot 6) and reservations are needed. Click here for more information.
Cocktails by Jaguar Sun
Food by La Pollita By Boia De
Choco Tacos by Frice Cream
MLB Hall of Famer Mike Piazza Sells Miami Beach Mansion for $15 Million
If you need anymore convincing of how hot the Miami real estate market is, another luxury mansion just sold! It gets better because the seller is Major League Baseball Hall of Famer Mike Piazza.
Piazza listed the Miami Beach mansion in December 2017 at $18.5 million. The property located at 1401 West 27th Street, Miami Beach was recently relisted for $14.7 million with a sold price of $15 million. This 8 bedroom, 9.5 bathroom mansion features 9,438 square feet of custom finishes including Jerusalem stone floors and an Italian-inspired kitchen. A private pool, dock, and boat lift elevates the remarkable 100 feet water frontage lot.
The buyers for this incredible residence is none other than the Major Food Group’s co-founder Jeffrey Zalaznick and wife. The couple has been renting the property since October 2020.
According to tax records, Piazza paid $10 million for the home in 2008. But don’t worry, they are not leaving Miami any time soon. They still own a unit at the Ritz-Carlton Residences Miami Beach that they purchased in 2019 for $5.6 million.
Neighboring Penthouse to David Beckham is Under Contract with a List Price of $19 Million
One Thousand Museum designed by Zaha Hadid in Park West Miami has so much to offer its residences and not to mention, it is also the home of David and Victoria Beckham. Who wouldn’t want to live there!
With the current Miami real estate market, luxury condos are not staying on the market very long. So it is of no surprise that the penthouse neighboring David Beckham’s was just listed and under contract within a matter of days with a list price of $19 million.
This full-floor penthouse is located directly under David Beckham’s penthouse. Although both units feature 9,200+ square feet, the floor plans are different with the same incredible views of Biscayne Bay from the 1,020 square feet terrace.
This unit has everything including 5 bedrooms, 6.5 bathrooms, high ceilings throughout, custom Gatto Cucine Kitchen with Sub-Zero appliances, custom closets, and custom bathrooms. The entire residence has integrated smart technology that controls lighting, heating, air conditioning, audio, video, window treatments, and security.
The building is just as impressive with its double-height aquatic center with infinity pool, sky lounge and not to mention the first residential development in South Florida to have its own helipad and security vault.
Building Features
Double height aquatic center with indoor pool
The Sky Lounge provides a dramatic venue for private events for residents
Private rooftop helipad. The helipad will make nearby islands, private and commercial airports, and private yachts easily accessible
Multiple recreation areas for swimming, sunning, socializing, and fitness
24/7 specialized security and valet personnel, other on-site staff including concierge, professional management, and other specialized personnel
Custom scenting by 12.29 in all interior amenity spaces including the lobby, wellness & spa level, aquatic center, and sky lounge (can be available in residences upon request)
Bank-quality vault with individual safe deposit box for every residence, offering residents the convenience and security of storing their valuables onsite
David and Victoria Beckham purchased their One Thousand Museum penthouse for $20 million in 2020.
Florida Hits the Jackpot – Seminole Tribe and Governor DeSantis Signs Gaming and Betting Agreement
Governor Ron DeSantis is at it again! Back in March, DeSantis met with lawmakers to discuss possible options to bring betting and gaming to Florida, specifically Miami. Now, his plan seems to be falling into place.
A historic deal took place on Friday when Governor DeSantis signed a gaming compact with the Seminole Tribe of Florida that would bring ‘mobile sports betting’ as well as ‘Vegas-style’ casinos to tribal facilities in Florida. According to Marcellus Osceola Jr. on Friday, Chairman of the Seminole Tribe of Florida, stated “The agreement we are about to sign is going to be life changing for our tribe.”
What the Agreement Will Look Like
Ages 21 and older (located within Florida) can use the app to place sports bets (sports teams would not be allowed to bet)
Bets would be routed through the Seminole Tribe for the next 30 years
The Seminole Tribe would agree to pay $500 million in annual payments to Florida (this amount could increase depending upon the market and profits)
The agreement would allow the transfer of slot machine licenses within Miami-Dade and Broward counties
An exclusive right to operate craps and roulette at all of the Tribe’s casinos and to build three more casinos on existing tribal property
Challenges Facing the Agreement
This agreement may come up against some legal challenges due to a constitutional amendment that was passed by voters in 2018 that requires a vote for all new games in Florida. Miami business leader, Armando Codina has hired a lawyer to fight the gambling agreement and if the agreement is approved, he stated that he plans to sue the State of Florida. According to the Miami Herald, there are others that plan on joining the fight if approved.
Final Notes
Before approval, this agreement must be ratified by the Florida Legislature as well as approved by the U.S. Department of Interior. Governor DeSantis and Senate leaders are due to meet on May 17th to discuss the issue and is expecting approval for the compact by August 2021. According to the Miami Herald, if this agreement is approved it will be the “most populous state in the nation to offer mobile sports betting!”
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Formula One Racing Comes to Miami – Scheduled for 2022
Formula One racing is heading to Florida! For those who are unfamiliar with Formula One, it is an international auto race for single-seater formula racing cars. It is considered one of the, “Premier forms of racing of the world since the inaugural season in 1950,” according to a spokesperson for Formula One.
The new Miami Grand Prix is scheduled for the the fall season of 2022. The exact day is still to be determined but the President of Formula 1 stated that it will be a 10 year deal for Miami. The Hard Rock Stadium in Miami Gardens (home of the Miami Dolphins) will be hosting the event.
“The Hard Rock Stadium entertainment campus in Miami Gardens exists to host the biggest global events to benefit the entire greater Miami region and Formula 1 racing is as big as it gets,” stated the Vice-Chairman, President & CEO of Hard Rock Stadium.
According to the press release by Formula 1, the track will be 5.41 km (3.361 miles), 19 corners, 3 straightaways, and 3 DRS zones. The top speed is estimated at 320 km/h (198.83 mph).
This is an exciting and historical time because Miami will be the 11th location in the United States to host the Formula One Gran Prix Race since the Championship began in 1950. Other cities include, Las Vegas, Detroit, Dallas, and Phoenix.
The partnership hopes to provide a boost in tourism for the Miami area and discounted tickets will be available for Miami Gardens residents. Miami will also see a STEM education program provided by Formula 1, along with local business and community support programs.
This is definitely an exciting time to be living in Miami!
Miami Q1 Residential Condo and Single Family Home Numbers are In, and They Look Good!
According to the quarterly Douglas Elliman’s report for Q1 in Miami-Dade County, residential sales continue to rise. With limited inventory of single-family residences and condominiums, prices and sales have increased drastically.
Single-family sales increased by 162 percent and new signed contracts for condo sales have increased by 338.9 percent.
What’s interesting for both condo and residential sales in Miami, the sales price of $5 million and higher have increased substantially. With condo sales over $5 million at a 492.2 percent increase and residential sales over $10 million at a 339.5 percent increase.
The median condo sale price is at $300,000, with a 14 percent increase compared to this time last year. According to the report, “Condos showed much larger gains due to their earlier slowdown in activity early on in the pandemic.”
For Miami Beach, sales of condos and houses increased by 85% with 1,425 closings in Miami Beach. Nearly 10-month supply for single-family homes and condos remained. Condo sales in Miami Beach have increased by 75 percent to 1,192 sales. The median condo price at $510,000 rose 44 percent compared to this time last year.
The 7-story Goodtime Hotel is located at 601 Washington Avenue in Miami Beach and will feature 266 rooms spanning a full block with 100,000 square feet of indoor space. This Deco-style hotel features a pool deck, restaurant, private lounge, and main floor retail.
Grutman and Williams also partnered with New-York based real estate development firm, Imperial Cos. for this project. They have previously collaborated on a Miami Design District restaurant, Swan & Bar Bevy which has been a huge success. Ken Fulk who assisted with the interior design for the Swan Bevy restaurant was also the lead designer for this hotel project.
Grutman stated, “I always wanted to be a hotel [owner] to try to complete my ecosystem in hospitality.”
The hotel restaurant, Strawberry Moon, is a 30,000 square foot Mediterranean restaurant which will also flow into a bar and pool deck, all located on the third floor. The ground-floor retailers have not been released.
According to The South Florida Business Journal, The Goodtime Hotel is expected to be the largest hotel in Miami Beach by rooms.
Property records also show that Imperial Cos. purchased the property for $5.75 million in June 2015.
Since people are wanting to spend more time outdoors due to the pandemic, Miami is now seen as the “go-to” destination. Imperial Cos. owner stated “If there is a net winner coming out of this pandemic, Miami is top of that list.”
‘Millionaire’s Tax’ Heads to New York While Bankers, and Big Earners Head Out
High tax rates are common within the city of New York and it has never really steered bankers, fund managers, and big earners away from ‘The Big Apple.’ In fact, the appeal to live in New York has always been the exclusivity of living there if you could afford it. But with a recent New York state budget agreement that plans to raise rates among certain high earners, there are some that are looking to move and settle south.
According to a Reuters article, a high level employee at a large bank who does not want to be identified stated, “I’m already looking for an apartment in Florida.” There has also been talk among others who are earning more than $1 million are considering moving their entire firms out of the city.
The breakdown of the legislation would have the top New York City earners paying an upwards of 15.73% in combined state and city taxes. To put it in perspective, the current tax rate for the state range from 4% to 8.82% and the city ranges are 3.08% to 3.88%
This legislation was named the “millionaire’s tax,” and is expected to increase taxes for earners who make more than $1 million a year. If implemented, this tax would beat California’s (highest in the country) tax rate.
Larger companies have already started moving staff out of New York. Some of note are Goldman Sachs Group, Inc, Virtu Financial Inc, and Elliot Management. A smaller hedge fund manager stated, “This creates an overwhelming incentive to move.”
Geoffrey Weinstein, a tax attorney for Cole Schotz stated that, “When wealthy people don’t like something, they don’t protest, they just leave.” If this is the case, then the tax will eventually fall on earners making less that $1 million.
With more people working remote due to the pandemic, places like Florida that have lower tax rates, lower real estate taxes, and are fully opened are becoming an ideal location for top earners. And we at Miami Condo Investments welcome them with open arms!
