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!
The Future is Here – Miami Sees Its First Delivery Robots
Cartken, a robotics startup, has recently partnered with REEF Technology to introduce self-driving delivery robots to Downtown Miami. REEF Technology currently offers fulfillment solutions, neighborhood kitchen deliveries, and parking solutions.
Founders of Cartken include ex-Google engineers, and have been developing this type of delivery service since 2019. This will be Carken’s first major introduction of self-driving robots in Miami.
While only operating within a 3/4 mile radius of downtown Miami, Cartken has been testing their electric-powered robots fulfilling orders from delivery-only kitchens. These robots are operating on the REEF’s network, are insulated, and can maintain heat for hot meals. Cartken already has designated logistics hubs and can be dispatched to restaurants while the food is being prepared.
Matt Lindenberger, REEF’s Chief Technology Officer stated, “We want to show how future-forward Miami can be. This is a great chance to show off the capabilities of the tech.”
There are currently only two restaurants utilizing Cartken in Miami with a large potential for expansion in other neighborhoods.
The robots are powered by rules-based programming and can actually stop and ask for help if necessary. Lindenberger stated, “The robot is seeing the environment, planning around obstacles like pedestrians or lampposts. If there’s an unknown situation, someone can help the robot out safely because it can stop on a dime.”
According to TechCrunch, the robots can only make it to street-level, where the customer has to come outside to pick up their food. Apartment complexes and units would be more difficult for the robot to navigate.
We will be following this story closely and will update as we learn more and as more restaurants begin using Cartken!
Elysee Receives TCO – Closings are set to begin in the Coming Days
No, it’s not an April Fool’s joke, Elysee has finally received its TCO! Two Roads Development, the developer of Elysee, has officially received its temporary certificate of occupancy after a five-month delay, which means that closings will begin in the upcoming days. According to our sources, Elysee is approaching 90% sold.
Elysee will be the tallest building in the Edgewater neighborhood standing 57 stories on the shore of Biscayne Bay. Elysee sets a new standard of luxury with its contemporary architecture, designed by Bernardo Fort-Brescia of Arquitectonia. The building was designed with three tiers of different sizes with the largest tier on the top creating a telescopic shape.
With only 100 units (no more than two per floor), this layout creates unobstructed Miami and Biscayne Bay for every unit.
Impact resistant floor-to-ceiling glass windows and sliding glass balcony doors
Two 8-10 foot terraces facing East & West (sunrise & sunset)
360-Degree Views
Savant wireless technology systems
ItalKraft® cabinetry in kitchens and baths
Sub-Zero® and Wolf® stainless steel appliances
Full size washer & dryer
Designer faucets and fixtures
50% of the residences have nanny/maid’s quarters
Two parking spaces per residence
Toto® Toilets
Service and staff elevator(s)
Over 50% of residences have nanny/maid’s quarters
Building Amenities
24-Hour door attendants
24-Hour security and video surveillance
White glove concierge service
On-site automobile concierge
Valet parking
Expansive 30ft wide motor court
Landscape and grounds crew
Robotic parking
Two guest suites available
Storage area
Bike storage
7th Floor Amenities
360-Degree views
75-Foot resort pool
Outdoor summer kitchen & BBQ terrace
Fitness center and Yoga studio
Dedicated men and women’s spa with sauna, steam shower & massage tables
Blow dry bar
Children’s room adjacent to fitness center
Teen room
Two guest suites
13th Floor Amenities
Great room with grand piano
South-facing grand dining room (Seats up to 30 Guests)
Library that converts to private theatre with high-definition projector
Full lounge bar
Chef’s kitchen
Chef’s table with indoor and outdoor seating
Business center
Resident wine storage
Game room
Pricing for Elysee
3 Bedrooms: $.68M – $2.3M with a North Eastern exposure
3 Bedrooms: $1.67M – $2.7M with a South Eastern exposure
4 Bedrooms: $3.2M – $3.8M with a North Eastern exposure
4 Bedrooms: $3.5M – $4.2M with South Eastern exposure
Although there are few units remaining, if you or someone you know has any interest in purchasing a remaining unit at Elysee, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
Closings Have Started for Monad Terrace Miami Beach
Monad Terrace is a new luxury condo tower in the heart of Miami Beach at 1300 Monad Terr, Miami Beach. This boutique waterfront condo development will feature 59 units with two to five bedroom options including four penthouses. According to the property records, seven condos have sold between $1.4 to $8 million.
The developer for the project is Michael Stern, a New York developer who is making his name known in South Florida. One of his other known Miami projects is the Echo Brickell tower. The project’s partners include Stern JDS (principal), New Valley, Ackerman Development and Mink Development. The designer is Ateliers Jean Nouvel along beside architect Kobi Karp.
According to the Real Deal, this tower has been in a planning stage since 2015. Stern and his partners financed the construction with a $137 million loan from a New York based real estate lender, Madison Realty Capital. The 14 parcel development was chosen in 2015 and cost $51 million plus.
In 2019, penthouse B went under contract for $8 million by Joshua Wander, managing partner for a Miami based private equity firm. Within the past 3 months, there has been an increase in sales with units totaling $70 million plus under contract including three of the four penthouses. The remaining units range from $2 million to $12.5 million.
Building Amenities:
Sundeck with swimming pool
Hot tub that overlooks Biscayne Bay
Cafe and Juice Bar
Wellness center
Dock
Bicycle and water sports storage room
Residence Amenities:
Seamless indoor-outdoor living space
Biscayne Bay views
Kitchens designed by Jean Nouvel
Cantilevered marble island
State-of-the-art appliances
Wood ceilings
Reflective Cabinetry
Custom bathrooms designed by Jean Nouvel
Spacious stone countertops
Stone tiled walls
Spacious soaking tubs
Stern will also have a hand in the development of the 62-story Brickell Treehouse tower project that will feature 1,000 apartments, 200 micro-units, hotel, and office space.
If you or someone you know has any interest in purchasing a unit at the Monad Terrace Tower, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
AmericanAirlines Arena Seeks to Change name to a Cryptocurrency Exchange – FTX Arena
Cryptocurrency is heading our way! In a recent announcement, AmericanAirlines Arena will be changing its name to FTX Arena. FTX is a startup cryptocurrency exchange that started in Hong Kong in 2018 and as of 2020, it has been operating in the United States.
In 2019, AmericanAirlines stated that they would no longer have the naming rights to the arena leaving room for Miami-Dade County to negotiate the naming rights.
According to a Miami Herald report, during a county commission meeting on Friday, a tentative $135 million with a 19 year contract has been agreed to with FTX. This also means that the current name residents will no longer be in contract. This pending approval will be the crypto industry’s first leg in arena sponsorships. Also in the agreement, Mayor Daniella Cava received approval for a $90 million share to be allocated towards addressing income equality and gun violence.
The next step for FTX is approval from the NBA for the company’s branding to appear on networks, signage, stadium exteriors, etc. If the logo is not approved, FTX has the ability to withdraw their request at any time.
According to the South Florida Business Journal, there was a few who voted against the proposal; including Commissioner René Garcia concluding that the public did not get an advance notice about the proposal. A county resident also came forward stating, “cryptocurrencies tend to evade regulation and abet money laundering.”
FTX CEO Sam Bankman stated “the entire FTX family is thrilled to launch this partnership with Miami-Dade County and the Heat. Through this partnership, FTX isn’t just putting our name on an iconic building. We are committed to providing value to the growing and diverse community in Miami-Dade over the next two decades.”
Missoni Baia Construction Passes its Halfway Point
Welcome to Missoni Baia! This remarkable waterfront tower will feature 57 floors with an impressive 200 feet of Biscayne Bay frontage. Curated by New York designer Paris Forino, with 249 custom one-to-five bedroom options. The architect for this tower is Hani Rashid of Asymptotoe Architecture and the developer is OKO Group under Vladislav Doronin.
Construction is underway for this gorgeous tower and it has passed the half-way point. According to CEO of developer Cain International, “This milestone is a testament to the team’s diligence and hard work despite the challenges presented by the current environment. Building Missoni Baia to its midpoint milestone is a remarkable moment for our team as we bring this elegantly designed, landmark project to life.”
According to a press release from Missoni Baia, all windows have been added to the north and south tower up to the 36th floor, including partial balconies. Civic Construction, the general contractor has stated that top-off is estimated this time next year.
Building Information:
Prices start at $600,000 to $9 million
One-to-five bedroom layouts
776 to 3,788 square feet
Direct Bay or City views with panoramic views of Biscayne Bay, Downtown Miami or South Beach
Residences feature 10 foot ceilings
Terraces with impact resistant glass windows are 8 to 10 feet deep
Marble-encased bathrooms with European styles lacquered cabinets
Custom kitchens with top-of-the-line cabinetry and high end appliances
The residents will have access to all the amenities a luxury resort has to office; five separate pools with an Olympic-sized swimming pool, and an infinity pool with views of Biscayne Bay. Poolside lounges, cabanas, elevated tennis courts, and luxury spa are also available. Residents will also receive membership access to the Grand Bay Club beachfront of Miami’s Key Biscayne.
Missoni Baia is still on track for completion for the end of 2022! Subscribe for more updates on Missoni Baia construction!
One Thousand Museum Secures Loan 3 Weeks after Foreclosure Announcement
The future is looking bright for the developers of One Thousand Museum Residences. Just three weeks ago, the Reuban Brothers filed a foreclosure lawsuit against the developers for $82.7 million with interest. As of March 3, 2021, which is the date of the filing, 15 developer units were still available in the tower.
Within three weeks of the foreclosure announcement; Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, have secured and closed on a $90 million condo inventory loan from Cirrus Real Estate Partners. This new loan closed on Monday and will pay off the loan balance that was originally provided by Fortress Investment Group in 2016. It will also give the developers time to sell the additional units.
The mortgage broker for this transaction was Jim Fried, President of Sandstone Realty Advisers. A former Fortress executive, who is now the Managing partner at Cirrus Real Estate Partners, Tony Tufariello, expects the developers to sell the units with the next couple of years. Tufariello stated that they were “attracted to the buildings larger floor plans and amenities, and encouraged by the recent uptick in sales.”
The developers stated that they were planning to pay off the original construction loan but it was “pushed due to travel restrictions that hindered lenders from walking the final project.”
This luxury tower features a private rooftop helipad, valet services, and well spa. One-Thousand Museum is also home to David and Victoria Beckham.
Building Amenities:
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
Residence Features:
Private residences are accessed from the lobby via secure, high-speed elevators that feature destination-entry smart technology
East-to-west flow-through floor plans that capture the mesmerizing panorama of Biscayne Bay and Atlantic Ocean views as well as the Miami skyline
Oversized terraces
Custom Italian kitchens with quartz countertops
Induction cook tops, in wall ovens, steam ovens, microwaves, dishwashers and integrated coffee makers by Gaggenau
Refrigerators by Sub-Zero
Faucets by Dornbracht and other quality manufactures
Custom-designed Italian made walk-in closets
Interior doors throughout the residences are by Lualdi Porte. All doors have been customized with Valli & Valli’s Duemila Cinque series handles designed by Zaha Hadid
European Interior Illumination products by Apure Architectural Lighting and other premium manufacturers customized by German designer, Uli Petzold.
State-of-the-art home automation infrastructure by Crestron
These unique and luxurious units range from $4.95 million to $20 million and with the popularity of the luxury condo market, the inventory has become limited. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
