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.

Luxury Condo Rentals are Slim Pickings as Inventory Runs Dry

As the wealthy continue to pour into South Florida in an effort to escape cold weather and severe lockdowns, Miami is seeing its inventory of luxury condo rentals dwindle to shockingly low levels. Below is a list of 48 luxury condominium buildings located throughout Miami-Dade County that are known to have large floor plans. Of the 48 buildings, 23 of them have zero units available for rent, 15 have just one, and 12 have only two. That’s just a total of 39 rental units across 48 luxury buildings.

Earlier today, an agent on my team went to submit a full-price offer for a unit that had been listed for rent just yesterday. However, by the time she did, it was already gone. Within the first 24 hours, the listing agent had received 7 offers, 3 of which were full-price offers and one that was $300 above the asking price. It’s that type of rental market right now, and there’s no sign it will let up any time soon. By the end of this year, less than 450 new luxury condos will be delivered throughout Miami-Dade County, and who knows how many of them will hit the rental market (100 units from Elysee in Edgewater, 154 units from Turnberry Ocean Club in Sunny Isles Beach, 71 units from 57 Ocean in Miami Beach, 59 from Monad Terrace in South Beach, and 61 from Aurora in Sunny Isles Beach).

I never thought I’d say this, especially after the last two overdevelopment cycles, but “build, baby, build”. New inventory can’t come soon enough. With more and more financial and tech companies relocating to Miami and large corporations announcing they will continue allowing their employees to work from anywhere in the world even after the pandemic is over, Miami is well-positioned for solid price appreciation for at least the next three to four years.

In Only 2 Weeks, Over 80 Percent of the Units at E11EVEN Hotel & Residences Have Been Reserved

With E11EVEN Hotel & Residences, developers Property Markets Group and E11EVEN Partners were looking to make a splash…and a splash they made…a BIG splash! In only two weeks since their whisper (not-so-whisper) campaign began, they’ve been able to get reservations for over 80 percent of the building’s 400 total units. (I guess a good secret is hard to keep!)

And at an average price of $1,000 per square foot, getting over 80 percent reserved in a mere two weeks is no small feat! That puts it up there with the likes of Park West neighbor One Thousand Museum. But unlike One Thousand Museum, E11EVEN Hotel & Residences won’t have that front row vantage along Biscayne Boulevard, so what gives?

Well, for one, the units at E11EVEN Hotel & Residences are considered micro-units. Those always sell at a higher price per square foot than regular-sized condo residences.

Second, the units at E11EVEN Hotel & Residences come fully furnished and finished, including integrated audio, video, and lighting systems; an LED fireplace in every living room; fully built-out closets in the master bedroom; and a signature Home Essentials Package with silverware, glassware, linens, sheets, and towels.

Third, the residences at E11EVEN Hotel & Residences are considered condo-hotel units. These types of units provide owners with a lot of flexibility; owners will be able to use their units when they want or they’ll be able to place them in the building’s condo-hotel program to earn revenue when they’re not.

Fourth, E11EVEN Hotel & Residences is located in Miami’s 24-hour Entertainment District. For those who don’t know, Miami’s Entertainment District is made up of only two city blocks. In other words, E11EVEN Hotel & Residences will be the only hotel in Miami where the party never stops! If you’re looking for that Vegas-strip-style fun, E11EVEN Hotel & Residences will be the only game in town; it will be the place to be and be seen, complete with A-list celebrities at every turn.

Last but not least, the Miami real estate market is on fire. The developers of E11EVEN Hotel & Residences are proving that there’s no better time to launch a project in Miami than right now. After all, it seems every week that a new article gets published by a major news outlet describing just how hot the real estate market in Miami is these days (case in point example 1, example 2, example 3, example 4, and example 5).

The level of interest that E11EVEN Hotel & Residences has garnered has taken even the developers by surprise. As such, due to the faster than expected absorption rate, the developers have decided to move up the timeline of construction. The original plan was to go to contract in April or May and then begin construction towards the end of this year. The new plan, however, in an effort to convert reservations to contract and get this baby built, is to go to contract in just 2-3 weeks and then begin construction by early fall. As they say, get it while it’s hot!

Just Sold – Penthouse 12 at The Ritz-Carlton Residences Miami Beach – Sold for $15M

Lucas Lechuga of the Miami Condo Investments Team at Luxe Living Realty is proud to announce the sale of Penthouse 12 at The Ritz-Carlton Residences Miami Beach. At $15,000,000 and $2,369 per square foot, the sale is (1) a record-breaking sale for the building, (2) the highest-priced sale for a bayfront condo on Miami Beach since 2013, and (3) the highest-priced sale on a per square foot basis for a bayfront condo on Miami Beach since 2012. With an astounding 8,600 square feet of OUTDOOR space (including a 40-foot-long rooftop pool and whirlpool spa), 13.5-foot-high ceilings, and some of the best views in Miami Beach, Penthouse 12 is truly a one-of-a-kind property.

The Ritz-Carlton Residences Miami Beach Penthouse 12 Residence Features

• Bedrooms: 4
• Bathrooms: 5.5
• Ceiling Height: 13.5 feet high
• Living Area Sq Ft: 6,332
• Terrace Sq Ft: 8,578
• Rooftop pool deck with 40-foot-long pool and whirlpool spa
• Hot tub
• Private elevator foyer
• Boffi-designed kitchen by Piero Lissoni
• Gaggenau kitchen appliances
• Zucchetti plumbing fixtures
• Boffi-designed bathrooms by Piero Lissoni
• Jetted soaking tub in the master bathroom
• Private, air-conditioned parking garage
• Boat slip

The Ritz-Carlton Residences Miami Beach Amenities

• Legendary 5-star Ritz-Carlton services
• Half-acre rooftop pool deck
• Private captained day yacht
• House car
• Beach concierge services for beach club access
• Two 24-hour attended lobbies
• 24-hour valet parking service
• Waterfront social room with bar, catering kitchen and
• state-of-the-art entertainment system
• Expansive infinity-edge pool with waterfall
• Spacious private poolside cabanas
• Poolside grille restaurant
• Private BBQ/dining area
• Meditation garden
• Clubroom with bar, virtual golf, and pool table
• Cinema-style screening room
• On-site spa with Steam room, sauna, and treatment suite
• Whirlpool Spa
• State-of-the-art fitness center
• Indoor & outdoor yoga studios
• Boardroom/Library
• Art studio
• Kids room
• Sharing room
• Carwash facilities
• Dog walk
• Pet grooming room

Daughter of Auto Dealership Magnate Scores Killer Deal at One Thousand Museum

Fierce negotiating skills must run in the family. In recent months, Andi Potamkin, daughter of South Florida auto dealership magnate Alan Potamkin, scored an astonishing deal at One Thousand Museum. According to public records, this past June, she purchased from the developer a half-floor residence for $3,375,000, or $734 per square foot. To put that deal into perspective, the developer of One Thousand Museum had presold (before the building was completed) unit 2501, one floor immediately below Potamkin’s residence, for $6,265,000, or $1,362 per square foot.

Wowsers! It doesn’t get better than that. In fact, not only does Miss Potamkin’s purchase represent a 46 percent discount from the condo sold just one floor below, but it also marks the lowest that a condo at One Thousand Museum has sold to date on price AND price per square foot bases. On the other end of the spectrum, earlier this year, David and Victoria Beckham purchased a full-floor penthouse (exactly twice the size and over twice as high up as Miss Potamkin’s residence) for $19,800,000, or $2,152 per square foot.

In other One Thousand Museum news, celebrity restaurateur and nightclub owner David Grutman recently moved into the building, albeit temporarily. Grutman plans to live at One Thousand Museum until his new home on North Bay Road is completed. Grutman recently acquired the property located at 2050 North Bay Road from Spanish musician Alejandro Sanz but plans to demolish the house currently residing there. Grutman then plans to build a two-story house with 14,000 square feet and landscaping by award-winning landscape architect Raymond Jungles.

Introducing the Condo Market Stats Page

It is with great pleasure that I introduce our recently released Condo Market Stats page. With it, you’re able to quickly compare a variety of market statistics of major condo developments located throughout Miami-Dade County. There’s nothing like it on the market, and the best thing about it is that it’s completely free.

Have you ever wondered which condo development has the most pending sales? Or which has the highest percentage of units currently available for sale? Or which of them has the most sold units within the past six months? By using our Condo Market Stats page, these, along with a number of other questions, can easily be answered.

We also included the ability to compare the market statistics of neighborhoods to one another. For example, have you ever wondered which neighborhood is the priciest? Or which has sold at the highest price per square foot over the past six months? Or which neighborhood has the highest percentage of units available for sale? Our Condo Market Stats page can provide those answers with a few simple clicks of the mouse or taps of your fingertip.

In the months ahead, we plan to add a number of other statistics to the Condo Market Stats page. We want it to be a one-stop-shop for anyone looking to crunch numbers in order to make a well-informed purchase decision. Long-term, my vision for this page is to have a database of daily data points so that users will be able to compare today’s statistics with yesterday’s, last month’s, last year’s, etc. That’s where the real value of analyzing market statistics lies. How do Q2’s stats compare to Q1’s? Or how do Q2 2020’s stats compare to Q2 20219’s? By my estimation, we’re about 9 to 12 months away from being able to develop and deliver that kind of sophisticated functionality. In the meantime, enjoy the current version of the Condo Market Stats page. We’d love to receive any comments or feedback you have about the page.

Virtually Tour a 3-Bedroom Condo at Jade at Brickell Bay

If you’re like most, you’re stuck at home waiting for this lockdown to end. But just because you’re home doesn’t mean you can’t use the time to virtually explore property. If you’ve never had the opportunity to tour a three-bedroom condo at Jade at Brickell Bay, here’s your chance. It’s a generously-sized residence with 2,130 interior square feet.

Unit 4305 at Jade at Brickell Bay is a three-bedroom, three-bathroom flow-through residence with east and west exposures. From the living room, kitchen, and master bedroom, enjoy direct, unobstructed views of the Atlantic Ocean and Biscayne Bay from the 43rd floor. The second and third bedrooms are located on the west side of the residence with views of the city. The unit has two spacious balconies (one on either side of the residence) and includes three assigned parking spaces plus one complimentary valet parking space.

Below is a 3D, virtual reality tour of unit 4305 at Jade at Brickell Bay:

With an asking price of $1.75M, unit 4305 is currently the best-priced three-bedroom unit in the building. Earlier this year, units 3307 and 2705 (both three-bedroom residences of the exact same size) sold for $1.785M and $1.69M, respectively.

Below is the floor plan for unit 4305 at Jade at Brickell Bay:

Introducing our Virtual Reality Lounge for Real Estate

It’s been six months in the making, but we’re happy to finally announce the official launch of our Virtual Reality Lounge where visitors can virtually explore and navigate Miami luxury houses and condos from the comfort of their own homes. Our Virtual Reality Lounge also includes a section where visitors can virtually explore the amenities of various condo developments in Miami and Miami Beach.

At launch, we’ve included two virtual reality tours under the Condo Developments section: the amenities of Palazzo Della Luna, an ultra-luxury condo development located on Fisher Island (America’s richest zip code), and the fitness center at Rise Brickell City Centre, a luxury tower in Brickell which boasts 500,000 square feet of retail and restaurants down below. In the months ahead, we plan to add to the Condo Developments section virtual reality tours of the amenities of additional residential towers located throughout South Florida.

With the amenities of literally every condo development closed to the public due to the COVID-19 global pandemic, what better time to deliver this service to the public? When someone tours a building’s amenities for the first time, they ask themselves questions like, “Does the pool deck get enough sun?”, “Does the fitness center have adequate equipment to get a decent workout?”, and “Does the building have a decent children’s playroom?”. These are all questions that can be easily ascertained by virtually walking a building’s amenities via a 3D, virtual reality tour. Even once everything returns back to normal, there will be no better way for a prospective buyer or renter to tour a building’s amenities without disturbing the peace and privacy of a building’s residents. Every condo development in Miami should be getting this done while it is still feasible. If they aren’t future-proofing themselves while they can, they’re doing a disservice to their building and community.

For buildings with a virtual reality tour on the Miami Condo Investments website, a VR button appears on the building’s profile page as shown in the screenshot below. This is another way in which prospective buyers and renters will be able to access the 3D tours while perusing our website.

Besides the Condo Developments section, our Virtual Reality Lounge includes five other categories: Featured, Luxury Homes, Luxury Condos, Recently Added, and Trending. The Featured category is a place where virtual reality videos of exclusive listings or feature-worthy properties are included. At launch, the following four luxury properties are featured: (1) an exquisitely designed, four-bedroom condo at Palazzo Della Luna professionally designed by Champalimaud Design – Asking $14.5M, (2) a four-bedroom lanai residence at Palazzo Della Luna with 13-foot-high ceilings and a private, zero-edge pool – Asking $14.5M, (3) a gut-renovated and turnkey furnished, three-bedroom penthouse at 900 Biscayne Bay – Asking $3M, and (4) a flow-through, three-bedroom residence at Jade at Brickell Bay offering direct, unobstructed views of the ocean and bay from the 43rd floor – Asking $1.75M.

The Luxury Homes section includes virtual reality videos of single-family homes priced $5 million and up; the Luxury Condos section includes virtual reality videos of condo listings priced $2 million and up; the Recently Added section includes virtual reality videos of listings which were added within the past 15 days; and the Trending section includes virtual reality videos which have had the most views within the past 15 days.

Clicking the video play button opens the virtual reality video for each property while clicking the property details located immediately below takes you to the property page associated with the virtual reality video.

In the future, we do plan to add a section for rentals but, given that there aren’t many rental listings which include a virtual reality tour, we’ve opted to hold off on this for the time being. We’re hoping this is a situation that will change sooner than later.

Just Listed – A Gut-Renovated, Turnkey Furnished 2 Bedroom Apartment at Icon Brickell II – Asking $6,800 per Month

If you’re in the market for a turnkey furnished 2 bedroom apartment in Brickell and are looking for the very best, look no further. For the first time on the market, I introduce to you unit 4102 at Icon Brickell Tower 2 – a gut-renovated, turnkey furnished 2 bedroom corner unit featuring soaring, 16-foot high ceilings with floor-to-ceiling glass windows and sweeping views of the city and water. In creating this stunning masterpiece, over $700,000 was spent in upgrades, renovations, and furnishings.

Unit 4102 also features a fully-equipped, modern kitchen with white quartz countertops, stainless steel appliances, white cabinets, and wine cooler; wood-like porcelain tiled flooring throughout the living areas and second bathroom; an exquisitely appointed master bath w/ His & Hers console vanities, subway-tiled walls, a freestanding bathtub, and glass-enclosed shower; linear slot diffusers throughout; dropped ceiling with recessed lighting in every room; motorized shades; and a 268-square-foot balcony with access from the living room, kitchen, and master bedroom.

Asking $6,800 per month, unit 4102 is the ideal home for a corporate exec or Miami power couple. For showings, email Lucas Lechuga at [email protected].

The world-class amenities at Icon Brickell include a 300-foot long swimming pool, 50-person hot tub, 28,000-square-foot full-service spa and fitness center, movie theater, game room, on-site restaurants, full-service concierge, and valet parking.