Turkish Airlines and Air France Increase Flight Schedules to Miami
Miami has always been a go-to city for many reasons but more recently people from all over the world are flocking to The Magic City. Whether it’s for the food, nightlife, or the beaches, there is something for all on this east coast town.
With the increase of people moving and visiting Miami, airports are busting at the seams trying to keep up with the demand. To help with the overflow, 2 major international airlines have announced they will be increasing flights to Miami starting soon.
Turkish Airlines and Air France are increasing their flight schedules to Miami. Turkish Airlines have announced that they will have 2 flights every day from Istanbul to Miami. This flight pattern is set to begin on March 27, 2022.
With Air France, their daily flights between Paris and Miami are set to increase by 20% daily beginning July 2022, up to 7 daily flights.
Air France currently services 11 cities in the United States and that includes Atlanta, Boston, Chicago, Detroit, Houston, Los Angeles, Miami, New York, Seatle, San Francisco, and Washington D.C.
According to the Miami International Airport, flights to Miami are already up 17% and that number is steadily growing and the US is at 90% of its 2019 flight levels.
If Miami continues to break International travel records, we can only look forward to new flights, hubs, and destinations linking to Miami in the future.
Miami Real Estate Sales Soar for the 17th Consecutive Month
According to the Multiple Listing Service (MLS), Miami-Dade County real estate achieved its best-ever February sales month as existing condo transactions climbed by double digits for the 17th consecutive month, following the historic January 2022 and 2021 year sales.
Total house sales in Miami-Dade County increased 13.2% in February 2022, from 2,485 to 2,814. Due to low availability, Miami single-family home transactions fell 7.9%, from 1,093 to 1,007 units. Existing condo sales surged jumping up 29.8%, from 1,392 to 1,807, marking the 17th consecutive month of double-digit year-over-year condo gains.
Home sales were much higher in February 2022 compared to February 2020 with total house sales up 51.1% compared to February 2020, from 1,862 to 2,814. Miami single-family house sales are up 13.9% while condo purchases are up 84.8% from January 2020.
Miami luxury condo sales are up 45.4%, with mid-market transactions ranging from $400,000 to $600,000 on the rise. In addition, Miami’s existing condo luxury ($1 million and more) sales increased 45.4% year on year to 237 deals.
Miami single-family houses valued between $400K and $600K climbed 24.7 percent year over year in February 2022, with 389 sales. Miami’s existing condo sales in the $400K-$600K price range surged 101.8 percent year over year to 345 deals in February 2022.
Single-family home inventory fell 29.3 percent year on year in February 2022, from 3,128 active listings the previous year to 2,212 this month. Condominium inventory fell 55.1 percent year on year to 5,272 from 11,735 during the same time in 2021.
Months’ supply of inventory for single-family homes has been decreasing since July 2019, suggesting high demand. Months of inventory for single-family homes fell 39.3 percent to 1.7 months, indicating a seller’s market. Existing condominium inventory fell 74.5 percent to 2.6 months, indicating a seller’s market. A balanced market between buyers and sellers provides six to nine months of supply.
The total number of active listings at the end of February 2022 fell 49.6 percent year on year, from 14,863 to 7,484.
In February 2022, Miami-Dade County single-family median prices grew 19.1 percent year over year, rising from $450,000 to $536,000. The median price of a single-family home in Miami has climbed for 123 straight months (10.25 years), the longest unbroken stretch on record.
Year over year, the median price of existing condos grew by 26.7 percent, from $300,000 to $380,000. The median price of a condo has risen in 125 of the previous 129 months.
Mortgage rates have typically been low, making house purchases more accessible. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.76 percent in February, up from 3.45 percent in January, according to Freddie Mac. The overall commitment rate for 2021 was 2.96 percent.
Miami real estate is attracting several bids, with buyers willing to pay above the asking price. In February 2022, the median percent of the initial list price obtained for single-family houses was 98.7 percent, up 1.5 percent from 97.2 percent the previous year. For existing condominiums, the median percent of the original list price obtained was 97.8 percent, up 3.7 percent from 94.3 percent last year.
Miami cash sales accounted for 75.6 percent of all sales in February 2022, which is much higher than the national average. In February 2022, cash transactions accounted for 43.9 percent of Miami closed sales, up from 35.8 percent in February 2021. According to the most recent NAR figures, cash accounts for around 25% of all house sales in the United States.
Cash sales made up 53% of all existing condo sales in Miami and 27.5 percent of single-family purchases.
Revealed: The Perigon Miami Beach
Mast Capital and Starwood Capital Group have officially launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach located at 5333 Collins Avenue.
After the City of Miami declared the existing La Costa Condo tower unsafe last summer, Mast Capital bought out the remaining units in an effort to move forward with The Perigon. The City of Miami’s declaration came shortly after the collapse of the Champlain Towers South in Surfside. Mast owns approximately 88.5% of the current tower leaving 14 unowned.
In June 2021, Mast filed the development plans for the property and the official approval came in December 2021. Rem Koolhaas is named as the architect for the project while Tara Bernerd is listed as the interior designer. The design resembles a series of towers merged together allowing the residents optimal views of Biscayne Bay, Miami skyline, and the Atlantic Ocean
The development will rise 17 stories and feature 83 total units, with 10 of those units labeled as ‘guest suites,’ which will only be available to purchase by unit owners.
Units will range from 2 to 4 bedroom floor plans with 2,100 to 6,700 square foot options. Units will start at $3 million and will feature a number of luxury amenities and residence features.
Services
Residential butler
Dedicated lifestyle concierge
24-hour security and valet service
House car
On-site general manager
In-residence dining and catering from a signature on-site restaurant
Home management services from cleaning and maintenance to floral and pantry stocking (available for additional costs)
Tower Amenities
Signature oceanfront restaurant by a celebrated chef exclusive to residents
Beachside swimming pool and outdoor spa with sunbeds and cabanas
Pool and beachside food and beverage service
Direct entry to the dedicated beach, equipped with lounge chairs, umbrellas, and service
Sprawling conservatory offering daily breakfast bar
Stylish cocktail lounge and speakeasy
Dramatic double-height lobby with open lounge area
Luxury guest suites for friends and family
Sunrise lounge with catering kitchen for entertaining and events
Private spa with sauna and treatment rooms
A state-of-the-art fitness center with a high-impact training room overlooking the Atlantic Ocean
Bespoke wine room
Private salon for personalized beauty services
Screening room
Imaginative children’s playroom
Intimate garden and meditation lounge areas overlooking the Atlantic
Bicycle storage
Residence Features
Direct, private elevator entry to each residence
Gracious 10-foot ceilings with floor-to-ceiling windows
Private 10- to 12-foot-deep terraces designed to provide direct views of the Atlantic from every residence
Expansive living, dining, and entertaining area accented with linear cove lighting
Custom Italian kitchens designed by Tara Bernerd & Partners featuring honed marble countertops, backsplash, and island
Sub-Zero Wolf Appliance Suite
Primary bathrooms feature natural stone flooring and walls, custom bathtub, bespoke mirrors, and light fixtures
Walk-in wardrobes in each bedroom
The building is expected to top off in 2024 with a completion date in 2025. If you or someone you know have an interest in purchasing at The Perigon Miami Beach, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
New Miami-Dade County Legislation will Require Landlords to Provide a 60 Day Notice of Rent Hikes
Residential landlords in Miami-Dade County are now required to provide renters at least 60 days’ notice of rent increases of 5% or more, as renting in South Florida grow increasingly expensive.
The legislation was proposed by Commissioner Eileen Higgins and unanimously approved during the commission meeting on March 15th.
Throughout the country, renters are facing a massive rent spike by at least 50% and according to Miami-Dade County, they hope this legislation will help curb those numbers and make Miami more attractive to tenants.
This new legislation would apply to renters nearing the end of their contracts as well as those on month-to-month leases who are facing the 5% rent increase. Also in the new legislation is the notice on eviction time going from 30 to 60 days, including month-to-month leases that came from a 12-month lease.
According to a commissioner, landlords could bypass the new legislation by offering weekly leases. This new legislation can only be enforced in court.
Higgins stated during the meeting, “Thank you all for your understanding about how fair notice is the right thing to do, but not all landlords are doing the right thing. So, this requires them, if their mothers didn’t teach them to do the right thing.”
There are also 2 additional bills for rent control expected to be voted on by this summer, Tenant Bill of Rights and Rent Control. The tenant bill of rights would allow tenants to withhold rent for certain maintenance issues that the landlords haven’t repaired. Landlords would also be required to provide renters with information about their rental rights for state and county laws.
If approved the Rent Control legislation would put a cap on rent increases for 12 months. There would be many hurdles with this legislation that involved multiple votes by commissioners, the mayor, and Miami-Dade citizens.
Official Plans Submitted for Riverside Wharf
In December 2021, it was announced that a Miami Developer along with Driftwood Capital announced plans the rebuild The Wharf alongside the Miami River. Now, those plans have officially been submitted to Miami’s Urban Development Review Board.
The plans for this project include a hotel and an entertainment complex with retail, food, and beverage. The cost for the project is estimated at $185 million. The plans submitted include 174 hotel units operated by Dream Hotels and 91,733 square feet of commercial space.
A 16,000-square-foot restaurant, a 12,000-square-foot event hall, a 30,000-square-foot nightclub/rooftop day club, and 600 feet of river frontage are all planned for the 200,000-square-foot project. Garcia’s Fish Market may also set up shop on the property as a pop-up market. Its commercial fishing activity used to be located on the property.
The zoning requirements for this type of proposal would include 417 parking spaces but the developers are requesting a 50% reduction in parking by the entertainment and hotel spaces sharing parking. Once approved, the parking spaces will be offsite.
A part of the proposed development includes public used land, which will require a special election. That election is currently scheduled for August 23 and it will involve a potential lease of the public property to the developer.
The 1.5-acre Miami River property at 114 Southwest North River Drive will be developed by MV Real Estate Holdings and its partner, Coral Gables-based Driftwood Capital. Nitin Motwani, the managing partner of Merrimac Ventures and the developer of the Miami Worldcenter, is also a general partner in the project, according to Mantecon.
The Miami Urban Development Review Board is scheduled to review the development proposal on March 16, 2022.
Announced: Bitcoin Conference Miami Beach April 6-9 2022
For the 2nd year, the International Bitcoin Conference is coming back to Miami Beach and it will be bigger than the last day. Stretching over 4 day, this event will introduce cryptocurrency experts, investors, and industry leaders through panel discussions, Q&As, lectures and much more. On the last day, a music festival, the “Sound Money Fest” will take place with some major headliners.
This year the Bitcoin Conference will be held at the Miami Beach Convention Center form April 6-9, 2022. This week long event is dedication to the education of the Bitcoin ‘ecosystem’ through companies as well as upcoming project at the conference.
According to the numbers from the previous Bitcoin 2021 Conference, there were 12,000 in attendance making it a sold out event. This was considered the largest Bitcoin event in history. This year, they conference is expected to bring over 35,000 people from all over the world.
Some of the main headliners include Michael Saylor, Nick Szabo, Jack Dorsey and Tony Hawk. Jack Dorsey is the former CEO of Twitter and is also the founder of Block, Inc., a digital payment company based in San Francisco. Michael Saylor is a big name investor in Bitcoin with a stockpile of 21,454 Bitcoin = $876.5 million.
Tony Hawk also made an appearance during last year’s conference and discussed the parallels of cryptocurrency and skateboarding. His charity foundation just recently started accepting bitcoin as well.
The event is open to all ages at the Miami Beach Convention Center. Ticket prices begin at $862. For more information on the conference or to purchase tickets, click here.
Revealed: St. Regis Residences Sunny Isles Beach
Developers, the Château Group and Fortune International Group have officially revealed the highly awaited St. Regis Residences Sunny Isles Beach. Located at 18801 Collins Avenue in Sunny Isles Beach, this beachfront ultra-luxury residential complex will consist of two 62-story towers that will add to the already growing Miami skyline.
St Regis Residences Sunny Isles Beach will be designed by Arquitectonica with interiors by So Paulo-based Anastassiadis and landscaping by EDSA. The site itself will feature 435 feet of beachfront property with panoramic views of both the Intracoastal Waterway and the Atlantic Ocean.
The two towers will be referred to as the north and south towers. Sales will be launched on the South tower first with options of 194 residences that range from 2 to 4 bedroom floor plans including a selection of penthouses. The North tower is planned to feature 180 residences but sales will launch at a later date.
The residences themselves are exactly what you would think of when you hear the name St. Regis, and that’s luxury.
Residence Features:
Spacious floor plans boasting unobstructed ocean, city, and Intracoastal views
Ceiling heights clearing 10ft in regular units and 12ft in penthouses
Fully finished with flooring and closets
Private elevator and entry foyer in all residences
Service elevators
Italian designed kitchens with Quartz countertops
Miele appliances including wine cooler
Walk-in closets in all primary bedrooms
Laundry rooms with full-size washer and dryer
Smart home technology ready
Service quarters in select residences
Full floor residences with spacious floor plans
East and West terraces with pool on the east
Spacious terraces with luxurious private pool and jacuzzi
Summer Kitchen
Custom-designed Italian cabinetry
Graciously appointed primary suits and separate service quarters with separate entrance
Stunning, 360-degree views of the Atlantic Ocean and Intracoastal Waterway
Indoor BBQ
Indoor/Outdoor living space
Spread throughout the 2 towers will feature 70,000 square feet of amenities.
Managed by the St Regis Hotel Company, without hotel premises.
Grand entry driveway and 2-story porte-cochere
Impressive two-story lobby
10 Guest Suites per Tower
Concierge Services
Pet-friendly and much more
Private beach facilities
Oceanfront and sunset pools
A signature restaurant
Wellness center
Spa
Athletic club
According to the President and CEO of Fortune International Group, “It’s a very exciting time in the South Florida market and it’s been an honor to continue to elevate luxury residential living with our projects.”
As for the CEO of Château Group, Manuel Grosskopf, “Without a doubt, The St. Regis Residences, Sunny Isles Beach, Miami embody these coveted touchpoints and we look forward to releasing more details of the project as we come to market.”
The construction plans show 1,000 parking spots available for residents and the starting price for units begins at $3.5 million. The project is expected to begin in 2023 and be delivered in 2026
NFTs, Velvet Ropes, and Miami
In partnership with Horizen Labs (a blockchain firm), club E11EVEN is teaming up to create a crypto-dedicated division referred to as ‘E11EVEN Crypto.’ This new division was announced last week and is planning to introduce NFTs (non-fungible tokens) to the Miami club scene.
NFTs have made huge headway in the US and especially in Miami. Private clubs, Art Basel, and real estate have all traded NFTs in the recent year and we can only expect that this blockchain market will continue to grow.
In order to understand the big news of E11EVEN, you must first understand what an NFT is. An NFT is a non-fungible token meaning that it’s unique and cannot be replaced with something else. If you look at bitcoin, you can trade one for another and you will have exactly the same thing with a set price. With an NFT card, if you were to trade it with another card, it will be valued at something completely different.
The collection of E11EVEN’s NFTs will be referred to as “11 Captain’s Club.” The artwork itself is inspired by the Miami club scene and will include the club’s iconic hat designs. Just one ETF will be priced at around $2,700.
Club E11EVEN has always been known for keeping up with trends and creating innovative revenue streams. The brand has its own vodka label, an apparel company, and even a real estate LLC that partners with FTX for its crypto operations. With this new NFT division, E11EVEN will pave the way for other brands to be involved in the crypto culture and club scene in the US.
According to the owner of E11EVEN, Michael Simkins, “We were the first major club to accept crypto as payment, and now we’ve processed over $5 million of it at the nightclub.”
Horizen Labs stated that they raised $7 million in August for the funding of this NFT division. E11EVEN is set to release the NFTs during the upcoming Bitcoin 2022 conference in April.
MSC Cruises USA Breaks Ground on PortMiami Terminal
MSC Cruises USA has recently broken work on an extensive cruise terminal at PortMiami as it expands operations at the congested port. The cruise line is based in Switzerland but the US locations are currently in Orlando and Fort Lauderdale, and now Miami.
The terminal building itself rises 4 stories and will spread over 490,000 square feet. The building itself will cost $350 million. Once the project is complete in 2023, the capacity of the terminal can hold 36,000 passengers daily. The terminal can hold 3 cruise chips at once and it will include the MSC Seascape (a 2,270 cabin).
The project will also have a 2,400 space parking garage and lot. MSC Cruises utilizes LNG (liquified natural gas) powered ships. The ships can also connect to shore power while docking which creates a more fuel-efficient ship.
According to the President of MSC Cruises USA, Rubén Rodriguez, “Our new terminal at PortMiami represents MSC Cruises’ commitment to growing in North America and will help drive our expansion in South Florida and beyond.”
Arquitectonica is the designer of the building while Italy-based Fincantieri Infrastructure is listed as the developer for the project. The old renderings for the terminal included a separate building for the USA headquarters for the cruise line but the plans transitioned into more space for customers. There are talks of leasing office space in other areas of Miami.
PortMiami has seen a lot of construction over the past year. Larger cruise lines are expanding their fleets like Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, and Virgin Voyages.
