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.

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

Plans Submitted for 48 Story Tower: Brickell Gateway

Israeli-developer, Gazit Horizons, is on track to bring a 48 story tower to Miami’s Brickell. Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.

Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021, was the date that the developers submitted plans for demolition. The tower is proposed to include 500 condo units.

The demolition approval is still pending. According to the plans, the site only permits plans for a building up to 48-stories and they are taking full advantage.

The demolition costs for the property would total $139,698 with an estimated cost for completion at $150 million. BG Group is listed as the demolition contractor for the project. Once approved, the developers are aiming for a completion date in quarter 2 of 2023.

The developers met with the City of Miami on February 15, 2022, for review. The current status of the project is still in redesign.

You may be familiar with the current site of the proposed tower. It is a black building with magnificent artwork portraying soccer-based graffiti. The soccer club, Club Internacional de Fútbol Miami, that houses the building has been renting the space since 2018. David Beckham is the Miami MLS Owner and President of Football Operations.

December 2021 Posts Best Sales Month in Miami-Dade Real Estate History

This year has been a record-breaking year for Miami-Dade County real estate. Quarter one, we saw median sales prices reach record numbers as well as the number of homes sold. In the second quarter for 2021, a new record was set for the most home ever sold in that quarter.

In the third quarter, records for highest condo prices sold. And now, Miami has had its best December sales month in history with total homes sales, highest annual total dollar volume, most condo transactions, and most single-family home sales.

According to the Multiple Listing Service (MLS) for quarter 4, there has been 49% more sales and 103% more dollar volume in 2021. Year 2021 ended with 39,394 existing total property sales, up 49.5 percent from the 26,345 transactions in 2020 and 31.1 percent from the previous annual high of 30,041 transactions in 2013. Miami’s sales in dollars totalled $30.3 billion in 2021, an increase of 103.4 percent year over year.

The total sales record actually broke in October 2021 (10 months) which is a record in itself. In just nine months in 2021, Miami broke its all-time yearly condo sales record, selling 23,689 units, an increase of 80.9 percent over the previous year. Miami set a new record for annual single-family home sales in 11 months, with 15,705 units sold, up 18.5 percent from 2020.

Total home sales in Miami-Dade County increased 14.8% year over year in December 2021, from 2,990 to 3,433. While single-family house sales in Miami fell 1.2 percent, from 1,372 to 1,356, existing condo sales in Miami rose 28.4%, from 1,618 to 2,077. It’s the 15th month in a row that condo prices have risen by double digits year over year.

Nine of the top ten best house sales months in Miami history occurred in the year 2021. The month of June 2021 (with 4,057 total transactions) is still the most active in Miami’s history. Since MIAMI began keeping statistics in 1993, December 2021 (with 3,433 sales) has been the sixth-best sales month overall.

Home sales in Miami are also up considerably from December 2019. Total home sales in Miami increased by 41.6 percent in December 2021 compared to December 2019, from 2,424 to 3,433. Single-family house sales in Miami are up 15.5 percent, while condo transactions are up 66.2 percent, compared to December 2019.

In December 2021, single-family luxury ($1 million and more) transactions in Miami increased 18.6% year over year to 262. Existing condo luxury ($1 million and over) sales in Miami increased by 100% year over year to 264 transactions.

Luxury single-family homes have a 3.2-month supply, while luxury condos have a 7.5-month supply. Month-over-month and year-over-year, luxury months of supply continues to decline for all property categories.

In December 2021, 535 single-family houses priced between $400K and $600K sold in Miami, up 25.6 percent year over year. Existing condo sales in Miami increased by 101.7 percent to 359 deals, with prices ranging from $400K to $600K.

Single-family median prices in Miami-Dade County grew 15.4% year over year in December 2021, rising from $454,900 to $525,000. The median price of a single-family home in Miami has grown for 121 months in a row, a stretch of 10.1 years. The typical price of an existing unit grew 29.3% year over year, from $274,500 to $355,000. In 123 of the last 127 months, condo median prices have risen.

In December 2021, Miami’s total monetary volume was $3.1 billion. The dollar volume of single-family homes climbed 27.7% year over year, from $1.31 billion to $1.67 billion. Year over year, condo dollar volume increased 68.5 percent, from $853 million to $1.4 billion.

In December 2021, cash transactions accounted for 40.4 percent of Miami closed sales, up from 32.2 percent in December 2020. According to the most recent NAR statistics, cash sales account for about 23% of all house sales in the United States. Cash sales made up 49.1% of all existing condo sales in Miami and 27.1 percent of single-family home sales.

1,049 Foot Supertall Tower Receives FAA Approval for Brickell Neighborhood

Brickell may be getting a new supertall tower after receiving approval from the Federal Aviation Administration. Now the plans will move on to the City of Miami to discuss design, permits, and construction.

The tower located at 1428 Brickell would rise 1,049 feet tall on 1.15 acres. The property is currently owned by Miami-based real estate developer Ytech.

Ytech has the rights to build an 825,000 square foot structure due to the air rights. Ytech’s website states, “In a sea of high-rises, 1428 marks a new chapter for luxury development and a turning point for the Brickell area.”

The FAA application was originally submitted on July 30, 2021 and was just granted approval on January 14, 2022. The project is currently being called 1428. Its T6-48A-O zoning means the property could house a tower that’s at least 48 stories tall.

The only information that has been released about the property is that there will be hotel-like services that owners can participate in.

Ytech also owns property nearby where an 80 story tower is possible. This site could also be a possibility for an additional supertall tower as well.

The developer purchased the site in January 2017 for $26.5 million from The Taplin Company LTD after a threat of foreclosure. Currently, there is a 9 story Bank United office building that was originally built in 1971 with 100,762 square feet. Taplin first purchased the property in 1994 for $4.4 million.

CEO of Kayak Breaks 2 New Condo Records all on the Same Day

Kayak co-founder and CEO Steve Hafner paid $40 million for a penthouse on Fisher Island–Palazzo Della Luna after selling his smaller unit at L’Atelier Miami Beach for $36 million in two straight record-breaking deals.

One of the records include Mr. Hafner’s duplex at L’Atelier Miami Beach, which was listed for $39.9 million in March and sold on Friday. Mr. Hafner purchased his 6-bedroom, 7.5 bathroom unit at L’Atelier Miami Beach for $21 million in 2017 while the project was still under construction. Mr. Hafner and his wife, Staci Hafner, worked with Bart Reines Luxury Home Builder to redesign the 8,000-square-foot unit.

A glass elevator, a private 40-foot infinity pool, and a summer kitchen and bar are all included in the penthouse. SMG Management and W Capital Group developed L’Atelier.

Mr. Hafner then smashed his own record by purchasing a nearly 10,000-square-foot condo at the Palazzo Della Luna on Fisher Island later that evening. The seven-bedroom mansion was first listed for $40 million in 2018 and then relisted for $48 million in April.

The new purchase sits on Fisher Island, a 216-acre private island south of Miami Beach, and is home to around 800 CEOs and business owners. According to the listing, Mr. Hafner’s new house at the Palazzo Della Luna is on the 10th level with various terraces and a rooftop patio with a pool.

According to the company’s website, Mr. Hafner co-founded Kayak Software Corporation, an online travel booking tool, in 2004. Booking Holdings bought the company for $1.8 billion in 2013. According to property records, Mr. Hafner, who also owns residences in Rowayton, Conn., and the Hamptons, sold his New York condominium for $23.5 million earlier this month.

Before these new records, the county’s highest-priced condo purchase of the year was a penthouse at Continuum that sold for $35 million in April. The highest-priced condo transaction ever was a $60 million double penthouse at Faena House in 2015.

According to the press release, Hafner hasn’t been to their NYC apartment since the pandemic first started and they didn’t see a way back. The seller’s were represented by Eloy Carmenate with The Corcoran Group. The buyer of the L’Atelier penthouse is currently unknown.

Rosso Development and Standard International are Partnering to Bring a 228 Unit Condo Project to Midtown

In its very first partnership, Standard International along with Rosso Development are collaborating on a residential project that will bring a 12-story tower to the Midtown neighborhood of Miami, the Standard Midtown.

Sales are slated to begin on November 30. Arquitectonica and Urban Robot are collaborating on the project, which will be located on the southwest corner of Northeast First Avenue and Northeast 32nd Street across from a grocery store development that is currently under construction.

The Standard Midtown will feature 228 luxury condos ranging from 432 to 965 square feet of living space with studio to two-bedroom floor plan options. Prices will range from $329,000 to $829,000

Payment Structure:

• Deposit 10% at reservation
• Contract and Groundbreaking 20%
• 6 months after contract 10%
• Top off 10%
• Closing 50%

The units will feature cubby kitchens designed by Urban Robot, expansive terraces, and master baths with double showers. Unit owners will be able to rent their units for periods up to 30 days with exclusive benefits to friends and family.

Amenities:

• 35,000 square feet of amenities
• 10,000 square feet of retail space
• Expansive lobby with lounge areas and a cafe
• Rooftop restaurant
• Bar
• 60-foot resort-style pool
• Sweat room and fitness center
• Indoor pickleball court
• Yoga and stretch studios
• Karaoke bar
• Pet Spa
• Party room

Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.

Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.

Construction is planned to begin next year and be finished by the middle of 2023. The site at 3100 Northeast First Avenue, as well as the air rights above the existing neighboring garage, are owned by Vadia’s Midtown Opportunities VIIIB LLC.

You Could Have Your Own Regalia Penthouse for $25.5 Million

Located at the Regalia, this 15,000 square foot penthouse is an absolute dream and it could be yours for $25.5 million. In a time where luxury penthouses have been selling quickly and real estate records keep breaking, at this price point plus all of the features and amenities, this penthouse unit is a steal.

The location of the Regalia is unmatched, placing it centrally in Sunny Isles Beach with the ocean just steps from the luxury tower. Located at 19575 Collins Avenue #PH43, this unit has a bird’s eye view of the Atlantic Ocean and the Miami skyline. Featuring 6 bedrooms, 7 full baths, and 2 half baths, this full-floor unit is placed at the very top of the tower spreading over 3 floors.

Upon entering the luxury unit, you are greeted with soaring 20-foot ceilings, a custom rainfall chandelier, and floor-to-ceiling windows with endless ocean views. The Blanco Sevilla stone floors lead to the custom Poliform kitchen with Wolf and Sub-Zero appliances. The kitchen also features smoky quartz counters with Kreon lighting.

The floating staircase takes you to a separate floor where the expansive master is anything but ordinary. This suite is perfectly finished with remarkable ocean views from every corner and the grand bathroom with its Calacatta marble expanding over the floors and walls. According to the listing, there is over $1 million in imported Calacatta.

As you ascend from the pneumatic glass elevator to the private rooftop, an outdoor pool, summer kitchen, and custom bar awaits. The entire unit features Blanco Sevilla Stone and Nikzad flooring throughout, Kreon lighting, Crestron Smart home automation, and Lualdi Italian Interior doors.

This remarkable tower was designed by Bernardo Fort-Brescia of Arquitectonica and decorated by Charles Allem of CAD International, a world-renowned South African designer. The Regalia is the epitome of perfection and luxury. What’s so unique about this tower is the 39 full-floor residences. Each residence expands 5,515 square feet of living space with private elevator entries and 2,100 square feet of wrap-around terraces.

Regalia Amenities

• Smart Building
• Yoga/Meditation Room
• Oceanfront Jacuzzi
• 5-Star International Concierge Services
• Cold Plunge Pool
• Private Poolside Cabanas
• Finishes with the Finest Stone, Wood, Glass, and Wall Coverings
• State-of-the-Art Fitness Center
• Professionally Trained Spa Manager
• Private Poolside Cabanas
• Fountains, Privacy Landscaping, and 24-Hour Valet

This incredible listing is currently up for auction and will be sold to the highest bidder on December 16, 2021. If you or someone you know have an interest in purchasing at the Regalia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.