Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History

The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.

Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).

Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.

Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.

Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.

Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.

There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.

Developer Sells Palm Island Mansion for $17 Million

Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.

Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.

The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.

The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.

This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.

The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.

Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.

U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?

Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.

In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.

With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.

According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.

Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.

According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.

Miami Dade County Breaks More Records for Home Sales in September 2021

Home sale records continue to be crushed month over month for Miami-Dade, marking its best September sales in history and setting the bar for the most condos sold in a year’s time. The previous annual record was 17,142 in 2013, while the current condo sales have equaled 17,942 with only 3 months to go!

According to the Multiple Listing Service (MLS), homes sales for Miami Dade have risen 20.2% at 3,031 transactions. This is up from the 2,521 transactions that occurred in 2020. Simultaneously, we saw a dip in single-family home sales at 3.6% at 1,241. This may be due to the lack of single-family home inventory. Condo sales have exponentially increased at 45.2% at 1,790 for September.

According to the Miami Chairman of the Board Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

Miami is also on track to have its best year ever for single-family home sales. For September, single-family home sales have increased by 35.3% at 3,031 total transactions.

Miami condos sales have increased by 45.2% in September with major increases in pricing for properties over $250,000.

Luxury sales have also been in the records spotlight with a 31.4% increase with 209 sales for September. For properties $1 million and up, sales have increased 96.5% at 167 transactions. Currently, there is a 3.9 month of supply for luxury single-family homes and a 9.4 month supply for luxury condos.

Single-family home pricing falls between $400,000 to $600,000 increasing by 27.4% higher than September 2020. Condo sales also saw a heavy rise at 161.1% with sale prices between $400,000 to $600,000.

Inventory has decreased for both single-family homes as well as condominiums. Inventory single-family homes decreased by 42.1% since 2019. Condominiums have decreased from 68.8% since 2019 as well.

Single-family home median prices have increased by 11.5% from $435,000 to $485,000. Condo median prices have increased by 24.5% from $265,000 to $330,000

Miami-Dade cash sales are up by 62.2% and represent 37.3% of Miami’s closed sales in September. According to statistics from the National Association of Realtors, almost 23% of all United States home sales are cash. Cash sales count for 45.9% of Miami condo sales with 24.9% for single-family sales.

Sold Less Than 1 Year Ago- Chris Bosh’s Previous Waterfront Mansion Lists at a 192% Increase

Retired Miami Heat player, Chris Bosh sold his waterfront mansion in January 2021 for $14.4 million. The property located in Miami Beach has now been relisted at $42 million in less than 9 months.

According to county records, the current owner of the property is AquaBlue Group, a building design company also located in Miami Beach. AquaBlue is led by Philippe Harari and mainly does business in Miami. AquaBlue currently owns 2 Palm Island properties, 1 Hibiscus Island property, 1 Venetian Islands property, and a bayfront resort-like retreat.

The Miami Beach property was originally purchased for $695,000 in 1991 and the current home that sits on the lot was developed in 2008. In 2010, Chris Bosh purchased the property for $12.3 million. Over the years, Bosh has tried to sell the property for $18 million and $15 million, later selling in January 2021 for $14.4 million.

The waterfront Miami Beach mansion located at 6396 North Bay Road features 7 bedrooms, 8 bathrooms with 11,709 square feet of living space. The lot itself sits on 0.55 acres of water frontage directly on Biscayne Bay. This modern waterfront was architecturally designed by Touzet Studio with double-height rooms.

The custom Italian kitchen features unique modern cabinets, high-end appliances, and an expansive island. The master suite features direct bay views and a wet bar. The outdoor area is a perfect entertaining space with an outdoor kitchen, cabana bathrooms, infinity pool, gym, guesthouse, and boat dock. Custom branded Italian furniture will be included in the purchase.

The market has been surging with waterfront property transactions, including those on North Bay Road. In June, Dwayne Wade and his wife’s Gabrielle Union sold their home on North Bay Road for $22 million. Phil Collins also sold his waterfront home in January for $39.2 million. Jennifer Lopez and Ben Affleck rented a waterfront estate just 2 doors down from Wade for $150,000 monthly.

Miami Real Estate Breaks Another Record for August 2021

The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!

There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.

Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.

All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.

Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.

Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.

Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.

Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.

Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.

Joe Jonas and Sophie Turner Make a Move to Miami with a Purchase of an $11 Million Waterfront Mansion

Joe Jonas and his wife Sophie Turner are the newest celebrity couple that has made the move to Miami along with countless others.

Their recent purchase of a waterfront property located at 4400 Island Road in the Bay Point Community, sits directly on a channel leading to Biscayne Bay. The couple paid $11 million for the 6 bedrooms, 8.5 bathroom estate.

This unique property was inspired by Frank Lloyd Wright, an American architect who has designed over 1,000 structures over his 70-year career. This specific estate was designed with harmonic accents while incorporating outdoor aesthetics. The Island Road mansion utilizes indoor gardens, a koi pond, and a grand salon with 30-foot ceilings to create a tranquil ambiance.

Over the years, this home was renovated with no expenses spared in the designs. Walking through, you’ll find Calcutta baths, Ornare closets, a sauna, gym, and steam room. Other features include a climate-controlled wine cellar and gorgeous cherry hardwood floors. The home also features a 10-foot pool, 94 feet of water frontage, and a boat dock.

The home was previously owned by Cuban-American musician Willy Chirino. Chirino is a Miami native and began his artistic career in Miami, releasing his first album in 1974. Since then, he has recorded over 20 albums and was nominated for multiple awards in 2007 at the Latin Grammy Awards. Chirino sold the home in 2014 for $4.2 million.

According to county records, the current sellers are Luis Arguello Jr. and Sylvia Chamorro. Arguello is the chairperson and CEO of DemeTech, a Miami-based maker of surgical sutures, mesh, and bone wax.

Joe Jonas is known as an American singer-songwriter and boy band member of the Jonas Brothers who debuted in 2006. Their band split in 2014. In more recent years, Joe has reunited with the Jonas Brothers and has created songs that we all know and love, including What a Man Gotta Do, Cake by the Ocean, and Sucker. Joe married Sophie Turner in March 2021.

If you’ve watched Game of Thrones, you know that Joe’s wife, Sophie Turner doesn’t need an introduction. From 2011 to 2014, she played the very difficult role of Sansa Stark. Game of Thrones was her first television role at the age of 14. Her career also placed her in other movies including X-Men, Barely Lethal, and The Prince. She has also modeled for Louis Vuitton and Gucci.

The couple listed their Enchino, California mansion in June for $16.8 million. Their home is still on the market.

This Bay Point community has seen a lot of activity in recent months with a former Goldman Sachs exec purchasing a waterfront mansion for $11.3 million and a record sale of $17.4 million in May 2021.

Bentley Residences Unveils New Renderings and More

Bentley…the name alone is enough to make you think of exclusivity, luxury, and performance. Mix that in with high-end luxury development and you have a world-class residential tower that offers more than a living space, but an experience.

Bentley Motors has partnered with Dezer Development to bring residents the very best of the iconic brand by incorporating everything that a 5-star hotel has to offer without the continuing cycle of guests.

Dezer and architect Sieger Saurez spent several months perfecting the exterior diamond-shaped design. Dezer adds, “When we developed plans for the Bentley, we immediately thought of the triangular windows… It’s going to be a diamond that they can see all the way from Cuba when the sun hits on it. It’s going to be amazing. ” He adds, “we’re going to have a hard time outdoing ourselves.” Just from the renderings, we couldn’t agree more!

On September 14th, Dezer met with the City Commission to consider expanding the original site plan as well as reviewing additional transfer of development requests. The expansion would increase the square footage of the building to 616,185 square feet rising 62 stories (instead of the original 60). Two hundred and sixteen condos would along with 821 parking spaces are anticipated.

The most unique concept of Bentley Residences will be the car elevators that lift your car to your condo (very similar to the Porsche Design Tower) or as Dezer refers to it “Dezervator.”

Bentley Development Information

• Location: 18401 Collins Avenue
• Developer: Dezer Development (Gil Dezer
• Architect: Sieger Suarez Architects

Building Amenities:

• State-of-the-art fitness center
• 2 pools with cabanas
• Spa
• 2 Restaurants
• Whiskey bar
• Cigar lounge
• Cinema
• Landscaped gardens
• Dezervator car elevator
• Kid’s lounge

Residence Features:

• Seamless indoor-outdoor living floorplans
• In-unit multi-car garage with a car elevator directly to each residence
• Private balcony, pool, sauna, and outdoor shower
• Floor-to-ceiling windows with ocean and bay views
• Florida Green Building Council (FLGC) certification

Construction on Bentley Residences will begin in 2023 with an unveiling in 2026. “These buildings are complicated; they take time,” says Charles M. Sieger, President of Sieger Suarez Architects. “It’s not like working on a single-unit family house. They’re very technical and, at the same time, very artistic. You need some experience doing these things. We worked with Bentley to pick up their esthetic, the way they do their stitching, and diamond-shaped signature visual items,” Sieger adds. With more photos and information being released, we can’t wait to see what else Bentley has in store!

Miami-Dade County Looking to Add a New City for the First Time in 16 Years

It has been 16 years since Miami-Dade added a new city but that could change for Biscayne Gardens. Following a public decision, county commissioners are deciding today to utilize 5 square miles that border 4 northeast cities.

The next step in the approval process is for local voters to vote in the special election on November 2, 2021. If voters decide on the new city, Miami-Dade will have a new 35th ‘parish.’ The last was Cutler Bay which was founded in January 2005.

The 5 square miles is located near North of Northwest 167th Street, East of Northeast 18th Avenue, South of Northwest 128th Street, and West of Northwest 17th Avenue. The current neighborhood is called Biscayne Gardens and the area would keep that name. About 3% of the land is undeveloped with a quarter of the area is dedicated to traffic, communication, and utility.

There is still much room for growth. Included in the plans to form the city are 3 apartment complexes with 861 units, mega-church, and additional apartment complexes.

Biscayne Gardens would also include 3 parks which would include a community center with costs of $1 million with 20,000 square feet.

The Biscayne Gardens Municipal Advisory Committee was formed in September 2003 to look at whether the area could turn into a city. The committee later broke apart in In April 2012.

The area of Biscayne Gardens now has 35,000 residents with over 50% being registered to vote. If the city is formed, the special election would cost $94,000. This price the county would pay up front then the city would reimburse once established.

Although a strong opposition on the vote, we will know more after today’s meeting.

Avalon Merrick Park Tower Under Construction in Miami

Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.

When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.

The shell contractor is L&R Structural and the architect will include Arquitectonica.

Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.

Building Amenities

• State-of-the-art fitness center with professional-grade cardio and strength equipment
• Rooftop, resort-style pool and sundeck with BBQ area and seating
• Pet-friendly living with WAG Pet Spa
• Coworking space including workspace pods and reservable conference rooms
• WiFi access available in common areas
• Package lockers for 24/7 package acceptance
• Smoke-free living
• Controlled access garage parking
• Bike storage
• Easily accessible to retail and dining, including the Shops at Merrick Park
• One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove

Residence Amenities

• Studio, one, two, and three-bedroom floor plans
• Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
• Washer/Dryer in all homes
• Walk-in closets
• Air conditioning

Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.