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.

New Argentine Restaurant Opens its First US Location in North Miami Beach

La Birra Bar is a 20-year-old family-owned restaurant that has officially opened its doors in North Miami Beach. This Argentina restaurant has made a name for itself and has already challenged burger restaurants throughout Miami-Dade.

Known for being “The Best Burger in the World,” the challenge is clear: try and beat their world-class burgers. They don’t consider their burgers like any burgers. They call them creations and they have spent years concocting the perfect recipe. Ingredients like aioli, confit tomatoes, and Milanese mozzarella cheese make their burgers what they are; delicious.

Although they are known for their burgers (which there are 40 different ones to choose from), they also showcase wings, chicken tenders, and ribs. They were also home to the ‘Elite’ ice cream, which was just added to their menu.

Daniel, Roxana, and Renzo Cocchia are the owners and operators of La Birra Bar which originally started as a cafeteria but later became what it is today. Ice cream maker and pastry chef, Matías Dragun recently added the elite ice cream to the menu. His ice cream recently won third place in January at the Ice Cream World Cup in January 2021.

La Birra Bar currently has 12 locations Buenos Aires, Madrid, and now North Miami Beach.

Record Set for Miami-Dade for Most Home Sales in a Quarter for Q2 2021

According to the Multiple Listing Service (MLS), Miami-Dade real estate has set a new record for most home sales in a quarter. This new record is of no surprise due to the multiple records that have been set in Miami this year alone. In July, a waterfront mansion sold as the highest-priced home sale ever in all of Miami-Dade. Bay Harbor Islands also had a record-breaking sale of $12 million on a recent waterfront home, making it the highest-priced sale in all of Bay Harbor.

Total home sales for Miami-Dade County rose 142.4% from 4,766 to 11,553 sales. Single-family homes sales also rose from 66.9% from 2,688 to 4,486. Existing condo sales increased from 2,078 to 7,067 making it 240.1%.

Comparing to quarter 2 2019 to quarter 2 of 2021, total home sales rose 46.9% overall from 7,861 to 11,553 total transactions. As for condo sales, which are up by 76.3% from 2019 to 2021 and single-family homes sales up 16.4%. These numbers make this quarter the best-selling quarter for all of Miami-Dade since 1993.

Luxury sales have also rose 346.4% for this quarter. With an influx of buyers from the West Coast as well as remote workers, $1 million-plus homes are not staying on the market long. Condo luxury sales have increased by 651.6% for this quarter as well.

Single-family median home prices rose 31.6% from $380,000 to $500,000. Condo sales saw an increase as well at 25.8% from $262,250 to $330,000. The total home sale volume for Miami is $9.3 billion.

One of the drawbacks for sales is the lack of inventory for both condo and single-family homes. Active listing total 11,262 for this quarter at 41.8%, which is a large decrease from 19,358 from 2020. Condo inventory showed a substantial decrease of 41.7% from 4,926 to 2,853. With the interest rates maintaining a low rate and sellers wanting to take advantage of the market, we hope to see an increase in supply in the future.

Developer Looking to Acquire 80% of Brickell Harbour

In the past couple of years, Brickell Harbour condominium owners have received multiple offer letters to purchase their units. More recently, one of our long-time clients has received a purchase letter for double the value of their unit. This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown but it is evident of the developer wanting to buy out the tower.

The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company as well as Fortune International Group is located at 1300 Brickell Avenue in Miami. Their portfolio consists of the development, designing, and financing of Miami condominiums. They also offer brokerage services.

According to the letter (below), Brickell Bayfront Acquisition, plan on obtaining at least 80% of the units at Brickell Harbour. The letter also states that the company has spoken to the condominium owners association about purchasing units but it was concluded that it is up to each individual owner to make the decision to sell. Some of the highlights of the purchase agreement include:

• The purchase price being offered is a significant premium above the market value of the unit and considers each unit’s particular size, view, floor, line, and improvements;
• Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;
• There is no finance contingency;
• Closing in 90 days after the expiration of the due diligence period;
• The owner pays NO brokerage commissions (typically 6%);
• The buyer pays off the recent special assessment for structural repairs; and
• The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.

Brickell Harbour is an 18-story condo tower located at 200 SE 15th Road in Brickell’s Financial District. The tower was built in 1974 and received major renovations in 2019. Residences comprise of 1 to 3 bedroom floorplans ranging from 602 to 1,641 square feet of living space. Tall ceilings, floor-to-ceiling glass windows, wide balconies, and gorgeous views are just a few of the residential amenities these units have to offer.

It is unclear what Brickell Bayfront Acquisitions plans on doing with the tower once they receive purchase contracts but we will update this article as more information is available.

Anheuser Busch Executive Pays Record Price for Waterfront Home in Bay Harbor Islands

Another record sale is in the books for Miami! Just this past week, an executive for Anheuser-Busch, Fued Sadala, purchased a waterfront home in Bay Harbor Islands for $12 million. This marks another record after the most recent mansion that sold for $65 million as the highest sell in Miami-Dade history.

Located at 9814 West Broadview Drive, the 8 bedroom and 9 bathroom home features 7,098 square feet of living space. The design of this modern home showcases its straight rooflines and large expanses of windows and glass doors. The expansive master suite with a sitting area, steam shower, and double walk-in closets is perfect with its Biscayne Bay views.

The open floor plan flows seamlessly throughout, opening to the large concrete patio and pool. The expansive yard makes for entertaining as well as gaining access to a private boat dock all on 0.3 acres. The property was originally built in 2002 and was last sold for $4 million in 2018.

The waterfront home was originally listed for $12.5 million and sold within 2 months. This sell is the highest sold waterfront home in the two-island town of Bay Harbor Islands.

The previous record was at $11.5 million in Bay Harbor Islands that sold in December 2020 at 9540 West Broadview Drive. Also in 2020, the CEO of Moet Hennessy sold his Bay Harbor Islands waterfront home for $8.1 million.

For more information on Bay Harbor Islands luxury homes or any of its new projects, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.