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.
Alaska Airlines Announces Daily Flights from Miami to Seattle
Coming in June 16, 2022, Alaska Airlines will begin daily transcontinental flights from Miami to Seattle. This will be Alaska Airlines’ 100th nonstop destination.
As of March, Miami has joined Oneworld Alliance. Oneworld Alliance was founded in 1999 as an airline alliance featuring 14 airlines that have flight patterns all over the world.
Alaska Airlines currently partners with American and maintains the Miami hub for the Latin America and Caribbean sectors, so it’s no surprise with the recent announcement.
According to the Alaska press release, “Think Seattle to Miami, then onward to locations such as Rio de Janeiro, Buenos Aires, or the U.S. Virgin Islands.”
American is currently the only carrier that flies from Seattle to Miami. The return of the Alaska Airlines flight will be the first time in a decade. The last time the company serviced the area was in 2012 around the same time the company cut operations to Florida.
The company will be using a 737-900 plane and will be the longest continental U.S. flight by distance. The flight itself will take 6 hours from west to east and 6 hours and 30 minutes from west to east.
The airline also services Fort-Lauderdale International Airport with expansions into Lost Angeles, Cleveland, San Francisco, and San Diego.
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.
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.
New Restaurant Opens at the Esmé Miami Beach
Photo Credit: Ruben Cabrera
At the boutique Esmé Miami Beach hotel, a new bistro-style restaurant has opened. Replacing the former Latin Cafe 2000, located at 2501 Biscayne Blvd., Miami Beach, Mimi’s will serve breakfast, lunch, and dinner and will incorporate some of the most bizarre combinations yet tasty egg creations you will probably ever eat.
The former chef of Pao at the Faena House in Miami Beach, Benjamin Murray will be taking over as head chef at Mimi’s. According to Murray, “Miami has become a thriving foodie destination…and with Mimi’s relaxed-casual American classics will be the new spot.”
Mimi’s space was designed by CDK Design’s Cindy Kam, which includes an indoor and outdoor floorplan. The scene is set with a cafe bistro style mixed with industrial decor.
The egg creations include Osstera Caviar, which is considered the most prized and extensive caviar in the world. All of the food items will don some version of the Caviar. Benjamin Murray and Michael Kaplan, owners of Mimi’s, came up with the concept after their opening of Benh Mi, which is another restaurant that connects to the lobby of Esmé Miami Beach.
Breakfast and lunch will be self-service only and dinner, as well as happy hour, is full service. Fresh coffees and pastries are serviced daily at the bakery and a full breakfast menu is served until 8 am. The menu includes signature dishes like egg sandwiches, cured salmon on an everything bagel, burgers, and Binchotan-grilled steak and egg combos.
Signature Breakfast Menu
FRIED CHICKEN & WAFFLES
Crispy hand-breaded chicken and two malted waffles with maple syrup.
STEAK & EGGS
28-day aged 10 oz. USDA Choice New York Strip. Housemade herb butter available upon request. Served with roasted potatoes and two eggs.
FARMHOUSE BREAKFAST TACOS
Hickory-smoked bacon, sausage, scrambled eggs, roasted potatoes, cheddar cheese, jalapeño, tomato, onion and cilantro in flour tortillas. Served with salsa.
BREAKFAST BURRITO
Flour tortilla stuffed with braised beef, melted jack and cheddar cheese, scrambled eggs, avocado, tomato, jalapeño, green onion and cilantro. Topped with spicy chipotle sauce and served with roasted potatoes.
EGGS & BACON CROISSANT SANDWICH
Bacon, two fried eggs, sliced tomatoes, melted cheddar and mayonnaise on a flaky croissant. Served with sliced tomatoes.
BROWN SUGAR OATMEAL
Rolled oats sprinkled with brown sugar and cranberries, served with milk.
Signature Entrees
ROASTED HALF CHICKEN
Slow-roasted with housemade herb butter. Served with choice of two sides. (600 Cal)
TUSCAN STYLE GRILLED CHICKEN
Grilled chicken, mashed potatoes, sautéed vegetables and artichoke hearts served in a savory sauce.
SLOW-ROASTED TURKEY
Slow-roasted turkey with gravy, cornbread stuffing and orange-apple cranberry relish. Served with choice of two sides.
CHICKEN POT PIE
Freshly baked with roasted chicken, peas, carrots, onions and potatoes folded into a creamy herb sauce. Topped with a flaky crust.
FRENCH POT ROAST
Slowly braised and simmered with carrots, mushrooms and onions. Served on a bed of mashed potatoes.
MIMI’S MEATLOAF
Our own traditional recipe topped with a red wine shallot sauce. Served with choice of two sides.
RIBEYE STEAK
28-day aged, 10 oz. USDA Choice ribeye steak. House-made herb butter available upon request, your choice blackened or grilled. Served with choice of two sides.
POT ROAST DINNER
Slowly braised and simmered in red wine shallot gravy. Served with choice of two sides.
NEW YORK STRIP STEAK
10 oz. USDA Choice New York Strip dry-aged 28 days, blackened or grilled. Housemade herb butter available upon request. Served with choice of two sides.
SWEET GLAZED SALMON
Grilled and topped with a sweet honey glaze. Served with sautéed vegetables and long grain rice. Blackened or grilled. Served with choice of two sides.
BEER BATTERED FISH & CHIPS
Hand-battered cod fillets with french fries, coleslaw and tartar sauce.
JAMBALAYA
Shrimp, chicken and andouille sausage, bell peppers and onions in a French Basque tomato sauce. Served over penne pasta or long grain rice, your choice.
Total Number of Transactions Increased for this Week’s Miami Dade Condo Sales
Over the past few weeks, we have seen a steady incline in overall condo sales including volume and number of sales. This is of no surprise with the increase of companies, execs, and people taking up residency in Miami-Dade County.
Coming in at $123 million, this week’s condo sales volume increased from $85.3 million in the week prior. The total number of sales has risen to 198 for this week, up from 128.
The average price for condo sales reached $622,000 which has actually decreased from $666,000 then the week prior.
Leading this week’s condo sales in a luxury unit at Continuum South Beach that sold for $8 million or $2,708 per square foot. This luxury property located at 100 S Pointe Dr. Unit #3507 was sold to tech entrepreneur Hari Ravichandran, who is the CEO of Jump Ventures and Aura.
Last week’s highest condo sale was lead by Lucas Lechuga (Luxe Living Realty-Miami Condo Investments) with the sale of a Setai Miami Beach condo that sold for $12.3 million.
The sale coming in second includes a luxury unit at Palazzo Della Luna on Fisher Island. The property sold for $7.5 million or $2,045 per square foot and was on the market for 324 days. Luxe Living Realty’s Dora Puig represented the seller.
Former Linebacker for the Miami Dolphins Sells Miami Beach Home for $6.25 Million
Photo Credit: Julian Cohen
Orlandus Andre Branch III is a former outside linebacker for the Miami Dolphins, who played from 2016 until his retirement in 2019. Branch recently sold his mansion for $6.25 million after purchases in 2019 for $2.8 million. What an investment!
Located just a couple blocks from Biscayne Bay in the Nautilus neighborhood at 4535 Nautilus Court in Miami Beach. The modern mansion features 6,000 square feet of professionally designed living space.
The 6 bedroom, 6.5 bathroom new construction home features European oak and marble floors throughout and high-end kitchen appliances. The home is completely finished with a steam room, media area, and tall ceilings throughout.
Photo Credit: Julian Cohen
The exterior is perfect for entertaining with an expansive backyard with lush Florida landscaping featuring an outdoor kitchen, oversized terraces, pool, and jacuzzi. The mansion is perfectly located near South Beach, Bal Harbour, and the Design District.
According to Miami-Dade tax records, the home closed on September 3rd, to buyers Bryant M. Yunker Jr. and wife Nancy. Bryant is a retired Wall Street Broker. The Yunker’s also own Sway Lounge, located in Naples, Florida.
This property is the highest-priced sale for a non-waterfront home in the Nautilus neighborhood. This record-breaking sale is just one of the many that have occurred in Miami in 2021.
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 $12.75 million on a recent waterfront home, making it the highest-priced sale in all of Bay Harbor. Our very own, Lucas Lechuga, also sold one of the highest-priced condo sales for the month of August 2021 at Setai South Beach for $12.3 million.
Diddy Purchases Gloria Estefan’s Waterfront Mansion on Star Island
In July 2021, Gloria Estefan and her husband Emilio sold their Star Island home to a mysterious buyer for $35 million. At the time, we knew the buyer was listed under an LLC managed by Tri Star Sports & Entertainment Group and that Sean Combs, also known as Diddy, was a neighbor to the Estefan’s.
It has now been revealed that Diddy is actually the buyer of Gloria Estefan’s waterfront mansion on the exclusive Star Island. Diddy can now add this waterfront mansion located at 1 Star Drive to his portfolio.
The 8,000 square foot mansion sits on 1.3 acres and features a total of 6 bedrooms and 10 bathrooms spread out through the main and guest houses. The rich hardwood and marble floors flow effortlessly through the open floor plan leading to the gorgeous outdoor oasis.
The Estefans originally purchased the home for $1.84 million in 1993. Since 2015, the property has been on and off the market with an original list price of $40 million. The last list price of this property was $27.9 million in 2020.
Diddy purchased the home next door in 2003 for $14.5 million. This property features 19,545 square feet with 9 bedrooms, 12 bathrooms, a swimming pool, and a private boat dock. Diddy’s home was formerly owned by Tommy Mottola.
Is hasn’t been released yet what Diddy plans on doing with both of the properties or if he plans on combining the two but we can’t wait to see what he has in store!
Other notables that have owned or currently own on Star Island Include Alex Rodriguez, Don Johnson, Rosie O’Donnell, Xuxa, Shaquille O’Neal, Lea Black, and Phillip Frost.
Photo credit: Jill Eber with Coldwell Banker RealtyPhoto credit: Jill Eber with Coldwell Banker RealtyPhoto credit: Jill Eber with Coldwell Banker RealtyPhoto credit: Jill Eber with Coldwell Banker Realty
Miami Heat’s Very Own Jimmy Butler Sold his Pinecrest Mansion for $7.1 Million
Photo Credit: Douglas Elliman
Jimmy Butler, Small Forward for the Miami Heat just sold his Pinecrest Mansion for $7.1 million. Butler who just purchased this home just 2 years ago really took advantage of the Miami market because he originally purchased the estate for $4.6 million in 2018. The home was built in 2013.
Photo Credit: Douglas Elliman
Records show that the managing partner, Reshma Sohoni, for London-based venture capital firm called Seedcamp purchased the home. Sohoni co-founded Seedcamp in 2007 with the idea to assist in investments for European tech start-ups.
The home located at 8975 Southwest 63rd Court in the Stritter Estates subdivision of Pinecrest features 7 bedrooms, 8 bathrooms and a 3 car garage. The custom Mediterain home with 8,958 square feet of living space showcases a grand foyer that opens to the living and dining rooms with double height ceilings.
The large game room is perfect for entertaining with a custom wet-bar and dedicant kitchen. The custom cabinetry, wine gallery, and butler’s pantry makes this home truly unique. The master offers a private terrace and spa bath. The backyard is the ultimate in luxury with covered terraces, playground, spa, and resort style pool.
Photo Credit: Douglas Elliman
For the next four years, Butler will still be a Miami resident with his recently signed 4 year contract extension with the Heat for an additional $184 million.
Butler isn’t the first Heat player to sell its Miami mansion. Dwayne Wade and wife Gabrielle Union sold their Miami mansion for $22 million after 2 years on the market.
If you’re having trouble deciding on plans this weekend, we’ve made it easy for you! Here are the tops things to do this Labor Day 2021 weekend.
STAYCATION
Enjoy a nice long staycation this weekend at these unique Miami Hotels.
Goodtime Hotel-This 7-story hotel is located at 601 Washington Avenue in Miami Beach and features 266 rooms spanning a full block with 100,000 square feet of indoor space. Enjoy the art deco pool deck all day before your reservations at their signature restaurant Strawberry Moon.
Fontainebleau-This luxury hotel is located in Miami Beach and it is considered the #1 Hotel in Miami Beach according to Travel + Leisure magazine. With current specials, Fontainebleau has package options available for all. It also has a number of lounges, bars, nightlife, and restaurants.
Photo Credit: www.fontainebleau.com
RESTAURANTS
Make your Labor Day weekend reservations now at these new Miami restaurants.
Winker’s Diner-This day to night Miami Beach restaurant features an Art Deco-inspired style with classic leather booths, a 3D layered wall dedicated to the perfect Instagram photo, and a peninsula liquor bar. Enjoy breakfast all-day to deli sandwiches as well as traditional dishes including crispy chicken sandwich, lobster salads, Prime Rib, and their famous Cinnamon Roll French toast.
SFC Sushi Fly Chicken– This Toyko inspired restaurant, bar, and lounge brings the underground nightlife and diverse Asian cuisines. Specialty sushi rolls and fried chicken plates but let’s not forget the bespoke beverages including yuzu margaritas, lychee martinis, and Japanese whiskey cocktails.
Toothfairy bakery– Not quite a restaurant but if you have a sweet tooth, this retro-modern bakery is the place to be. Enjoy Cake Pop Candy Bars, Snickerdoodle cookies, or cotton-candy cones! This bakery is located in Miami Beach and it does offer reservations.
Photo Credit: Groot Hospitality
CRUISE, DANCE, & MORE
Booze Cruise– Join the party for a Hip Hop Club Booze Cruise on September 4, 2021. The 3 hour Miami Party cruise will kick off on Biscayne Bay with drink and food specials. Unlimited drink specials and a DJ will get you ready for the ultimate dance competition. There are 4 cruise times available.
SHOTS Miami– SHOTS first opened in 2012 because of the need for a different nightlife scene. The 7,000 square feet venue features unique drinks prepared by trained experts. This is an excellent late-night place to visit after dinner or your booze cruise!
WWE Monday Night Raw-Get up close and personal ringside on Monday,m September 6th at Monday Night Raw hosted by FTX Arena. Show begins at 7:30pm.
