Posted on

Massive Growth Seen in Fort Lauderdale Rent

It comes as no surprise that rent in Miami can be extremely high, but the same is not expected when it comes to the more northern city of Fort Lauderdale. That may be about to change though, according to the May report from RentCafe. Fort Lauderdale is officially up and coming.

In fact, the average price of rent for an apartment in Fort Lauderdale has gone up a massive 6.6 percent year over year. This is the most substantial annual increase to be seen in Florida in this year’s annual rental growth. Because of this tremendous growth rate, those who are interested in renting an apartment in Fort Lauderdale can expect to pay an average of $1,820 a month.

Cause of the Growth

This jump in rent prices is not out of nowhere, however. Fort Lauderdale has gone under a serious makeover as of late. The beaches and downtown of the city have been transformed from another Florida city into an international destination. Both mid-rise and high-rise residential development has taken off, which has led to a whole new influx of residents.

Major Constructions & Renovations

The Related Group started construction on the Icon Las Olas, a 45-story tower, in 2015. This was more than a decade after it was first announced. Related secured financing for the impressive tower from SunTrust Bank and the project broke ground back in February. The condos at Icon Las Olas now have a monthly rent at a cool $2,500 all the way up to $7,000.

In the same year, Fort Partners first announced the plans to build a Four Season Private Residence in Fort Lauderdale which would be built on nearly two acres and include a full city block with a beautiful ocean view.

Many other well-known developers have followed suit, developing and redeveloping properties found on the prime beachfront land of Fort Lauderdale. Invesco and Gencom purchased the Ritz-Carlton Fort Lauderdale hotel and condo for a little over $65 million and have since renovated the building’s restaurant, spa, lobby, and other public areas.

Commercial Growth

It is not just rent that is thriving in Fort Lauderdale, however. Dozens of major retailers are interested in Las Olas Boulevard as a space to provide their services and products. The office market is also rising with higher rental rates and more new construction coming week after week.

Growth in Other Cities

Fort Lauderdale is not the only Florida city experiencing rent hikes over the last year. In Hialeah, rent has climbed 4 percent to $1,263 a month; in Pompano Beach rents are up 4.7 percent at $1,334, and in West Palm Beach averages are at $1,340 or up 5.5 percent.

When considering the country as a whole, the cities that reported the highest rents for November include Boston at $3,262, San Francisco at $3,432, and Manhattan at $4,089. As for the most exceptional rate in average rent across the United States, Odessa rose an impressive 33.2 percent to $1,111, and Midland increased over 25 percent to $1,274.

Posted on

Unexpected Benefits of the Federal Reserve Interest Rate Hike

The Federal Reserve has done a final interest rate hike in 2018. This follows the rate hike in 2015, one that was implemented in 2016, and two rate hikes that occurred in 2017. This final rate hike was voted on by Federal officials and passed with a 7 to 2 vote. The announcement about the hike was made after a two-day meeting by the Fed officials. The rate will increase by a quarter percent in order to hit a target range that lies between 1.25 percent and 1.5 percent.

This does mean that borrowing is going to get more expensive, but it doesn’t mean that all effects will be negative. For one thing, everyone will have the benefit of acquiring better rates when dealing with high-yield certificates of deposit. This is only one example of the gains that are to come. We’ll look at the others throughout this article so you understand how to best take advantage of them.

1. Savers can expect higher returns. When it comes to savings, interest rates have been low for so long that they seem almost negligible. Most people are happy to see any kind of increase being implemented. One group will especially benefit from this is senior Americans who are on fixed incomes, along with those who use interest income as a coverage for living expenses.

2. Inflation will continue to be tamed. Most recent price measurements show that inflation has been a non-factor in the last several years. While the central bank has a 2 percent target for inflation, it has continuously been running short of that. Even with the new upcoming hike, inflation will remain manageable. However, any amount of positive inflation may lead to lower prices for imported goods, which benefits many Americans.

3. Expect to see more lending. With higher interest rates, banks are more likely to loan reserves at higher rates. This additional credit can help to boost economic growth. This is great news as lending has been abysmal since the financial crisis of 2008. Low rate lending will still be available, but it may be more scarce following the rate hike.

4. Retirees will see more interest income. Seniors who have put money into CDs and savings accounts can expect to see larger returns courtesy of the new rate boost. This will be an excellent thing for those living off of retirement savings.

5. Stronger dollar means easier traveling. When there is a strong U.S. dollar, it provides savings to citizens who head abroad. They will have more buying power as the Fed rate boost could lead to a newly strengthened currency.

6. Stocks will see less variation. The Federal Reserve seeks to achieve normalization, which means stock prices will start to make more sense. The focus will turn to market fundamentals, rather than being endlessly based on every Fed statement that hits the news.

7. Potential homebuyers may move forward. As a result of higher rates, you can expect to see higher mortgages. This may push those who are on the fence toward buying a home. Demand will be increased, prices will be increased, and home equity will also increase in one fell swoop.

Based on all of these potential benefits from the upcoming rate hike, not all is lost. Borrowing may cost more, but the many new changes coming in other areas will likely make up for this. No matter your opinion on the final rate hike, there is a lot to think about. Things are certainly changing.

Posted on

Mansions in Fort Lauderdale Florida

Fort Lauderdale waterfront homes (also known as Venice of the Americas) – CLICK HERE TO VIEW THE SITE is a luxurious neighborhood that is located between Fort Lauderdale Beach and Colee Hammock areas. Some of the most expensive of Fort Lauderdale real estate is located right in this neighborhood with listing prices that can exceed $30 million. One such listing is currently on the market for a whopping $39 million – http://www.sunnyrealty.com/House-Sale-Isla_Bahia-mls-A10386629-in-Fort-Lauderdale.htm.

The neighborhood of Bahia Mar is situated on the small islands and offers boater’s paradise as well as very easy commute to just about everything – from private schools to golf courses, fine dining, art museums, and galleries. Some mansions in this area have sold in excess of $40 million and are truly massive in size. One such mansion recently sold for $25 million and offered six bedrooms and boasts almost 16,000 square feet. Original pricing placed a price tag of $2,500 per square foot but it ended up selling for roughly $1,500 a square foot. Looking closer at the deal, we find that over $14 million was spent on features of this home which is sitting on a lot which is a bit over 1.25 acres. Incidentally, this home was sold back in 2005 for nearly $10 million.

The estate was built in 2015 and designed by the well-known Robert A.M. Stern. It provides a two-story guest house, over 600 feet of waterfront, and a spacious six-car garage. The home also includes features like an office library, five fireplaces, personal massage room, fitness center, home theater, and a chart room appointed for a yacht captain. Back in 2016, this listing at $40 million was the second most expensive in all of Broward County, with only the Le Palais Royal estate in Hillsboro Beach beating it out. That property was listed at $159 million at the time.

Luxury condominiums are also very common in this area, along with oceanfront mega-structures as well as smaller or boutique condo buildings across the street from the ocean. However, it is the multi-million-dollar single home dwellings along the water that make this area some of the most sought after in the entire South Florida.

Even with the slowdown in the luxury segment of real estate in South Florida, several areas are holding up the prices very well. Some of the areas in Fort Lauderdale are Las Olas Isles, Lauderdale Beach, Rio Vista and Harbour Heights are some of the most popular and expensive areas in South Florida which keeps attracting buyers for luxury waterfront abodes.

Posted on

Are Russians Buying U.S. Homes Once Again?

It seems that Russian buyers are turning their heads toward United States real estate, likely because of recent ruble fall and because they believe in Donald Trump! A surge in Russian inquiries has been registered by global real estate consultants when compared to a year ago. Reports show that requests have increased 35% compared to 2017 numbers.

New Interest in the U.S.

However, it is not just investment properties that are seeing a jump in Russian inquiries. It is also commercial real estate and even vacation homes. About 30% of Russian buyers seem to be interested in getting in on commercial real estate. Experts have noted that some customers are interested in buying property that stands as development property of Donald Trump. Many United States developers have noted being more than willing to cooperate with this horde of Russian investors.

Most of the inquiries noted by agencies working with Russian investors are in the budget range of $500,000 up to $5 million with New York City and Miami being the most significant hot-spots of attention by these investors.

A Reuters review has shown that 63 or more individuals with Russian addresses or passports have purchased at least $98.4 worth of property in Trump-branded towers in Southern Florida, according to various public interviews, corporate records, and documents. Buyers include politically connected former executives, businesses, bank founders, and more.

Many of the buyers seem to have done well in the United States. A local politician, Vadim Valeryevich Gataullin, bought a condo for $3.5 through VVG Real Estate Investments LLC. He later sold that apartment for $4.1 million. He then purchased a second apartment in the same building for $920,000 and sold it for $1.1 million down the line.

Past Russian Interest

Of course, this is not the first time that Russian investors have shown interested in development, vacation homes, and commercial real estate. Back in 2011, the most expensive apartment in Manhattan was purchased for $88 million by the daughter of tycoon Dmitry Rybolovlev, Ekaterina Rybolovlev. Dmitry Rybolovlev also bought an estate in Palm Beach, Florida for $85 million in 2008. It was purchased from none other than Donald Trump.

As of 2014, Russian purchases had jumped as far as international sales of United States property. However, those numbers dropped sharply following the United States sanctions on Moscow and its annexation of Crimea.

Russian Interest Abroad

In addition to interest in United States real estate, Russians also continue to be a considerable market for residential real estate in Europe. Many Russian oligarchs own homes in London, including Andrey Yakunin, Roman Abramovich, and Leonard Blavatnik. During 2013, more than £500 million was spent on London luxury houses.

However, declines in oil prices, instability in currency markets and global finance, and tensions between the EU and Russia have dropped the transactions occurring in the sector of real estate. The number of £5-10 million transactions have fallen by 50%. The potential prohibition of anonymous purchases of property may lead to even further sliding.

Posted on

New Major Car Brand Condos in Miami For Sale

For those looking to fulfill a desire to live out a beautiful fantasy, the new Aston Martin Residences – (CLICK HERE TO VIEW THE SITE) are due to be completed and ready for the market by 2021 at the latest. Aston Martin, known for their British luxury sports cars, is expanding the brand to bring their very first project in real estate to Miami.

The design team at Aston Martin is going to be working with G & G Business Developments for this unique new project. They are expected to be incorporating elements from their sports cars into the buildings themselves, with colors and materials from the vehicles in items like residence number plates, door handles, and carbon fiber furniture.

The building used for this project is located at 300 Biscayne Boulevard and is built on one of the last few piece of downtown Miami waterfront. The building itself is shaped like a sail and built of glass and steel. It was designed by Bodas Maini Anger and Revuelta Architecture.

The tower, which will be a cloud chasing 66-stories, is under construction and is expected to offer 391 units that will be priced from the upper hundred thousands all the way up to $50 million. This might seem as if it is a broad range of prices, but that is because the condo sizes range between 698 square feet all the way up to nearly 20,000 square feet. This building will also include a triplex penthouse and seven traditional penthouses.

Each of these magnificent condominiums will have windows from floor to ceiling, along with white marble floors and glass balconies. Four of the 66 stories will be used for special amenities for the residents.

Level 55 includes everything from an infinity pool, sky bar, and salon to a catering kitchen, chef’s kitchen and private dining room.
The level just below offers two movie theaters, along with a virtual golf course, and a fitness center.
Level 53 offers more fitness, a spa lounge, spinning room, boxing room, spa, sauna, meditation room, barber station, and beauty salon.
The final level for amenities, level 52, will offer vending, game room, teen center, kids playroom, business center, conference room, and a curated art gallery for residents.

In addition, there are many other amenities available to the lucky owners of a condo at Aston Martin Residences. There are 10 high speed elevators, storage areas, electric car charging stations, a 24-hour valet, marina for yachts, and concierge and hospitality services.

As for the condo units, everything from a studio at 698 square feet to an upper penthouse with over 18,000 square feet will be available. Rooms will feature European cabinetry, sliding glass doors, 10 to 12-foot ceilings, and a beautiful view of the Miami skyline, the ocean, and Biscayne Bay.

This isn’t the first opening of a major tower by a brand synonymous with cars as the opening of the Porsche Design Tower in March goes to show. However, those who did not get in on the ground floor with that property may be well-suited to the Aston Martin option under development now.

Posted on

Rosen Buys Unit 909 at Surf Club Four Seasons

If you have been paying attention to Andrew Rosen, co-founder and CEO of fashion retailer Theory, you might already know that he sold off his luxurious Miami Beach penthouse at Setai Miami Beach last year for a cool $8.5 million. We can now report that Rosen has officially chosen a new base with his recent purchase of an apartment located in the Four Seasons Residences at the Surf Club in Miami, Florida.

Based on insider information and property records, the fashion guru has paid $5.15 million for unit 909 in the south tower of the Four Seasons Residence. This property serves as a luxury condo and hotel based on a nine-acre area and found at 9191 Collins Avenue in Surfside. Rosen also owns a four-bedroom apartment in Manhattan, along with a residence in Southampton.

About Andrew Rosen

For those who are not familiar with Andrew Rosen, he founded the brand Theory back in 1997 with fashion designer Elie Tahari. In 2003, he sold the majority of his shares but retains 11% and continues to run the brand. He continues to have a strong relationship with Theory’s owner, Tadashi Yanai, who also owns J Brand and Uniqlo.

Rosen has since gone on to invest $10 million in emerging designers who include Rag & Bone, Proenza Schouler, and Alice + Olivia. He also has stakes in Gryphon, Aiko, and Kiki de Montparnasse.
Rosen’s Neighbors

In addition to Rosen, Surf Club Four Seasons has recently seen a purchase from another fashion Icon, Albert “Aldo” Bensadoun. Bensadoun is the founder of footwear company Aldo. He paid $10.25 million for his south tower unit 501.

Surf Club Four Seasons

The Surf Club is hardly new, even if its latest iteration is. Back in 1959, an advertisement for the club read “Spectacular is the word for The Surf Club.” The Surf Club opened back in 1930, founded by tire tycoon Harvey Firestone. It was a place for celebrity and excitement, a place where prohibition was might as well not have existed.

Moreover, that could have been the end until earlier this year, when the Surf Club opened again as a hotel, private club, and condominiums.

The Surf Club development has numerous amenities which include two restaurants, a private club, a gym, four swimming pools, numerous cabanas, a spa, adult quiet pool, water sports, and oceanside gardens. The property was designed by Pritzker Prize winner Richard Meier, and Kobi Karp.

Fort Partners development includes two residential towers, each 12 stories high. A 77-room hotel is also on the property. The price of units at Surf Club range from $3.7 million all the way up to $31 million with sizes ranging from 1,800 square feet all the way up to a spacious 7,000 square feet.

No specifics are known about Rosen’s particular unit, but marketing materials show that the condos come in blue, white, and moss green and include custom work by French interior designer, Joseph Dirand.

Posted on

Ex-Husband of Ex-Wife of Phil Collins Puts Sunset Islands Mansion on the Market

A luxurious waterfront mansion in Sunset Islands that has been in the middle of a genuinely messy divorce was just placed for sale at a cool $20 million. The divorce proceedings took place between Phil Collin’s ex-wife, Orianne Collins Mejjati Alami, and her ex-husband, Charles Fouad Mejjati Alami.

Messy Divorce Proceedings

Charles Fouad Mejjati Alami was the listed owner of this expansive home with almost 10,000 square feet of space. The mansion is located at 1525 West 24th Street in Miami Beach with a current asking price that averages out to a little over $2,000 a square foot.

It has been reported that Orianne Collins Mejjati Alami is now back together with Phil Collins. She filed for divorce from Charles Fouad Mejjati Alami back in early 2016 with a claim that she owned the home. She further explained that Charles Fouad Mejjati Alami was transferred the title of the beautiful home “through deceit and fraud upon the wife,” according to public court records. The divorced was initially completed in spring of 2017, with an amended final judgment in September.

Most of the court documents related to the messy proceedings are now sealed, but it was reported back in February that Orianne Collins Mejjati Alami was looking to nullify an older settlement agreement made out of court which placed the title for the Sunset Islands home with Charles Fouad Mejjati Alami, to begin with. She explained at the time that she had no memory of signing the property as she was on painkillers prescribed for a painful back operation.

Original Purchase of the Sunset Islands Home

A look at property records shows that in 2014, the mansion’s title was passed over to Charles Fouad Mejjati Alami. He and Orianne Collins Mejjati Alami purchased the property in 2012 for an estimated $8.4 million.

The extraordinary dwelling features seven bedrooms, eight full baths, and two half baths. It was built in 2005 and includes a two-level foyer with double grand staircase, fireplace, gourmet kitchen, formal dining room, breakfast room, maid’s quarters, and family room complete with wet bar. The master bedroom has two full baths along with his and hers closets with a full-length balcony that overlooks the water nearby.

On the nearly 10,000 square feet, there is also a rooftop terrace, two two-car garages, interior courtyard, private gym, home theater, elevator, clubroom, pool, and an exclusive boat dock. Many one of a kind features abounds in and on the property with custom Fendi design and amenities that discerning buyers will appreciate.

Phil Collin’s Property

As for ex-husband Phil Collins, he owns and lives in a property nearby. It is located at 5800 North Bay Road and is the former home of musician Jennifer Lopez. Collins bought the home in June of 2015 for about $33 million. The mansion includes seven bedrooms, eight full baths, three half baths, pool, jacuzzi, and more.

Posted on

Beach Club Hallandale Continues to Offer Luxurious Condos on the Water

Beach Club Hallandale is the tallest building to be found in Broward County and offers over 1,200 oceanfront condos in beautiful Southern Florida. The towers are located in between Fort Lauderdale and Miami Beach and are composed of Tower I, II, and III.

One of the most lauded features at Beach Club’s towers is the pool deck, which allows movement between all three towers. It features many pools, numerous hot tubs, and many outdoor areas to enjoy the sun and shade. In addition, you will find an outdoor restaurant to enjoy so you never need to step back inside.

For those who are interested in a vacation or getaway, Beach Club Hallandale offers short-term rentals of 30 days or more. You also acquire access to a two level fitness center that overlooks the water, along with both men’s and women’s spas.

Those who are searching for waterfront condos will be well matched with the condos available in Tower I. Current options range from a two-bedroom, one-bath dwelling of 1,086 square feet at just over $400,000 to a four-bedroom unit with four-baths and over 3,500 square feet to appreciate. The latter offers granite floors and an open living style. In addition, you’ll have a European kitchen and large balcony for enjoying the views.

Tower II also has openings available with one-bedroom one-bath condos, two-bedroom two bath units, and three-bedroom condos with various numbers of bathrooms. The crown jewel offered right now is unit 103 which has three bedrooms and four baths along with nearly 3,000 square feet of space. This particular townhouse has never been owned and includes a huge terrace with both a summer kitchen and bathroom. It also offers up numerous amenities, marble flooring, two ovens, and a wine refrigerator.

The final tower, Tower III, has a single one-bedroom unit for a price just above $450,000 and over 1,000 square feet of room. It offers an ocean front view and includes a den. You’ll also find an Italian bamboo kitchen and a washer and dryer provided. In addition to the single one-bedroom unit, numerous options are available for those who prefer a bit more space.

Beach Club Hallandale has consistent sales and has averaged 70 sales a year over the last two years. Part of the reason for that may lay in the fact that the area where the property is located is mere miles from places like the Gulfstream Racetrack and Gulfstream Park. Both the Bal Harbor and Aventura Mall are also close by with many great destinations in South Beach, Fort Lauderdale, and Sunny Isles Beach.

The towers exist among four acres of Hallandale Beach and you can expect beautiful landscaping to greet you at the two-story lobby. Amenities that residents can enjoy include redwood saunas, treatment rooms, full service restaurant, cardio theater, sun deck, and a cold plunge. One of the most consistently sold real estate properties in the area, it’s a place that is definitely worth an extra look.

Posted on

Miami Real Estate For Bitcoin?

Miami real estate for bitcoin

The cryptocurrency boom with dozens of digital currencies has exploded world-wide. Historians will call today’s cryptocurrency market the biggest BOOM ever. There are dozens of digital currencies and some have exploded as high as several thousand percent in just recent months! Even if you know nothing about cryptocurrencies, by now you’ve at least heard of it and wonder if you should invest in it. No wonder, just one cryptocurrency Bitcoin gained a lot of publicity after it turned many regular folks into millionaires, but there are Etherum, Sibcoin, Verge, Nexus, Litecoin, Bitcash, Digibyte, Stratis, Rubycoin, Monero, Decred, Ether, Golem, Gnosis and the list goes on. To make it even more confusing, each industry will likely have their own ctyptocurrency and specific platform it runs on. Enough to make you crazy, right?

The truth is, very few people understand it now, but those who understand are already making a fortune. Just Bitcoin alone had made a whopping 25,000 percent! Think about this – if you had bought $5 of Bitcoin 7 years ago, you would be $16.8 million richer today! But wait, there is more! Bitcoin had already reached $20,000 mark but the truth of the matter is, it’s just the beginning. It could reach $1 million by 2020. But how you may ask? Well, there are 15 million millionaires around the globe. It is likely that by 2020 most of their financial advisors will advise them to buy Bitcoin for some exposure. However, there’s only going to be 21 million Bitcoins minted ever in history. Do the math, even if they own 1 Bitcoin it is set to trade at very high numbers. In addition, Bitcoin could potentially replace all money transferring entities such as PayPal, Western Union, Moneygram etc., American Express, Visa, Master Card, etc. Some even talk about Bitcoin replacing all the currencies in the world!

What is Bitcoin? Bitcoin operates through a technology known as blockchain, which is an undeniably ingenious invention of our time – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It allows digital information to be distributed but not copied, thus blockchain technology created the backbone of a new type of internet. It was originally devised for the digital currency Bitcoin, but today it finds other potential uses for this technology, such as real estate blockchain. This technology uses a completely decentralized system, where a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Bitcoin is managed by its network, and not by any one central authority, so there is no Bitcoin headquarters, not even a Bitcoin server!

But how is it going to affect the Miami real estate market you will ask. Well, it’s already happening. Earlier this month a condo hit the market accepting only Bitcoin. Previously a Venezuelan family has accepted a Bitcoin for a four-bedroom condo in Key Biscayne and another high-end property was purchased by a Bitcoin investor in Miami Beach. The benefit with this type of transaction is there is no need to rely on an intermediary – a bank, which makes it very cumbersome for foreign buyers to transfer money between accounts, open new accounts in a local bank and wire the money between accounts. Buying real estate using cryptocurrecy is easy and allows buyers to not disclose their sources of wealth and not having to transfer the money back-and-forth between accounts.

Cryptocurrency is not bound by interest rates, exchange rates, or other inflationary charges of any nation. It can be used internationally to avoide a lot of international regulations, without experiencing any troubles and in a very quick and safe manner. This saves lots of money and time spent by investors.

For more information on how to buy Miami real estate with bitcoin please contact Sunny Realty office at (305) 998-9922.

Posted on

South Beach Miami Homes

Are you thinking about moving to the Miami area? While you have a number of areas from which you can choose for your new home or for a vacation home, one of the locales you will want to consider heavily is South Beach. This is easily one of the best locations, and you may want to start looking at the properties here for a range of different reasons.

Many Types of Properties

When you start to look at the options for South Beach homes – www.sunnyrealty.com/South-Beach/Homes-For-Sale, you will discover that you have plenty of different options. There are plenty of large and impressive towers in the area that are right on the beach and that offer condos and penthouses. These are very popular and for good reason. It is possible to find smaller units with just one or two bedrooms, as well as much larger units.

The different condominium towers also have a range of different features, including private beaches, onsite eateries, gyms, theaters, and much more. You can find a tower and a unit that matches the needs of you and your family. They tend to have great locations, as well, so you can get to all the other areas that you need to visit.

Of course, the towers are just one of the many options. You can find some incredible boutique buildings, too. These tend to be smaller, but they have some impressive features. One of these options might suit you better.

However, if you want something a bit larger than a condo, you can find that as well. Different sized single-family homes are available. Some of these are even on some of the manmade islands in the area, such as Palm Island and Hibiscus Island. Some of the homes are right on the water, too, which is nice if you have a boat, or if you are considering getting a boat. You can find just what you need.

You are never at a loss for options when it comes to finding great property in the area, so make a list of the things you would like from a home and then start looking.

A Wonderful Location

South Beach also happens to be a great location. The South Beach homes tend to be just a short distance from just about anything that you might want to see or do. You are only a few minutes from the water and the beaches, as well as places such as Aventura and Bal Harbour Shops. There are plenty of places to enjoy some nice meals or to have a drink. You are also only a short distance from all of the interesting things the Miami area offers, such as the zoo, the aquarium, museums, and theaters.

If you want to live in one of the most vibrant and culturally diverse places in the United States, you will want to make sure you start looking at some of the South Beach homes available. There is something for everyone here.