Sunny Isles Beach Condos | Sunny Isles Beach Real Estate Blog

August 18, 2021August 18, 2021

The New Estates at Acqualina Sunny Isles – Simply The Best Living

Introducing the newest and probably the most luxurious complex in Sunny Beach – Estates at Acqualina. Scheduled to open doors later this year, Sunny Realty introduces the newest condos and developments in the area. Located in the heart of Sunny Isles Beach on 177th Street and Collins Ave, the 51 story tower is one of four Acqualina Towers already rising in Sunny Isles Beach, adding the mediterranean flavor to an already astonishing Sunny Isles Beach skyline. Estates at Acqualina is the 3rd tower scheduled to open it’s doors to only 90 fortunate families who will be living in that building. The other two towers are Acqualina Residences and Mansions at Acqualina are considered one of the most luxurious complexes in the area. Estates at Acqualina residences will vary offer 3,4,5 and 6 bedroom apartments and will vary in size from approximately 3,100 square feet to over 10,000 square feet.

Features of Estates at Acqualina Condo

One of the most appealing features of Estates at Acqualina is it’s club house which will be available to the residents of the two newly constructed towers. The new club house called Villa Acqualina was created by a renown architect Rafael Portuondo. The 45, 000 square feet facility will include but not limited to – an ice skating rink, bowling ally, a sizable movie theater, a state of art fitness facilities, five-star restaurant and most modern and advanced spa facility. The Wall Street Traders Club room will also feature water activities and other water-park attractions such as waterfalls.

Now, the residents do not have to travel to far-off places for remaining fit or staying entertained. The avenues inside the building offer to residents all happiness and excitement of life. Whether you live alone, with a spouse, or family, the club has everything to offer to you. You can always enjoy all the amenities in the building which are included in the price of your monthly maintenance.

Top-Quality Amenities of the Estates at Acuqalina Sunny Isles

The quality of the construction is simply the best! Owners of the building have also offered super-quality condos in the building. The basketball courts, beachfront beautiful five-star benches, a FlowRider for surfers, the amazing 5.6-acre site having all the benefits that you can only avail of at the Acqualina. Management of the building will offer car-valet services, housekeeping services, car parking area and services, dryer and washers, and other high-quality restaurant services to its residents. All the condos will be equipped with smart technology with which residents can book their space in any of the places mentioned.

After booking space, they can go down and enjoy some quality time.

Entire areas have a professional, who teaches you about precautionary measures and general guidelines. At the beachside, there are also lifeguards and other amazing five-star arrangements. When you live in Estates at Acqualina, it feels like you are living in a five-star hotel.

It’s All About Luxury

Everything about the Acqualina, from the amenities and features of the building to the elements found within the residences screams luxury. If you have been searching for a condo in a great location that makes you feel as though you are living in a high-end resort, this could be the perfect building for you. Contact us today – 1-305-998-9922.

March 31, 2021August 18, 2021

Sunny Isles Rental Market

It comes as no surprise that COVID-19 has changed the world we live in. Exactly a year ago the real estate market in Miami was staggered to say the least with inventory adding up to about 6 years. Today, everything has changed and there are hardly any rentals available in Sunny Isles Beach. In fact, the average price of rent for an apartment in Sunny Isles Beach has gone up a massive 12.6 percent year over year. This is the most substantial annual increase to be seen in Florida annual rental growth.

Because of this tremendous growth rate, those who are interested in renting an apartment in Sunny Isles Beach can expect to pay an average of $800 a month more than a year ago according to MLS report. As a result today there are less than 500 properties in total available for rent in Sunny Isles Beach, compared to about 1500 properties from a year ago.

Cause of the Growth:

The jump in rent prices is not out of nowhere, however. Sunny Isles Beach has long been a super popular destination for end-users, visitors, snow-birds as well as investors. Sunny Isles Beach is a very well-organized community that is dedicated to those that are living in the area. With the majority of those living in the area holding a degree, the area continues to be a favorite for those of all ages. This super-luxury area offers multi-million brand name oceanfront condominiums with every imaginable amenity. The condos such as Acqualina, Armani, Porsche, Turnberry and Trump all located directly on the beach and offer private beach, restaurants, full service and much more.

Right across Collins Ave is the stretch of multiple shopping centers which offer everything from the ethnic foods, supermarkets, brand name shops, restaurants and some night life. However, as opposed to South Beach for example, Sunny Isles Beach is strictly residential area with no “club crowed” wondering the streets late at night.

In the past Sunny Isles Beach attracted sophisticated buyers mainly from around the worlds. This includes South America, Canada, Russia, Europe. Today however, there is a massive migration from the US. Florida had always been a very popular destination for the East Cost. New Yorkers notoriously came to Florida during the winter months. However, today this trend is quickly changing where everyone wants to own a residence in Florida. As a result, there are many families who migrated from the West Cost, Mid-West as well as North-Mid-West.

It is of no surprise that Miami offers much more than any other state at this time. New York has been locked down for many months now. So is California. However, Miami is booming with restaurants that are filled with people and there is a waiting list. Night clubs are busy like never before. The beaches are full with the perfect Florida weather. Also, the boat lovers are exploring the oceans, rivers and local canals, enjoying the Atlantic warm waters and white sands. Everything is open and kicking in Miami!

gone under a serious makeover as of late. The beaches, the ultra-modern condominiums, the shopping centers all became areas, 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 just finished one of the most stunning construction of an Armani building. Located directly on the ocean it boasts 55 stories high and adding to an already stunning Sunny Isles Beach skyline. Other massive projects in Sunny Isles Beach include two Estates at Acqualina buildings, Aurora building and Chateau. The average rent price for luxury condominiums in Sunny Isles Beach is now approximately $7,500 a month.

Many other well-known developers have followed suit, developing and redeveloping properties found on the prime beachfront land of Sunny Isles Beach. Fortune International, The Related Gourp, Dezer Group and The Chateau Group are just some of the giants building in Sunny Isles Beach, Florida.

Commercial Growth

It is not just rent that is thriving in Sunny Isles Beach, however. Dozens of major retailers are interested in Collins Ave as a space to provide their services and products. The office market is also rising in Sunny Isles Beach with higher rental rates and more new construction coming year after year.

Growth in Other Cities

Sunny Isles Beach 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 6.7 percent at $1,334, Fort Lauderdale rents are up almost 8 percent 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.

While most of the attention is on buyers from New York and Connecticut, buying and investing in property to help shelter their money and to make the best of the new tax situation in their own state, other changes could be coming, as well. In fact, the favorable Florida tax benefits also play major role for companies looking to relocate to Florida. As a result, there have been already an additional 24,700 jobs created in Florida in the financial sector over the course of the last year. During that same timeframe, Connecticut lost more than 1950 jobs.

The advantageous tax situation in Florida is not only helpful for hedge fund managers, of course. Anyone who is looking to buy property, whether it is purely for investment or for a new home will find that the tax situation in Florida can work out in their favor.

It’s expected that by the year 2021, the Miami-Dade area will have a very limited inventory to sell or to rent.

March 15, 2021

Why Trump Royale Sunny Isles Is The Best Building To Buy And Rent

Trump Royale Sunny Isles is one of the most popular luxurious condominium complex in Miami Beach. It is located directly on the beach in Sunny Isles Beach, one of the most sought after area in South Florida. The Trump Royale Tower in Sunny Isles was constructed in the year 2008. It offers 278 units and is rising up 55 floors. There are nine different floor plans in Trump Royale Sunny Isles, varying from 880 to 6,430 square feet. There are also different numbers of rooms available along with bigger and better penthouses. So, depending on your requirements, you can choose a unit that fits virtually any size family into your own mansion in the skies.

Trump Royale was constructed from steel and glass so it looks elegant and elite. This condominium is very desirable and holds very good value in the real estate market. It offers highly luxurious units and amazing amenities for those who would like to purchase or rent condominiums. This place offers a greater return. But there are multiple reasons why you should choose this tower to purchase your own home.

Amenities Offered in the Trump Royale Sunny Isles

The Trump Royale Sunny Isles offers great amenities to its residents. The owners can enjoy all the amenities year round or they can rent out their condos for 6 months at a time.Following are some of the top amenities offered by the Trump Royale Sunny isles Condos:

Large Lobby Entrance

The Lobby Entrance is quite large, which is a two-story building. The Lobby Entrance offers a great many benefits to the residents and guests. A large lobby entrance has great receiving and seeing-off places. There are also several rooms in which people can have their private communication before parting. A large lobby entrance never gets too crowded. So, there is never a stifling environment in the lobbies. The large lobby is one of the main attractions, which satisfy clients at the first sight.

Tropical Landscaping

The tropical and stylish design of the lobby entrance area brings out beautiful nature and enriches the lives of all people. The tropical landscaping makes the trump towers in Sunny Isles look more welcoming, elegant, and warm. The natural and splendid tropical landscaping creates a Savannah near the beach. So, it becomes too tempting for the residents to say no to living in Trump towers. They have to concur on purchasing the apartment once they have entered the building.

Access to 1000 Feet of Beach Front

The Trump Royal of Sunny Isles offers increadible beach, which stretches for miles and miles. At the beach, kids and families can enjoy great private time. The proximity of units to the beach water is one of the main reasons why people get interested in the Trump Royale Sunny Isles tower. Florida is famous for its beaches, and we offer a luxuriously built trump tower, which securely gives access to a large and beautiful beach. The sand and the crashing waves are all yours when you purchase the unit or units in Trump Royale Sunny Isles.

Outdoor Private Reception Areas

You can also utilize the private outdoor reception areas so that residents can enjoy hosting a party. Outdoor reception areas can be used for a variety of purposes. Residents can host or hold educational seminars, informative sessions for any lectures or classes or other types of functions. They do not have to travel to any other place for hosting a seminar or a party. The towers offer elegantly and magnanimously built reception areas for different events.

Center of Water Activities

In the Trump Royale Sunny isles, you can also find a large center of water activities. The management of Trump Royale Towers ensures that residents enjoy different water games so to relax and loosen a bit. There are controlled lap pools, breach-grade or sloped entry,and waterfalls. In the water activity areas, residents can enjoy drinks from the bar and enjoy the food of the grills area.

Larger Dryers and Capacity Washers

Your maids or house help can easily get done with washing clothes in Trump Towers. Management has installed larger and better capacity washers and dryers. So, residents can easily wash clothes as well as dry them without washing them a great amount of time.

Duplex Spa in the Tower

Residents can also benefit from the duplex spa, which is 8000 square meters long. The length and width of the spa create a soothing and peaceful environment inside the spa. Every individual can relax and spend quality time, getting spa treatments. Residents do not have to travel to far places to avail themselves of spa services. Just go a few stairs down, and find the duplex spa.

Private Elevators

Residents also get access to their units by using private elevators. The elevators are high speed, which works most efficiently. The design of the elevators is also royale and elegant.

Hurricane-proof Windows

The windows of the Trump Royale Sunny Isles towers are hurricane-proof. This means that no hurricane can cause any damage to the tower.

HVAC System

Every apartment has its HVAC system. The residents control the HVAC system with great convenience. The HVAC system has personal climate control.

Full-Service Car Wash and Valet Services

The Trump Royale Sunny Isles also offers great valet services. So, owners of apartments do not have to wander their cars in the city to get their cars washed or polished. Just make a phone call to the staff members, and they will have your car washed in no time.

Last but not the least, Trump Royale Sunny Isles also offer amazing residential features. It has glass windows, large terraces, customized kitchen cabinets, spacious dining areas, smart stainless steel kitchen ovens, stylish countertops, an amazingly decorated bathroom, and more.

All in all, Trump Royale Sunny Isles offer all kinds of features of an elegant and excellent residential apartment. The amenities, offered by the management, increases overall worth and luxury of the apartment. Besides its structural elegance, the amenities enhance its overall beauty and structural elegance to a greater extent.

January 29, 2019January 30, 2019

Sunny Isles Beach Real Estate in 2019

Sunny Isles Beach, Florida is a city located on a small barrier island bounded by the Atlantic Ocean on the East side, the Intracoastal Waterway on the West side, Golden Beach on the North and Bal Harbour on the South side. It offers about 2.5 miles of newly built most luxurious oceanfront condos with an average listing price of over a million dollars and ranging on the high end into tens of millions of dollars. Because of its ultra high-end condos, the city has earned several nick names such as ‘The Venice of America’, ‘The Florida’s Riviera’, ‘The Billionaire’s Row’ or ‘The Billionaire’s Beach’.

The concept of “condominium” living has been redefined by the new, brand-named condos offered in Sunny Isles Beach. These are more like private mansion in the skies, serving to the most discrete buyers looking for top amenities, private beaches, 5-star in-house dining, various sports and fun activities and spectacular views – the sunrise and the sunset as well as downtown Miami and the Intracoastal island life. Sunny Isles Beach also offers some of the most pristine single family homes located in an area called Golden Shores, which is situated directly across the street from the beach and offers easy access to major shopping in the area.

Sunny Isles Beach has always been thought of as a great investment community for many reasons – it offers top luxury condos situated directly on the beach, ample parks, warm tropical climate, warm Atlantic ocean waters, diverse culture, fine restaurants and great shopping are all within the short walking distance from your condo. The luxury condominiums turned Sunny Isles Beach into one of the most desirable places to own a home in the country, and you can ensure that Sunny Isles Beach real estate will continue to attract most sophisticated buyers in the world.

If you’re into activities, no matter what your sport of choice is, Sunny Isles Beach has it all – from various beach activities such as parasailing, jet skies, fishing, diving, boating or just sun-bathing – Sunny Isles Beach offers the best of all the worlds!

Although the luxury condo market, in most of the desirable areas such as Aventura, downtown Miami, Miami Beach, Key Biscayne, have experienced a slight drop in value in 2018, Sunny Isles Beach showed a 1 percent increase from the prior year. Year-over-year, the inventory marginally declined 2 percent from 1,541 listings to 1,510 homes for sale on the market.

Housing Marketing Predictions – 2019 – Sunny Isles Beach Florida

Since the area did see a drop in the past years, the area continues to grow which has led local governments to carefully examine and properly assess the real estate taxes and to get the correct outlook and forecasts on the future real estate market values in 2019. However, as of the beginning of 2019, the Miami-Dade continues to see decent gains in property values, mainly due to continued demand for single-family homes in the mid-range markets, where countywide, property values grew 3%.

The market has been very active during the last quarter of 2018 and into the beginning of 2019 which is a good indication for good things to happen in 2019. The higher-end properties however are still going to decline due to market correction in that segment. With the prices coming down 20 to 30 percent lower, the higher-end properties will become attractive again to investors and end users, so it will be a good time to buy again.

The table below, taken from Zillow.com represents the real estate facts and average home values in Sunny Isles Beach.

Sunny Isles Beach Real Estate Facts

Total Homes for Sale: 1,617
Median Home Values Estimate: $405,800
Home Value Forecast: -1.9%

Average Home Values by City
Sunny Isles Beach – $405,800
Aventura – $342,900
Bal Harbour – $1,043,000
Bay Harbor Islands – $289,300
Golden Beach – $932,400

The median home values have risen from below $400,000 to $405,800 for the area. Although the home value forecast is still in negatives, with the new condos hitting the market in 2019, this for sure will change to a positive number by the end of 2019. With Sunny Isles Beach being not the most affordable, but surely not the highest priced in the area, next to Bal Harbour. It is expected that these prices are going to drop first before they start to rise again.

Sunny Isles Beach Insights 2018

According to the graph below courtesy of Trulia.com, Sunny Isles Beach is a very well-organized community that is dedicated to those that are living in the area. With the majority of those living in the area holding a degree, the area continues to be a favorite for those of all ages.

The housing market trends are also shown in the graph below provided by Trulia.com regarding Sunny Isles Beach condos and other properties for sale in the area. This provides more insight into the trends from the previous months leading up to this current month.

According to the charts, the median sales price for homes in the area from October to Jan was $325,000 based on 97 different homes during that time. The price per square foot for the properties in the area was $321. This is a decrease of -5% compared to last year’s amounts. The decrease continued the trend to this year.

The median rent per month was around $4,000 between December and January, making it one of the bigger amounts in the area that is steadily going down in the cost per square foot to buy, while rent continues to be a large amount.

The trends continue to change with every passing month, making this something that continues to be talked about and investors continue to watch. With the prices falling low, the time to purchase real estate in the area is now. The prices per square feet are expected to rise again with the coming year according to numerous sources.

This additional chart shows the home values that are along the strip by the beach itself, providing further information and a graph that you can actually see the amounts side by side. This provides a good comparison for those looking to invest or purchase in the Sunny Isles Beach area.

Real Estate Appreciation

Neighborhoodscout took to tracking the Sunny Isles Beach real estate appreciation. This information was given to those that are looking to invest or purchase in the area and want to make an informed decision. According to the chart that they provide, Sunny Isles has many condos that have been performing above average.

The chart below, courtesy of Neighborhoodscout.com shows us that the top producing neighborhoods in the area are Collins Ave, N Bay Road, Bayview Drive, City Center and Bal Harbour Blvd. These areas are not only seeing a lot of development, but a lot of changes for the future.

The number of homes and apartments in the area is over 10,000 with a median value over $600,000. The renting is at an all-time high, coming in at $2,500 for the available median values. With homes costing this low to purchase, yet renting being as high as it is, many investors are quickly purchasing the real estate below the current market value.

Purchasing it prior to having the assessments done on the buildings can help those investors that want to get a great deal, get one before the assessments bring the property value and taxes much higher.

The current market shows that more condos and apartments are provided in the area over single-family homes. This is making it easier for those moving to the area to rent a place prior to owning one, if they ever wish to in the area. Over 50% of these apartments and condos are in the two-bedroom range, providing a decent size for a large rent amount.

Reasons to Invest in Sunny Isles Beach

1. The Beach
This brings everyone and anyone around when it comes to investing in something. You will find renters from around the country, around the world, that choose to make Sunny Isles their home just for the simple fact that it is by the beach. Investors can charge more for ocean-front properties.

2. Limited Supply of Homes
There is currently not a lot to choose from for those that are moving to the area. Many of the rentals are already being rented and some of them might not suit the needs of the person. By investing in apartments or condos, you can have a prime rental that can easily be filled. There is unlikely to be any new building in the area in the coming years.

3. Strong International Market
Not just those from the area like to purchase real estate on Sunny Isles. Those from other countries like to purchase luxury vacation homes that they can use during the off-months. Providing a way for them to rent these during those months, and then provide rent for other months to other individuals opens up numerous options to the investor.

4. Massive Rental Population
Miami alone is a massive rental market, but when considering the amount of people that want beach homes, the rental population becomes even larger. Some are unable to pay high prices to purchase homes, so they rent for a specified amount of time. Those that are living in the area are used to the high rental prices and willing to pay for them in a nice condo or apartment.

5. The Job Market Continues to Grow
As more and more people continue to look for jobs throughout the Miami area, many will move to this area, as the job market continues to grow. According to Simply Hired, there are over 30,000 new jobs that need to be filled with close to 3,000 of them being posted recently. This means more people will move to the area to find work.

6. Strong ROI for Landlords
Those that are renting to anyone coming to the area are going to experience a strong ROI on the investment that they make. There is a high demand for properties by the beach and Sunny Isles Beach is one of the premier destinations. This means having a lavish condo or a high-end apartment in the area is going to go for a decent amount of rent in the area. Throw in extra amenities, a pool, large deck and a backyard ocean and those renting the properties out are hitting a strong ROI.

7. It is Easy to Be a Landlord in Florida
Many states throughout the US have strict rental laws that landlords have to abide by when renting to someone. Florida does not have the same laws. They are a landlord friendly market and they ensure that you have the control if rent is not paid on time, or when there is damage done to a property. It doesn’t matter who you’re renting too, they ensure that all violations are taken care of; making is less of a burden for landlords.

8. Most Tourists and Residents are Renters in Sunny Isles Beach
Those that are coming to the area will need a place to stay. Many look for rental properties to turn into their vacation homes, regularly renting them every year at the same time. Those residents that live in the area will rent for some time because the prices to purchase may be too high or they may not want to deal with the costs of purchasing a home. Plus, renting also comes with amenities and extras, providing them with a care-free way of life.

Investing in Sunny Isles Beach Real Estate in 2019

Investing in Sunny Isles Beach condos and other properties continue to be a great choice to make. Not only is the area active and flourishing, but the prices are currently at its lowest point since 2012, making it an ideal investment. Additionally, adding in the cost of renting and you are easily able to rent the condos that you purchase, making up the costs that you’ve spent on them ten-fold.

Sunny Isles Beach has always been an investment playground for buyers across the entire globe. Not only that, but according to The Real Deal, Sunny Isles Beach is Miami’s new billionaire playground, bringing in a much luxurious, lavish crowd that these condos and rentals can tap into.

January 10, 2019September 28, 2021

The Definitive Guide To Real Estate Investing

The housing prices keep increasing year after year, sometimes by just few percent, sometimes into double digits, but nevertheless, it always increases in some parts of the country, mainly in the big coastal cities such as San Francisco, New York, New Jersey, Los Angeles, Miami, Washington DC, etc. The growth may be due to low mortgage rates, high demand which causes tightening inventories and sometimes because of the growth and popularity of the city.

GoBankingRates recently published that Buffalo, New York gained over 34%. Atlanta, Georgia is another example of an unprecedented growth – over 24.5% and Cincinnati, Ohio grew by over 20%.

The one thing is always true when it comes to US real estate – it will keep growing year after year, like it has done since the beginning of the history.

Some cities experience steady growth year after year, like San Francisco, California, others keep spiking up and down, like Manhattan, New York. Some will take you on a roller-coaster ride, like Miami, Florida. Nevertheless, the time to invest in US real estate is now and the market presents great opportunities.

December 6, 2018January 8, 2019

South Florida residents bought more condos than homes in October

Home sales and median prices are on the rise in Miami-Dade, Broward, and Palm Beach counties this holiday season, marking the highest values this year. The Miami Association of Realtors claims that this strengthening demand for Miami real estate has been set off by steadily increasing interest rates, which led to October’s dramatic hike in residential closings. Accordingly, there was a 20 percent swell in condo sales: good news for real estate specialists with Miami condos for sale like Sunny Isles Condos and searching buyers alike.

Miami-Dade’s Residential Swell

A fourth month of back-to-back residential closings increases shows a 15 percent year-over-year growth to 2,284 during October. Total sales volume for the Miami-Dade area came in at $949 million.

Demand for Miami homes for sale saw an 8.1 percent jump to 1,073. This illustrates a median price hike of 1.9 percent to $350,000.

Even more notable is the 21.3 percent upsurge in condo sales up to 1,211, with an 8.7 percent increase of median price to $235,000.

Miami homes hold one of the longest on the market periods of 53 surveyed US metros, sitting vacant an average of 84 days, accordingly to a new report. However, the Miami Association of Realtors claims the median span between listing and contract for single-family homes fell 8.5 percent year-over-year to 43 days in October. An increase in demand has driven these surges and shows no sign of stopping.

Broward County Growth

Miami-Dade was not the only county to put up impressive results, reaching $918.5 million in October. Residential closing numbered nearly 2,800, up 15.1 percent year-over-year from last October.

The area saw a 10.1 percent increase to 1,322 single-family home sales. This was accompanied by a whopping 33 percent hike for sales between $400,000 and $600,000. The median closing roseby 6% up to $355,000.

Condos performed even better with a 20 percent increase in sales, up to 1,476. Nearly 30 percent of these fell between $200,000 and $400,000, increasing the median price by 1.3% up to $157,000.

Palm Beach Trends

Like Miami-Dade and Broward, Palm Beach County continued to show promising growth.

In Palm Beach, Single-family home sales showed an 15.6 percent increase over the previous October, reaching 1,458. Median prices rose to $347,250, a 6.8 percent increase, for single-family homes.

Condos faired similarly well, jumping up 19.2 percent year-over-year, mostly in the range of $50,000 to $250,000. This accounts for the continued upward trend in median price to $185,000 for condos, a 9.5 percent increase.

Biggest Retail Sales in October 2018

There were several large retail deals in Miami in October – the largest one was the sale of Downtown Dadeland, which was built in 2008 and renovated in 2015. The purchase was for ground floor which offer around 126,000 square feet of retail space at 7270 North Kendall Drive. The property is currently leased out at almost the maximum – 97%. It was sold to Midtown Capital Partners for $78.2 million. Pebb Capital and Duncan Hillsley Capital paid $39 million for the property in 2014. It was 50 percent leased at the time.

Another sizable deal was the purchase of a waterfront lot located at 18320 Collins Avenue in Sunny Isles Beach. Gil Dezer of Dezer Development paid $31.7M for an acre of land. Publix Super Markets sold the lot located on the Intracoastal Waterway. Dezer Development currently owns a lot immediately adjacent to this lot, which in sum total about 4.5 acres of land, which is a prime location for another condo project.

August 28, 2018September 28, 2021

Florida Attracts Wall Street Hedge Fund Managers and More

Florida has a lot to offer those who are looking to invest in commercial properties or luxury oceanfront real estate. In addition to having some great beaches, a diverse economy, and wonderful cities such as Miami, those who invest will also find that it also has some favorable tax laws. With some of the recent tax changes that have come to New York and Connecticut, things are looking quite sunny for Wall Street players.

Tax Changes Brings a Change of Thought

The federal tax overhaul put caps on the amount of state and local deductions that individuals can take. Those who are in New York and Connecticut and who want to find ways of avoiding some of the financial fallout have fond that Florida could be a good option. In the past, many of those same individuals would simply write off their state and local taxes when they filed their federal returns. The change to the laws made it far more difficult for them. In fact, currently, they are only able to deduct a maximum of $10,000. This is simply not enough for the hedge fund managers and many of the other wealthy elite in the Northeast.

In Florida, there is no income tax, and the property taxes are low. Those in the Northeast always knew about this, but they had always been able to rely on simply increasing the deduction in the past. The property taxes in the Northeast are some of the highest in the United States. In addition, the cap includes properties in the Northeast. So, purchasing real estate there would not make as much financial sense as in Florida. Now, they are starting to take a renewed interest in the Sunshine State thanks to their taxes. There are some nice advantages to this.

Could NY Firms Be Moving Too?

While most of the attention is on buyers from New York and Connecticut buying and investing in property to help shelter their money and to make the best of the new tax situation in their own state, other changes could be coming, as well. In fact, the change in the taxes could cause some firms from the north to decide to take some of their operations south to Florida. Already, there have been an additional 14,700 jobs created in Florida in the financial sector over the course of the last year. During that same timeframe, Connecticut lost more than 500 jobs.

There are some companies and firms that are looking into moving to Florida very seriously. They have not made a full move yet, but some of the companies are starting out small with some satellite offices to see how things go. Florida could see a nice economic boom that is somewhat unexpected if these changes continue, and if more firms do decide to make the change to Florida.

July 28, 2018August 28, 2018

Real Estate News: What Happens When Supply Keeps Falling

July was a solid month for Miami real estate, where the median price slightly increased than a year ago. However, on the sales front, we have started seeing an improvement with the luxury properties and even a slight price increase. This pattern will hopefully propel our home sales which have been steadily going downward for the last four months.

Economists note that sales may have been down because of lower inventory. In fact, the last time there was any substantial increase regarding housing inventory was back when Donald Trump was a mere Republican candidate for president, one among a field of 11.

On a national level, homes for sale have dropped over 12%, which is the most substantial year-over-year decline since back in 2013. In January 2018, there was a 3.1-month supply of homes. Anything less than a six-month supply has not been seen since the beginning of 2012, which makes this rather significant.

West Coast Real Estate

West Coast markets have been the largest recipients of this low-inventory situation. San Jose’s metro area has seen the most significant inventory drop year-over-year. This has also led to the most significant price increase, as is expected. When it comes to the number of houses available on the market, there are less than half as many this October than there were a short year ago. This has pumped prices up over 19% with a median price falling at about $1.05 million. Despite the costs, the lack of inventory has led to homes finding a buyer very quickly, sometimes in just few weeks.

Homeowner Uncertainty

With the House of Representatives and Senate still hacking away at tax reform strategies through the month, many homeowners have chosen to step back from the market until more information is known. This is based on the potential for reduction of local and state property and income tax deductions, along with the possibility of changes to the mortgage interest deduction.

However, others have acknowledged that the implementation of these changes is unknown, so others have been open to buying despite the current uncertainty. Experts believe that once a tax bill goes through, it is likely that homebuyer demand will drop in high-tax states, especially where homes are more expensive. This likely would happen slowly over time.

Competitive Markets

Looking at metro areas, Seattle, Washington leads the pack when it comes to homes finding a buyer. In 2016, it took about 13 days, but in 2017 it is down to only 10. Other markets of note are San Jose with 12 median days on the market and Boston with 14 days. Oakland and San Francisco are just below those with houses on the market an average of 15 days.

Estimates

For off-market homes, the median value was just over $250,000, which is up a little over half a percent from September. Much like 2017, just under half of the houses for sale been priced higher than estimates based on a home’s measured value and predictions about final sales price. This led to houses for sale at just a bit above expert forecasts after analysis.

June 26, 2018

Sunny Isles Beach Condos Supply

It is not surprising to anyone that South Florida offers most luxurious, as well as some of the most expensive condominium prices in the world. Because of this, it’s also not terribly astonishing that condo developers are happy to snatch up every last plot of land in order to develop more of these luxury dwellings. What has happened because of this is developers kept competing against one another to develop ever more and more expensive condos to attract even bigger buyers, even when they may have no assurance that buyers will kept on coming.

Sunny Isles Beach Neighborhood

It looks like that moment has come, when there are so many condos for sale that there’s simply no easy way to find a buyer for all of them. A study by real estate expert Leon Bell of Sunny Realty from earlier this year gives his own thoughts, largely warning that the Sunny Isles Beach area, located just north of Miami Beach and in the same place where you can find the Trump International Beach Resort, has thousands of condos up for sale.

In addition to Trump’s illustrious properties, other high-profile buildings exist in the area. Probably the most notable is the Porsche Design Tower, which was opened in May with a performance by musician Alicia Keys.

In fact, the sheer number of condos on the market is enough to satisfy the average that would be sold in two entire years. However, buildings are still being erected and with so much supply, it could lead to rapidly tanking prices in an area that isn’t set up for that sort of system.

Price Points for Condos

An average asking price for an oceanfront Sunny Isles Beach condo is right around $1.5 million. However, the time that it takes to sell that unit can be over 200 days, or 2/3 of a year. Leon Bell had analyzed only condos listed for sale in Sunny Isles Beach on the MLS (multiple listing system). This report doesn’t take into consideration almost 50,000 new pre-construction units that are being developed east of Interstate 95 in the South Florida area.

Looking Forward

It’s expected that by the year 2020, the Miami-Dade area will have a huge number of properties to sell and many of them will be listed for a long time. This strikes some as unsatisfying as those areas could have been used as more affordable housing, public parks, community centers, healthcare facilities, etc. However, this all comes down to local government and public planning.

It isn’t only Leon Bell who states things may be going slower for luxury condo sales. Jorge Perez, real estate mogul in Miami, has also stated he believes many developers have no idea of the area’s market and how it’s being over-saturated by homes that may be not easy to sell.

Miami’s legislators have largely ignored the situation and said there is no way to force developers to build more affordable housing. However, Leon Bell’s study shows that things are changing nowadays.

Leon Bell notes that a balanced market will typically have about a six months supply of properties, while Miami is far beyond that number. This can lead to an advantage for buyers, rather than sellers. It can also lead to price deterioration for luxury oceanfront condos.

April 27, 2018September 28, 2021

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.