Coral Gable's Historic Biltmore Hotel Releases Renderings of Lobby Renovation

The historic, 91-year old Biltmore Hotel in Coral Gables is undergoing an extensive renovation which includes updating the main lobby. The redesign is being headed up in a collaboration between D'Shakil Designs and Studio 5 Design + Architecture. The work is expected to be completed this summer and features a modern spin on the the traditional style including new green and blue tufted velvet furniture, drapery, wood inlays, gold leaf and wool carpeting. The Biltmore Hotel was originally completed by George Merrick, founder of Coral Gables, in 1926. At 315 feet it was the tallest building in Florida at the time and still features an 18-hole championship golf course and a 600,000-gallon pool to this day. 

“These new enhancements will bring an added element of style to the hotel, creating an improved sense of luxury that also reflects The Biltmore’s historic legacy. This new design will bring a fresh take to the details and décor of the lobby, all while continuing to offer guests a glimpse into the hotel’s storied past," says Matthias Kammerer, Managing Director at The Biltmore Hotel.

Douglas Elliman Releases Q1 2017 Market Reports, Shows Continued Strong Growth Across South Florida

Douglas Elliman has released their Q1 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q1 2017 reflects the continued strong growth of South Florida real estate as it continues to be a destination from flight capital from both northern states and International buyers.

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 5.8% to $385,000
- Average sales price jumped 10.4% to $999,241
- Number of sales rose 0.6% to 815
- Days on market was 143, up from 97
- Listing discount was 12.1%, up from 8.8%
- Listing inventory increased 6.4% to 6,166

LUXURY CONDO
- Median sales price increased 14.2% to $3,025,000
- Days on market was 207, up from 119
- Listing discount was 13.1%, up from 10.1%
- Listing inventory increased 11.8% to 1,188 units
- Entry threshold began at $1,600,000

LUXURY SINGLE FAMILY
- Median sales price surged 56.5% to $11,425,000
- Days on market was 261, down from 352
- Listing discount was 20.4%, up from 12.8%
- Listing inventory fell 14.5% to 165 units
- Entry threshold began at $6,250,000

5446 North Bay Road, Miami Beach. Listed for $29 Million by Brett Harris of Douglas Elliman.

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MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 12.5% to $292,500
- Average sales price rose 0.3% to $405,266
- Number of sales fell 2.7% to 3,487
- Days on market was 81 up from 76
- Listing discount was 5.6%, unchanged
- Listing inventory fell 19.9% to 10,186 units

LUXURY CONDO
- Median sales price fell 27.5% to $785,000
- Days on market was 154 days, up from 110
- Listing discount was 7.8%, down from 8.4%
- Listing inventory slipped 8% to 2,535
- Entry threshold began at $520,000

LUXURY SINGLE FAMILY
- Median sales price declined 12.8% to $1,200,000
- Days on market was 138 days up from 113
- Listing discount was 7.7%, up from 7%
- Listing inventory declined 15.9% to 924 units
- Entry threshold began at $825,000

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FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 5.1% to $1,112,500
- Days on market was 48, up from 45
- Listing discount was 6.8%, down from 4.3%
- Listing inventory increased 6.2% to 344
- Entry threshold began at $785,000

LUXURY SINGLE FAMILY
- Median sales price increased 13.3% to $1,950,000
- Days on market was 189, up from 150
- Listing discount was 11.2%, down from 13.6%
- Listing inventory increased 3.8% to 359 units
- Entry threshold began at $1,200,000

5446 North Bay Road, Miami Beach. Listed for $29 Million by Brett Harris of Douglas Elliman.

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BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price slipped 3.7% to $780,000
- Days on market was 73 days, up from 101 days
- Listing discount was 7.3%, down from 7.5%
- Listing inventory increased 27.6% to 305
- Entry threshold began at $485,000

LUXURY SINGLE FAMILY
- Median sales price jumped 18.4% to $2,365,000
- Days on market was 162 days, down from 165
- Listing discount was 9.5%, up from 15%
- Listing inventory jumped 39.2% to 565
- Entry threshold began at $1,272,500

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DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 12% to $1,399,000
- Days on market was 100, down from 136
- Listing discount was 7%, down from 13.5%
- Entry threshold began at $1,125,000

LUXURY CONDO
- Median sales price jumped 19.6% to $580,000
- Days on market was 103, up from 78
- Listing discount was 5.1%, down from 5.7%
- Entry threshold began at $400,000

Grand Opening of the Douglas Elliman Delray Beach Office

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WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 33.3% to $1,000,000
- Days on market was 146, down from 160
- Listing discount was 15.5%, up from 12.2%
- Listing inventory increased 13.4% to 271
- Entry threshold began at $625,000

LUXURY CONDO
- Median sales price declined 28.1% to $345,000
- Days on market was 132, up from 99
- Listing discount was 5.5%, down from 6.1%
- Listing inventory declined 22% to 46
- Entry threshold began at $330,000

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PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price dropped 29.1% to $7,475,000
- Days on market was 239, up from 74
- Listing discount was 13.2%, up from 14.4%
- Listing inventory surged 38.7% to 86
- Entry threshold began at $5,400,000

Hammock House at 3503 Banyan Circle, Coconut Grove Listed for $5.95 Million with Michael Light and Rafael Montejo of Douglas Elliman.

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JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price declined 5.9% to $447,000
- Days on market was 73, up from 74
- Listing discount was 5.1%, up from 6.1%
- Listing inventory increased 4.2% to 499

JUPITER CONDO
- Median sales price increased 17.7% to $282,500
- Days on market was 210, up from 201
- Listing discount was 5%, down from 5.7%
- Listing inventory increased 81.7% to 318

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 16% to $479,000
- Days on market was 91, up from 79
- Listing discount was 6.6%, up from 6.4%

PALM BEACH GARDENS CONDO
- Median sales price increased 4.3% to $220,000
- Days on market was 59, down from 60
- Listing discount was 5%, down from 5.3%

About Douglas Elliman:

Douglas Elliman was established in 1911 and has grown to become the largest regional and the nation's fourth largest real estate company. Douglas Elliman has a current network of more than 6,000 agents in over 80 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), Westchester and Putnam Counties, as well as South Florida, California, Connecticut, Colorado and New Jersey. In addition, through a strategic partnership with Knight Frank Residential, Douglas Elliman's powerful network extends to 488 offices in 59 countries. Read our PROFILE Exclusive Interview with Douglas Elliman CEO, Florida Brokerage Jay Parker. 

Hammock House at 3503 Banyan Circle, Coconut Grove Listed for $5.95 Million with Michael Light and Rafael Montejo of Douglas Elliman.

Tour the Four Seasons Hotel & Residences at The Surf Club in Surfside Where 3 Units Have Closed So Far

Since the grand opening earlier this month, 3 units have so far closed at the Four Seasons Residences at the Surf Club. The deals have ranged from $4.6 million to $9.3 million. Unit 521 in the development's North Tower just closed for $9.3 million. Unit 319, also in the North Tower, closed for $7.05 million and unit 811 closed for $4.6 million. At the grand opening the developer of the project, Fort Partners CEO Nadim Ashi, stated that the project produced over $1 billion in condo sales with an average price per square foot $2,400. Condo units range from $3.4 to $18 million and 1,400 SF to over 7,000 SF.  The Four Seasons Hotel & Residences at The Surf Club features 2, 12-story residential glass condo towers with 150 private residences and a 77-room Four Seasons Hotel in Surfside. Enjoy the photo tour of the stunning property below. 

Check-out coverage of the Four Seasons Hotel & Residences at The Surf Club Grand Opening. 

Featured Listing: Morningside Waterfront Featuring Man-Made Beach Hits Market for $13.5 Million

A waterfront mansion in Morningside located at 5811 N Bayshore Drive has hit the market for $13.5 million. The estate features 9 bedrooms, 7 full-bathrooms and 2 half-baths over 7,011 SF. The home also features a gourmet kitchen with Carrara marble island, countertops and backsplash, a butler's pantry, cuban tiling, white-washed oak floors, a library, enormous master suite, coral stone balcony and coral stone deck and outdoor entertainment area featuring outdoor fireplace, heated pool, made-made beach on Biscayne Bay and a 35' foot dock with 151 feet of water frontage. The home was originally desiged by architect Robert F. Smith. Listing and photos by The Jills of Coldwell Banker Real Estate. 

Cash Sales in Miami Continue to Decline Through 2017

All cash sales in the Miami real estate market continue to decline through 2017, after reaching highs in 2014. The Miami Association of Realtors reported a 20% drop year-over-year for January 2017 cash home sales, with a mere 232 deals completed in cash. This is compared to the June 2014 peak with over 600 all cash deals completed during the period. The highest percentage of cash deals came following the last Miami real estate crash in Q1 2013, with cash sales hovering around 50% for all real estate transactions during the period. This all comes at a period where international investment has been slowing down, the U.S. dollar is strengthening against foreign currency and U.S. home prices continue to rise. This should give a leg up to cash investors looking to get a deal as sellers do not always like to take the risk on a buyer closing on their mortgage. It also points to the market beginning to hit a state of equilibrium as lenders become more comfortable issuing loans in the market and limited foreclosures and REO's available to investors. 

The Citadel, Mixed Used Retail/ Entertainment Venue in Little Haiti, to Open Next Year

Little Haiti continues to evolve and develop as the area has really heated up in recent years. The Citadel will be yet another major shake-up to the neighborhood as Conway Commercial Real Estate and Urban Atlantic Group's 60,000 mixed-use development. The project will include a 10,000 SF food hall that will feature over 20 vendors including Stanzione, Bianco Gelato and Smashing Avo's. There will also be a retail mezzanine with a focus on service-oriented retailers, office space/ studio space and a rooftop bar. The Citadel is expected to open in early 2018.

AirBNB With 5 Miami Homeowners Sue the City of Miami

AirBNB has teamed up with 5 other Miami  homeowners to sue the city and Mayor Tomas Regalado. A lawsuit by AirBNB, Yamile Bell, Toya Bowles, Gary Levin, Ana Rubio and Kenneth Tobin was filed last week to stop Miami from enforcing bans and fines on short-term rentals in the city. The discrepancy between AirBNB, AirBNB hosts and the city of Miami has heated up in recent months as homeowners essentially "outted" themselves while defending their rights at a City Commission meeting last month, only to find out that the city would directly target and pursue them based on their disclosure at the meeting. AirBNB has target Miami as the state of Florida passed legislature in 2011 which prohibits cities and counties from enacting ordinances that prohibit and/ or regulate vacation rentals. They have even go so far as to state the day, August 11, 2015, in which the city officially violated state ordinance, breaking state law.  

“The city is now acting to make good on those threats, Airbnb stands together with its Miami hosts in opposing the city’s unlawful efforts, and in particular stands with the brave individuals who have come forward and seek to protect their rights.” claims the lawsuit, which was filed by Mitchell Berger, a Fort Lauderdale-based constitutional lawyer who has previously worked for Al Gore.

Featured Listing: Stunning Waterfront Townhouse Hits Market at Murano at Portofino

An exclusive waterfront Townhouse at the Murano at Portofino has hit the market and this one-of-a-kind listing is stunning. The 2,986 SF unit covers 3 bedrooms  and 3 bathrooms over 3 floors. It comes complete with 2 private outdoor terraces. The home also features a 150 bottle wine wall, wood floors, private 2 car garage, double height ceilings, and views of Miami Beach Marina and Biscayne Bay. TH-M1 is located in the exclusive South-of-Fifth neighborhood, walking distance to the beach, South Pointe Park, Joe's Stone Crab, Prime 112, Il Mulino, and Smith and Wollensky, amongst others. Amenities at Murano at Portofino include 24 hour concierge, lighted tennis courts, private beach and yacht club, state-of-the-art fitness center, entertainment center, spa and heated bay-front swimming pool. TM-M1 is currently listed for $6,199,999. Listing and photos by Jamen Krynicki and Dustin Nero of Douglas Elliman Real Estate. Enjoy the video and photo tours below.

New Listing Alert! 🚨 1000 S Pointe Drive TH-M1 Asking $6,199,999 This gem offers the very best of Miami Beach living and I'm beyond excited to share this clip with you! . . . . #luxury#waterfront #realestate #yacht #miamibeach #millionaire @dustin.nero @yachtlifeapp @thirdactmedia @douglasellimansouthflorida

A post shared by Jamen Krynicki (@jamen_krynicki) on Apr 4, 2017 at 2:52pm PDT

Featured Listing: Coconut Grove's Casa Positano Lists for $28 Million

Casa Positano, located at 3080 Munroe Drive has listed for $28 million, making it the second most expensive home in Coconut Grove behind Casa Bahia, which is now listed at $43 million, down from its original list price of $50 million. Casa Positano features 5 bedrooms and 5 bathrooms over 7,000 SF. It was designed by Rafael Portuondo with interiors by Nikki Baron. It also features over Jerusalem limestone, mahogany floors, a gourmet kitchen, smart home technology, and 300' of waterfront on Biscayne Bay, outdoor entertainment area with a pool, coral stone deck and Ipe wood dock. Photos and listing by The Jills of Coldwell Banker Real Estate. 

Construction Update: One Thousand Museum Passes Halfway Point, On Track for 2018 Completion

One Thousand Museum by Zaha Hadid Architects, has passed the halfway point for the 62-story building which is on track for delivery in 2018. The building will be Zaha Hadid's first residential skyscraper in the western hemisphere and is being developed by Louis Birdman, Gregg Covin, Kevin Venger and the Regalia Group with Plaza Construction as the general contractor. The tower will be among the tallest residential buildings in Miami and required a deep foundation that drilled to a record of over 170'. One Thousand Museum's design features an exoskeleton design which acts as the buildings structural support. This allows the developer to remove columns from the units, creating expansive glass views of Biscayne Bay. 

One Thousand Museum is over 50% sold and required over a $450 million buildout. The tower will feature only 83 units ranging from $5.5 million to over $20 million and 4,600 SF to over 10,000 SF. Amenities will include Miami's only private rooftop helipad, state-of-the-art fitness center, spa, two pools, indoor aquatic center, and a sky lounge.

Check-out our coverage of One Thousand Museum closing on their $225 million construction loan in December.