Although we are approaching the end of this development cycle, the Miami new construction market continued to show strength through 2016. Dodge Data & Analytics is reporting that in July Miami saw over $854 million spent on new construction, down about 18% year-over-year. That also brings Miami to about $4.218 billion spent on new construction in 2016, up 1% year-over-year. This new construction has been sparked by healthy sales, as developers must presell 80% of the project to break ground, which should help support stability in the market as over 14,700 units are under construction with over 30,000 in the planning and pre-sales phase.
Buyers & Investors in Downtown's New Centro Can Now Qualify For a Fannie Mae Loan
Buyers in Newgard Development Group's Downtown's newly delivered 352 loft style unit Centro Condominium will now be able to close with a Fannie Mae mortgage with rates around 3.45%. With the approval, which is through February 2018, buyers may be able to finance up to 95% of the purchase price on a 30 year mortgage. There are less than 30 units left to be sold and new residents have begun to move-in. Centro is located at 151 SE 1st St. in downtown
Those who qualify for the loan can take out up to 95% as a primary residence, 90% for a second home, and 85% for an investment property purchase, though the maximum loan amount cannot exceed $417,000. Rates can be as low as 3.45%. Units at Centro range in from $300,000 to in the $500,000's and from 654 to 1,131 SF. The innovative building has no parking and is a true "New York" style downtown condo building. It is part of the push into cleaning up Downtown Miami and making it a desirable place to live.
“Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting, with the affordability challenges in Miami, specifically within the downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.” said Harvey Hernandez, the chairman and managing partner of Newgard Development Group. “Centro provides a rare value proposition, luxury, high-tech design, within very attainable pricing and financing, something which is virtually unprecedented in today’s downtown/Brickell condominium market.”
Miami Heat's Tyler Johnson Purchases Pinecrest Mansion for $4.85 Million
The Miami Heat's 24 year old Tyler Johnson purchased a mansion in Pinecrest for $4.85 million, as reported by The Miami Herald. The 6 bedroom 10 bathroom residence was listed with Douglas Elliman and is close to 12,000 SF. It features a beautiful pool, 2 kitchens, media room, basketball court, elevator, multiple living rooms and outdoor entertainment area with summer kitchen. Johnson signed a $50 million deal with the Heat earlier this year. Photos by Douglas Elliman.
Miami Comes in as 280th Most Attractive U.S. Real Estate Market
Miami has ranked as the 280th city in the United States when it comes to the attractiveness of the real estate market. According to WalletHub, out of a survey of 300 cities considering sixteen categories including Foreclosure Rate and Average Number of Days on Market, in which Miami ranked 268th and 277th respectively. Miami came in 253 when it came to Population Growth Rate, 221st in Homes with Negative Equity, 279th in Number of Unsold Homes Owned by Banks, 246th in % of Mortgage Holders in Delinquency, and 211th in Unemployment Rate. Miami's rank amongst large cities was around 58. Seven of the top ten cities were from Texas and Miami trailed Florida neighbors including Davie, Boca Raton, Pembroke Pines. These numbers show that despite the growth Miami has seen in recent years there is still a ways to go when it comes to poverty in the city.
Sales Healthy at the Estates at Acqualina
Despite reports and feelings of a slowdown, sales are healthy at the Estates at Acqualina. Jules Trump of The Trump Group, the developer behind the Estates at Acqualina, told Bisnow that sales are strong and over 100 of the 265 units have sold since sales launched last month. The developer is racing to break ground by the end of the year.
Trump said, “I have heard that others are struggling, but if every week goes like this past week, we'll have a building in the sky very soon.” Buyers must place a 45% deposit at time of groundbreaking. The Estates at Acqualina features 265 family oriented units range from $3.9 million to $48 million and 2,800 SF to 13,000 SF. The development will feature twin 50 story towers with a lobby designed by Karl Lagerfeld.
Château Beach Penthouse Sky Villa Listed for $25 Million
The two-level penthouse at Chateau Beach in Sunny Isles is currently listed with The Carroll Team for $25 million. The 4 bedroom 9 bathroom sky villa is 9,050 SF has over 4,500 SF of outdoor space on the wraparound terrace complete with a private pool. It is the second most expensive unit on the market in Sunny Isles behind the Regalia Beach House at $35 million.
Château Beach, located at 17475 Collins Ave. in Sunny Isles was developed by Chateau Group and designed by Kobi Karp, featuring 84 residence over 33 floors. The building features white glove staff and service with five-star resort style amenities.
Ivan "Pudge" Rodriguez's Pine Tree Drive Miami Beach Mansion Sells for $19 Million
Retired Marlins catcher Ivan "Pudge" Rodriguez has sold his La Gorce mansion located at 6385 Pine Tree Drive Circle for $19 Million. The Miami Beach mansion features over 175 feet of waterfront on Indian Creek and was originally listed for $25 million in September 2015. The main residence is 12,600 SF and features 9 bedrooms, 13 full bathrooms, 2 half baths, a media room with pub, 1,000 bottle wine cellar, smart house technology, chef's kitchen, koi pond, library, 22,000 gallon swimming pool and beautiful master bathroom. It is the second home sale over $19 million in the last several months. The Jills of Coldwell Banker represented the sale. Photos by Caldwell Banker.
Mixed-Use Project Proposed at 929 Alton Road
Victor Uzan's Evergreen Overseas Holdings, Inc. has proposed a mixed use development at 929 Alton Road. The 4-story, 30,000 SF mixed-use use project will be designed by IDEA Architecture from Aventura. The proposal includes retail space, office space and 82 parking spaces. The office space would occupy the top floor, with ground floor retail and parking in the middle. The Miami Beach Planning Board will review the proposal during their September meeting. Evergreen Overseas Holdings, Inc. had previously proposed a 20 unit condo development at the same site in 2014.
The BLVD at Lenox Retail Center Coming to 5th St. in Miami Beach
Fifth Street on Miami Beach is about to get another retail center named The BLVD at Lenox. Comras Company, the owners of the Ivy Nightclub which currently sits on the property, are planning to redevelop the lot into a 5-story retail structure designed by Zyscovich. The lot is located at 1045 5th St., directly across the street from the current Publix-anchored retail center at Fifth and Alton. The proposal includes 64,930 SF of retail space and 218 parking spaces and is set for review by Miami Beach's Planning Board in September.
Auberge Residences Miami On Hold Until at Least 2018
Carlos Rosso, Jorge Pérez and Juan Carlos Botero. Photo via TheRealDeal
Related Group President Carlos Rosso has confirmed that Auberge Miami has been placed on hold until at least 2018. Leases for the existing property have already been given the option to extend until at least that time, but Rosso stated that no firm date has been placed as developers scramble to adjust to an oversupply of new inventory. As of April only 20% of units had sold. The development will ultimately be 3-towers with 1,400 residential units on the 2.8 acres located at 1440 Biscayne Blvd. Units start at $350,000 and range up to $3.9 million.
The project was slated to be Jon Paul Perez’s first time in the leading role of development for Related. The 31 year old vice president is one of Related Group's founder and CEO Jorge Perez’s four children and is being groomed to take over the company.