Prince Royce Relists Coral Gables Home for $2.99 Million

Geoffrey Royce Rojas, better known as Prince Royce, has resisted his Coral Gables home and he has dropped the price to $2.99 million. The singer originally listed the home for $3.75 million. Royce has established himself with many hits in recent years including "Stand by Me," "Stuck on a Feeling," "Back it Up," and "Corazón Sin Cara." The 5,212 SF home is located at 144 North Prospect Dr. and features 4 bedrooms and 4 bathrooms. It was originally built in 1971 and was designed by Miami architect Hilario Candela before being redesigned in the early 2000's by Victor Vazquez. The home reflects Royce's young and eccentric style with custom furniture throughout including purple chairs and blue paneled kitchen. also features a recording studio, open living concept that lets light flow through the home, a billiards rooms, a master suite with a 2 level master closet, and an outdoor entertainment area with lush landscaping, Summer Kitchen and pool. Royce originally listed the home for $2.33 million in 2013  and originally listed it with Chad Carroll before pulling the listing. The new listing at $2.99 million is with The Jills of Coldwell Banker Real Estate. Photos by Coldwell Banker Real Estate. 

Jade Signature Tops Off at 57 Stories

Fortune International Group's Jade Signature residential condo tower in Sunny Isles Beach has topped off at 57 stories. As of now the tower stands as the second tallest structure in Sunny Isles at 636 feet, just behind Porsche Design Tower which is 641 feet. Muse will pass both to 649 feet by the end of 2016. Jade Signature is located at 16901 Collins Ave. and is slated to open by the end of 2017. The building was designed by Herzog & de Meuron and will feature 192 flow-through units. Prices range from $3.9 million and 1,581 SF for a 1 bedroom + den with 2 baths to $33 million for a 5 bedroom, 6,407 SF penthouse. According to the developer, over 90% of the project has been sold. 

Jade Signature features lush, landscaped grounds with beach access, a beach grill, resort style amenities including a lagoon style pool, fitness center and spa, wine cellar, library, teens lounge, 24 hour concierge and valet along with more five-star amenities that buyers demand in such a high-end, luxury building. Jade Signature features views of the Atlantic Ocean as well as the Intracoastal Waterway. Upon completion Jade Signature will join Jade Ocean and Jade Beach as an integral part of the Sunny Isles skyline. 

Calvin Klein's Miami Beach Mansion on North Bay Road Listed for $15 Million

Photo via FFT

Calvin Klein's personal, private, waterfront sanctuary on Miami Beach's exclusive North Bay Road is currently listed at $15 million. This reflects a price drop of $1 million from when the home was originally listed last year for $16 million. The home is 5 bedrooms and 5 bathrooms with 2 half baths over 5,800 SF and the original structure was built in 1929. The open floor plan oozes European craftsmanship throughout including exposed beam ceilings and light colored wood for historic, beach and zen vibes. The furnishing and antiques are by designer Axel Vervoordt. The home also includes 2,166 SF of outdoor space complete with a courtyard and a one-of-a-kind, sanctuary style, tree-lined infinity pool. There is also a 113' of waterfront with views of Biscayne Bay and a private dock. Klein originally purchased the house in 1929 for around $1.6 million. For years Klein kept the home under wraps, allowing few photos of his Miami Beach tranquil retreat. The home is located at 4452 N Bay Road and is currently listed with Pablo Alfaro of Douglas Elliman Real Estate. Photos by Douglas Elliman Real Estate. Tour the home below. 

Harvey Hernandez Plans Miami Beach Contemporary

Harvey Hernandez of Newgard Development Group is planning to build a two-story contemporary home at 790 Lakeview Drive on Miami Beach. His proposal would require the removal of a pre-1942 home which has been deemed architecturally significant. The new home will be 9,404 SF featuring 5 bedrooms plus staff quarters and will be designed by DOMO + Architecture and Design. The home will also have an interior koi pond, meditation garden, gym, infinity pool, hot tub, lap pool, cabana and outdoor entertainment area featuring a BBQ with water access. 

Echo Brickell Scaffolding Collapse

Photo via Bizjournals.com

Scaffolding has collapsed at Echo Brickell, killing 1 and injuring 5. According to the Miami Herald, "One of the three scaffolding platforms on the North side of the buildings plummeted to the ground Wednesday evening, showering bystanders in debris and crushing one car. The two other platforms were dragged down three stories and hung haphazardly onto the building’s face until a crane lowered them to safety hours later." The man who died passed away from a "cardiac incident" stated by Miami Fire Rescue Deputy Chief Joseph Zahralban and The Miami Herald. A woman inside of a car was hospitalized after being hit by falling debris. Roads were reopen Thursday morning. Property Markets Group said that formwork had fallen from the top of the construction site onto Brickell Avenue and that they were working with the general contractor John Moriarty & Associates of Florida as well as city officials including the fire department and police to investigate what had happened. The project will be shut down pending the investigation. While this accident is quite tragic and will cause delays on the delivery of the Echo Brickell project as well as potential legal implications due to the casualties, the project should still ultimately be a great addition to the Brickell skyline. 

Fort Lauderdale Rents Rise & Vacancy Falls as Shortage in Rental Apartment Units Hits

Fort Lauderdale has a growing demand for rental apartments and a limited supply with only a handful of new projects about to be delivered. For Lauderdale's vacancy rate fell to 3.2% in Q3 of 2016 while rents rose 8% year over year to an average price of $1,614 per month. Some of this is driven by potential buyers being deterred from buying a house due to an expensive housing market. Brossard has a $293,200 median price for a single family home. There are currently 7,300 residential apartment units under construction in Broward expected to be delivered before 2018. 1,800 of those are are in Fort Lauderdale. Without a surplus of new units coming to the market as in Miami, rents should continue to rise and vacancy should continue to fall. 

Top 5 Restaurants in Miami Fall 2016

Miami is full of world-class restaurants encompassing many different types of cuisines and modern vibes. Whether you live in Miami or are visiting for your first time, these 5 picks by the editors of PROFILEmaimi are sure to impress. Keep in mind they are all very hot and will be packed so make sure to call ahead for a reservation. 

1. Coya

The lone non-Miami Beach location on this list is located in Brickell. This hotspot brings "Incan culture" to Miami with modern Peruvian fare matched with trendy, upscale vibes. They are known for their pisco sours and is best enjoyed sharing style.

2. Joe's Stone Crab

Joe's Stone Crab | Photo via Inside Scoop SF

A South Beach classic. While only open half of the year, during stone crab season, this powerhouse delivers fresh seafood daily. Definitely order the stone crab claws. Go to the takeout side on the left of the restuarant so you don't need to deal with the lines and you can still sit and eat there.

3. NaiYaRa

NaiYara | Photo via Miami City Social

Chef Bee is one of Miami's most infamous chefs and his new hotspot became an instant classic. NaiYaRa serves up what he has dubbed Thai street food, sushi, and other Asian specialties with a Bangkok feel. Order the Beef Jerky and the NaiYaRa Roll. Located in Sunset Harbour, one of Miami Beach's trendiest neighborhoods, NaiYaRa will be a staple for years to come. 

4. Prime 112

Prime 112 | Photo via Myles Restaurant Group

If you want steak and you are in Miami, Prime 112 is the place to go. Prime 112 is the pride and joy of the Myles Restaurant Group's Prime collection of restaurants that also includes Prime Fish and Prime Italian. Prime 112 is a contemporary steakhouse with "sophisticated cuisine" but you must check out one of their steaks paired with some red wine. The restaurant offers a vibrant people-watching scene and is located right in the walkable South Pointe neighboorhood, one of the top neighborhoods in all of South Florida. 

5. Beachcraft

Beachcraft | Photo via Yelp

Located in the 1 Hotel, one of the hottest hotels in South Beach, Beachcraft is celebrity chef Tom Colicchio's newest upscale "beachside grill." Beachcraft serves seasonal American farm-to-table dishes and is a great spot for either lunch or dinner. Order the Yellowfin Tuna Crudo with Fennel, Serrano, Pepper and Red Shisho. They also serve an unreal breakfast that covers all of the bases. 

Featured Listing: Penthouse 1 at 4 Midtown Listed for $1.59 Million

A two-story penthouse high above 4 Midtown has hit the market and is listed at $1.59 million. #PH1 is a 2 bedroom, 3 bathroom layout with 2,305 SF of living area including a den. The turnkey unit is fully renovated with Italian floors and imported furniture with the list price accounting to roughly $690 SF, which also makes it the most expensive listing in Midtown. The unit features floor-to-ceiling windows, new kitchen and redesigned bathrooms. 4 Midtown is located right in the heart of Midtown Miami and amenities feature a pool deck with jacuzzi, BBQ area, fitness center, spa and 24 hour concierge. #PH1 is listed with Justin Rubin of The Rubin Group. Photos by The Rubin Group. 

Chinese Interest & Investment in Miami Real Estate Continues to Slowly Grow

The Chinese share of the South Florida real estate market is expected to grow as Chinese investment in U.S. real estate is expected to reach $50 billion by 2025. Wealthy Chinese buyers are the top foreign buyers in the U.S. real estate market after spending over $27 billion over th past four years. Despite this, Chinese buyers represent only 2% of foreign home sales in Miami, trailing countries such as Brazil and Colombia. Miami is an attractive market for the Chinese as it is much more affordable than New York and San Francisco. They are also drawn by the stable and rising rental income in addition to the appreciation potential. Local brokers are already reporting an uptick in interest from Chinese buyers as both ISG and Cervera Real Estate have signed partnerships with Homelink International, which is one of the largest brokerages in China. Both CMC Group and OneWorld Properties have been marketing their Brickell Flatiron and Paramount Projects to Chinese buyers respectively. Additionally there has been a major push from the Great Miami Chamber of Commerce's Asia Task Force to approve nonstop flights between Miami and China. With the major push towards bringing Chinese real estate investors underway, look for an uptick in Chinese investment in South Florida to continue to grow and help pick up the slack left behind in the wake of unstable South American governments. Learn how Miami developers and agents are looking to China to boost sales from our September report. 

Midtown 8 Close to Breaking Ground

Midtown 8 is gearing up to break ground as Midtown is slated to get another residential tower. Wood Partners of Atlanta who is developing the project applied for a demolition permit on October 13 after plans for the development were approved by the city's Planning & Zoning Department in August. Stantec will head up construction. Midtown 8 will be a 390,000 SF development featuring 387 luxury rental apartment units over 28-stories with 30,000 SF of ground-floor retail. Units will range from studio, one-bedroom, two-bedrooms and three-bedroom penthouses. It will also include 519 parking spaces, 27 bike parking spaces, a club house and an amenity deck. They will also build a landscaped linear park and dog park. The project will be built on the 2.03-acre site located at 2901 and 2951 NE 1st Ave. The site has previously served as a recreation area with a concrete slab used to erect tents for Art Basel adjacent to the future sites of Midtown 6 and Midtown 7. Midtown Opportunities Vib LLC, an entity controlled by the developers purchased the site in 2011 for about $6 million.