Featured Listing: Key Biscayne Harbor Point Mansion Listed for $21 Million

7 Harbor Point is a stunning, Modern Island Fusion style estate on the exclusive Harbor Point street of Key Biscayne. The mansion is 10,776 SF of living area spread over 7 bedrooms with 9 full-bathrooms and 1 half-bath. The home also features a modern, open layout complete with a bar, double height atrium, and an outdoor entertainment area complete with a two-story cabana, infinity pool deck and a private dock. The home was originally listed for $25 million in 2014, but the price has now been dropped to $21 million, which rings in around $1,949 SF. Listing and photos by Jonathan Matos of Douglas Elliman Real Estate. 

Little Haiti's Proposed 15-Acre Innovation District Dubbed Magic City

A 15-acre site in Little Haiti will be the future location for the proposed Magic City "Innovation District." The project will be a live, work and play style community for "innovators" and entrepreneurs with a walkable "campus-style" neighborhood targeted at attracting retailers and technology companies. The $1 billion project will be initially be self-funded and will be developed over several years and multiple phases. The first phase will include renovating and repurposing an exisiting dilapidated factory on the lot. The existing 170,000 SF of industrial space will be converted to commercial and retail. The Magic City proposal also includes and office tower, amphitheater and residential apartments. Tenants are slated to include The Salty Donut. Magic City is be a collaboration between investment powerhouse Dragon Global and real estate developers Metro 1.  

More Tenants Announced for MiamiCentral Station and CentralFare

MiamiCentral Station and CentralFare are moving closer towards completion as All Aboard Florida as released new renderings, websites and tenant information about the project. New details include that that CentralFare will be a 50,000 SF food hall and will open in late 2017. Tenants will include Della Bowls and Parliament Espresso as well as a restaurant to be named Monger by the Voltaggio brothers. CentralFare will also be host to the Cheese and Wine of the New World event as well as Bourbon Tasting and Yoga in the Hall. Additionally, the twin, 800+ unit residential towers to be built will be named Park Line Living. In October 2016 it was released that Ernst & Young and Regus would be two of the major tenants at the Two MiamiCentral office building. 

888 Brickell Ave. Office Tower Proposed

Developers Alphatur, NV have submitted plans to build a new office tower at 888 Brickell Ave. The proposed project has 304,950 SF of office space over 30 floors, a ground floor featuring retail and restaurant space, and a garage with 264 parking spots. The 472 foot tower will be designed by Arquitectonica. The project plans will be reviewed by Miami's Urban Design Review Board this month. 

Featured Listing: Kevin Durant's Former 900 Biscayne Penthouse Asking $3.5 Million

Astounding views at a bit more attainable price than similar units on Miami Beach, PH6207 at Park West's 900 Biscayne in Downtown is asking $3.5 million. The unit is 3,793 SF and was formally owned by NBA superstar Kevin Durant. It features 3 bedrooms, 5 bathrooms, white glass and marble islands and floors throghout as well as white washed wood floors in the bedrooms, smart home technology, wraparound balconies and sweeping views of Key Biscayne, Biscayne Bay, Miami Beach and Sunny Isles. 

Miami Leads U.S. Cities in Mortgage Denial Rate at 19.4%

Miami has the highest mortgage denial rate amongst U.S. cities according to Case-Shiller with a 19.4% denial rate. Miami is followed by Tampa Bay, New York and Las Vegas at 12.6%, 12.3% and 11.6% respectively. In Miami 15,887 homebuyers sought a mortgage and 3,086 were denied. These numbers do not include deals in which the mortgage was not actually closed, but merely approved. According to Miami Agent Mag the actual rate of approved and funded mortgages is closer to 61.6%, meaning a denial rate around 38.4%. This looks to stand to get worse as inventory levels and prices rise. Parts of Miami are also still effected by the mortgage market collapse of 2007, and many of these properties do not meet standards for mortgage underwriting. Additionally many residents carry too much debt and/or lack collateral to qualify for a mortgage. In the condo market, a shockingly mere 13 of 9,307 condo buildings in Miami-Dade and Broward counties were approved for FHA loans. 

William Duker Lists Apogee Penthouse for $65 Million

William Duker has listed his 3-story Apogee penthouse unit for an astounding $65 million, matching mega-listing 46 Star Island. Outdoor space not included, the price tag is essential asking $7,859 SF. Located in the exclusive South of Fifth neighborhood, the unit features 5 bedrooms and 8 bathrooms over 8,271 SF along with an additional 13,149 SF of outdoor space. It also features a private rooftop pool deck, spectacular views of the Atlantic Ocean, Biscayne Bay, Key Biscayne, Miami Skyline, Miami Beach and Coconut Grove along with a glass staircase, stone floors, and furniture from PH Design Studio. Duker is planning on sailing the world on his new 230-foot yacht Sybaris upon selling. The former Manhattan lawyer who served 33 months in prison in 1997 for overfilling the FDIC, was a co-founder of Amici, an electronic document discovery company that sold as a part of an all-cash deal to Xerox for $174 million in 2006.

Ellipisis Proposed in Edgewater, Pending Approvals

A 13-story boutique, residential building has been proposed in Edgewater at 702 and 708 Northeast 26 Street. The development will be located across the street from Missoni Baia and behind Onyx on The Bay. Ellipisis, as the project has been named, is being developed by One World Properties and is designed by local "starchitect" Kobi Karp. The building will feature 34 residential condo units starting at 756 SF for a 1-bedroom unit and range up to 1,368 SF for a 2-bedroom unit. Ellipisis proposal is scheduled for a December review by Miami's Urban Development Review Board. 

Kylie Jenner's $20 Million Art Basel "Rental"

Kylie Jenner took Art Basel in style by "renting" 440 South Hibiscus Drive which is currently on the market for $20 million. She was accompanied by her boyfriend Tyga who took the stage at the popular Miami nightclub E11even. The modern home is 6,700 SF, with 6-bedrooms. It also includes a rooftop lounge with 360 views, movie theater, bar, gym, outdoor entertainment area with infinity pool, summer kitchen, hot-tub, fire pit, and private dock with boat lift. While TMZ was reporting that the home rents for $8,000 per night, Miami Beach has had a serious crackdown on short-term rentals of single-family homes with fines starting at $20,000. The owner holds that Kylie Jenner stayed in the home as part of an Art Basel event and that she is friends with the owner. The owner also holds to never listing the home on AirBNB and AirBNB has confirmed that it has never been rented out through the service. The home is currently listed Julian Johnston and Calibre International Realty.

Featured Listing: W South Beach Penthouse Lists for $18 Million

The W South Beach is alive and well as Penthouse #PH26/2 has listed for $17,890,000. The 3,595 SF corner unit features 4 bedrooms and 5 bathrooms with an interior fully designed and furnished by Steven G. The pricing comes out to $4,976 SF, a steep ask in a market that has shown signs of slowing up. The unit features expansive outdoor space with wrap-around balconies with unobstructed views to the east, south and north of the building. The unit also includes smart house technology including a Control 4 system, leather wood-encased interior doors, leather wall paneling and glass walls that can be changed from translucent to opaque with the press of a button. Located at 2201 Collins Ave., the W South Beach Resort Residences provide residents with resort style living at one of the finest, most popular and iconic hotels in South Beach. Listing and photos by One Sotheby's International Realty.