Since Attorney General Eric Schneiderman relaxed regulations last spring, out-of-state condo projects approved to be marketed in New York City has shot up, nearly quadrupling in the past 8 months. Previously, due to strict regulation, condo developers had stayed away from marketing in New York. The regulations had been aimed to protect the consumer, but there had been a growing sentiment that unfortunatley the regulation was to keep non-New Yorkers from marketing in the city. Developers were required to file disclosure with the Attorney General's office and local regulators. The rule change allows developers who have had their projects approved by their home state with similar regulations to be approved to market in New York City. Currently there are 41 out-of-state condo projects approved between May and December 2016. Between 2010 and 2015 only 11 out-of-state projects were approved per year.
“It almost seemed like some of the regulations weren’t necessarily geared toward consumer protection, but toward keeping people outside New York from marketing there,” Louis Birdman, the developer behind Zaha Hadid's One Thousand Museum, told Crain's. One Thousand Musuem has been approved to market in New York City. This new effort should help reenergize Miami's stalling condo market with a new wave of capital escaping the cold and highly taxed North East.
Bentley Edgewater to Join Marriott Autograph Collection
The Heafey Group has released that the Bentley Edgewater will join Marriott's Autograph Collection and opperate under the brand name. Marriott is working with The Heafey Group to finalize the construction design and final documents. The project is expected to receive a permit within the next few months and construction would begin right after. The Bentley Edgewater is a 33 floor tower designed by Kobi Karp that was initially projected to be a Hotel-Condominium, but slow sales may have pushed the developers to change the project to a Hotel. There will be about 207 hotel rooms and 190 parking spots with a rooftop terrace and restaurant on the 33 floor.
Featured Listing: Jade Brickell #PH707
The 4,300 SF penthouse at the top of Jade Brickell has been listed for $6.95 million with a 2016 Tesla Model X included in the sale price. The unit covers five bedrooms and six bathrooms with high-end deisgner finishes, leather-clad private elevator foyer, European Oak flooring, Boffi fixtures, Coliform kitchen, enormous rooftop terrace with outdoor weather and amazing views of Biscayne Bay. Including outdoor space the unit spans 6,000 SF. The listing is the highest priced in the building and in the Top 10 currently most expensive listings in Brickell. Listing and photos by Brett Harris of Douglas Elliman Real Estate.
North Beach Houses in Hollywood Break Ground
Developer Real Estate Marketing Services has broken ground on their North Beach Houses project. The development consists on eight luxury single-family townhomes in North Hollywood Beach and at located at 300 Elm Street, right in-between the Intracoastal and the Atlantic Ocean. The units range in size from 3 to 4 bedroom layouts and 4,697 SF to 5,531 SF including outdoor space. The townhomes are designed by Joseph B. Kaller & Associates and feature elevators and rooftop terraces amongst other modern features. Completion is expected in March 2018.
Miami Commercial Real Estate Market Outlook Strong Through 2017
Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.
Featured Listing: Faena House #10 Listed for Rent at $82,500 /mo.
Unit #10 at Faena House has been listed for rent at $82,500 per month for the 4,730 SF beachfront condo. The unit is 4 bedrooms and 6.5 bathrooms and features stunning ocean views from every room. It also features a grand dining room, gourmet kitchen, media room, Venetian terrazzo floors, wrap around balcony and 5-star Faena amenities including butler service, security, concierge, gym, pools, etc. Photos via Miami Real Estate Photographers.
Arquitectonica Releases New Renderings of Paraiso Bayhomes
Architectural firm Arquitectonica has released new renderings of the Paraiso Bayhomes, the townhouse portion of the 11-acre Paraiso District Edgewater development by Related Group. The Bayhomes will be four-stories each with views of Biscayne Bay and will have access to the Paraiso Bech Club which will feature a Michael Schwartz restaurant. Bayhomes come in 3, 4 and 5 bedroom layouts with private elevators, private terraces, high ceilings, interiors by Piero Lissoni, European kitchens, and luxury bathrooms. Units range from 3,015 SF to 3,342 SF and prices start at $2,526,900. Just two of the eight Bayhome residences remain.
Rental Round-Up: January South Beach 1 Bedrooms
There can be so much confusion when it comes to renting units its. You never know if you are getting the best value for your money. Renting in Miami can go a long way with a little looking around. Here are some of South Beach's nicest rentals in all different price ranges.
1. Under $2,000 /mo.: The Fontana #113 | $2,000 /mo.
Live in one of South Beach's famous, historic, award winning condo conversion,The Fontana, which won the MIMO Award for Preservation. Trendy fully-furnished 1 Bed and 1 Bath corner unit features Brazilian teak floors, designer stainless steel kitchen, gas stove with grill and luxury bath. Walking distance to Lincoln Road & Beaches. Available for $2,000 per month, listed with Josh Stein of of Gary Hennes REALTORS. ML#A10187066
2. Under $3,000 /mo.: Mondrian South Beach #521 | $2,900 /mo.
This 1-bedroom residence in the famous Mondrian South Beach comes fully furnished and offers great value for the money in one of the hottest hotels in South Beach. It features a waterfall shower, updated furniture and access to the Mondrian South Beach amenities including pool and gym. Walking distance to Whole Foods and Starbucks. Available for $2,900 per month, listed with Demetri Demascus of Spectrum Realty Group. ML#A10118476
3. Under $5,000 /mo.: Icon South Beach 2708 | $4,100 /mo.
South-of-fifth living with amazing views of Miami Beach and Biscayne Bay at ICON South Beach. Fully-furnished 1 Bed and 1.5 Bath with marble floors, luxurious bathroom, modern kitchen with top of the line appliances. Located next to Miami Beach Marina and walking distance to Prime 112, Joe's Stone Crab, Milo's, Pura Vida, etc. 5-star amenities include state-of the-art fitness center, 2 swimming pools, library, billiards room and more. Includes cable/internet. Available for $4,100 per month listed with Mark Batievsky of Brown Harris Stevens. ML#A10177169
4. Over $5,000 /mo.: W South Beach Unit #1714 | $14,500 /mo.
A beautiful 1-bedroom + Den option in W South Beach comes with all the stylish furnishings, 5-star amenities and prime location the modern Jetsetter needs. Match that with a massive balcony, marble bathroom, luxurious kitchen and views of both Miami Beach and Downtown Miami for fine luxury-living at Mondrian South Beach. Available for $14,500 per month listed with Kristine Hall of Luxury Rentals Miami Beach. ML#A10123600
The New Approved Design by Borges + Associates Architects
New Town Townhouses Approved in Coral Gables
The proposed New Town townhomes have been approved for Coral Gables on Almeria Avenue. The project will feature four townhouses with a Mediterranean influenced design by Borges + Associates Architects which they have updated to meet compliance. The city of Coral Gables initially had requested Borges + Associates Architects and developer Pedro Viana to rework the design to a more Mediterranean style which would be more consistent with the traditional architecture throughout the city after they had initially proposed a radical new contemporary design. The design of the project will integrate the existing Oak trees on the property. The units will be 3-levels and 6,500 SF. The feature a plunge pool, elevator, four-car garage, rooftop garden, European kitchen and smart home technology. Groundbreaking is expected in the summer of 2017 with completion expected in Fall 2018.
“The trees are what really make this particular Coral Gables residential neighborhood extra special,” said Borges + Associates’ Principal Reinaldo Borges. “It’s value-added that also enhances the architecture.” said Reinaldo Borges, principal at Borges + Associates Architects.
The Denied, Modern Design
Monad Terrace Expects to Break Ground by End of January
Monad Terrace, Miami Beach's newest luxury residential waterfront haven, expects to break ground by the end of January. The development by JDS Development Group is designed by Jean Nouvel with architecture by Kobi Karp. The project will feature 59 residences that range from 2 to 5 bedrooms and start at $1.7 million. The project will also feature an infinity edge waterfront pool and hot-tub located directly on Biscayne Bay with lush landscaping throughout by Jean Nouvel. The design of the development will keep climate change and rising sea levels in mind. Amenities also include a 24 hour concierge, valet parking, pool service, cafe and juice bar, resident's lounge, waterspouts storage and bicycles and paddle boards for the residents. Monad Terrace will be located just south of the Waverly at the intersection of Monad Terrace and West Avenue on Miami Beach. Douglas Elliman will handle sales for the project.
