New to Miami's Design District's Palm Court comes Estefan Kitchen, from Gloria and Emilio Estefan. The 1950's Cuban style high-end eatery offers Cuban cuisine which is a blend between the Estefan family recipes and those by executive chef Odell Torres. Menu items include crispy moros, vaca frita, braised short ribs, paella, etc. Estefan Kitchen also features a 34-seat bar that extends outdoors into Palm Court. Next door to the main restuarant will be an express café part of the restaurant that offers traditional Cuban grab-and-go items, fresh juice, smoothies and shakes. Estefan Kitchen officially opened Saturday, March 4, 2017.
Terra Group & Related Group's Joint Venture Park Grove Approaches Top-Off in Downtown Coconut Grove
Park Grove is a 3-tower, LEED Silver certified development in Downtown Coconut Grove, built as a joint venture between Miami powerhouse developers Related Group and Terra Group. Park Grove is designed by Pritzker Architecture Prize winner Rem Koolhaas, whose clients include Tom Ford, Harry Winston, and the Faena Arts Center, in partnership with the Office for Metropolitan Architecture (OMA) and Arquitectonica. The project features 260-condo units across 3-towers, which start at $2 million. One Park Grove and Two Park Grove will be the closes to Biscayne Bay, while the third building, Park Grove Residences, will be on the downtown side of the property. The building will feature a restaurant by Michael Schwartz and 5-acres of lush landscaping throughout the property featuring a sculpture park designed by Enzo Enea. Other amenities include indoor & outdoor yoga spaces, signature spa with steam room and sauna, state-of-the-art gym, luxurious pool with cabanas, wine storage and tasting room, movie theater, adult game room, butler service, nautical concierge for yacht booking, and full-service staff.
Hyde Resort & Residences Hollywood Reports Successful Launch, Strong Closings & Rentals in January
Related Group's new Hyde Resort & Residences Hollywood, designed by architect Debora Aguiar of 1 Hotel South Beach fame, saw a successful January over 120 buyers quickly closing on their contracts since its January opening. Buyers at the 41-story Hyde Resort & Residences Hollywood have been quickly closing on their units since the project opened in January. Hyde Resort & Residences Hollywood features 407 total units, 40 condos and 367 condo-hotel style units, which are restricted to 150 nights per year to the owner/ resident. The units have reportedly been renting extremely well and suites can reach above $500 per night. Next door, Related Group has started construction on Hyde Beach House, a 42-story condo-hotel which will feature 265-condo-hotel units and 77 condo units. Owners in both buildings take part in a unique hotel pool which manages the hotel rental aspect of their ownership.
Featured Listing: North Bay Road Estate With FENDI Furniture Asks for $12.9 Million
5310 North Bay Road on Miami Beach is a tastefully finished waterfront estate on the prestigious North Bay Road. Known as "Millionaires Row," the area has been a hotspot for some of Miami's priciest home sales over the past several years. This North Bay Road home is 8,148 SF with 6 bedrooms and 8 bathrooms. It also features a chef's kitchen, movie theater, wet bar and 5,000-bottle wine cellar. Finishings include Calcutta marble and FENDI furniture. Outdoors there is a swimming pool with jacuzzi and the lot boasts 80' of waterfront with amazing views of Biscayne Bay. Currently listed for $12.9 million, down from the original list price of $18.9 million last year. Photos and listing by Stephanie Bienstock of One Sotheby’s International Realty.
Miami Beach's Eleven on Lenox Releases New, Updated Renderings Designed by Charles Allem
Miami Beach’s Eleven on Lenox has released new renderings showing in more detail the planned townhouse units developed by Shoma Group and designed by Zyscovich Architects. The interiors are being designed by Charles Allem of CAD International. Eleven on Lenox will feature 11 townhome units at the intersection of Lenox Ave. and 15th Street on Miami Beach. The "ocean inspired beach houses" will be 3-stories a piece, 4,403 SF+ and start at $2.9 million. They will be delivered with hand selected finishes by Charles Allem including exotic stone and marble, Poliform kitchens and Gaggenau appliances, private elevator, rooftop terrace with summer kitchen and pool as well as parking for up to 4 cars.
Photo via Zumper
Miami Ranks 9th in Top Ten 1-Bedroom and 2-Bedroom Median Rent Prices Nationally
Miami ranks 9th nationally according to a Zumper report when it comes to median rental prices for 1-bedroom and 2-bedroom units at $1,800 /mo. and $2,500 /mo. respectively. Month to month, Miami saw no change in median pricing, down 2.2% year-over-year for 1-bedrooms and 3.8% year-over-year for 2-bedrooms. San Francisco leads the list at $3,720 /mo. for 1-bedroom units and 4,500 /mo. for 2-bedroom units, followed by New York, Boston and San Jose. Fort Lauderdale ranked 13th with the median rent for 1-bedroom units at $1,500 /mo. and 2-bedrooms at $1,900 /mo.
PROFILE Exclusive: Hyde Midtown Suites & Residences Tops Off
The Related Group, Dezer Development and Moss & Associates celebrated the topping off of the Hyde Midtown Suites & Residences luxury condo-hotel project in Midtown. The project features 410 luxury residential condos and 60 hotel suites. The 32-story, 480,000 SF building was designed by Arquitectonica with interior design by the Rockwell Group with a total cost around $98 million. Carlos Rosso of Related Group explained that the amenities will be tailored towards millennials and the younger generation. They will feature a Hyde Musice Lounge & Piano Bar, a yet to be announced SBE restaurant, pool terrace with putting green and tennis court, state-of-the-art fitness center and private screening theater. Hyde Midtown Suites & Residences broke ground in September 2015 and is expected to be delivered in October 2017. Photos by TAMZ Photography.
Palm Court in Miami's Design District
Miami Rated 2nd Best Buyer's Market in U.S. According to Zillow Report
Miami has been rated the 2nd Best Home Buyer's Market in U.S. according to a report by Zillow. Zillow reported that 11.5% of active listings have suffered a price cut and homes in the region have averaged 108 day on market. To put that in comparison, the Top Seller's Market per the same report is San Francisco, which has an average days on market of 51. San Francisco is followed by San Jose, Seattle, Denver and Portland as the top Seller's Markets in the U.S. The Top Buyer's Market according to the same report is Baltimore, followed by Miami, Philadelphia, Chicago and Houston. When breaking down Miami by neighborhood:
Best 5 Miami Neighborhoods to be Buyer:
- Lauderdale by the Sea - 18.7% of Listings Price Cut - 141 Average Days on Market
- Hallandale - 15.6% of Listings Price Cut - 175 Days on Market
- North Bay Village - 13.8% of Listing Price Cut - 179 Days on Market
- Aventura - 13.8% of Listing Price Cut - 177 Days on Market
- Miami Shores - 15% of Listings Price Cut - 134 Days on Market
Best 5 Miami Neighborhoods to be Seller:
- South Miami Heights - 6.3% Listings Price Cut - 94 Days on Market
- The Crossings - 8.6% of Listings Price Cut - 86 Days on Market
- Kendall Lakes - 6.4% Listings Price Cut - 95 Days on Market
- Margate - 9% of Listings Price Cut - 88 Days on Market
- Fountainbleau - 6.3% Listings Price Cut - 98 Days on Market
Featured Listings: Waterfront Mansion 820 Lakeview Drive
A modern Miami Beach waterfront has hit the market at 820 Lakeview Drive for $12.5 million, or $1,403 SF. The home is 8,910 SF and features 7 bedrooms and 9 bathrooms and was designed by Praxis Architecture. The residence has 16' ceilings, Poliform chef's kitchen with double appliances, glass wine cellar, elevator, Calacatta marble and wood floors, outdoor entertainment area with pool and 80' of water frontage. Listing and photos by Nelson Gonzalez of EWM Realty.
Trump, Feds Renew ID Requirement Regulations for South Florida homebuyers
The Treasury Department announced Thursday that it would be extending its requirement that Title Insurance companies disclose the identities of luxury homebuyers in Broward and Palm Beach counties by six months through July. The regulations affect cash home sales in excess of $1 million in Miami-Dade, Broward and Palm Beach counties. These requirements were set after it was announced that 30% of transactions in Palm Beach, Broward County, Miami-Dade, New York City, San Antonio and parts of California involved a suspicious buyer or suspicious activity. ID Requirement regulations are in affect in all of those counties through July as the fed continues their crackdown on money laundering in the real estate sector. Many of the deals covered by the regulation involved shell companies. It was hoped that a Trump Presidency would ease some of the regulations placed by the Obama administration, but brokers have yet to see a drop in sales attributable to the ID Requirement regulations.