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During the height of the housing boom, some compared the feverish flipping game in Miami luxury condo market to a circus. Well the circus is back, and it’s more high-flying than ever. At a recent gala to launch a new project from New York-based developer PMG, acrobats swung over the crowd, and in gravity-defying flourish, poured champagne into the fancy flutes of wide-eyed investors. It’s exactly what we want, said Kevin Maloney, President of PMG who re-entered the Miami market in 2010 to buy some of the remaining bayside and beachfront construction sites. He said we wanted a bit of show and a lot of flash and it’s exactly what we got.

Condo development in the greater Miami area seems to defy not just gravity but also reason. Cranes swing above the city from every angle imaginable, just as they did during the 2006 housing bubble. During the boom, roughly 49,000 units were built, as investor-flippers used easy mortgage money to swap out the properties and push prices. Then when it all came crashing down, the lights in Miami went out, literally. Statuesque buildings stood dark as night, as banks took back properties and projects. Many thought it was over for a good long time.

But somehow there are only 2,400 unsold units left, barely a year’s worth at the current pace. Prices have increased close to 25 percent from a year ago, according to the Miami Area Association of Realtors. How did it occur? Foreign, all-cash buyers like Brazilians, Venezuelans, Russians, Chinese, and Canadians. They were either taking advantage of the weak dollar or looking for a safe-haven to put their money. Whatever the reason was though, they came, they saw and they bought.

One realtor said that it’s been mind-boggling to him. He can’t believe how the market has been able to move forward so quickly. The agent has been qualifying and quantifying the South Florida market for over a decade, and said this time around there is less short term risk because buyers have a real purpose. Foreign buyers are putting their cash into Miami condos. He said whether they actually use the unit or not, who cares, to them at least their money is stable.

These cash-heavy buyers have been allowing developers to require anywhere from 20 to 80 percent down, which appeases both the bank and private lenders. PMG’s Maloney said that it’s much smaller inventory, which holds the price point. Further, the deposit structure is much more beneficial to the developer at this point, so we’re back in the game, he added.

Maloney has sold 100 of the 190 units he plans to build in his “Echo” development and that’s without even breaking ground. The rest he hopes to entice with fantasy and flash, which is the name of the game in high-end Miami real estate, he said.

At Marina Palms Yacht Club and Residences in North Miami’s Aventura, broken-down boat slips frame two new condo sites, one of which has the beginnings of a first floor that has been on standstill for six years, since the developers went bankrupt.

There’s tremendous demand, said Neil Fairman, of Miami-based The Plaza Group, the project’s developer. He didn’t think the demand would actually be as strong as it is today. The Plaza Group and the DevStar Group are preparing to build two 25-story towers with a combined 468 units, which will start in the $600,000s. The project will also include a full-service, 112-slip luxury marina. Half the properties in the first tower sold in just the last few months. Fairman said he already has financing proposed from both banks and private hedge funds.

For more information about Miami Luxury Condos call Allan Kleer @ 305 748 2058. The Kleer Team represents many first time buyers of Miami Beach Luxury Real Estate. Schedule an appointment for a personal interview.

 

The Miami Seaquarium provides a number of entertaining and educational activities for guests. Many of these features aren’t found in other places in the U.S. The tropical climate in this part of the country makes for year-round outdoor marine shows where you’ll see dolphins and killer whales along with other eye-catching sea creatures. The Seaquarium, which has been a Miami fixture since 1955, is home to sea turtles, sea lions, seals and Florida manatee. Visit the Seaquarium website before leaving for your vacation, since the schedule for shows varies daily. The Miami Sequarium is on the Rickenbacker Causeway between Key Biscayne and downtown Miami. From the Seaquarium, you can see breathtaking views of the city of Miami, as well as Biscayne Bay.

There are so many exhibits that you don’t want to miss while you’re at the Seaquarium, including:

  • · The trained dolphin show
  • · A feeding and trainer presentation
  • · Lolita the Killer Whale show

Even though the Miami Seaquarium is a popular family-friendly attraction, some animal rights groups have negative views about the location, stating that animals aren’t being treated in a human fashion. A number of those who believe in animal rights asserts that it is inhumane to train animals to perform.

Of course, a number of guests disagree with this notion. Shows include Top Deck Dolphin, which features bottlenose dolphins performing impressive leaps and rolls. The captain will guide you through the cruise and let you know if there are any intense waves coming up. You can view the dolphins at all times of the day from above or below the water. You may even spot a baby dolphin!

The Killer Whale and Dolphin show is also one that you don’t want to miss. The Seaquarium claims that you won’t find these two dolphins performing together anywhere else! A performer prompts the animals to perform tricks like singing and dancing, and Lola the Killer Whale even walks on water.

Admission to the Miami Seaquarium is $29.95 for adults and $22.95 for children between the ages of 3 and 9. If you and your family want to visit the Seaquarium more than one time a year, you can purchase the annual pass for an extra $10 per person. Or, you can get free admission into the attraction with a Go Miami card.

For more information on how to book your tickets to the Miami Seaquarium, check out www.miamiseaquarium.com.

Interested in buying or selling Miami Beach Luxury Real Estate? Call Allan Kleer @ 305 748 2058 or CLICK HERE to schedule a free consultation.

 

It’s all too common. Jonathan hears that a friend of a friend, Melanie, is looking to buy a place. Turns out, Jonathan wants to sell his home. Or a guest in a person’s one-of-a-kind home tells the owners they’d love to buy the property should the homeowners decide to sell.

And so begins the discussion between the would-be buyer and seller of a home that’s not even on the market. How do they conduct the transaction? What are the steps involved and what are the risks?

There are pros and cons for both parties involved as well as major considerations before either signs on the bottom line. But all too often, sellers and buyers get ahead of themselves and don’t think through the logistics and details. Here are a few questions to ask yourself about buying or selling a home that’s off the market.

Are both parties serious?

Sellers and buyers like the idea of striking a deal off the market. But when it comes right down to it, are both parties really on the same wavelength? How long has the buyer been in the market? Is the buyer actually ready to a make a purchase? Does the seller really want to sell? Are their numbers in the same range or is one way off?

Many times an unrealistic seller will throw out a number that’s much higher than what the market supports. They do this because they’re either uninformed or feel they should get more because they know they’re risking it by selling off the market. Conversely, an uneducated buyer will lowball it if they haven’t been in the game long enough to know the actual value.

How to decide on price?

Both sides have a serious commitment and are ready to make a deal. Now they need to agree on how to make it happen.

First then, a price needs to be determined. If they’re both in the same price range but can’t agree on a figure, there are a few options. One would be to have two independent appraisers come out and to formally appraise the property. The seller and buyer can then average between the two. However, many will argue that the appraised value (the figure the appraiser comes up with) is lower than the market value (the amount an able and willing buyer/seller would pay on the open market). In this case, a realtor may be called in.

Can you save on the real estate commission?

Many sellers see the opportunity to sell off the market as a way to save the realtor’s standard 6 percent commission. However this can be short-sighted. First, both parties usually bring a realtor into the transaction at some point. Second, the buyer may want the 6 percent commission deducted from the purchase price, but the seller may not. For instance, the seller could want $500,000. But the buyer offers $470,000 ($500,000 minus the 6 percent). But if they split the difference and the property sells for $485,000, then they both win.

Interested in buying or selling property in Miami Beach? Call Allan Kleer @ 305 748 2058 or CLICK HERE to schedule a free consultation.

 

Overhead view of lakefront district of Boca Raton, FL

It was recently stated that half of a penthouse from the famous luxury condo in Boca Raton, FL - One Thousand Ocean was sold for $5.9 million. This means that every square foot of the complex is valued at approximately $1,415, an exorbitant number yet quite fair considering the positioning and exquisite amenities offered.

The purchase led to a 89% occupancy of the whole property, and even if the unit is not furnished, it offers breathtaking ocean views and it has managed to attract the buyer through its dazzling finishes and excellent positioning. It features a surface of 4,142 square feet of living space, and the overall surface of the terrace exceeds 1,400 square feet.

The buyer solicited only half of the penthouse, so One Thousand Ocean agreed to divide it. The remaining half is available for sale at $7.65 million. As soon as they saw the opulent residence, the purchasers adored it. However, they believed it was too big for them, so One Thousand Ocean came with the solution to split it in half.

On March 19, the complex stated that another two of its units have been sold for about $11 million, which means that the building is currently 91% occupied. According to the announcement, there was only one two-story beach villa left but it was also sold for $5.15 million, which is the equivalent of $1,135 per square foot. The residence has three amazing bedrooms, a surface of 1,123 square feet represented by terraces, a tremendous outdoor kitchen, four incredible bathrooms, an elevator, a large garage appropriate for two vehicles and of course, a fancy pool.

The other unit sold for $5.86 million was a gorgeous penthouse. The dwelling has a surface of 1,450 square feet represented by terraces, 14-foot ceilings, a personal cabana, a particular elevator lobby, as well as a spacious garage suitable for two vehicles. These last two deals prove that the present housing market is a powerful one. It was also mentioned that potential buyers fall in love with the surrounding areas immediately, and that’s why One Thousand Ocean is one of the most acclaimed condo complexes in Florida.

If you think the features and location of this luxury Miami Condos are the best for you, CLICK HERE or call Allan Kleer - Miami Realtor @ 305 748 2058

 

A buyer has recently decided to purchase two penthouses in Miami Beach, Florida for an amazing price of $34 million. The two penthouses are currently in construction, and their purchase is the biggest condo sale that ever took place in the state. The penthouses are included in a new project named “Residences at the Miami Beach Edition”, which is said to be completed next April.

The project is developed by Ian Schrager and it will feature 26 different units. The condos including the two priced at $34 million are located on top of a brand new hotel that will also be part of the plan. Known as the Miami Beach Edition, the new accommodation facility will replace the former Seville Hotel.

Taken together, the two purchased penthouses have a total number of eleven bathrooms and eight bedrooms, and a total surface of 16,162 square feet, with almost 10,000 square feet featured indoors. Just imagine that one of the penthouses has a view of the ocean, while the other features views of downtown Miami and Biscayne Bay.

These two penthouses are a great investment for buyers who love living in luxury, taking into consideration that each one of them is provided with a private elevator that allows access to the rooftop. The rooftop is perfect for Miami’s summer days, featuring an outdoor kitchen, a dining area enclosed with glass and an amazing pool designed to offer unforgettable moments.

The name of the buyer was not revealed, however his broker decided to reveal he’s an American. Believe it or not, these are not the only expensive properties in Miami Beach. A penthouse built by the company that also designed London’s Millennium Bridge has been recently priced at the incredible value of $50 million. The property will feature seven bathrooms and five bedrooms on a huge surface of almost 8,500 square feet. The outdoor area will consist of 10,000 square feet and will also include a private elevator that allows access to the roof.

Until the breathtaking property finds a buyer, the two penthouses sold with $34 million will remain in history as the biggest condo sale that ever took place in Florida.

For more information about Miami Beach Condos & South Beach Properties call Allan Kleer @ 305 748 2058. The Kleer Team represents many first time buyers of Miami Beach Luxury Real Estate. Schedule an appointment for a personal interview.

 

Developed by Pacific International and designed by Cohen Freedman Encinosa & Associates architectural firm, Brickell on the River is a two tower condo and retail development on the Miami River.

The 42-story North Tower was completed in 2006 and the 46-story South Tower in 2008. a central plaza connects the two amenity rich towers. The charming plaza features a riverfront promenade and cafe. Residents are also treated to 24 hour white glove concierge service. Brickell on the River is resplendent with panoramic views of Biscayne Bay, Brickell Ave. and Downtown Miami. Another unbelievable asset is a five level health and fitness center which also overlooks the river. Three levels are packed with the very best in free weight and circuit training equipment as well as the latest cardiovascular work out machines and an aerobics room. Two more levels house women’s and men’s steam rooms, saunas and whirlpools and private locker room dressing areas. The complex also includes first class tennis courts.

The towers also share a beautifully landscaped 11th floor sun deck and infinity edge pool with its own amazing panoramic views. The complex offers a fully equipped Business Center, 24 hour valet and an exclusive second floor Martini Bar. The North Tower has 404 units and the South Tower has 334. Units range in size from 750 – 1,500 square feet with delightful terraces adding between 75 – 250 extra square feet. View the river and downtown Miami from these signature terraces.

Located on the southern banks of the Miami river, The Brickell is impressive in every aspect, from the dramatic circular entrance and exquisite two story lobby with a cascading waterfall to the top floor units with some of the best views in the entire city of Miami. Condos are available for rent or sale with 1, 2 and 3 bedrooms. With the Fifth Street Metromover station located directly adjacent of the North Tower, this complex also offers convenient commuting and access to the city. The incredible design of these towers allows residents to live, work, dine, recreate, get fit and relax without ever leaving the comforts of home.

For more information on Brickell condos, contact Allan Kleer at 305-767-2440

 

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