October 23, 2008
Real estate mogul Jorge Perez was featured in the Wall Street Journal this morning, acting as both a buyer ands eller of new condos in Miami Florida. He was quoted as saying "There is no question in my mind that within some time — I don’t know if that’s two, three or four years– people are going to look back and say: ‘These units were bought for how little!’" he says emphatically. "Some of these are really a gimme. And we think the future of Miami is very strong."
Whether the purchase of a new Miami condo is for primary residence, for an investment, or for a rental, we are confident that these luxury condo developments in Miami will continue to be valuable and act as the key to making Miami aworld-class city and international destination. See the premier new luxury condominiums we have featured in Miami:
Park Central East
December 29, 2007
The world currently has it’s eye on the home building industry in Dubai. The resort, hotel, and condo marekt has had explosive growth with investors and buyers primarily coming from wealthy individuals looking for second homes and investment property. Many have compared Miami condos and the apparent over building to what is currently going on in Dubai. Will Dubai follow the same path?
The sceptics think so, but the optimists beleive that absorption will be good enough to avoid a couple years of over supply. According to AMEInfo.com, a Middle East finance and economy news site, “In the 1999 real estate downturn in Dubai, which followed a local stock market crash and the Asian Financial Crisis, many observers were amazed at the resilience of the sector which at the time again looked to be overbuilding. What happened was that property owners were not greatly leveraged and just sat out the downturn, even leaving buildings empty rather than cut their rentals. It could be different this time. But as in 1999 the biggest player in the Dubai market is the Dubai Government, so expect a case of deja vu all over again.”
The Miami condo market has experienced the flight of investors, but the home buyers are still there. Escrows and closings are a bit less frequent and converting buyers is taking longer. Oversupply is obviously a factor as well from the builders perspective. Without the huge influx of investors, the absorption rate has decreased substantially.
One could compare the economies of the two markets as well. Dubai’s is a massive and dynamic newly emerging economy whereas Florida’s is more mature. Dubai may have the capacity to absorp these units and prevent major oversupply. Eventually some projects may be pulled, but this will probably be to largest negative impact of any kind.
This past weekend, I had the privilege and joy of attending my cousin’s wedding in Miami Beach. Miami Beach is beautiful! The food, the nightlife, the people…simply stunning!
I also happened to do some sight-seeing of some new condo developments sprouting up. I was quite impressed! My eyes were inundated with cranes and all of the construction that was happening. I am well aware of the all the development going on in South Florida but to see that with your own eyes, really is something else!
The prices at a lot of these developments are pretty affordable and for the most part, amenities at these communities are nothing short of spectacular. I would recommend buying a condo in Miami. I hope this recent slow-down in the condo market won’t last for much longer. Buyers should note the unique building designs and creative floor plans in many of these new developments.
Some developments that you may want to peruse are: Icon South Beach, Altos de Miami, and Filling Station. Check out these developments and other condos on NewCondosOnline.com.
Another new 67 story condo high rise is hitting the streets of downtown Miami! Marquis, by Boymelgreen Developers, is due to be completed in the Spring of 2009. These masterfully designed condos will range from 1,600 to 10,000 SF and start in the $900,000′s. This will be the second tallest building in Miami and is offering 306 new residences. The dazzling ocean and city views can be seen from all units.
There has been a lot of press around the Miami condo market and other major real estate markets, yet builders are still taking advantage of opportunities. Knowing that the cyle will correct itself and that popular areas will remain popular, builders that can obtain the financing are moving forward on projects and taking their time. There is no rush right now as we wait for the market to adjust, so builders can take their time and deliver a quality product to consumers.
Miami, FL (October 2007) – 3333 Biscayne is an alluring and environmentally sensitive 14 story Class A commercial building that will provide 130,000 square feet of office and 10,000 square feet of retail space in Miami’s Biscayne corridor near the famed Design District, home to Art Basel Miami. With a focus on aesthetic beauty rarely found in commercial buildings, 3333 Biscayne represents a new breed of commercial real estate. In addition to providing a fresh face for the boulevard, 3333 will serve as an integral component of the current revitalization of Biscayne Boulevard.
Developed by Cardinal Development Corp., 3333 Biscayne is the only proposed Class A office on Biscayne from the downtown Miami area to Aventura. Located between NE 33rd and 34th Streets on the east side of Biscayne Boulevard, 3333 is an attractive alternative to the crowded canyons of Brickell. Its opportune location is also just minutes from Miami’s Central Business District, the Miami Beaches, the Port of Miami, and Miami’s International Airport. This portion of Biscayne Boulevard is also at the heart of the most complete amenity base in all downtown Miami with the new Carnival Centre for the Performing Arts to the south The Shops at Midtown Miami at the north, anchored by Target, Linens ‘N Things, Loehmann’s, and Circuit City. In addition the Boulevard will soon welcome Staples and Starbucks located just blocks from 3333 Biscayne.
From its inception, 3333 Biscayne’s luxury office space has been influenced by artistic elements. The project is a unique fusion of ideas; the design incorporates a balance of practicality, art, and fantasy, resulting in colorful and invigorating spaces with utilitarian value. The design of 3333 creates a feeling of luxury and openness beginning in the lobby with its double-height ceilings and wall to wall impact resistant glass, striking interiors and creative use of space and light in the public areas. The innovative, soft and curvaceous plan for the building’s exterior originated as a stark geometric blueprint, but throughout the planning process has evolved into a rounded and whimsical vision. Even the building’s address “3333” fits the feminine and curvaceous aesthetic. The building will reflect the sky and surrounding areas by day and the stars and city lights by night as it transforms into a palatial, luminous vision. “The genesis of 3333 was based on invigorating a forgotten quarter of the city and its purpose is to bring back the class and prestige of a 1940’s Miami,” says the building’s architect, Pat Bosch of Perkins+Will. Perkins+Will is the firm with the most LEED accredited professionals in the country, as well the 3rd largest firm in Architecture and Interiors.
Furthermore, the building’s architectural significance combined with award-winning artwork on its façade echoes the area’s nascent trend of convergence between the worlds of art and commerce. Travelers on Biscayne, one of Miami’s most trafficked thoroughfares, will rejoice in a visual spectacle designed by Anastasia Cohen from Miami International University of Art & Design, who drew her inspiration from the etymology of the word “Biscayne”; Biscayne comes from the native word describing the road as the favorite path of the rising moon..
3333 Biscayne will boast beautiful city and Biscayne Bay views, technologically advanced workspaces, suites ranging from 1,000 to 15,000 square feet, common area conference facility with an LCD for presentations and an attached garden terrace, spacious retail and dining promenade, upsized back up emergency generator, and air conditioned storage areas. In addition to its many conveniences, 3333 Biscayne will also ensure over 400 assigned parking spaces, valet service and 24 hour security.
Scheduled for completion in spring 2009, the development will serve as an urban catalyst for commercial future development in the area.
For sales inquiries and more information about 3333 Biscayne, please contact Irene Arditi at 305.530.1212 or visit www.3333biscayne.com.
Literally, this may be the largest new community among all clients on www.newcondosonline.com. With 1,688 units, this is a truly massive project, and its units start in the low 300s! The famous Flamingo South Beach started off as Miami’sMorton Towers. Just a few years ago, the entire complex and all units have undergone renovations with new modern fixtures, new appliances including washer and dryer and hundreds of new luxury units were added, created the Great Flamingo South Beach. Some of this Resort’s Amenities include beautiful expansive bay and city views, 1,300 ft. of bay front walkway, a business center, 2 bayside resort style pools, Poolside cabana with food and beverage service, Outdoor whirlpool spa, k-9 recreational area (an essential in my opinion), and Marina drop-off and pick-up (another essential). If you are an investor or on the market for a new Miami condo, the Flamingo is definitely worth adding to your list.
The Flamingo is another project from MCZ/Centrum, who we have just formed a great new relationship with down in Florida. Keep checking back to hopefully see more fantastic new communities from this acclaimed builder! hippest and most conveniently-located rental complex, the
Another new press release going out…
The Miami condo market has taken a hit over the past few years as investors and speculators take their money elsewhere. Recent natural disasters like hurricanes in the area have taken its toll as well. The bottom line however is that Southern Florida and
Miami will always draw homebuyers and retirees to its great location, mild climate, close proximity to other great vacation destinations, and amenities that have made this a great place to live for decades.
Home buyers have recently been more timid to purchase in cooling market conditions, but many of those buyers were looking for a quick appreciation gain that would have been available a few years ago. For a primary residence, retirement home, vacation home or rental, Miami still offers affordable luxury living. Condos, condo conversions, condo hotels, active adult communities, and resort communities are available everywhere.
People of all generations now are looking online to find new homes and Miami condos because it is the fastest and easiest way to gather all the information one needs to make and educated decision. www.newcondosonline.com, the largest and fastest growing new condo website in the country, offers home buyers, investors and agents with the most reliable and user-friendly resource to find and compare new communities. The company has partnered with major builders and media companies from
Miami to promote these new condo developments to buyers. Some of the clients include Centrum Properties, Inc., The Related Group, Related Cervera Realty Services, Americas Media Group, and many more.
Infill development and conversions have been a popular model in the area as developers seek to acquire hotels, apartment communities, and existing condos, to convert them into high-end luxury homes for purchase. The Flamingo South Beach by Centrum Properties, Inc. is a perfect example of a successful conversion from apartments to condos. This concept offers the buyer more affordable prices than new construction.
NewCondosOnline.com President Brent Gleeson said, “Once Miami’s most popular rental community,
Towers, The Flamingo South Beach now offers condo buyers with new finishes, new appliances, and hundreds of new luxury units. Centrum has done a great job redefining luxury living with this conversion.”
About New Condos Online
New Condos Online, Inc. has been leading the industry in online condo advertising for a few years now. The company has expanded internationally and offers thousands of real estate and condo listings in countries such as Belize, Costa Rica, Mexico,
Dominican Republic, and more through international partnerships and American-based media companies. New Condos Online, Inc., based in
CA, has plans to further penetrate the
U.S. and international markets offering their cost effective and successfully proven model. Builders, developers, and real estate companies need to use online resources to cast the largest net possible to convert buyers, and New Condos
Online makes this possible for them.
It has been a little over a year since One Miami and The Loft Downtown condominiums opened their doors to a new wave of “Downtowners” in Miami. These are the first Downtown residents to enjoy what visionaries had been talking about years ago. “Tropical Urbanism” said Jorge Perez, president of The Related Group, is the perfect description for the new lifestyle in Downtown Miami.
Over 30 new businesses opened in Downtown Miami, “Last year signaled in the awaited resurgence Downtown Miami has been long anticipating with regards to retail and restaurants. A tremendous new variety of restaurants, bars, and quality retail stores have recently made Downtown Miami their home” reported the Miami Downtown Development Authority. Urban legends such as Starbucks, local creations such as Prime Blue, Pesen’s Breads and Panini and SmokeShop have all contributed their part to a city dweller lifestyle.
Visit “Casa del Arte” walk down SE First Street, check out the latest gadgets on display at several windows, and stop for a cup of coffee at the corner, walk to Bayfront Park, all the way down to the waterline right after the big water fountain… nice view? Turn around and see the new Downtown Miami, that’s a nice view!
Buyers from all over the world have already bought and are moving in. As we approach the end of the year 2007, new opportunities are opening up for those who also want to be part of this new era. Buildings such as 50 Biscayne and The Loft Downtown2 offer fabulous amenities, beautiful City and Bay views, incredible features in each residence, wide range of sizes and prices and best of all, central Downtown location.
Find out if this is your lucky day!
Miami is and always will be one of the most desirable places to live in the United States. Miami’s tropical climate, long sandy beaches and world famous restaurants and nightlife has made this amazing city a historical hot spot. And true to form with the housing industry, especially the condo market, hot spots are hit the hardest with investors and speculators. High demand for living space fosters interest from invests and the two forces drive prices through the roof. Once this happens, the thing left to occur is an eventual correction. It is always hard to say how long the appreciating values and investor profits will last (the most recent boom lasted longer than anyone anticipated), but as we can see, the correction is inevitable.
A correction in the market place is not a bad thing, it is a normal thing that must happen and always does happen. The hardest part is estimating the timing of purchases, sales, construction, etc. so that you do not get caught in the downward surge. The best part about Miami condos and new homes is that Miami is and always will be a desirable place to live and work. This of course means that values will inevitable go back up and sales/absorption will be healthy again. Now is a great time to buy Miami condos if you are looking for a home to live in and a long term investment. As we all know, the days of flipping for a profit are over, so as long as buyers get that out of their mind, they should not be so timid to buy. Now is the time to buy a condo to be a primary residence for years to come.
On the other hand, with the Dollar being at such a great value against the Euro, foreign investors are still buying large luxurious condos and penthouses as long term investments in cities like Miami and New York. So we can’t rule out investors all together. The fact of the matter is that condos for sale in Miami are slowly becoming more affordable which is the next step during a correction towards a healthier market.
The builders just have to be careful to not get in over their heads during the correction. This of course is easier said than done as these high-rise condo developments and massive resort communities take years of planning and approvals before even going vertical. It takes constant market analysis and plan revisions to make these projects profitable and close sales for all units on pace with the original plans. This mission is even harder in hot markets because as they grow with rapid momentum during the boom, they will most certainly be hit the hardest when things cool.
Agents are in the same boat so to speak as they must plan their personal business around home sales and market conditions…not to mention stiff competition! Agents and builders are always hit the hardest as the market cools and must plan accordingly which is why the agents with the most experience usually foresee down-turns before they happen. The barriers to entry in this industry may be relatively low, be the attrition rate for new agents is high.
Nevertheless, cities like Miami will always be popular for home buyers and investors because the area draws so much business and tourism. Fewer retirees are moving cross country these days simply because they don’t need to. All the amenities of new condos across the country allow people more connectivity to their family and more convenience in their lifestyle.
Under the most beautiful blue sky and bright sun, the banner for the latest preconstruction project in Downtown Miami was installed.The corner of Second Avenue and Second Street SE is the home for the next successful project developed by the acclaimed South Florida Developer, Related Group.
Soaring 36 stories, this contemporary condominium will contribute to the new Miami Skyline and enhance the city lifestyle incorporating in its design a street level retail element.Residents will also enjoyfull amenities such as State-of-the-Art Fitness center, elegant-great room with a large private exterior terrace, Landscaped sun terrace with covered resistance pool and an open-air swimming pool.
The building will be delivered approximately early 2011 and the project has started taking Letters of Interest TODAY.Take advantage of this pre-sales opportunity by visiting www.TheLoftDowntown4.com learn all about the project, download your Letter of Interestand send it as soon as possible.