Which Views Are The Best In Miami? A Case For Choosing A West-Facing View Posted on September 7, 2023 by Sarah Elles Boggs It is no secret that the availability of inventory of Miami’s real estate market is very low thanks to the Citadel Migration and migration from New York, and it is very natural for clients to automatically request an ocean view when they begin their home search. But what about the West-facing view? Is it also not beautiful? Here are my thoughts about why the West-facing view could even be superior to the ocean view when shopping for Miami condos. The Night View This is something that I always bring up to people. Naturally, the first thing that people ask for when moving to Miami is an ocean view. But what you don’t realize is the ocean view isn’t really all that interesting at night. On the West side of the tower, there are glittering lights and pedestrians and all sorts of things to observe. The Sunsets Miami offers some incredibly colorful and breathtaking sunsets. Watching the sun go down and all of the colors that are offered from your terrace in the evening is incredibly spectacular. And after the sun has set, you revert back to the glittering lights of the night view. If you are on Miami Beach you will see the Biscayne Bay, so there is still a water view with the lights of the Downtown Miami skyline in the background. If you are on mainland Miami in the Downtown or Brickell area, or even Coconut Grove, it is possible that you could see all the way to the Everglades. Watching the late flights arrive and depart from Miami International Airport is also interesting. Sunlight The morning sun is noticeably stronger than the afternoon sun. It is brighter and creates a glare on television screens and computer screens if you are working from home. Blackout shades are a must. There can also be a case made for those of us who maybe hold odd hours. A night owl is not going to want the sun beating down on them first thing in the morning. Maybe night owls prefer a calmer light at the end of the day. The Terrace I touched on this a bit before, but the terrace is so pleasant at the end of the day. The temperatures are cooler, there is plenty to observe and talk about and on Miami Beach, the streets with bay views tend to be more calm and secluded from tourists. Which One To Choose? Naturally every person has their own preferences regarding what they look at from their terrace, how much light comes in and how they like to live. A happy medium would be to find a building that offers north or south views. In this case, you will receive more sunlight on the south side of the building and softer light on the north side. Of course facing toward the ocean is a very marketable feature, but there is also something to be said for looking at the Biscayne Bay or the vibrant neighborhood that you choose. If you are interested in a new home or real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
The Standard Residences Miami Celebrates Being 70% Sold Out Within 4 Months Posted on June 9, 2022June 11, 2022 by Sarah Elles Boggs Not even 4 months ago, Carlos Rosso made his development debut in Miami by launching The Standard Residences Miami in Midtown. Today, he celebrates being 70% sold out of his 228 pied-a-terre-style residences with a soiree at Sugarcane Raw Bar & Grill in Midtown. Let’s talk about both! About Sugarcane For the newbies around here, Sugarcane has become a fixture in the neighborhood, having opened in 2010. Few restaurants in any city survive even a few years, much less 12 years plus factoring in a global pandemic. Some of our favorite dishes at the eatery include the ceviche with a variety of sushi rolls, the “spice of love” cocktail and beet mojitos. If you visit for brunch, you’re truly missing out if you don’t check out the Cuban benedicts. They will make you want to slap your mama and ask her for beer money. It’s really like that. Since opening in Midtown Miami, the restaurant has expanded to the Venetian in Las Vegas as well as Dumbo in Brooklyn. Sugarcane Raw Bar Midtown Miami by World RedEye About The Standard Residences Miami Now that we’re all sufficiently hungry, we need to talk about this project because it is definitely something new and different. Each of the apartments in the 12-story building is between 432 to 965 square feet and designed to be a place to relax when the owner desires, or leased out on a short-term basis. This is the first time that The Standard has offered residences for sale. The success of the project is a natural outcome considering the migration of New Yorkers and others from the Pacific Northeast along with the amenities that Midtown has to offer. The Standard brand is known for their wit, not following rules and breaking the mold. They have been around since early 2000 and specifically build in places with soul. Places like Midtown Miami. Prices of remaining inventory range from the high $400k’s up to $800k. If you are interested in a presentation on remaining residences and investment opportunities with specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Rendering of The Standard Residences Midtown Miami Rendering of The Standard Residences Rooftop Pool Rendering of The Standard Residences Studio Rendering of The Standard Residences Living Room
May 2017 was a Historical Month for Miami Real Estate Posted on June 27, 2017 by Michael Light May 2017 was a historical month for the single-family home market in Miami as total home sales, dollar volume, median prices, traditional transactions and luxury sales increased, according to a new report by the Miami Association of Realtors and the MLS. In May, 1,344 single-family homes in Miami were sold, which is the most in any May in the history of Miami real estate and a significant 9.9% increase from the 1,223 homes sold 1 year ago. Further, the existing condo sales are up 5.7%, total residential sales are up 7.7%, total dollar volume rose 14.7% and luxury single-family home transactions surged 23.5%. Luxury sales, which includes single-family homes $1 Million and above, have risen for 3 consecutive months, showing that the luxury market in Miami just keeps strengthening. Total Residential Sales Increase Sales for existing condos in Miami rose 5.7% year-over-year from 1,309 to 1,384. So, this combined with the 1,344 single-family homes transactions allot Miami-Dade County a total (existing) residential sales year-over-year growth from 2,532 to 2,728 transactions in the month of May. Pending sales data also shows signs for future growth in the Miami real estate market. The number of existing condos in Miami that went under contract in May grew 6.8% year-over-year and pending sales for single-family properties also rose 5.4%. May 2017…New Record for Single-Family May Home Sales This year’s May single-family transactions of 1,344 highly surpassed the previous Miami-Dade County record of 1,276 transactions in May of 2015. According to the Miami Association of Realtors, the increase in Miami single-family home sales is being fueled by a surge in mid-market (properties listed between $200k-$600k) and luxury transactions ($1 Million and above). Mid-market homes skyrocketed 27.9% from 756 to 967 sales and account for 71.9% of all the single-family home sales. Luxury transactions also skyrocketed 23.5% in May of this year. Single-family home sales, excluding distressed transactions, in Miami rose 21.4%, showing signs of the health and strengthening of the Miami real estate market. Median Prices Surge Median prices for both single-family homes and existing condos in Miami-Dade County surged in May. Single-family home prices rose 10.7% in May of this year and have risen for 66 consecutive months. Existing condo prices also jumped up 4.8% in May and have increased in 70 of the past 72 months. Despite increases in prices in the Miami real estate market, the value proposition of Miami real estate is so great that it remains a major bargain compared to other prime cities around the world such as Monaco, Hong Kong, New York and London. Seller’s Market for Single-Family Homes, Buyer’s Market for Existing Condos Inventory of single-family homes decreased 5% in May from 6,522 active listings in 2016 to 6,193 last month (2017). Monthly supply of inventory for single-family homes decreased 3.4% from 5.8 months to 5.6 months. The 5.6-month supply indicates a seller’s market. Inventory of existing condos increased 8.8% from 14,081 to 15,325 during the same period in 2016. Existing condos have a 13.8-month supply, which indicates a buyer’s market. The total active listings at the end of May increased 4.4% year-over-year, from 20,603 to 21,518 listings. Miami Real Estate Market Expert If you, or someone you know, are interested in buying or selling real estate in Miami, please contact Michael Light, Director of Luxury Sales at Douglas Elliman and Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Disclaimer: Data referenced herein was received from a third-party, according to the MLS. This information is for informative purposes only and should not be relied upon.
High-Priced Rental Market is Great for Investors…Not so Much for Renters Posted on October 17, 2015 by Michael Light Renting in Miami is crazy expensive, and a study released recently shows that 1 in 3 renters in South Florida spend at least ½ of their income on housing, causing renters to be “severely cost-burdened,” according to the Miami Herald. Florida is the least affordable state in the United States for renters, and South Florida is the highest priced rental market in the entire state. What does this mean??? Well, if you are looking to rent, most areas in Miami including Downtown Miami, Brickell and Miami Beach are not affordable for many, but this is a dream for investors. Pricey rental rates in South Florida attract investors, especially foreign buyers. Foreign buyers look at the market volatility of their home countries and see the opportunity to secure a high-income-producing property as a safe place to “deposit” their money. Just recently, I set an all-time record in Downtown Miami when I rented PH6307 at 900 Biscayne Bay at a rate of $18,000 per month for a client of mine. I work with many foreign clients who are strictly looking for good investments, and high rental rates provide a great opportunity to ensure just that. Although many look at the high-priced rents as a bad thing, I look at it as an opportunity for my clients to make money. If you are interested in purchasing a condo investment in Miami, so you can take advantage of the high rental rates, please contact Michael Light. I have sold more than $20M of condo inventory this year in Downtown Miami and Brickell and know the market inside and out. You may reach me on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Florida Law Could Allow Condo Buyers to Cancel if Developer Makes Changes Posted on September 25, 2015 by Michael Light Some people are skeptical of buying pre-construction condos in Miami because of the uncertainty of the final product. Purchasing off of a brochure or floor plan can be scary. Of course this is understandable, but I hope you realize that if the developer changes anything that would negatively affect the value of your condo, there is possibly a way out! §718.503, Fla. Stat. (Developer disclosure prior to sale; nondeveloper unit owner disclosure prior to sale; voidability) provides: (1) DEVELOPER DISCLOSURE.— (a) Contents of contracts.—Any contract for the sale of a residential unit or a lease thereof for an unexpired term of more than 5 years shall: 1. Contain the following legend in conspicuous type: THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER, AND RECEIPT BY BUYER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO HIM OR HER BY THE DEVELOPER UNDER SECTION 718.503, FLORIDA STATUTES. THIS AGREEMENT IS ALSO VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO THE BUYER. ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. Layman’s Terms Quite simply, if the developer changes something that could hurt the value of your unit(s), you could cancel if you give the developer notice in writing within 15 days of the date the developer gave you notice of the changes. Now, this isn’t a cut and dry thing. Developers would argue that some changes are meant to benefit, not negatively affect the condos. However, everything is an argument when it comes to the law. And, rightfully so, if changes are made that you do not like and isn’t what you “signed up for,” then you should be able to cancel. Your condo purchase should conclude with the finished product being exactly as you had purchased. For example, one of my clients purchased a condo at Brickell Heights. This client recently received a letter from the developer advising of a change in the layout of the unit he is purchasing. My client is debating whether or not to cancel his contract because the specific layout change could adversely affect the value of his property…I say “could” because there is an argument to be made either way. This client would have to argue his points, but with a good attorney, he could have an “out” if he wanted. The point of this article is not to scare anyone, it is to make buyers of pre-construction condos in Miami feel more comfortable with the process and put them at ease. New construction condos are highly regulated, and developers do have many laws that they have to abide by in all stages of development. Disclosure: I am not an attorney. The information contained herein is for informative purposes only and not for the purposes of giving legal advice. The information herein should not be relied upon under any circumstances.
Question to Investors…Why Miami? Posted on February 11, 2015January 6, 2019 by Michael Light Aria on the Bay Condos According to Investors Choice Lending, both foreign and domestic investors come to Miami to buy investment properties because of the great return on their investment. But why do these investors invest in condos specifically in Miami over other cities? Because studies show that 65% of the population in Miami are renters. The rental population in Miami has majorly increased by about 25% between 2006 and 2013, which is the second highest increase nationwide, according to the Next Miami. Miamians and people wanting to live in the Magic City are willing to pay more than half of their income towards rent. In fact, about 39% of Miami condo renters are paying half of their income or more in monthly rent, which is the second highest in the country, following only New York. With condo renters willing to pay half of their salaries or more in rent, why would an investor not buy in Miami versus another part of the country. Also, with all of the new construction in the Downtown Miami and Brickell area, you can get a great deal if you can get a pre-construction condo at the friends and family pricing phase or tier 1 pricing. If you, or someone you know, are looking for a great investment and are interested in purchasing a condo in Miami, please call me, Michael Light, a Miami condo specialist. I work with clients from all over the world and help clients in determining the best condo investment for their specific needs and wants. It is crucial to have someone knowledgeable in the Miami condo investment market to assist you in your purchase. You may reach me on my cell at (786) 566-1700, directly at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com.
Top 25 Most Expensive Miami Condo Sales of 2014 Posted on January 15, 2015 by Michael Light Top 25 Most Expensive Miami Condo Sales of 2014 Since the crash of the market in 2008, many people question the stability of the luxury condo market in Miami even though the Miami condo market has shot back up to the top in a short amount of time. If you don’t believe me, check out the statistics from 2014…numbers don’t lie! In 2014, there were 1,087 Miami condo sales of $1M or above which accounted for 6.1% of the 17,834 total condo sales. Moreover, the chart above is a list of the Top 25 most expensive condo sales in Miami in 2014, to further confirm the high demand for ultra-luxury condos in Miami. The total sales volume for these Top 25 condos is a whopping $276,015,000 with an average of 261 days on the market. These condo residences had an average price per square foot of $2,434.79 and a median price per square foot of $2,333.23. To top the list at #1 was Continuum South Beach South with its $27.5M sale of units 3602 | 3603 | 3604 combined into one luxurious, mega condo. Continuum South Beach consists of 2 exclusive, gated towers and sits on 12 acres of pristine, oceanfront land. Continuum South Beach offers a truly 5-star lifestyle. Whether you pamper yourself in the European spa, take a Pilates class in the private, three-story Sporting Club or work with a tennis pro on one of the three championship clay tennis courts, Continuum South Beach has something exceptional for everyone. In addition, 12 of the Top 25 Miami condo sales came from Miami Beach, with 5 on Fisher Island, 4 in Bal Harbour (all of which were at St. Regis Bal Harbour), 2 in Sunny Isles Beach and 1 in Key Biscayne. Also, Coconut Grove made the list with the sale of unit 3001 at Grovenor House which was also #1 on the list of the 25 most expensive Coconut Grove real estate sales of 2014. Additionally, my St. Regis Bal Harbour sale almost made the Top 25 list. Ranking as the 32nd most expensive condo sale in Miami in 2014, was my sale at the luxurious, St. Regis Bal Harbour Residences. I sold Unit 1901 in the North Tower at St. Regis Bal Harbour in March of 2014 for $6.5M, decorator ready. This gorgeous, 3 bedroom plus den, 3.5 bath condo boasts 3,884 square feet of interior space with 1,332 square feet of terrace space overlooking the breathtaking Atlantic Ocean. Aside from the stunning residences, St. Regis features unparalleled amenities and views and is one of the most exclusive condo buildings in South Florida. St. Regis Bal Harbour Condo Residences If you, or someone you know, are interested in purchasing a Miami luxury condo, it is imperative that you work with a real estate agent who specializes in the Miami condo market. So, please call me, Michael Light of Miami Luxury Homes, to help you with all of your Miami real estate needs. You may contact me at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Disclaimer: All of the statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 15, 2015.
27,642 New Condos in Miami-Dade County Posted on August 27, 2014 by Michael Light Miami Skyline The amount of residential condo towers currently being planned or under construction in Miami-Dade County is the topic of conversation in South Florida and other parts of the world. Why? Because today in South Florida, there are 256 new residential condo towers, consisting of about 35,132 condo units, being planned or in the construction phase in South Florida. Miami-Dade County, alone, accounts for 173 of these 256 condo towers. In Miami-Dade County, there are approximately 27,642 condo units being planned or currently under construction with almost 18,300 of these condo units residing in the Greater Downtown Miami and Brickell areas, according to the Miami Herald. Because of the rapid growth of Miami new construction condo developments and similarity in the number of condo units being constructed, some people—mostly non Miamians, are starting to question whether or not Miami could have a condo crash similar to the crash in 2008. First, there is a major difference between the Miami condo market today and during the boom of 2003–2007. Today, developers astutely rely less on bank financing and more on pre-construction deposits from condo buyers—sometimes, the buyer gives as much as 50% of the contract price up front. When someone buys a Miami pre-construction condo, he/she must put down a certain percentage of the contract price at reservation of the condo unit and follow with another percentage at contract, groundbreaking, various stages of construction and then the balance at closing. The percentages of deposits completely vary with each condo development and there is no set standard. These deposits are used by the developers to cover the costs associated with construction which almost completely replaces bank financing…the buyers are financing the project with their own money! So, with this major difference, why are people still trying to compare today’s Miami condo market with the Miami condo market in the boom of 2003-2007? Because the numbers are similar. According to the Miami Herald, today, South Florida has about 35,132 proposed condo units to be built in Miami-Dade, Broward and Palm Beach counties-east of Interstate 95. Similarly, right before the market crashed in 2008, more than 49,000 condo units were being built in Miami-Dade, Broward and Palm Beach counties-east of Interstate 95. In addition, today, about 79% of all proposed new construction condo units in South Florida are in Miami-Dade County with the majority of these condos concentrated in the Greater Downtown Miami and Brickell areas. Similarly, during the condo boom that started in 2003, Miami-Dade County was home to about 70% of the new construction condo units with about 22,200 of those condo units being in the Greater Downtown Miami and Brickell areas. Yes, the numbers today and during the condo boom that started in 2003 are similar, but this alone should not make buyers uneasy. Buyers must look at the significant factor that is different about today’s condo market versus the 2003 boom—CASH MONEY! The real estate market crashed in 2008 mostly because bank financing had dried up and buyers did not have enough cash to close on their pre-construction condos once completed. The condo developers are not relying on buyers needing financing anymore, accordingly, buyers, you should not feel uneasy about today’s Miami condo market. In fact, most people in the Miami real estate industry are quite confident that South Florida will avoid anything remotely close to what happened in 2008. Finally, with all of the positive changes going into effect in Miami including the Brickell City Centre, Miami Worldcenter, Miami Arts District, Museum Park and etc., people should be excited to buy a home in Miami! South Florida Condo Market | Source: CraneSpotters.com If you, or someone you know, would like more information on any condos in Miami or simply have a question about the Miami real estate market, please contact Michael Light of Miami Luxury Homes. You can reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.