Today Is National Pet Day! Here Are Miami’s Top Pet-Friendly Condo Buildings Posted on April 11, 2024April 14, 2024 by Sarah Elles Boggs All hail our furry friends! Today is National Pet Day, which is a perfect opportunity to raise one of the more delicate issues with moving your family into one of Miami’s famous condo buildings. Depending upon the type of pet you have in your family, they may or may not be accepted by the condo board in the building of your choosing. Most of the buildings are at least somewhat pet-friendly, particularly if you are purchasing and/or have small pets. If you are renting and/or have large dogs, there are some buildings that will cater to your fur baby, and some who will be less than accepting. In honor of National Pet Day, we wanted to highlight our favorite developments who really roll out the carpet to the four-legged family members. Our Favorite Miami Condo Puppy Havens Grove at Grand Bay Beginning in or own realm of Coconut Grove, The Grove at Grand Bay was built in 2016 and is located at 2669 Bayshore Drive. It boasts large floor plans in twin twisting glass towers designed by starchitect Bjarke Ingels. The human family members will make particular note of the 12-foot ceilings with floor-to-ceiling glass as well as 12-foot deep terraces with glass enclosures, showcasing the views of Regatta Park and the Biscayne Bay. For Fido, all sizes of dogs are welcomed at Grove at Grand Bay and the building is just a stone’s throw to Kennedy Park, one of Miami’s top dog parks. This park is broken into different sections for large dogs and little ones and plenty of shade and seating areas for tired doggie parents to rest while the pets run off their energy. If you’re looking for agility equipment, there are also A-frames and tunnels as well as doggy water fountains in both areas. Grove at Grand Bay Apogee On the Southern tip of Miami Beach at 800 South Pointe Drive is another glamorous and glassy tower across from an expansive and manicured park. South Pointe Park is one of Miami Beach’s most iconic parks, showcasing the glittering skyline in many shots that are featured on television and movies based in the Magic City. It has an off-leash area and follows the Government Cut Inlet all the way to the South Pointe Pier, where you can watch the cruise ships come and go as your furry friend plays fetch and chase. Apogee itself is the pinnacle of luxury in the South of Fifth neighborhood and is a regular on the “Best of” lists. The 22-story tower has just 67 residences, making availability a challenge, but the effort is well worth it. The floor-to-ceiling glass and large terraces offer the perfect backdrop for waterfront relaxation and the condo community is very welcoming to pets. Apogee South Beach Condos Ten Museum Park Downtown Miami is arguably one of the most pet-friendly neighborhoods in the Magic City, they even have a “Dogs and Cats Walk Sculpture Garden” in the Maurice A. Ferre Park at Tenth Street and Biscayne Boulevard. Just across from Ferre Park at 1040 Biscayne Boulevard is Ten Museum Park, the 100-residence tower designed by Chad Oppenheim in 2007. The loft-style floorplans in Ten Museum were among the first to herald in the new, glassy and contemporary style that is so prevalent today. Ten Museum Park Condo Paramount Bay Just blocks away in Edgewater, Paramount Bay is another haven for pups. Its location at 2020 North Bayshore Drive is situated almost directly across from Margaret Pace Park, another of the top dog parks in the Miami area. Margaret Pace Park is an 8-acre fun zone for dogs and people alike. It has two activity zones for off-leash play. There is one area for large and more active dogs and a separate enclosure for smaller or older pups. There are also plenty of water fountains for animals and people alike and a large walking trail for on-leash bayfront strolling. Paramount Bay Condos in Miami Eighty Seven Park Venturing into North Beach at 8701 Collins Avenue, we find the ultra-luxurious Eight Seven Park at one of the most advantageous locations on the beach. The private tower borders North Shore Park, a public gathering spot that boasts the North Beach Oceanside Park Bark Beach, one of the only dog-friendly beaches in the area. Within the Renzo Piano-designed tower, there is a separate and private park solely for the residents and their family (pets included). Eighty Seven Park Condos Pool and Beach View If you are interested in a private presentation and specific pricing for these or similar pet-friendly buildings, 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.
Douglas Elliman Q3 2023 Market Reports – Sales Shrink Slightly, Yet Prices Continue Upward Posted on November 7, 2023 by Sarah Elles Boggs While the market in the third quarter of 2023 has slowed a bit, prices continue to rise, according to the Douglas Elliman Market Reports that are compiled quarterly by consulting group Miller Samuel. Some of this change is to be expected, as the end of the summer (the third quarter) is historically the slowest time of year for Miami real estate. The kids are starting back to school, we are still in the midst of the balmy ending of hurricane season and high season doesn’t start until the temperatures begin to drop in early October. Other aspects of the change are specific to the post-pandemic market conditions. We are still seeing low inventory due to the droves of northerners flocking to the sunshine state in effort to hide from cold temperatures and high taxes. Additionally, mortgage rates are still quite high, which slows things down a bit. The Fed’s pause on rate increases has helped to garner additional traffic in the marketplace from those who are looking to leverage their purchases, but we do not expect to see any decreases to the interest rates for at least a few more quarters. Despite these rates, the demand and lack of inventory continues to push prices northward. Douglas Elliman Market Report Miami Costal Mainland Single Family Sales 2023 Q3 In the single family home market, inventory decreased 17% to 1,839 listings by the end of the third quarter, with sales also falling 5% to 1,600 closings. The average sale price held relatively steady at $786,443, which is up slightly from $749,347 from the third quarter of 2022. With just 4.5 months’ of supply, we are still firmly in a seller’s market even though inventory is up just a titch. Douglas Elliman Market Report Miami Costal Mainland Condo Q3 2023 Condominium resales also took a dip. The sales volume fell 16% to 1,861 transactions at a median price of $440,000. The median price from this time last year was $408,250 which represents an 8% difference. With an increased marketing time of 65 days on market, we are currently sitting with 5.4 months of supply. This is closer to a balanced market and undoubtedly if you factor in the developer inventory, we would be in a balanced market. These figures are representative of the macro area along the Coastal Mainland Miami, which includes everything from the Upper Eastside all the way down to Pinecrest including Edgewater, the Design District, Midtown Miami, Downtown Miami, Brickell, the Miami River area, Coconut Grove, Coral Gables, Key Biscayne and Pinecrest/South Miami. If you would like to see the individual matrixes for your area, you may find it in the full market report below. Download the Q3 2023 Douglas Elliman Market Report in its entirety here. Something important to make note of with the market reports is that they measure only those deals that are entered into the MLS (Multiple Listing Service). This excludes off-market transactions and most developer sales as developers rarely keep up-to-date listings of their inventory in the MLS. If you need or want to move in the Miami area, or if you are searching for a real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, to discuss pre-qualification requirements. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: The Elser Hotel Downtown Miami
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.
What To Expect In Miami’s Luxury Real Estate Market During 2023 Posted on December 5, 2022December 12, 2022 by Sarah Elles Boggs Inflation. Interest rate hikes. Supply chain problems. Layoffs. Crypto-crash. Now that Art Basel 2022 is a wrap, these are the buzzwords that fill news stories leading up to the end of the year. What a buzz kill. But does this tell the entire story? Not according to Knight Frank, one of the globe’s largest real estate consultancy firms. Each year, Knight Frank publishes its annual Wealth Report. This consists of a breakdown of the world’s prime property markets. It goes through global wealth distribution and threats and opportunities for wealth in these top markets. The 2022 Wealth Report has listed Miami as the second fastest growing luxury real estate markets in the Americas with just over 28% growth since 2021. Knight Frank Luxury Markets Growth 2022 We make it a point to remain objective about Miami’s position in the global arena, the pros and the cons, and what needs to happen in order to ensure we remain perched at the top of the list. For 2021-2022, the growth was largely fueled by the aftermath of COVID-19 and then intensified by Florida’s tax climate paired with Miami’s collaborative business culture. Let’s be honest. If we are forced to quarantine in place and remote working is a viable option, are you going to work remotely in a snowy, dreary climate with excessive taxes, or would you rather quarantine in a sunny climate that invites breezes coming through open windows as you collaborate with others in your field without the worry of excessive taxes? The answer is clear. All of these positive attributes aligned and created a run on the luxury real estate market, throughout Greater Miami (including Coral Gables, Coconut Grove, Downtown Miami, Edgewater/Wynwood, Brickell and Miami Beach). Available inventory was snapped up at record pace and for record prices, yet the prices were still viewed as a bargain for New Yorkers who are accustomed to price tags over $5,000/square foot. In turn, the prices of luxury properties rose over 28%. Is this growth sustainable? Now that we are inching closer to 2023, the Fed has steadily raised interest rates, inflation has hit an all-time high, FTX bombed the already struggling crypto market big time and a new Presidential race is beginning to simmer in the wings. Will we crash or will we continue? It would be very easy to say that because of the crypto markets alone, Miami should prepare for a hit. Knight Frank does not share this sentiment, having ranked Miami again as the second overall market for the high-end housing market. It does predict a slowdown, but not a bust. Rather than the unheard of 28% growth, we should expect a 5 percent price growth in 2023. This may seem like a stumble, however compared to the 2 percent growth anticipated for the global luxury market as a whole and the previously forseen 2.7 percent growth for the Magic City, this really is something to celebrate and look forward to. We are moving back into a place of stability and manageable growth. As we mentioned last week, both the art world and the real estate markets are trending toward traditional, tangible choices. Kitschy digital art did not sell as well at Art Basel as it has in recent years, and the new luxury developments that are performing the best are those with a timeless, elegant feel. Examples, please. Lest we all forget the banana duct-taped to the wall that sold for over $2 million at Art Basel Miami Beach 2019. This year’s viral piece was an ATM that doubled as a leaderboard, ranking attendees by their bank account balance. It did not sell, but was an awful lot of fun and an amazing conversation piece, even if the novelty does wear off as quickly as the 2019 banana on the wall turned brown. While gallerists noted a drop in digital art sales, there was an uptick in more traditional works by artists who used more traditional media. Rather, paintings by Agnes Martin and Phillip Guston were trading for $7 million. Warhols were changing hands. The same holds true for the real estate presented. The real estate projects that fared the best were timeless. Exclusivity and privacy took a front seat to overt opulence and garish finishes. Six Fisher Island Drive was one of the standouts of this year’s fair. This is the new development that is already infamous as being so exclusive, you have to be invited to even consider purchasing. Other new projects that we are seeing perform increasingly better over recent months are those that have solid brand names such as St. Regis Sunny Isles (pictured above), Cipriani in Brickell, and Waldorf Astoria Residences in Downtown Miami. Another strong sector in luxury Miami real estate is new developments that pay homage to nature and wellness. We are very excited to see these projects come to fruition and contribute to the evolution of Miami’s always-changing skyline. If you are interested in speaking more specifically about a neighborhood, project or listing, 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 Estates at Acqualina South Tower is Sold Out! North Tower Selling Remaining Residences Posted on February 17, 2022February 19, 2022 by Sarah Elles Boggs The exceedingly opulent Estates at Acqualina has passed a milestone. The south tower of the dual high rise development has officially sold out. The north tower is not far behind in sales as construction starts to wrap up and new owners anticipate their luxurious beach refuge, set to be delivered this year. According to the developer, the 154-residence south tower completed sales in December 2021. The two beachfront luxury skyscrapers each rise 50 stories, with the south tower topping off at 646 feet and the north tower topping off slightly higher. These match the tallest heights in Sunny Isles. Both towers have lobbies designed by the late fashion icon, Karl Lagerfeld. Limited inventory does remain at the 91-residence north tower. Most of the available purchase opportunities include 4 and 5 bedroom residences, priced between $92 to $10.7 million as well as a couple of penthouses. Completion of the north tower is also expected within a few months. Residences in The Estates at Acqualina’s sister buildings, Mansions at Acqualina, which was built in 2015, currently range from $6.9-$15 million. The original tower of the $1.8 billion development was built in 2006. Aqualina has residences ranging from $2.5-$4.5 million currently. Please click the links if you are interested in the most up-to-date resale inventory, or here if you would like to see our previous coverage of this star-studded development. If you are interested in a private tour or exclusive pricing on new units, 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.
Miami Luxury Real Estate is Gaining Value Faster Than Any of the World’s Largest Cities Posted on May 29, 2015 by Michael Light Miami luxury real estate has appreciated in price more than any other major city around the globe over the past 6 months. According to Knight-Frank’s most recent Prime Global Cities Index, luxury real estate in Miami rose by 22.4% through the 6 months ending in March 2015. No other city in the entire world was able to accomplish a double-digit increase. With prices going down 1.1% in New York over the same time period, it is no wonder why New Yorker’s are flocking to Miami to buy luxury homes and condos. Over the past year, Miami luxury real estate increased by 12.2%, which tagged it third in the world, following only San Francisco and Bangalore, India. New York showed a loss of 4.4% in real estate prices over the same period. The report defines luxury property as the top 5% of the market. Source: Knight Frank In addition, earlier this year Knight-Frank ranked Miami as the 6th most important city to ultra-high-net-worth individuals (“UHNWI’s”). With our tropical climate, diverse culture and overall luxury lifestyle, it is no surprise that Miami is sought after by the ultra-wealthy. Source: Knight Frank