Real estate agent Danny Hertzberg comments about the current state of Miami Beach’s real estate market and gives teasers of new buildings and developments for 2015…

clip_image002[4]  In the 1960’s it was London, in the 1990’s it was Hong Kong, Dubai ruled in 2000 and now Miami Beach has emerged as one of the most sought after addresses in the world. This city boasts year-round sun, pristine beaches, a rich history and an exploding restaurant scene causing foodies from around the globe to take notice.  Miami Beach is the one of the most internationally-integrated cities in the world and the world loves Miami Beach right back!

 

I was born and raised in Miami Beach and have watched my beloved city grow into this incredibly sophisticated destination. I have a close pulse on the booming Miami Beach real estate market. Our market has fully recovered from the recession’s damage and prices and many areas have surpassed those from the prior peaks of 2006. The new construction projects have attracted interest from all over the world in the single-family home sector, as well as the condo market. Star-chitects (star architects) have been creating architecturally significant projects all over this city and buyers have been paying attention.

 

 Argentina, Venezuela and Brazil make up the largest percentage of international buyers. In addition, we are seeing a significant number of buyers from New York and California who have been flocking to our shores to enjoy the city, as well as Florida’s tax advantages, which are free from personal income tax. 

 

There are numerous new construction projects underway. A few of my favorite Miami Beach projects are Glass, Marea, 321 Ocean, Ritz-Carlton Residences and One Ocean. Modern and sleek designs are currently all the rage and amenities are beyond anything we have ever seen. These world-class amenities range from IMAX theaters to full smart home automation.

 

The highest price per foot sales have been concentrated in the South of Fifth Street neighborhood, SOFI, where $1,000 a foot is the new norm.  Many buildings such as Continuum, Apogee and Setai are regularly breaking $2,000 a foot.  SOFI has become the most sought after neighborhood in South beach. Walk from 5th street to the incredible South Pointe Park and enjoy some of the city’s most renowned restaurants (Joe’s, Milo’s and Prime 112) and popular nightlife spots (Radio Bar, Story and Nikki Beach) along the way. 

 

As for the single-family sector, the demand is extremely high for turnkey homes.  New construction waterfront homes have transformed the market with sales in the $1,500 per foot range. Modern and contemporary architecture has lead the market and numerous projects are at varying stages of construction. In the past year, Alex Rodriguez’s home sold for $30 million, 42 La Gorce sold for $30 million and 30 Star Island sold for $28 million. The guarded islands and N. Bay Road are the price leaders in terms of location.

 2920 N Bay Rd_05Images provided by: Danny Hertzberg

2920 N Bay Rd_12Images provided by: Danny Hertzberg

This is a very exciting time in the Miami Beach real estate market. From a beachfront studio pied-a-terre to a waterfront estate, Miami Beach has so many incredible options and the world has truly taken notice.

 

Danny Hertzberg is a Board Member of the MBVCA. He is a real estate agent with The Jills®. For more information about Danny, please visit the below links:

 

http://www.dannyhertzberg.com

http://www.dannyhertzberg.com/meet-danny.htm

Hotel Real Estate Boom on Miami Beach Signals Demand for the Destination

By: The Miami Beach Visitor and Convention Authority / Hill & Knowlton

There’s been a major real estate boom in Miami Beach recently but what’s changing hands aren’t lofty penthouses on Collins Avenue but small to mid-size luxury hotels that are being being bought, sold, managed and renovated.

The last few months have seen the arrival of the $85 million SLS South Beach Hotel; the Royal Palm Hotel was sold for $130 million and is being rebranded as the James Hotel; the Gansevoort hotel was sold and renamed the Perry and is being managed by Starwood; Kimpton beat out Doubletree for the management of the Surfcomber Hotel  which sits at a prime location at 17th and Collins Avenue; the Delano hotel is for sale and David Edelstein,the developer and owner of the W South Beach, along with the SLS Group have reportedly just bought Collins Avenue neighbor the Raleigh hotel for $55 million

“The unprecedented sales, purchase and renovation upgrades of hotel properties all over Miami Beach are indicators of the strength and demand for the destination,” says Jeff Lehman, Chair, the Miami Beach Visitor and Convention Authority. “Miami Beach’s consistent placement in the top ten of varied Best Of lists, continued allure in a competitive vacation market, ongoing infrastructure updates, sophisticated cultural, gastronomic and social options and of course, our great weather entices business-savvy hotel operators who realize this city is the best place to invest in now and for the future.”

Renovation projects currently underway include the B Hotel (the former Continental) and the Saxony Hotel which is getting a dramatic makeover courtesy of star architects, Rem Koolhaas and Lord Norman Foster, continuing the tradition of star architects bringing their talents to Miami Beach. The reconstruction of the historic beachfront Seville Hotel, is also underway, soon to be branded a Marriot Editions as envisioned by Ian Schrager, the celebrity hotelier who invigorated South Beach with his launch of the Delano hotel 15 years ago. A number of properties are also actively courting buyers – if the price is right.

Luxury properties have become particularly in demand on Miami Beach with hotels like the SLS South Beach (designed by celeb designer, Phillipe Starck), the Mondrian South Beach (designed by famed Dutch designer Marcel Wanders), the W, Standard and Setai opening their doors in recent years and other properties getting significant makeovers like the Betsy, Surfcomber (also managed by Kimpton hotels), Fontainebleau and coming up, the Loews. Major hoteliers see Miami Beach as a sure bet in a tough economy. “We encourage business growth and development on the Beach,” says Lehman, “but all the attributes of Miami Beach make it easy to see why everyone wants to be here.”

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