Archive for the ‘Fisher Island Real Estate’ Category

Morgan Stanley commercial real estate fund gives $700M back to investors

December 7th, 2011

The Wall Street Journal’s Craig Karmin describes what he called a “very unusual move,” by Morgan Stanley in cutting a deal to return $700 million to investors in one of its real estate funds, in the video above. The Journal outlines the options for the investment fund, which has a total of $4.7 billion to spend and a June deadline to invest in commercial real estate. Karmin said it could spell the end of private equity real estate investment at Morgan Stanley, a “last man standing” in commercial real estate investment among huge banks, as other players have sold off their business or announced they are contemplating doing so in recent months.

Port of Miami officials mull nine-figure cruise terminal upgrade

December 6th, 2011

The Port of Miami is considering spending several hundred million dollars to upgrade cruise terminals, according to Miami Today, to accommodate the growing number of passengers expected to flood the area in the coming years.

The port drew 4.1 million passengers, making it the busiest one in the world, and officials expect that number to rise to 5.9 million by 2035. The industry generates about $60 million per annum for Miami-Dade county.

In hopes of maintaining its leadership position, officials want to expand the size of terminals because the industry has trended towards larger ships. The latest vessels by Carnival Corp, Royal Caribbean Cruise Lines and Norwegian Cruise Line are as long as 1,300 feet

Former Versace mansion owner files lawsuit against German bank

December 5th, 2011

A German bank is the target of a RICO lawsuit by the owner of the Casa Casuarina, the former Versace mansion, alleging that the bank schemed to commit a series of fraudulent actions. The bank, WestLB, holds the mortgage on the property. “WestLB took signature pages and slapped them on a loan document that was never agreed to by the parties, and pretended like this was a finalized loan document when it wasn’t,” said Adam Steinberg, a lawyer representing Casa Casuarina. “And there was a post-closing agreement that it executed and it says the parties will sit down and agree to a finalized loan document … and they never did.” The property is now the Villa by Barton G.

U.S. pending home sales rise sharply

December 3rd, 2011

Pending home sales rose strongly nationwide in October, increasing by 9.2 percent year-over-year, according to the October pending home sales report from the National Association of Realtors, released today.

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condominium and co-op units, rose to 93.3 in October from 84.5 in September. In October 2010, the index was 85.5.

The Pending Home Sales Index in the South surged 8.6 percent to 99.5 in October and was 9.7 percent above October 2010′s index. An index of 100 equals contract activity from 2001.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” said Lawrence Yun, chief economist at NAR.

Yun also indicated that record low default rates and a decline in inventory due to less building after the recession hit could be factors driving the optimistic numbers.

Yun was also cautious. “Although contract signings are up, not all contracts lead to closings,” he said. Many potential buyers make mistakes with their credit while applying for mortgages and are not approved. Tighter regulations for mortgages surely contribute. – Guelda Voien

Source: http://therealdeal.com/miami/articles/us-pending-home-sales-rise-sharply-according-to-the-national-association-of-realtors

Sunset Harbour is Miami Beach’s next hot ‘hood

December 2nd, 2011

The Sunset Harbour neighborhood in Miami Beach is undergoing a renaissance as business owners, city officials and a condo developer launch new projects there. The first Fresh Market in Miami Beach opens there this week.

Miami Beach’s Sunset Harbour is saying goodbye to neighborhood establishments like Mark’s Quality Cleaners and Riverside Gordon Funeral Home as it prepares to welcome a shiny new condo tower, a “starchitect”-designed parking garage and new restaurants, shops and grocery stores.

It’s part of a neighborhood makeover that business owners hope will turn the area into South Beach’s newest live-eat-play destination.

“In the next five years, you’ll probably see a nice enclave of restaurants and retail, more like what you see on Lincoln Road,” said Alan Waserstein, who owns Miami Lakes-based. LeaseFlorida. Earlier this month, Waserstein sold a plot of land on 20th Street to a condo developer for $4.3 million, doubling his investment from last year.

Sunset Harbour — bordered by Alton Road, Dade Boulevard, 20th Street and Biscayne Bay — is one of the few sections of South Beach zoned as an industrial district, a designation that has kept it from becoming a big player in retail, restaurants and entertainment. The Venetian Causeway leads drivers directly into the bayfront neighborhood, which sits on the northwest corner of South Beach, but most cars pass right through to the more lively Alton or Lincoln roads.

That’s likely to change, as investors and small business owners have aggressively bought up old buildings and land to repurpose the neighborhood as a shopping and dining hub. The city of Miami Beach is getting in on the action as well, launching a new high-end parking garage and planning to move its property management division across the street.

The area, mostly known for its yacht-shaped Publix and a 60-year-old neighborhood dry cleaner’s, has attracted tens of millions of dollars in new investment in the past year, with more on the way.

Ellen Friedman, who owns Mark’s Quality Cleaners with her husband, sold the building on 20th Street to a condo developer earlier this month. The company will relocate its operations in January, while the developer — the same entity that bought Waserstein’s 20th Street land — erects a new mixed-use condo tower, she said.

“They’re putting in an extraordinary complex,” Friedman said. “It’s going to be retail on the bottom and very posh condos on the top.” She added the project could be completed within two years, when Mark’s would return to the location as a retail tenant.

The developer, listed as Boca Raton-based Palau Sunset Harbor, has not officially filed plans with the city, and could not be reached for comment.

The city of Miami Beach also sees Sunset Harbour as a neighborhood ripe for development. The city is building a flashy parking garage with about 450 spaces on Purdy Avenue and commissioned star-architectural firm Arquitectonica to design it. The high-end garage is slated to have 30,000 square feet of retail space on the ground floor.

“More parking will help bring interest from the private sector to help redevelopment of the area,” said Assistant City Manager Jorge Gomez. “Also, the commercial component of the parking garage will help draw interest to the area.”

To help ease the flow of traffic in the burgeoning neighborhood, the city is considering building a bridge over the Collins Canal. City officials have authorized a $639,000 feasibility study for the proposed bridge, on West Avenue between 17th and 18th streets, and plan to hold an up-or-down vote next year.

The bridge could help alleviate traffic congestion on Alton Road and make it easier for drivers and pedestrians to travel between Sunset Harbour and the rest of South Beach.

With promises of better parking and potentially a smoother flow of traffic in Sunset Harbour, restaurateurs, grocers and retail companies are flocking to the sleepy neighborhood.

Fresh Market selected the neighborhood for its first Miami Beach location. The popular produce market is set to open its newly built 24,000 square-foot location, at 1800 West Ave., on Wednesday morning.

A handful of restaurants—including Morgan’s, Barceloneta and Pubbelly’s Sushi—have opened in the past six months. Catering mostly to a local crowd, the restaurants have found a loyal niche during dinnertime.

“These property owners look upon this as a chance to almost create another Lincoln Road,” said Frank Kruszewski, president of the Sunset Harbour Neighborhood Association. “Once the garage is built, you’ll have the ability to park your car and go to a couple different places.”

Earlier this year, Rosinella Restaurant purchased the property that has housed Riverside Gordon Funeral Home for decades. The family-owned Italian restaurant, with a popular outpost on Lincoln Road, is planning to build a restaurant, bakery and coffee shop at the 1920 Alton Rd. site. Construction could begin in the next few weeks, said co-owner Tonino Doino.

The company expects more restaurants and businesses to follow suit and move into the area in the coming years.

“It’s going to be a nice area,” Doino said. “It’s a completely new area and I think it’s a great neighborhood, especially for local people.”

Source: http://www.miamiherald.com/2011/11/16/v-fullstory/2523862_sunset-harbour-is-miami-beachs.html#storylink=addthis#ixzz1fIsoXmuO

Miami Beach home lists for $60M

December 1st, 2011

A 10-bedroom home at 3 Indian Creek Drive in Miami Beach has been listed for $60 million, according to Miami Today. The home, which was designed by architect Rene Gonzalez, has 30,000 square feet and a 100-foot pool. The home is located on Indian Creek Island, which has its own private police force and golf club.

To view the property please call 786-276-2451

South Florida home prices fall slightly

December 1st, 2011

Home prices in the tri-county area fell 0.7 percent in September compared to August, and 4 percent compared to the same period in 2010, according to the Standard & Poor’s/Case-Shiller Home Price Index, released yesterday. “The plunging collapse of prices seen in 2007-2009 seems to be behind us,” said David Blitzer, chairman of S&P’s index committee, in a statement. “Any chance for a sustained recovery will probably need a stronger economy.”

Source: http://therealdeal.com/miami/articles/south-florida-home-prices-fall-slightly

Art Basel in Miami Beach, Florida

November 29th, 2011

While reading the Miami Herald, one of our clients was mentioned and I thought it was a interesting article to share.  As the owner of Artefacto, one of South Florida’s premier design centers originally from Brazil, Pablo Bacchi knows all that when the Brazilians come for Art Basel, he is ready for them; as are we.  Luxury Living Realty will be present during Art Basel both at the events and working with clients who just flew in for this important art fair.

For more information on Brazilians in Miami for Art Basel please see: http://www.miamiherald.com/2011/11/15/2521013/brazilians-courted-during-art.html

Steve Wynn backs casino at Miami Beach Convention Center

November 18th, 2011

Las Vegas casino mogul Steve Wynn said he supported a gambling resort at the site of the Miami Beach Convention Center — not as part of a teardown, but an expansion. “I think Miami Beach is the best destination resort in America,” he said. The neighborhood around the convention center has smaller buildings than, for example, downtown Miami or Collins Avenue, but it’s possible a potential gaming resort could go in the area near the Jackie Gleason theater and the New World Center. Wynn is among those interested in bringing gaming to Miami, following the high-profile plans of Malaysian firm Genting. Wynn reportedly checked out the Miami Worldcenter last month.

Source: http://therealdeal.com/miami/articles/steve-wynn-backs-casino-at-miami-beach-convention-center

Miami residential sales jump 51 percent in third quarter: report

November 16th, 2011

The sales of single-family homes and condominiums in Miami-Dade County rose by 51 percent in the third quarter, according to a report from the Miami Association of Realtors. It was the 13th consecutive quarter of increasing sales in Miami. The average sales price of single-family homes also rose, jumping 19 percent, and the average sales price of condos jumped by 21 percent. “Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment,” said Jack Levine, chairman of the board of the Miami Association of Realtors. “Local sales are expected to set a record this year that should exceed the height of the boom in 2005.” Total housing inventory in Miami-Dade County fell 38 percent from the same period in 2010, with a 65 percent total drop since August 2008.  — Alexander Britell

Source: http://therealdeal.com/miami/articles/miami-residential-sales-jump-51-percent-in-third-quarter-report