Posts Tagged ‘Florida’

Miami Beach hotel prices top Vegas

December 10th, 2011

Hotel prices in Miami Beach are often as much as twice as high as similar properties in Las Vegas, according to an analysis by Strategic Advisory Group. The study was done on behalf of the city of Miami Beach. It comes in light of a recent vote against a potential casino resort in the city, and amid growing concerns over the impact of the addition of thousands of potential hotel rooms in downtown Miami. “If you put 5,000 hotel rooms in downtown they will suck out everything surrounding them,” said Stuart Blumberg, the former head of the Greater Miami and the Beaches Hotel Association. “It will take 19 years for the current hotels to break even. They’re going to destroy the market inventory.”

South Florida foreclosures begin picking up

December 8th, 2011

After a long lull, South Florida foreclosure filings are beginning to pick up, despite another decrease last month.

The improvement is not readily apparent in the numbers, but upon closer examination, the rate of decline slowed considerably last month, according to data from RealtyTrac.

While the number of properties with foreclosure filings in South Florida fell 27 percent last month compared to November 2010, the November 2011 figure is a drastic reduction from a nearly 60 percent average drop each month since the summer, and 41 percent in October.

“I would say that’s a significant shift,” said RealtyTrac spokesperson Daren Blomquist. “We had a 14 percent nationwide year-over-year decrease in activity, and that was the lowest year-over-year decrease we’ve seen this year.”

Statewide, Florida saw a 7 percent increase in initial default notices compared to November 2010, the first time in 20 months that the state had an increase in that number.

“That is another sign to me that the lenders are ramping up and processing some of those delayed foreclosures,” Blomquist said.

The foreclosure slowdown came in large part due to the freeze imposed by banks following the robo-signing and fraudulent document scandal of a year ago. 

There were a total of 9,157 properties with some form of foreclosure filing in South Florida last month, led by 4,044 properties in Miami-Dade County.

Broward County had 3,196 properties with foreclosure filings, and there were a total of 1,917 in Palm Beach.

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

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

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

Condos get new life as rentals

November 14th, 2011

A modified Florida law making it easier to dissolve condominium associations has led to a number of condos being converted back into rental apartments, especially in the state’s suburban areas, according to the Sun Sentinel. “Most people see this as a way out because it should not have been a condo in the first place,” said Jennifer Drake, an attorney for Becker & Poliakoff in Fort Lauderdale. At least 36 condos in Broward and Palm Beach counties have been changed back into apartments in the last three years. But the movement is finding opposition. “I don’t want to live in a rental community; that’s why I bought a condo,” said William Bush, a board president in Weston. “I think people would be dead-set against it.” [Sun Sentinel]

Virtual Tour – 42208 Fisher Island Drive

October 28th, 2011

www.42208FisherIsland.com

• 2 bedroom
• 2 bath
• Location: 2nd floor
• Unit exposure: SW
• Unit view: Marina and water views
• Surround Sound System
• Impact glass windows
• Fully renovated
• Marina Village

Live the Fisher Island lifestyle in one of the chicest contemporary 2 bedroom units on Fisher Island. This sensational completely renovated corner unit offers stunning views of the Fisher Island marina. Features include a state of the art kitchen with an island, stainless steel appliances, marble floors throughout, renovated bathrooms, custom built-in closets, impact glass windows, surround sound system, plasma TV’s and much more… Visit this exceptional offering!

Home remodeling hits record in August

October 25th, 2011

 

 

 

 

 

 

Home remodeling is big these days, even in a sour economy. Or maybe because of it.

The BuildFax Remodeling Index released this week showed that August had the highest amount of remodeling since the index started in 2004, and it was the 22nd consecutive month with an increase.

BuildFax estimates that more than 3.3 million home remodeling projects in the U.S. will be completed this year. The company, based in Texas, says it tracks construction records on millions of properties from cities and counties nationwide.

“As mortgage rates hit record lows, it is apparent that millions of Americans are refinancing their homes and using some of their new monthly savings to reinvest in their homes with remodeling projects,” Joe Emison, a vice president at BuildFax, said in a statement.

Presumably, remodeling also is popular in places such as South Florida where people can’t sell their homes because their mortgages are “underwater.”

Source: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/10/home_remodeling_hits_record_in.html

15422 Fisher Island Drive

October 24th, 2011

Fabulous second floor one bedroom Seaside Villa including: full kitchen w/dishwasher, full size fridge, microwave, stovetop. Unit also includes plasma TV’s, tile throughout, full size washer/dryer, sliding closet mirrors in master.Bathroom is full of light and seperate from bedroom. Includes: Jacuzzi tub, seperate shower, toliet and bidet. Enjoy beautiful water and garden views from the balcony. Great option for weekend get away! May also be placed in the condo/hotel program to generate income. Easy to show. Please call Saddy Abaunza (305) 799-7790.

Home sale numbers for August are positive for South Florida

October 23rd, 2011

South Florida home sales bounced upward in August, with the Miami-Dade condo market seeing the largest year-over-year gains, according to a report released Wednesday by the Florida Association of Realtors. There were 1,311 existing condo sales in Miami-Dade in August, up 51 percent from the same month last year and up 18 percent from July. Sales surged in the single-family market as well, as 951 homes traded hands, up 49 percent from last year and up 9 percent from July. In Broward, year-over-year condo sales rose 21 percent to 1,398 and single-family sales were up 19 percent to 1,185. Median prices also showed positive signs. Prices for Miami-Dade condos jumped 13 percent to $118,800, while single-family prices dipped 1 percent to $180,900. In Broward, median prices rose 6 percent to $79,500 for condos, and were up 5 percent to $191,800 for single-family homes.

Source: http://www.miamiherald.com/2011/09/20/2418127/home-sales-numbers-for-august.html#ixzz1bFSzmQGm