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Category: News

Miami CBD Re-Sale Condo Prices Flat Vs. Year Ago, Amidst Declining Sales Volume

Posted on by Austin

The aggregate median price per square foot of condominiums built after 2004 (resale data only) was $387 in March of 2016, exactly as it was in March of 2015 for the area including: Brickell, Downtown, Omni, Edgewater & Midtown (See Map Below). While the re-sale market seems to be holding in price, we are however seeing a decrease in quantity of sales. March of 2015 had a total of 115 condo sales while March of 2016 had 89 sales; A 23% drop in quantity of closings. See the chart at Gridics.com.

At a macro level it seems that the condo market in Miami CBD areas peaked in July of 2015 with a median price per square foot of $485. This number surpasses the previous high point of $470 per square foot in December of 2006 (Although adjusted for inflation/CPI the pricing in 2006 was higher than today’s with $470 in 2006 being equal to $554 today). Looking at these macro trends in the booming (and now not-so-booming) areas of Miami show that the alleged “downturn” in the real estate market is not yet quite as severe as many will have you think.

A Thousand Tears for Miami’s Beloved Friend, Zaha Hadid

Posted on by Austin

Zaha Hadid, the first woman to win a Pritzker Prize, an internationally renowned architect, and the designer One Thousand Museum, which is currently under construction on Biscayne Boulevard, died today at the age of 65 in Miami. She had contracted bronchitis earlier this week, and suffered a heart attach while being treated in the hospital. The internationally renowned architect had made her mark across the world, with commissions like the Maxxi art museum in Rome and the Olympic Aquatics Center, in London, as well as locally.

Continue reading “A Thousand Tears for Miami’s Beloved Friend, Zaha Hadid”

Pritzker Prize Winning Architect Rafael Moneo Designing Apeiron at the Jockey Club

Posted on by Austin

Rafael Moneo, with 50 years of international architectural acclaim and a Pritzker under his belt, is designing the planned Apeiron at the Jockey Club. The architect and developers Apeiron Holdings are hoping to bring some of the Jockey Club’s old groove back by building Apeiron on the site of the Club’s long-gone nightclub, said representatives of the project.

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Updated South Pointe Towers Loft Hits the Market for $975,000

Posted on by Austin

South Pointe Towers was built in the heady 1980s, a very, very different time from today, when it would still have been surrounded by a very pre-gentrified South Beach. This one-bedroom loft, with double-height living space and private terrace (ahem, lanai) looking out onto the building’s grounds, was updated much more recently but preserves the building’s original ’80s postmodernist flair.

Continue reading “Updated South Pointe Towers Loft Hits the Market for $975,000”

Elysee Begins Contract Conversions, Preparing for Site Work

Posted on by Austin

Elysee, a luxury condominium tower coming to Edgewater that has the unusual characteristic of being wider at the top than the bottom, has officially begun converting its reservations to contracts, according to a representative. Crews are also preparing to demolish an existing building on the site to make way for the 57 story waterfront condominium tower.

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Are High-Design Playrooms the New Frontier of the Amenity Arms Race?

Posted on by Austin

Some of Miami’s biggest new condo towers are being planned with well-heeled, worldly families in mind, with larger units, more amenities for the kids, and ‘service suits’ to stash the live-in nanny. A few incorporate a theme park’s worth of diversions (think of the soccer field, boxing ring, and jam studio at Paramount Miami Worldcenter or the mini water park, indoor/outdoor playrooms, kid’s gymnasium, and rooftop theater of 1010 Brickell, both under construction) while developers of other buildings are focusing on really tricked-out and designed-up playrooms.

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South Beach Loft Flips Back on the Market After 2 Years for 400% More

Posted on by Austin

On April 10th 2014, this 960 square foot live/work loft at the intersection of Lenox Avenue and 16th Street in South Beach sold for $415,000, making its owner a $35,000 profit in less than two years. Not bad, not bad. It’s in an historic building, a block away from Lincoln Road, etc. Now, almost exactly two years later, the very cool and contemporary loft with tall 11.5 foot ceilings, a spacious floor plan, and a curved wall looking out on a corner frontage, has just walloped back on the market for $1.75 million, over four times as much as they paid for it. Could it be one killer investment in a really cool condo, a sign we’re living in a real estate bubble that will sooner or later pop, or both?

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The Suburbs Are Falling Behind the Urban Core, and Might Not Catch Up

Posted on by Austin

The 2008-2011 market crash that left construction cranes dangling above Miami’s unfinished towers and unbuilt outer-suburban communities more-or-less came to a halt in 2010, marking the beginning of a recovery. Unlike that earlier condo boom when increased developments and prices in the outer banlieues mirrored the inner urban core (places like Downtown, Brickell, Edgewater, Coconut Grove, and South Beach) much more closely, suggesting that buyers previously wanted to live out there as much as in here, the core quickly took off and the suburbs did not.

Continue reading “The Suburbs Are Falling Behind the Urban Core, and Might Not Catch Up”

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