Terra Beachside Villas

A recent news article by the South Florida Business Journal relays that Regions bank has filed new foreclosures against the Miami Beach FL Real Estate projects Terra Beachside Villas and Terra Beachside Villas II completing three foreclosures against BSG Development. The previous foreclosure was filed in October on BSG’s Cabana on Collins project with the developer taking $98.2 million in mortgages from Regions Bank. These three projects were planned and sold within a 3.7 acre construction zone off 6000 Collins just one block from the ocean. These were sold in 2004 & 2005 at a premium and the construction progress seemed to be moving along just fine with punch out work and final finishes before the C.O. & closings. What happened after they repainted the ugly blue front entry cylinder…? A few months ago, I noticed the workers hadn’t been around for awhile and the construction came to a standstill. Apparently, over a dozen contractors have filed liens on the subject properties and this is true proof of the downside to this real estate downturn based on over development, overpricing and smoke & mirrors as these were primarily sold to speculators.

Based on the Article, BSG had $46.4M in loans from Regions with Terra Beachside Villas plus $8M from Miami based Royale World Metropolitan which sold the property to BSG in 2004. Additionally through Regions, $11.6M was secured on Terra Beachside Villas II and $40.2M on the 210 unit project Cabana on Collins.

BSG was cofounded by Sieger and Suarez, of the Miami based Sieger Suarez Architectural Partnership, which has designed buildings such as Fort Lauderdale’s Las Olas River House, Miami Beach’s Portofino Tower and Sunny Isles Beach’s Trump Ocean Grande. The architecture firm is also a defendant in Regions Bank’s lawsuits. SFBJ Article December 8, 2008

I’ve always wondered how they planned to prevent flooding from the basement underground parking garage?! As a matter of fact, Terra Beachside Villas is a great new development if you like the neighborhood and being in the center of two busy streets. Hey it is across the street from the ocean. I see the Terra Beachside Villa property eventually being finished and selling these 2 story townhomes around $300k. Because of the scarred reputation, Terra Beachside will have to change their name like Regions did! Remember Union Planters Bank…? Yes Regions, we didn’t forget you either.

South Beach to Sunny Isles Real Estate Consultant, Micro Economist. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

VIDEO: http://www.youtube.com/watch?v=rbz9CBDf0BI

Developing this luxury project at 120 Ocean Drive is none other than The Congress Group, a Boston based company known for it’s overtaking assistance of Bentley Bay construction struggles in 2003 along with the Miami based Architect Bermello Ajamil & Partners Inc. Kallisto at SoFi is scheduled for completion in NOV 2010 and construction will begin 4Q this year.

“This kind of product is not affected by the real estate crisis,” says Fabiana A. Bosca, director of project sales for Kallisto, when asked about developing such a project during the multifamily sector slump. “If you look at the statistics as to where sales are-and where sales are not-in this vast inventory of condominiums in Dade County, you will learn at the very high end of the market, units at $5 million plus, sales are moving along very briskly,” says Stephen Nostrand, executive vice president of Colliers Abood Wood-Fay in Miami. “The folks looking to buy those types of residences are typically insulated from most and any economic issues that the rest of the market is feeling.” – GlobeSt.com

We all know this will be a highly desirable building and surely to succeed in selling out as we found with Apogee Condos (Apogee “Sold” Price Per Square Foot Averages $1,239!) who many speculated would not do well based on the price and location (not even oceanfront). For more info on this new development or to schedule a meeting with the sales team, simply call the toll free number below or direct 1.305.978.7704. Oh btw, if you haven’t subscribed to this blog yet, do it now! If you’d like new blog updates once available, you can be notified by email or by RSS feed (see upper left column) every time a new posting occurs. 1.888.38.DREAM

MEi Condos

A Sneak Peak into the new MEi Condos Miami Beach delivered this August 2008. The building is simply amazing and moving fast towards completion. Property Markets Group (PMG) is an international developer based in New York City and well known in Manhattan for the ultra luxury condo projects sch as 823 Park Avenue, and chic boutique hotels such as On The Avenue and Hotel 57. MEi is the firms latest showcase, representing new levels of luxury and design quality at Miami Beach real estate last oceanfront address. Here are some photos and YouTube video.

MEi Condo Views over the Bath Club facing NE

MEi Condo with High Ceilings, Floor to Ceiling Glass and SE Views

MEi Kitchens w/Thermador Appliances

MEi Condo Sun Deck

Credited for the elegant Asian theme design goes to the very talented team led by star designer Jennifer

MEi City Views

Kleen from internationally acclaimed Hirsch / Bedner, who also created Miami’s Mandarin Oriental Hotel. Highlights of MEi’s residential designs include kitchens finished in Italian cabinetry, tempered glass counters, teak and stainless steel Thermador appliances. Bathrooms are custom designed with limestone, marble, glass & stone. An extraordinary beach club, spa & fitness center coming soon… An advanced, built in technology system custom created for MEi condo residents includes unlimited VOIP phone service, voice mail and fax, multiple lines, 100 channel satellite TV and secure broadband internet service as well as pre wiring for all audio, television and home automation systems. Call today for more info or to schedule a showing in August. Oh btw, if you haven’t subscribed to this blog yet, do it now! If you’d like new blog updates once available, you can be notified by email or by RSS feed (see upper left column) every time a new posting occurs. 1.888.38.DREAM

Miami Beach Condo Deals under $500,000

Here are a few great condo buys with unique potential.

BayView Terrace Condos North Bay Village

The Drake on Ocean Drive South Beach

6000 Indian Creek Miami Beach

Bay View Lofts Miami Beach

Questions, Comments, feel free to add your thoughts! 1.888.383.7326

Reuters.com is a trusted source for businesses and professionals looking for industry expertise. An article came up yesterday regarding the South East Florida (Miami) market ”Florida Luxury Home Market Showing Signs of Wear” Read Here. It goes on to talk about the influx of investors from Canada and Europe pouring their strong currencies into luxury properties and how Donald Trump lowered his Palm Beach mansion by 20% as housing woes now touch the wealthy.

“The surprisingly healthy market for oceanfront mansions and palatial condos in Florida, one of the most toxic states in America’s housing meltdown, may finally be showing some cracks.”

They go on to quote local Miami brokers and FAR (Florida Association of Realtors) sales figures relaying that Miami is overbuilt and overpriced for the United States… but really though, for a major metropolitan city with the Forbes vote on the cleanest City in America along with perfect 80 degree weather year round, I’d have to disagree on it being overpriced today. YES, overdeveloped and the market is and has been correcting itself with prices back to 2002 levels. DOWNTOWN MIAMI still has a lot of new inventory coming and not as desirable or in demand as the oceanfront luxury condos. Tourists, Baby Boomers, Foreign Investors and alike want what? OCEANFRONT. Enough said. There is a great selection of luxury condos in Miami available today along the Atlantic ocean but my figures show inventory going down each consecutive month since the 1st quarter 2008 along the Miami Dade oceanfront communities including Sunny Isles Beach, Bal Harbour,  North Bay Village, South Beach and Miami Beach.   (continue reading…)

A very special project is coming to Watson Island in Miami Beach. The Residences of Island Gardens is a new $600M project that will be a destination for the sophisticated denizens of the world. Tranquility abounds at Watson Island, situated in the bay between Downtown Miami real estate and the bustling lifestyle of South Beach real estate. The MacArthur Causeway cuts through Watson Island with the southernmost part of the land occupied by The Miami Children’s Museum, and to the north is Jungle Island. Outside of these two attractions is a scarcely used island with a small tourist heliport, some fish marts, and a photographers dream shooting location for the Miami backdrop from all angles. With fantastic views of downtown Miami’s ever changing skyline alongside the constant display of cruise ships in and out of the port.

Flagstone Property Group is set to break ground with this enterprising development known as Island Gardens which will benefit Miami in untold ways, allowing the growing city to assemble a following of International travelers that will allow it to flourish like the yachting destinations of Saint Tropez and Portofino. This land on Watson Island is in fact owned by the City of Miami. It was deeded to the city in 1947 with the condition it must never be sold, no matter the price and rightfully so. It was also stated that if development should ever occur, it should be done with a public purpose in mind. The anchor of this future public purpose is North America’s first mega yacht marina which will draw residents, visitors and guests from all around the world. With deep navigation routes and no tidal restrictions for access, this Super yacht harbor will provide a much needed location for the growing abundance of mega yachts needing a place to dock.

Aside from the marina, which will have 50 slips fit for yachts larger than 300 feet, Island Gardens will have more than 220,000 square feet of high end retail shopping alongside the 150 room hotel managed by Shangri La Hotels and designed by world renowned architect Piero Lissoni, who was inducted into the Interior Design Hall of Fame in 2005. The hotel suites boasts floor to ceiling wall to wall windows to captivate guests with the unique Miami views from all angles.

Why buy the whole pie if you only want a piece? In addition to the hotel, Island Gardens will feature The Residences at Island Gardens Miami. The Residences will rise above the hotel at 23 floors, and will be managed and serviced by the world renowned Shangri La Hotel and Resorts. The one to four bedroom units range from 850 to 3,700 square feet with massive outdoor terraces and sold on a fractional ownership basis with eight fractions per unit. The residences are set to provide the ultimate in carefree lifestyle, with every need tended to. With full butler services, you basically arrive to Miami as the car service picks you up at the airport and takes you to your residence. Have your refrigerator stocked with groceries upon your arrival. There will be concierge services where everything is taken care of for you. The outdoor promenade will have stunning public spaces adorning the grounds at Island Gardens. These spaces will incorporate sculptured fountains, water exhibits, a landscaped promenade and extensive roof gardens to benefit Miami as a whole.

This enormous project is scheduled for completion in 2010 and Island Gardens is sure to attract a sophisticated crowd to this city. A billionaire lifestyle on a middle class budget is what you’ll find here. Sales have started off strong with many buyers’ purchasing all 8 fractions in this prime resort lifestyle experience.

Island Gardens has 5 phenomenal mixed use components including +10.5 acres of land along with 13.5 acres of submerged land to accommodate North Americas first dedicated Mega Yacht Marina for yachts ranging from 80 feet to upwards of 440 feet +221,000 square feet of open air ‘Bal Harbour Shops caliber’ retail that will include over 60 International designer labels and 8 to 12 dining establishments from bistros to celebrity chef concepts.  (Architectural landscaping and design in partnership with Fairchild Gardens) +A 4 star, 29 story, 350 suite, Piero Lissoni of Lissoni Associati of Milan designed, cutting edge business hotel +The 1^st Shangri La Hotel & Resort Spa in the Southeast US  (Chicago 2009, Las Vegas, Miami & New York 2010, Toronto 2011) +The Residences Island Gardens, situated atop of and managed and operated by the Shangri La Hotel, on Floors 22 through 44. +The deeded Residences are available for sale as One of Eight fractions or all 8 fractions for whole ownership.  The usage plan draws direct comparisons with luxury, 5 star whole ownership, at a FRACTION of the price!

Island Gardens has received the highest fractional designation of Private Residence Club and will be the only one of its kind in North America to combine fractional ownership of a luxury residence with fractional ownership of a luxury 4 cabin mega yacht. The luxury lifestyle is complimented with Phantom Rolls Royce chauffeur service.  Buyers arriving by air or by sea may request to be picked up and dropped back off to their departure location as an ongoing Resident Courtesy service at all times. The Residences Island Gardens Miami provides the only opportunity to own a Piero Lissoni designed fully furnished and appointed luxury residence for as much or as little time as one desires. Many of today’s savvy buyers may be reluctant to spend millions on a primary, secondary, third residence, but would still like to come live and play like a celebrity in South Florida while putting their money into an appreciating asset.  At The Residences Island Gardens, for as low as $205,000, they can!  Of the 4 PH Residences which are offered only in their entirety, PH 1 reserved for $15MM when we launched at Art Basel in December.  PH 2 is now available for $10MM.

With 100 residences divided into 8 fractions of 45 flexible usage days available, and fractional yacht usage options, we currently have 149 reservations (12 as Full Ownership) out of 800 total fractions in all!  Feel free to write, comment or question on this exceptional new project on Watson Island.

I’m simply curious to see the differences in selling price per square foot in various locations along the Miami Dade Beaches. I’m including recent sales data and statistics in South Beach, Miami Beach, Bal Harbour and Sunny Isles. Strictly Oceanfront Condo Sales in Miami Dade County that occurred through the Southeast Florida MLS in the last 30 days.

South Beach real estate shows as having 6 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $511. The highest closed sale was at the Bentley Hotel (510 Ocean Drive) selling at $979 psf.

Miami Beach oceanfront condos

Miami Beach FL real estate shows as having 11 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $418. The highest closed sale was at the Green Diamond (4775 Collins Avenue) selling at $555 psf.

Miami Beach FL oceanfront condos that have sold…

Bal Harbour real estate shows as having 13 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $642 (psf). The highest closed sale was at the Bellini Condo (10225 Collins Avenue) selling at $759 psf.

Bal Harbour oceanfront condos that have sold…

Sunny Isles real estate shows as having 16 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $464 (psf). The highest closed sale was at the Acqualina (17875 Collins Avenue) selling at $638 psf.

Sunny Isles oceanfront condos that have sold…

Feel free to leave a reply or add any additions to this posting!

The Flamingo condo conversion developer is giving back deposits in the north tower of the Miami Beach FL real estate complex because the developer hasn’t been able to determine closing dates. The sales in the Flamingo north tower stalled at 200 with the market downturn of 2006.

“We don’t know when the building will be converted to condo,” Lerner said of the 614 unit north tower. “We have to hit a critical number before we start converting.” South Florida Business Journal

The north tower will continue as a rental building until the sales meet a threshold along with the center tower which is the newest and the Flamingo’s sought after crown jewel. The attention is now redirected on the south tower which has nearly sold out of the 562 units. If you’ve invested in the Flamingo Towers complex we’d love to hear your feedback. Feel free to comment on the Flamingo Tower conversion.

So what is selling these days in Miami Dade County? Everyone is asking… We will review the sales of Sunny Isles real estate along with Miami Beach FL real estate to see what buyer’s are finding as HOT buys along the ocean..

Sunny Isles oceanfront condos have 6 closed this month worth reviewing. Acqualina, Ocean One, Oceania I, Trump Palace and Turnberry Ocean Colony (2). These selling prices range from $500k (Oceania I) to $2.595M (Turnberry Ocean Colony) and what we see is the sale price to list price ratio ranges from 94% to 81% (both at Turnberry Ocean Colony). The best price per square foot was only $397.26 psf at Oceania I while the highest was $796.51psf at Turnberry Ocean Colony. Much has to do with building age and amenities as Oceania I is from 1990 while Turnberry Ocean Colony is the premier 2008 South Tower. Both Acqualina and Trump Palace sold at $663.39 and 576.37 psf. respectively. What is worth mentioning is the Pending Sales of 2008 are already at 11 which proves a slower holiday season as people travel and families join together. This month each of the above buildings have additional accepted offers but also luxury oceanfront condos including Ocean Two, Ocean Four, Trump Grande, Pinnacle and La Perla. Asking prices ranged from $2.499M to $549k and we will soon see what they’ve sold for. On average, sale price to list price ratios are at 88% for a great 12% off reduced asking prices starting off 2008 right for buyers. Each real estate transaction is different so it’s important to analyze each condo on an independent basis. This real estate blog is only to get an idea of what’s happening in Sunny Isles real estate.

Miami Beach FL oceanfront condos (including South Beach FL real estate) have 9 closed this month worth reviewing. Continuum, Setai (2), Decoplage (2), Roney Palace, The Collins and Fountainebleau II. These selling prices range from $417k (Decoplage) to $2.5M (Continuum) and what we see is sale price to list price ratios ranging from a low 69% (Decoplage) to a high of 101% (Setai Resort). The best price per square foot was only $426.92 psf at The Collins while the highest was $1,500 psf at The Setai Resort. Much has to do with location and building demand & amenities. The Collins is an excellent oceanfront condo conversion in mid beach while the Setai is the sought after and highly desired South Beach Resort. Akoya and Continuum each sold at $581 psf and $1220 psf respectively. The infamous Kevin Tomlinson of EWM sold The Continuum unit after 280 days on the market and saving his customer 16% off the asking price! I’m always inspired by the SoBe Realtor elite and learn a lot when reviewing their sales figures. On average, sale price to list price ratios are at 89% saving today’s buyers 11% off the already greatly reduced asking prices. This month pending sales for Miami Beach FL real estate are very low at only 3 currently under contract (2 at Blue Diamond)! Why is this? My opinion is location vs. selling price per square foot. South Beach is and will always be HOT real estate and in demand. The difference is Sunny Isles real estate sells for a much better price per square foot ($824psf SoBe vs. $569psf SIB) and has a lot to offer new residents with it’s convenience to Aventura, Bal Harbour real estate and both Ft. Lauderdale and Miami International Airports! If it’s the action you desire, I strongly recommend Miami Beach FL real estate yet Sunny Isles real estate is only 20 minutes to all the SoBe excitement. Today’s end users and even investors are penny wise to make smart investment decisions on South East Florida real estate. International Buyer’s are taking advantage of a soft real estate market and the weak dollar offering VERY aggressive prices today on Sunny Isles luxury condos. The new Sunny Isles Millionaires Row is just tremendous with Trump going all out like he did in NYC when the values were down. Trump now has 4 new signature towers finishing this year on into 4Q 2009 along with both Jade Ocean and Jade Beach which I’m super excited about. The selection today for buyers is great but at times may be confusing. The help of a Realtor assisted sale makes the work, time and stress so much less for today’s Southeast Florida Buyers. Contact me to discuss this blog by commenting below or call anytime to talk Miami Beach FL real estate sales.