The Historic Seville Hotel

The Seville on Miami Beach was listed as one of the last remaining distressed properties back in September 2009. As of August 2010, Ian Shrager’s taking it over through a recent partnership with Marriott turning the now shuttered oceanfront hotel into a luxury boutique ‘Marriott Edition’ brand over these next 3 years.  The 278,000 square foot Seville was built in 1955 with a previous attempt at a comeback in 2005, when developers announced new plans to turn it into a condo and fractional ownership complex under the Ritz-Carlton brand. Part of the old property would have been knocked down to make room for two 21 story towers, but the project couldn’t get off the ground as lenders balked in an unfriendly credit market of 05. Marriott acquired the property in July 2010 in a $57.5 million short sale from owner 2901 Beach Ventures, a partnership between Lionstone Group led by Alfredo Lowenstein and Fortune International Management, County records show, which is nearly $10 million less than a foreclosure lawsuit that had been filed on the property which has since been dismissed.

Ian Schrager Revisits The Beach

Schrager left Miami Beach a few years ago with the sale of his interest in the Morgans Hotel Group which started in 1984. Ian Schrager is well known for the Delano’s “urban resort” style & success (along with Studio 54 and Palladium) introducing the concept of a “boutique hotel” to the world. In recent years, Schrager has focused on luxury residences and a hotel in New York City along with creating the Edition brand, aimed at sophisticated travelers.

“Mr. Schrager’s latest venture, a partnership with Marriott International, intends to create a new brand of as many as 100 hotels that will combine the personal, intimate, individualized and unique lodging experience that he created with the operational expertise that Marriott is known for on a global scale.” -IanSchragerCompany.com

Marriott’s Edition Brand in SoBe

Marriott’s portfolio includes the luxury brand Ritz-Carlton, the upscale JW Marriott, quality brands including Marriott and Renaissance and moderate hotels Courtyard by Marriott and Fairfield Inn by Marriott. In addition to Edition, it also recently created the Autograph Collection, currently featuring 10 hotels with an individualistic ambience. Edition seeks to set itself apart by creating individualized hotels in busy markets that reflect the cultures of their surroundings with an emphasis on sophistication and service. Other planned Edition locations include Mexico City, Bangkok, Istanbul and Barcelona. Schrager and Marriott announced the partnership three years ago. Initially, plans called for the South Beach Marriott at 161 Ocean Dr. to become an Edition, but that failed to materialize as the recession hit.

South Florida’s historic hotel Seville, which sits on nearly three acres of beachfront property at 2901 Collins Ave., is expected to open in three years after it undergoes significant renovations during a continued market upswing. For more information check back here regularly or sign up for emailed updates or the RSS feed in the upper right column.

Seville Hotel Grounds

South Beach Condo Sales -Pricing Band Analysis

So far this year there have been 486 condo sales out of 1,566 total South Beach condos (1st to 23rd Street). Last year there were 927 total condo sales. What we’ll be examining here are the number of real buyers given certain pricing bands from January 1st 2010 to June 2nd 2010; while to the right, in (brackets), are the number of real buyers since January 1st 2009. It is used to help determine optimal pricing for sellers and where the “real” buyers exist in the local market of South Beach Real Estate.

$249k less – 225 (642)

$250-$399k – 136 (308)

$400-$499k – 29 (104)

$500-$599k – 19 (68)

$600-$699k – 12 (49)

$700-$799k- 5 (18)

$800-$899k – 5 (20)

$900-$999k – 2 (19)

$1M-$1.299M – 15 (45)

$1.3M-$1.499M – 10 (21)

$1.5M-$1.799M – 8 (26)

$1.8M-$1.999M – 1 (6)

$2M-$2.299M – 1 (6)

$2.3M-$2.5M – 1 (4)

$2.5M-$3M – 6 (14)

$3M – $5M – 9 (25)

$5M+ – 2 (10)

Are you trying to sell your South Beach luxury condo?

Contact me with ease and let’s go over the tried & true marketing plan with great results in getting your condo sold! 1.888.383.7326 ** All figures derived from the Regional MLS (Multiple Listing Service) on June 2nd, 2010.

Have we seen the bottom and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as South Beach condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover South Beach condo pricing trends over the past 2.5 years and onwards as this year continues..

Yes, I have been absent from blogging. As KT once said, I’m a Realtor (Broker) first and blogger second (maybe third) but I will always have a passion voicing my opinions, analyzing the facts and speaking out loudly here for other to see and know. My personal business is explosive this year with normal sales, REO’s, short sales selling and buyers on an all time high with renewed confidence in the Miami “Beach” condo market since mid-2009. I believe it was the latest MiamiDreamRealty blog where I became overwhelmed, had to step back for awhile, and build a killer real estate team to handle the leads across the Miami Dade County beaches; finally finding & making time to blog here again!

South Beach (1st to 30th Streets) MIAMI Condo Pricing Trends:

2008 (873 total sales | Average SP/PSF $461)

January – 47 Sales at an average selling price per square foot of $515 and 92% SP/LP% (average buyer discount of 8%)

February - 48 Sales at an average selling price per square foot of $472 and 90% SP/LP% (average buyer discount of 10%)

March - 76 Sales at an average selling price per square foot of $467 and 91% SP/LP% (average buyer discount of 9%)

April - 86 Sales at an average selling price per square foot of $487 and 90% SP/LP% (average buyer discount of 10%)

May - 103 Sales at an average selling price per square foot of $492 and 91% SP/LP% (average buyer discount of 9%)

June - 98 Sales at an average selling price per square foot of $513 and 92% SP/LP% (average buyer discount of 8%)

July - 90 Sales at an average selling price per square foot of $468 and 92.5% SP/LP% (average buyer discount of 7.5%)

August - 80 Sales at an average selling price per square foot of $418 and 89% SP/LP% (average buyer discount of 11%)

September - 69 Sales at an average selling price per square foot of $470 and 92% SP/LP% (average buyer discount of 8%)

October - 62 Sales at an average selling price per square foot of $377 and 91% SP/LP% (average buyer discount of 9%)

November - 39 Sales at an average selling price per square foot of $364 and 91% SP/LP% (average buyer discount of 9%)

December - 75 Sales at an average selling price per square foot of $419 and 90% SP/LP% (average buyer discount of 10%)

2009 (912 total sales | Average SP/PSF $368)

January - 49 Sales at an average selling price per square foot of $457 and 88% SP/LP% (average buyer discount of 12%)

February - 55 Sales at an average selling price per square foot of $348 and 93% SP/LP% (average buyer discount of 7%)

March - 69 Sales at an average selling price per square foot of $368 and 91% SP/LP% (average buyer discount of 9%)

April – 71 Sales at an average selling price per square foot of $346 and 91% SP/LP% (average buyer discount of 9%)

May - 82 Sales at an average selling price per square foot of $381 and 89% SP/LP% (average buyer discount of 11%)

June - 104 Sales at an average selling price per square foot of $370 and 91% SP/LP% (average buyer discount of 9%)

July - 77 Sales at an average selling price per square foot of $356 and 90% SP/LP% (average buyer discount of 10%)

August - 80 Sales at an average selling price per square foot of $334 and 89% SP/LP% (average buyer discount of 11%)

September - 80 Sales at an average selling price per square foot of $396 and 92% SP/LP% (average buyer discount of 8%)

October - 75 Sales at an average selling price per square foot of $364 and 93% SP/LP% (average buyer discount of 7%)

November - 88 Sales at an average selling price per square foot of $334 and 90% SP/LP% (average buyer discount of 10%)

December - 82 Sales at an average selling price per square foot of $388 and 92% SP/LP% (average buyer discount of 8%)

2010 (so far.. 640 sales | Average SP/PSF $355)

January - 69 Sales at an average selling price per square foot of $353 and 92% SP/LP% (average buyer discount of 8%)

February - 75 Sales at an average selling price per square foot of $328 and 93% SP/LP% (average buyer discount of 7%)

March - 132 Sales at an average selling price per square foot of $335 and 94% SP/LP% (average buyer discount of 6%)

April - 89 Sales at an average selling price per square foot of $408 and 92% SP/LP% (average buyer discount of 8%)

PS. 2007 Sales Totaled 867 at an average PPSF of $504!

Check out more Miami Beach & Sunny Isles Real Estate juice here on Facebook! YouTube, Twitter, etc. Or you can easily reach me toll free at 1.888.383.DREAM (37326).

We like to think of the denizens of our local Miami Beach Real Estate and surrounds as hip, happening, stylish types. But when it comes to the rest of the world, you won’t see Sunny Isles or Aventura listed next to Paris and Milan as a fashion capital.

Maybe the Style Gods haven’t gotten past those Mad Men-era memories of blue haired old ladies and old guys in brightly colored polyester pants. Or maybe they’re stuck in the “80s, with visions of Don Johnson and his rumpled, pink linen wardrobe stuck in their heads.

Or we could just blame the Kardashians.

Still, anyone who calls a piece of South Beach Real Estate home knows that while, yes, there are plenty of girls in barely-there dresses and guys in Ed Hardy T’s crowding the streets, most of those people don’t even live here! In other words, it’s the tourists – and maybe the Kardashians – who are giving our fair city a bad rap when it comes to style.

Well, those days are about to be over. While our lack of seasons – something I personally see as a plus – eliminates the need for winter coats, Miami style is about taking resort wear to the ultimate level. And come on, what would you rather be wearing than resort wear? A hundred-pound wool coat over your cashmeres, over your long johns? No clothing is more fun to wear than resort wear, and no one does it better than the city where it’s summer all year long.

So this Friday, come out and celebrate just how stylish our city is, when the Miami Fashion Association, shows off their stuff. The location is one befitting the occasion—the oh-so-chic Webster Boutique on Collins Avenue. The guest list will include local guests of honor, designers Julian Chang and Danny Santiago.

We don’t know if the Kardashians will be there, but we do know the drinks start flowing at 7.

by Lisa Canfield

Capri Condos South Beach

I went with a friend this weekend to preview the latest bayside complex known as Capri South Beach. The 3 buildings are simple & posh boasting a small lap pool and enormous gym featuring high tech equipment, marina with reasonable dock space ($25 per foot) and strong attention to detail from the staff. The Capri South Beach residence interiors offer generous floor plans with special views of both the Downtown skyline plus the historic Venetian Causeway. Finished in travertine marble floors, master bath areas offering the tub enclosed within the double rain shower glass and outstanding kitchens featuring Sub Zero & Wolf appliances for those enjoying superior cooking.

Overall the complex is aiming for 1,000 per square foot and it seems Maefield Development are slowly getting it with recent sales in the $900′s. Not in desperation by any means, but enjoying a new South Beach condo project of only 72 residences worth bragging about.

View more photographs right here on South Beach real estate at Flickr! For more information or to set an appointment, call me at 1.888.383.7326.

New Tax Credits for Home Buyers

Some good news for a change! Congress approved the extension of the $8,000 federal first-time home buyer tax credit, and President Obama signed the law into effect on November 9, 2009. The tax credit was supposed to expire December 1, 2009, and has now been extended through April 30, 2010.

Even better, there has been an addition to the law allowing existing homeowners who want to move up or down to another home to receive a tax credit in the sum of $6,500.00, so long as they have owned and lived in their previous home for five consecutive years out of the last eight years.

Whether you are looking for Miami Beach real estate, South Beach real estate, Sunny Isles Beach real estate, Bal Harbour real estate or Golden Beach real estate, you should take advantage of these great tax credits, the current low interest rates and affordable prices these communities have to offer.  Those of who have been sitting patiently on the sideline waiting, you no longer have any reasons to delay the purchase of your Miami Beach and surrounding area luxury condos and homes.
Here are some highlights of the new tax credit law:

First Time Home Buyer Credit

• First time home buyers who purchase a home on or after January 1, 2009 and before April 30, 2010, are eligible to receive an $8,000 tax credit. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you will qualify for the credit.

• The IRS definition of first-time home buyer is a buyer who has not owned a principal residence during a three year period prior to their purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment properties or second homes qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Long-Time Residences/ Same Residences  (Move Up/ Down) Buyers

• Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment or second homes are eligible.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you also will qualify for the credit.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

In order to avoid fraud, the IRS will require a copy of the HUD-1 closing statement from all buyers.

Military Buyers

If a Military member is deployed outside of the United States for a minimum of 90 days between December 31, 2008 and May 1, 2010, the tax credit is extended on purchases to on or before April 30, 2011.  If a purchase and sale contract is signed on April 30, 2011, the transaction must close on or before June 30, 2011 in order to qualify for the tax credit.

The new law is expected to further boost and help strengthen our recovering real estate market because it is beneficial to buyers, sellers and the entire real estate industry.

Thank you Coldwell!

Let’s Go!

South Beach real estate may be a little on the pricey side, but that doesn’t mean the denizens of America’s hottest luxury condos and homes spend every day dining on lobster and caviar. Everyone knows, there are some times in a man’s (or woman’s!) life when nothing but a good, old fashioned American burger will do. Luckily, the Miami Beach area boasts some of the best burger joints around.

South Beach’s Cheeseburger Baby has a devoted (and vocal) following – just Google “Miami Beach” and “Cheeseburger” and you’re bound to stumble across a few blog posts singing the praises of this unassuming slice of beef-on-bun heaven. Of course, Cheeseburger Baby also charges a mere $5 to drink all day from their bottomless keg of beer. So maybe it doesn’t actually matter what those burgers taste like after all!

For those who like a little more meat on their buns, The 8 oz Burger Bar offers a full half pound of meaty goodness to their hungry customers. There is a second branch of this establishment in equally glitzy L.A., which begs the question – do the residents of the two cities that traditionally bare the most skin really need burgers that pack the most meat? It makes one wonder…

Finally, for those looking for a totally new – and yet comfortingly familiar – burger experience, there is…the Whopper Bar. Having launched their flagship branch in Orlando, Burger King, the chain that taught you how to “have it your way,” is coming to South Beach with a new concept restaurant dedicated solely to the Whopper. The “bar” will feature “Whopperistas” whose sole job it is to custom design your burger. There will also be a “visible toppings theater” to help you to decide just how to customize your meat and bun – and to make sure your Whopperista really is letting you “have it your way.”

So the next time you’re in the mood for something meaty, remember – in Miami Beach, you’re never far from a good beach — or a good burger.

by Lisa Canfield

Mocha Shakes Miami

The mystery begins this year on November 7, 2009, at 6:00 p.m. with the Mocha Shakers Mystery event. This Mystery Dates charity fundraiser is organized by the MOCA Shakers, the museum’s young international patrons. The proceeds will benefit MOCA exhibitions of new and experimental artists.

Expect an evening of art, fabulous food and mystery guests. Festivities start with a party at Museo Vault, a state of the art storage facility located in Wynwood at 349 NW 29 Street, Miami, FL 33127. You can enjoy specialty Grey Goose Vodka cocktails, great music and terrific appetizers.

From there the party moves on to a post modern home in Coral Gables, a MiMO Morningside home,  and then to a beautiful South Beach condominium.  The mystery is what glamour surprise dinner guest will attend each dinner. Guests will learn which dinner they will attend as well, as the festivities move on from there.

Tickets for the event range from $125.00 – $1,000.00. For seating information contact address is http://www.mocanomi.org/mystery-dates/#, and the phone number is 305 893-6211. Chair Persons, Ivonne Ronderos and Erin Newberg.

Experience the Excitement and Beauty of Miami Beach and Surrounding Areas

This is just one of many exciting charity events, festivals and music events held in the Miami Beach and surrounding areas throughout the year. There is also the Miami Beach Dance Festival held in April each year, the Jazz Roots Larry Rosen concert series, and don’t forget the Festival of Miami music festival, which is the opening of Miami’s Art Season.  The festival closes this year on October 30, 2009 at 8:00 p.m at the  Gusman Concert Hall at the University. of Miami Frost School of Music with the “Open Me First” with Jeff Hamilton and John Clayton concert series.

That’s why so many buyers choose to live, work and play here.  International buyers and celebrities recognize that  Miami Beach real estate, South Beach real estate, Bal Harbour real estate, Sunny Isles Beach real estate and Golden Beach real estate is some of the most gorgeous and affordable real estate found anywhere in the world. With luxury condos and homes at today’s affordable prices, there are no better bargains than here.

If you are looking for an international flair with great cuisine, shopping and beaches and a luxurious and exciting Florida lifestyle, you won’t be disappointed by the many area attractions, outstanding architecture and beautiful eco surroundings of the Miami Beach, South Beach, Bal Harbour, Sunny Isles Beach and Golden Beach areas.

Miami Beach Art Basel 2009

The popular four day Miami Beach contemporary Art Basel show will be held this year on December 3-9 at the Miami convention center. The festivities have grown into a week-long celebration and an international meeting place. You will find festival exhibitions, music, and film events sprawling from South Beach to the Miami Design Center. What better place to hold an international art festival than Miami Beach with its perfect climate, gorgeous beaches, art deco architecture, some of the best cuisine in the world, chic boutiques and so much more!

Since it debuted in 2002, Art Basel, the sister event of Switzerland’s Art Basel, has attracted art lovers and art curators and dealers from all over the world. It is the largest art festival in the country. This year, expect to find more than 250 international art galleries participating in the festival from North America, Latin America, Europe, Asia and Africa. The show ranks as the third largest show at the convention center, along with the car expo and the boat show. The 2009 event will feature 20^th and 21^st century artworks from more than 2,000 artists. Mark your calendars so you don’t miss this spectacular event!

Life Styles of the Rich and Famous at Affordable Prices

Miami Beach’s melting pot of nationalities attracts visitors not only to its many cultural and tourist attractions, but also to its resort style living featuring luxury waterfront/oceanfront condos and homes. With miles of gorgeous beaches, world class golf courses, international fine dining, fishing and diving, there is something for everyone. It is a favorite vacation, second home and retirement destination to millions of people worldwide. Miami Beach real estate and the surrounding South Beach real estate offer some of the most desirable real estate in the world. So if you are looking for a lifestyle of the rich and famous at today’s affordable prices, look no further. With its close proximity to Latin America, the Caribbean, Europe and Canada, you can see why Miami Beach attracts so many buyers to its luxury condos and homes.

Leave Your Luxury Condos and Homes behind and Celebrate Halloween – Miami Beach Style!

Okay, so there’s no chill in the air, no leaves falling, no howling wind whipping through the trees (not that we don’t get a few of those a little earlier in the year). But here in the Miami Beach area, we don’t need the traditional trappings of fall to do Halloween right.

In fact, despite the absence of a layer of ice on our pumpkin patches, dare I say that we do Halloween better than anyplace else in the country?

Here’s a brief rundown of how to celebrate the spooky season in style.

Since you’ll likely be spending the night pigging out on treats (and not necessarily the candy variety), have a healthy Halloween morning by running in the Miami Beach Halloween Half Marathon! Not only does the race give you a head start on burning the day’s calories, it also gives you an opportunity to score some great prizes for running in costume.

If you have kids, swing by the Miami Beach Botanical Garden for Halloween Family Day for a few hours of pumpkin carving and other seasonal arts and crafts. Or, head south to the MetroZoo for the annual MetroBoo! Party at the zoo.

Of course, after hours is when the holiday really heats up, and nowhere more so than in South Beach. Halloween in SoBe isn’t about trick or treating – it’s more about treats for the over-21 set. There’s the official Playboy Halloween Party, with a bevy of bunnies and a sprinkling of centerfolds, at the Shore Club. While for those who prefer their adult entertainment to be scary rather than sexy, Mansion will host the release party for the latest “Saw” movie all weekend long at the House of Jigsaw Halloween Weekend. Or if theme parties are more your thing, pull out your best 1920’s attire for the Raleigh’s speakeasy-themed Cat’s Meow party.

Of course, all this partying may have a downside. With no one home to pass out candy to the trick or treaters, don’t be surprised if a lot of prime South Beach real estate gets egged on Saturday night!

by Lisa Canfield

2 Story Tower Suite at the Prestigious Portofino Tower

Lifestyles of the Rich & Famous (Part 4) brings us to a very desirable 2 story home in the sky. This palace residence is #3105 at Portofino Tower South Beach located in SoFi (South of Fifth) at 300 South Pointe Drive and was just reduced by $1M USD this month for a motivated sale, to a new asking price of $4.9M  or $891 PSF.

With a recent purchase price of $5.250M (06/2007), this luxury South Beach condo residence is comprised of 4 large bedrooms and 4.5 baths with just under 5,500 interior square feet and boasting 270 degree views of the Atlantic ocean, Biscayne Bay and stellar South Beach real estate. The private elevator opens directly onto the second floor and into the living areas and kitchen with maids quarters and floor to ceiling windows encompassing all of South Beach. The stairs circle down into the master bedroom suite with his & hers bathrooms and massive closets. This one of a kind trophy property is for the buyer ready to enjoy their lifetime successes.

Portofino Towers South Beach

is the tallest luxury highrise built in 1996 and what a great year it was! Today there are 28 condos for sale (MLS derived) out of ~220 total or 13% as this is a well established “healthy” building with very happy residents. Statistics also show an average asking price per square foot at $895PSF, average selling price per square foot at $627 PSF, average days on market at 68 DOM and a sale to list price ratio at 87%. The average Portofino Tower list price is $2.3M (2,515 SF). Last year there were 10 closed sales at an average selling PPSF at $676 for a 7% depreciation so far. Portofino Tower full featured amenities include 24 hour concierge with valet service, 2 tennis courts, world class spa & fitness center, 2 pools, hot tub, sauna, billiards and community rooms.

Click here to preview all Portofino Tower condos for sale

Portofino Tower Condos for Rent

This is not my listing but worth proper exposure here and I’d appreciate earning your business if this is what suits your real estate desires. For more details or to schedule a showing call 1.888.383.7326

Art Deco Film Crew

Art Deco Weekend ended up being a great turn out with a perfect 75 degree day in January! Here are a few of my favorite photos from this exciting weekend…

The South Beach Art Deco weekend is a yearly South Florida festival that features the best is music, art and more associated with this old “Deco” style.  Art Deco is a style that is inspired by the early 20th century art and architecture of European countries like France and Germany first becoming popular in the United States during the 30′s. Its unique designs are instantly recognizable and truly define Miami Beach.

The term Art Deco was coined in the 80′s to define the styles that were becoming popular in Miami Beach at the time. Some of the qualities that would typically define Art Deco are curved edges and corners, neon lighting and round porthole windows. Held each year in January, the South Beach Art Deco weekend allows the residents of South Florida as well as visitors, the opportunity to buy unique pieces of art to add to their collections. The pieces are sold at auctions and include restored classics. People who are looking to purchase these pieces can attend a wide variety of lectures and talks designed to teach them all about the works. People attending the Art Deco weekend can also expect to be treated to performances of some of the best music from the 1930′s Broadway era that is associated with the art deco style.  (continue reading…)

Colony Hotel Ocean Drive

Hello friends and I trust you’re having a great weekend! I’m meeting with qualified buyers tomorrow and wanted to show them and YOU where 2008 condo sales are in South Beach and Sunny Isles Beach real estate. If you’d like to comment on these Miami Condo Sales STATS or have any questions coming to mind, send a quick note in the comment box below. There are close to 150 visitors here each day and growing! Derived from the Multiple Listing Service (MLS), we see as of NOVEMBER 22nd…

SOUTH BEACH REAL ESTATE

2109 = Total Condos for Sale

292 = Total Short Sales (14%)

29= Total Bank Owned REO (1%)

58 = Pending Sales (Last 30 Days)