Pordes Residential is taking over sales of a boutique townhouse development in Bay Harbor Islands as it nears completion.

Land Developers Group hired the brokerage to handle the remaining nine townhomes, which is about 64 percent of the 14-unit Palm Villas project at 9870-9880 East Bay Harbor Drive. It launched sales in 2016, and has only sold five townhouses since then.

Over the past year, Pordes Residential was also brought in to take over sales and marketing by the project developers of KAI Residences, 101 Bay Harbor and Bijou Bay Harbor, all in Bay Harbor Islands.

The brokerage, led by Mark Pordes and Adam Kaufman, plans to reach out to buyers in the Northeast and Canada.

“The market in general has been a little slow, but there definitely are sales here,” Kaufman said. Read more here:The Real Deal Miami

Another development group has filed plans for a mixed-use hotel in Wynwood near the popular Wynwood Walls.

111 Wynwood LLC filed plans for a five-story, 72-key hotel at 111 Northwest 26th Street. Developers Eduardo Vargas and Andres Hogg plan to break ground on the 50,000-square-foot project early next year and open in 2020, Vargas said.

Alain Bartroli is the architect of record, and Richter Dahl Rocha is designing the facade. The construction cost is expected to total about $8 million, Vargas added.

It will also have a mix of retail and restaurant space on the ground floor, co-working space, and a rooftop pool, bar and restaurant. Hotel amenities will include rooms with smart features and kitchenettes, valet parking and laundry services. Read More here: The Real Deal Miami

A New York based development company has teamed with a globally-recognized and award-winning architect to bring a stand-out mixed-use office building to the heart of the ever-growing Wynwood Arts District.
RedSky Capital plans to construct an eight-story mixed-use building called Forum at 2700 NW Second Ave. in Wynwood.
The developer’s team presented details July 18 to the city’s Urban Development Review Board, which recommended approval of the project with some suggestions.
RedSky Capital LLC and its affiliate RS JZ 2700 NW2 LLC own the 1.25-acre site north of Northwest 27th Street, south of Northwest 27th Terrace, and west of Northwest Second Avenue.
Forum is designed to include up to 144,781 square feet of offices, about 36,072 square feet of commercial-retail space, parking for 370 vehicles, and significant outdoor amenities and plaza spaces including pedestrian paseos connecting all frontages through the site.
Steve Wernick, an attorney representing RedSky, said the site is long and narrow; it extends more than 495 feet.
The goal in designing the building was to emphasize public space, he said, and give as much attention to the public space as the private spaces.
Forum will be an open and communal gathering space, and “visitors will be drawn into the building,” Mr. Wernick said.
“It unlocks the potential of this part of Wynwood,” he said.
Shari Neissani, senior vice president with RedSky Capital, told the board her company has a reputation of investing in emerging neighborhoods.
In a letter to the city, Mr. Wernick wrote: “With RedSky’s experience in the evolution of neighborhoods in Brooklyn, they have paid special attention to understand the surrounding context of the neighborhood and put together a top-notch design team, spearheaded by Enrique Norten, award-winning architect and principal of TEN Arquitectos. Forum is a testament to RedSky’s commitment to the long-term revitalization of Wynwood. The Project elevates the public realm through the building, while delivering class A office space that will attract creative office tenants looking at Wynwood as Miami’s emerging office district and help support the continued evolution of new retail, F&B, hotel, and residential buildings within the district.”
Since 2013, RedSky has acquired and now owns and operates roughly five acres in Wynwood, with a significant footprint along Northwest Second Avenue.
Wynwood Block is a fully renovated warehouse at 2621 NW Second Ave., and one of the first legacy structures in Wynwood under the NRD-1 Neighborhood Conservation District zoning. Read more here:Miami News Today

Miami-Dade condo sales fell back down again last week, likely thanks in part to the July 4 holiday.

The county recorded 109 closings for a total of $55 million, up from the previous week’s $79.2 million sales volume. Condos last week sold for an average price of about $503,000 or $366 per square foot.

The priciest deal was the $5.45 million sale of unit 1002 at Mansions at Acqualina. The 4,609-square-foot condo traded hands for nearly $1,200 per square foot. It was listed with Yansy Checa. Marla Cohen brought the buyer.

The second most expensive condo closing last week was the $3.5 million sale of unit 1204-S at Oceana Key Biscayne. The 1,873-square-foot condo was on the market for slightly over a year. Bruno Ricci represented the seller, and Giulietta Ulloa brought the buyer.

Closing prices in the top 10 deals ranged from about $1.5 million to the $5.5 million Mansions at Acqualina unit.

Here’s a breakdown of the top 10 sales from July 1 to July 7. Click on the map for more information:

Most expensive
Mansions at Acqualina #1002, Sunny Isles Beach | 67 days on market | $5.45M | $1,182 psf | Listing agent: Yansy Checa | Buyer’s agent: Marla Cohen

Read more here: The Real Deal

Venezuela outspent other countries in Miami-Dade for second-straight year

Despite the residential market’s lackluster year, foreign investors spent $7.1 billion on South Florida homes in 2017, up nearly 15 percent from the previous year’s $6.2 billion.

Leading the pack in South Florida was Argentina with 15 percent of all foreign purchases last year, according to the Miami Association of Realtors. Venezuelans spent the second most in Miami-Dade, Broward, Palm Beach and Martin counties with 11 percent, followed by Canada and Colombia with 9 percent each, and Brazil with 8 percent.

Foreign buyers picked up 15,400 residential properties last year, up more than 40 percent from the 10,900 homes international buyers closed on in 2016, according to the report.

In Miami-Dade, which captured 51 percent of foreign deals in South Florida, Venezuelans spent the most of any other country with 12 percent, as the wealthy continue to move their money to the U.S. amid the political and economic crisis in their home country. The South Florida cities of Doral, nicknamed “Dorazuela,” and Weston, also known as “Westonzuela” are home to large Venezuelan populations.  Read more here:The Real Deal

 

A Miami Beach property owner is accusing the city of engaging in discriminatory practices when it comes to cracking down on short-term rentals.

Natalie Nichols filed a civil rights lawsuit in Miami-Dade Circuit Court on Wednesday, alleging the city’s practice of levying five-figure fines on some residents who list their properties on Airbnb and other home-sharing websites violates the Florida Constitution.

Nichols wants a permanent injunction that would prevent the city from fining property owners like her who want to offer short-term rentals. “I feel strongly that this is a violation of my constitutional rights,” she said. “There is a silent majority in Miami Beach that want short-term rentals. But people are afraid to come forward.”

Nichols’ complaint hinges on an exception the city carved out for a section of North Beach. Specifically, properties fronting Harding Avenue from 73rd to 87th streets, including buildings east of Harding and an alley on the west side of the avenue, the lawsuit states.

In October 2016 — ten months after the city raised short-term rental fines from $1,000 a day to $20,000 for the first offense — Miami Beach made it legal for owners of historic buildings along Harding to offer short-term rentals. Preservationists and developers supported the measure, believing it would motivate property owners to renovate and maintain old buildings.

Read more here:The Real Deal

Curious just how far your dollar goes in Miami?

We’ve rounded up the latest rental listings via rental site Zumper to get a sense of what to expect when it comes to hunting down a place in Miami if you’ve got $2,000 / month earmarked for your rent. (Note: prices and availability are subject to change.)

Take a peek at what rentals the city has to offer, below.

2630 Southwest 27th Ave. (Coral Way)

Read more here: The Miami Herald

According to the Miami Association of Realtors, luxury home sales in Miami posted double-digit gains while existing condominium transactions surged year-over-year in December 2017.

Luxury ($1 million-and-above) existing Miami condo sales jumped 47.6 percent year-over-year, from 42 to 62. Luxury Miami single-family home sales rose 16.7 percent, from 60 to 70. Existing Miami condo sales increased 6.5 percent year-over-year in December, while single-family transactions stayed effectively even (down 0.7 percent).

“Strong pent-up demand for Miami luxury single-family and condominiums fueled December’s strong home sales,” said George Jalil, a Miami broker and the 2018 MIAMI chairman of the board. “Luxury sellers are becoming more realistic with their asking prices, and buyers are coming off the sidelines. Federal tax reform is also starting to have an impact as more Northeastern buyers are opting to purchase in Miami to escape the higher taxes they could face in states like New York and New Jersey.”

Federal tax reform, which was signed into law Dec. 22, 2017, sets a deductions cap for income, sales and property taxes at $10,000. The new cap could lead more residents of states with high property values and state income tax to purchase properties in states such as Florida, which has no state income tax and a pro-business tax structure.

Total Miami Home Sales, Dollar Volume Increase in December

Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — increased 2.9 percent year-over-year from 2,156 to 2,219.

Miami existing condo sales — which are competing with one of the most robust new construction markets in the country — increased 6.5 percent year-over-year, from 1,084 to 1,154. Single-family home sales decreased 0.7 percent, from 1,072 to 1,065.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

Total sales volume for all properties accounted for $983.5 million last month, up 23.2% from $797.9 million a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market.    Click Here to Read More on World Property Journal

Developers Ugo Colombo and Valerio Morabito just bought the Bay Harbor Continental site for $20.5 million.

Property records show the partnership paid P3 Investments about $400 per square foot for the 1.2-acre development site at 1135 103rd Street in Bay Harbor Islands. It was previously approved for a seven-story, 29-unit boutique condo project designed by Italian design firm Pininfarina.

Colliers International South Florida’s Larry Stockton and his team represented both the buyer and seller.

Colombo was out of the country and unavailable to comment on plans for the site, according to a spokesperson.

P3, led by Carlos Malagoni, paid $16.5 million in April 2016 for the site, records show. It has 300 feet of bay frontage, according to a release.

P3 spent several years overcoming hurdles to prepare the site for development. The Bay Harbor Continental, a 35-unit co-op built in 1938 and designed by architect Charles McKirahan, was granted historic designation status early 2015 by the Miami-Dade Historic Preservation Board. Click Here to Read More on The Real Deal

Ability by Acierto just closed on construction financing for its Bay Harbor Islands development.

Miami-based LV Lending is providing the $14 million construction loan, according to a spokesperson for the project. The developer broke ground on the 41-unit building at 9521 East Bay Harbor Drive earlier this year and is about 70 percent sold.

Ability by Acierto, led by Juan Carlos Gonzalez, recently hired Pordes Residential to take over sales of the project. Units range from 900 square feet to 2,100 square feet and from the $600,000s to just under $2 million for five penthouses. The developer also recently reduced deposit requirements from 50 percent to 30 percent. Click Here to Read More on The Real Deal