Why Buy Vintage When You Can Buy New?

From 2005 through the crash of the real estate market in 2008, developers in South Florida built over 49,000 condo units.  As the inventory of these apartments for sale in Miami begins to shrink, the developers have jumped back into the foray and are once again building.  This leads to the inevitable question, should I buy a Miami condominium that is already built or choose from the large selection of pre-construction projects that are under development?

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When evaluating this decision, the most glaring variable that comes to into focus is that all of the units that were built between 2005 and 2008 are already between five and eight years old.  In terms of the apartments for sale in Miami, those designed in this last real estate boom are not considered old, comparatively speaking.  Many of the Brickell condos are between ten and 15 years old, or older.  However, when deciding, you must take more into account then just age.

There are many factors that must be evaluated when making a decision on which Miami condominium to purchase.  The buyer must evaluate the developer who brought the concept to life, the builder who actually built the project, and the technology that was incorporated into the building.  These factors are essential when making your decision.  While the developers and builders generally remain the same in a given market, the technology advances year over year.

Currently, Sunny Isles Condos are being designed with the latest technological advancements.  For example, the Porsche Design Tower has incorporated an robotic elevator which literally picks up your vehicle and places it onto an elevator.  This elevator then rises up to your full floor apartment and deposits your vehicle in your garage in the sky.

Not to be outdone, one of the Brickell condos, the development called Brickell House, is similarly being designed with a robotic garage system.  All of these apartments for sale are now featuring the latest in technology for communications, satellite, and Internet connectivity.  However, the one concept that many buildings of the past do not have is a social element.

The purchaser of a Miami condominium or Brickell condo will have many new social opportunities available to them.  This is because many of the projects under development are now mixed-use projects.  For example, the Brickell House is one of the Brickell condos that has already signed a lease with the restaurant called the Meat Market.  This South Beach stalwart will be opening in the Lobby of this luxury high-rise tower.

If you are currently looking to purchase a Miami condominium or a one of the many apartments for sale in Miami, then you need to access the resources of condomiami.com.  Our team of professional Miami realtors understands the Miami real estate market and can help you find your dream home.

Miami Real Estate: A Phoenix

The Miami real estate market is like a Phoenix, which is defined as a great bird rising out of the ashes.  Once again current residents of a Miami condominium can look out the window and see a skyline full of cranes.  The Miami market has been up and down over the last few years, but one thing is for sure, and that is Miami will always be a desirable place to live, relax, and vacation.

miami condominiumContrary to popular belief, there is actually a scarcity of apartments for sale in Miami at the moment.  The influx of cash into the Miami market has caused a real estate boom and apartments in South Beach have been selling at a fast rate.  Many visitors to the Miami area are surprised, when they consult with a Miami realtor, to find that the availability is pretty scarce.  These people are still living with the impression that the market is at the bottom.  Far from this fact, we are now in the middle of a real estate boom.  But what has caused this complete turnaround?  Mostly, it would be the foreign investor element.

Real estate and politics both have a cycle.  In the current political cycle many conservative politicians are being elected to office.  This has caused many people to become jittery about the current political climate.  Faced with a perceived notion of government intrusion into their lives, many are scrambling to take their savings and place it in a vehicle that is deemed to be safer than in the banking systems.  As a direct result, many of these people are paying cash for their Miami condominium or apartments in South Beach.   Many experts in the world of real estate were caught off guard by the pace of the real estate recovery.  This is because many were looking at banking industry for their cues.  They incorrectly assumed that the market would not begin to recover until the banks began to lend again.  However, since the foreign investors are purchasing for cash, the market recovered more quickly than anticipated.

In fact, many people who come to Miami to purchase a Miami condominium are surprised at how difficult it has become.  When they meet a Miami realtor at one of the apartments for sale in Miami, they quickly come to find out that many times there has already been a full cash offer on the unit.

Purchasing a Miami condominium requires a thorough understanding of the current market place.  It is highly recommended that you consult with our team of professional Miami realtors before jumping into this market.  Our team at condomiami.com can guide you through this market and assist you in your search for the perfect Miami condominium.

The border between Russia and Latin America is in Sunny Isles?

Sunny Isles condos have always been a hot commodity.  Sunny Isles Florida is an area that has gone through many transformations since it was first founded by a real estate speculator in 1920.  Even back then, this little piece of paradise by the ocean was one of the most desirable areas in Miami.  Of course back in 1920, this was nothing more than a place to take a day trip to the beach, but it was a premier destination for this type of activity.  In the 1950’s, the hotel industry found Sunny Isles beach and started building a multitude of two story motels that provided a place to get away and relax while on vacation.

Sunny Isles CondosHowever, Miami realtors will now tell you that in the last 15 years, this area has become known as “little Moscow”.  The reason for this ethnic title is due to the great influx of Russian investors who took a liking to the area, and have been steadily buying up all of the Sunny Isles condos that they could find.

Unlike apartments in South Beach, or Brickell condos, this community of just fewer than fourteen thousand people enjoys the tight knit small town feel.  However, like all things, times are changing, again.

At one point, many Latin American visitors to the Miami area were only interested in purchasing a Miami condominium.  They only wanted to purchase their second home in an area where the “action” was.  They wanted to live in the “Times Square” of South Beach.  They had no real interest in Sunny Isles condos or any other known ethnic area.  However, these days Sunny Isles is a hot topic.  Many Miami realtors have told this author that many of their visitors from Argentina and Venezuela are now requesting to see Sunny Isles condos and the surrounding Sunny Isles Beach community.

Venezuelans, Argentineans, and Brazilians see this ethnicity as a positive.  They have been enjoying the hospitality that their Russian neighbors have been providing.  There has been a number of Latin-Russian fusion restaurants opening up and providing the best of both worlds in gourmet dining experiences.

Sunny Isles condos also provide much in the way of a safer investment.  Since there is such a plethora of buyers from the Russia and other Baltic States, one should have no problem finding a buyer if and when you decide to sell your apartment.

Sunny Isles condos provide a fantastic opportunity to live in paradise.  It provides the ability to enjoy dining and shopping experiences from two other continents, all from this community of Miami.  Take advantage while the opportunity lasts.  Visit condomiami.com and allow our team of professional Miami realtors’ assists you in exploring this community of waterfront homes in Miami.

Miami Real Estate Market is on the rise, but will it last?

The biggest fear that someone will face when deciding whether the time is right to purchase luxury apartments in Miami is the fallout from a burst real estate bubble.  Many Miami realtors have indicated that the first question a prospective new buyer will ask, is where are we in the current real estate cycle?  Are we at the top of the market?  Is it a good time to purchase a Miami condominium?  Many new or first time buyers are quite concerned with this issue and are resistant to the idea of pulling the trigger and actually committing to the purchase.

Miami Real Estate Market RiseThis question is pervasive and is not limited to the buyer of a first or second home.  Many seasoned buyers of Miami investment condos are equally perplexed by this issue.  Traditionally, investors who purchase apartments in Miami will look to economic indicators to determine where we are in the current real estate cycle.  However, many of these normally reliable indicators seem to be pointing in many directions.  Normal predictive indicators such as “new housing starts” and “number of foreclosure filings” in Miami do not seem to reflect the current real estate market.

One reason for the discrepancy between economic indicators and the actual market condition would be as a result of the current buyers of apartments in Miami.  Most of the current buyers of luxury apartments in Miami are from foreign markets.  In the 1980’s real estate cycle, those same foreign investors purchased all of the apartments for sale in Miami using mortgages from local banks.  When the foreign economies went into recession, these investors simply walked away from their Miami investment condos.

In the current cycle, these same foreign investors are purchasing all of the apartments for sale in Miami with cash.  This cycle is driven in part because of the political unrest in the Latin American markets.  Investors from Venezuela and Argentina are simply trying to get their money out of their local banks and into a more secure investment in a Miami condominium.

How does a buyer of a Miami condominium know where we are in the real estate cycle?  This author would opine that it does not really matter.  Luxury apartments in Miami will always be in demand.  Miami is one of those magical markets where people dream of living.  So if you are thinking of purchasing your Miami condominium count on our team of professional Miami realtors at condomiami.com to help you navigate this market.

Shane Battier Just Bought Historic 1920′s Gables House

Miami Heat all star Shane Battier just purchased a gorgeous 5 bedroom 3.2 million dollar historic house in Coral Gables. This 4 bath house built in 1926 is nestled in a very wooded area on the Riviera golf course. The home boasts a wrap around balcony and a huge backyard with a luscious pool.

Battier has a much more different style than his Miami teammates counterpart with a unique style that shows in his less flashy but more stylish.

Coral Gables is home to a lot of high profile people and has a different more tropical vibe than being on South Beach where the majority of A-Listers live. Shane now joins the ranks with some of the best of him and has proven he is not being traded nor is going anywhere for the time being.

Given his offbeat personality, find out where Shane Battier celebrated becoming a 2013 NBA Champion here.

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Purchasing a Home in Paradise, So Many Choices

Every day thousands of visitors descend on South Florida to relax and unwind from their busy, and sometimes-chaotic lifestyles.  Once they have checked into their hotels, and started their vacation, these visitors begin to wonder what living in paradise would be like.  They see so many apartments in South Beach and begin to wonder what it would take to own a piece of Miami Beach real estate for themselves.

apartments in South BeachMost visitors believe that the best place to start would be to contact one of the many Miami realtors available to them.  While this is not a bad idea, we believe that it is a good idea to first choose the neighborhood, and then contact a realtor.  Miami realtors are exceptionally talented and professional people, but they are limited by the knowledge of their particular neighborhood.  When selecting from the available pool of Miami realtors, please take into consideration their location, years of experience, and knowledge of the community.  Ask them if they have experience with Miami Beach real estate or more specifically, apartments in South Beach.  Do they live and work in the community?  Just think about it from your own perspective, how much do you know about a city that is 20 or 30 minutes away from where you live?

A second consideration is to decide whether you would like an apartment or a single-family home.  There is a large selection of waterfront homes in Miami, but you must keep in mind that each has its advantages and disadvantages.   If you are purchasing a home to be used as a second home, and will not be here on a regular basis, then you must decide if you will need help in maintaining that property.  You should look for the Miami realtors who offer a period of free property management.  These dedicated realtors can help provide rental services as well as maintenance services to the property.  If free property management does not seem important to you, just consider what it would cost to hire someone on an hourly basis to take care of all of the necessary details for maintaining your home.  Especially waterfront homes in Miami, as they are prone to the elements.  Salt water has a deleterious effect on physical aspects of the house and therefore requires more frequent maintenance.

Therefore, if you are looking to own a piece of paradise, the professional Miami realtors at condomiami.com are here to help you.  Their knowledge of the Miami Beach real estate market is unmatched, as is their understanding of the various apartments in South Beach.

The Amazing Miami Real Estate Market

Is the Miami real estate market subject to another bubble and bust cycle like the one that we were exposed to in 2008?  Many investors are concerned that buying luxury apartments in Miami might expose themselves to the turbulence of this once again super heated market.  Whether you are thinking of purchasing one of the many apartments for sale in Miami or possibly a piece of Miami Beach real estate, now may still be one of the best markets to pull the trigger.

Miami real estate marketUnlike any other market in the United States, Miami is quite different in many respects.  First, Miami is, and always will be, an incredible tourist destination.  There are no dearth of visitors, and by extrapolation, a steady supply of possible buyers.  Every visitor to our small piece of paradise spends at least part of his or her time thinking about what it would be like to live here.  Therefore, if you choose to sell your Miami condominium, it will be much easier to find a potential buyer.  In fact, many luxury apartments in Miami are on the market for very short periods of time.  This quick turnover is a strong indicator that the market is strong.

Secondly, the business world has already discovered what an incredible opportunity Miami presents, especially when considering the cost per square foot as well as the proximity to Latin America.  Any company that wants to conduct business in Latin America will find Miami to be a great gateway to that continent.  As industries relocate to Miami, they will naturally bring many of their key employees to the area.  These same people will be looking to purchase Miami Beach real estate or possibly a Miami condominium.  These same companies will eventually expand and bring more employees to the area.

Third, for many years, Miami has attempted to bring casinos to the Miami area.  This has not been authorized by the Florida legislature and has been a political issue for many years.  However, in the last few years, gambling has incrementally been advancing in Miami.  Gambling has been authorized by the legislature on Indian reservations in Miami and other cities around Florida.

Additionally, the Genting Group, which is the largest operator of casinos in the world, has recently purchased a large parcel of property in Miami.  This company has invested over 236 million dollars in this acquisition of waterfront property in Miami.  The company has proposed to build the largest casino project in the world.  Even though they cannot control what the Florida legislature will authorize, there is a high probability that this will come to fruition.  As one might expect, the addition of a Las Vegas style casino project to Miami would increase the volume of visitors and potential buyers to this city, and would result in increased property values.  After all, there are only so many apartments for sale in Miami.

Since Miami Beach is a small confined island, with no more room for expansion, the values on Miami Beach real estate have no where to go but up.  Purchasing a Miami condominium will only become more and more desirable in the future.  The expansion of this 24 hour city continues to grow and will only lead to more and more investors looking for the perfect place to put their money.

It is for these reasons, that condomiami.com strongly believes in this city and what will happen in the future.  While it is always possible that the cycle can continue, and that downturns can occur, in the long run, luxury apartments in Miami will always be desirable and therefore a commodity.

The City Of Miami Has Approved Plans To Restore The Marine Stadium

The Miami Marine Stadium is a stadium on Virginia Key in Miami that was once home to some of the country’s premier power boat racing pre hurricane andrew era. This marvel of historic miami architecture once housed a plethora of sporting events from boat races to boxing and more. In the aftermath of hurricane andrew the stadium was deemed an unsafe building and forced to close its doors.

Fast forward a few years and an organization called Friends of the Miami Marine Stadium has emerged to try and preserve and resurrect the stadium to its once glorious nature. Seeing extreme potential for the city of miami in this project the friends vigoriously started working on raising money and awareness to bring the stadium back into the light.

On Thursday, July 12th the city of Miami has given the friends approval to the site plan to restore this venue and reinvigorate a once forgotten edge of the city. We couldn’t be anymore excited!

Find out more about the project here.

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The Miami Heat Party In Their Hometown

The Heat just brought the city of Miami their 1st back to back championship! Battling through a grueling 7 game series was no easy task and therefore everyone’s asking…. where did the hometown heroes party after this momentous win???

Well, the majority of the boys including Lebron, Wade, Haslem (+ more) celebrated at “Story” nightclub in South Beach. The head honchos Spoelstra, Pat Riley, and Micky Arison made their appearances at the hip nightclub as well. There was expensive Don Perignon, pizza from delivered Big Pink’s and even Prime 112 delivered food to James in the vip of Storys.

Although Drake was publicly turned away from their locker room, he was out partying with the boys and even did some light rapping at the club.

LeBron James, Dwyane Wade, & The Miami Heat celebrate NBA Championship at STORY Night Club

 

Sidenote: Shane Battier ended his night at Dennys.

 

Al Capone’s House Just Sold

After being on the market for almost a year Al Capone’s Palm Island pad has just sold. The compound sold for a modest $7.4 Million considering waterfront homes in miami can go for much much more .The home, which was built in 1928, also includes a two story guest house, a two story pool house, and 7 full bedrooms. He purchased the 300,000 square foot facility for $40,000 in cash

Capone supposedly planned the St. Valentine’s day massacre at this very space however this was well known as his stress free vacation pad. Al Capone died in 1947 in the guest house of this house, if only those walls could talk.

Watch a video tour of the house here.

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