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Yachts Miami Beach Sets the Stage for World Debuts

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Many of the world’s finest yacht builders unveil new designs to international buyers at the luxury in-water yacht show along Collins Ave. during boat show weekend
MIAMI BEACH (Feb. 5, 2016) – For more than 28 years, Yachts Miami Beach has set the stage for a legendary yachting event where yacht brokers connect with buyers and where yacht builders from around the world introduce new models and designs to a global audience.

Covering more than 1.2 million square feet of space, the show spans more than a mile-long strip of the Indian Creek Waterway from 41st Street to 54th Street along Collins Avenue across from the legendary Fontainebleau and Eden Roc hotels. Formerly known as the Yacht & Brokerage Show, the show will feature some of the finest yachts in the world from Feb. 11 through Feb. 15.
“There’s no better place than Miami Beach for yacht builders to present their new designs to a sophisticated global audience,” said Dane Graziano, Chief Operating Officer for Show Management, the company that produces Yachts Miami Beach and co-owns the show with the Florida Yacht Brokers Association. “International buyers love Miami Beach. It’s one of the top trendsetting destinations in the world and people who love luxury and style feel comfortable here.”
Following is a sampling of some of the yachts making their debuts at Yachts Miami Beach this year:
For a complete list of yachts, please visit YachtsMiamiBeach.com.
This year’s show also marks the debut of the show’s first-ever VIP Package, welcoming guests to Yachts Miami Beach with convenient, on-site valet parking on Collins Avenue. When it’s time for a break or a meeting, an exclusive tender service will take guests from the show to a special VIP lounge at The Ritz-Carlton Residences Miami Beach, where a dedicated concierge will be waiting to arrange personal yacht tours and other conveniences. Guests can also schedule car service through MiRide, a provider of luxury vehicles and licensed chauffeurs.
The VIP package also includes access to exclusive boat show events, all for $350 dollars per person per day. It will be offered on Thursday, Feb. 11 through Saturday, Feb. 13, the first three days of the five-day yacht show.
Also new to this year’s Yachts Miami Beach is an additional location at Island Gardens Deep Harbour marina on Watson Island, which will feature a limited selection of superyachts from companies including Burgess, Moran Yacht & Ship, Norwood and Ocean Independence. The new marina can accommodate 35 to 75 yachts from 80 to 550 feet, the largest collection of slips for yachts of this size in South Florida and North America’s only marina exclusively designed for superyachts.
More about Yachts Miami Beach
Two different boat shows take place during Presidents Day weekend in Miami and Miami Beach. Show Management produces Yachts Miami Beach and co-owns it with the Florida Yacht Brokers Association. It is completely independent of the Miami International Boat Show, which is owned by the National Marine Manufacturers Association.
Known as Miami Beach’s premier in-water luxury yacht show, Yachts Miami Beach attracts thousands of people from around the world to a spectacular display of yachts and marine products, including more than 500 new and brokerage yachts and a wide array of the latest marine technology and accessories, valued at more than $1 billion. In addition to the remarkable display of yachts, the show offers floating cocktail lounges, food and live musical entertainment.
For more information, call 954-764-7642 or 800-940-7642, or visit ShowManagement.com. Like Yachts Miami Beach on Facebook at Bit.ly/YachtsMiamiBeach, follow the show on Twitter at Twitter.com/BoatShowUpdates, connect on Instagram at Instagram.com/BoatShowPhotos and tune into Boat Show TV at youtube.com/showmanagement.
To make travel arrangements, contact the show’s official travel partner, BoatShowHotels.com, at 866-877-3083 or visit BoatShowHotels.com.
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37 million

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Report: Hedge fund billionaire wants to flip Miami-Dade’s most expensive condo for $73 million

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Kenneth Griffin bought penthouse at Faena House in Miami Beach for $60 million in September

Deal smashed record for most expensive home sale in Miami-Dade

 

A rendering of the penthouse at Faena House. Faena House

BY NICHOLAS NEHAMAS

nnehamas@miamiherald.com

Well, that was fast.

Just months after paying $60 million for a Miami Beach penthouse and a unit on the floor below — the most expensive home sale in Miami-Dade County history — hedge fund billionaire Kenneth Griffin has put the condos back on the market, according to a report in the Wall Street Journal.

Asking price? $73 million.

Griffin had originally intended to combine the two units into a 12,500-square-foot duplex after buying them in September. The condos can now be purchased separately. The penthouse is listed at $55 million; the smaller unit, at $18 million.

The apartments are located in Faena House, an 18-story tower at 3301 Collins Ave. built by Argentine developer Alan Faena. The tower is part of a $1 billion arts district in mid-Beach featuring an opulent, newly renovated historic hotel.

Griffin, a South Florida native, runs Chicago-based hedge fund Citadel. His net worth stands at roughly $7.2 billion, according to Forbes.

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Coral Gabels

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Pair of new condo towers proposed for Coral Gables

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Mixed-use project plans 168 hotel rooms, 554 condo units and 87,900 sf of retail space

By Peter Zalewski

A rendering of Gables Station

As Miami-Dade County’s condo market shows signs of slowing due in part to a stronger dollar, an out-of-state developer envisions a pair of new condo towers with more than 550 units combined as a key component for a proposed $160 million mixed-use project in Coral Gables.

The latest condo project proposed for the Coral Gables area — a wealthy suburb of local residents and foreign investors — is the Gables Station complex slated to be developed on a 4.3-acre site located on the north side of the 200 block of South Dixie Highway near the upscale Shops At Merrick Park retail center, according to city of Coral Gables records.

“The applicant is proposing a mixed-use residential/hotel/retail project, which will be composed of three towers with a maximum height of 155 feet with about 168 hotel units totaling 111,583 square feet, 554 luxury condominium residences and 87,900 square feet of retail space,” according to the cover letter included with the developer’s application to the city of Coral Gables.

To build the project as proposed, the prospective developer — a “contract purchaser” based in Minnesota called NP International USA LLC with Charles D. Nolan and Brent Reynolds — is seeking a number of revisions to current land-use and zoning regulations, according to government records.

Currently, the owner of record of the proposed development site is a Coconut Grove-based corporation called Gables Station LLC with Jeffrey L. Berkowitz that had previously announced plans to build a retail-and-parking facility with 330,000 square feet after acquiring the land in 2005, according to government records.

With this newest project, the Coral Gables area now has 17 new condo buildings with nearly 1,400 units announced in South Florida since this current cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com as of Monday. (For disclosure, my firm operates the website.)

The total number of new Coral Gables units for this cycle would have been even higher if not for earlier decisions by unrelated developers to revise the original plans of the proposed Collection Residences project with 126 units and the Antilla Coral Gables project with 32 units.  

To date, developers have revised plans to build nearly 20 new condo buildings with nearly 2,900 units since 2011. Most of the units in question were to be developed in Miami-Dade, according to the data.

Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units in the coastal tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.

A combined 233 new condo buildings with nearly 33,000 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.

In the Coral Gables market, no new condo buildings have been completed to date during this cycle.

A trio of new condo buildings with a combined 265 units are currently under construction in the Coral Gables market as of Monday.

An additional 14 new condo buildings — including the newly announced Gables Station project — with more than 1,120 units are currently in the planning and presale phase of development in Coral Gables, according to the data.  

The combination of announced units that are in the planning or presale phase of development represent more than 80 percent of the total number of condos in the pipeline for the Coral Gables market during this cycle.

The Coral Gables market ranks as South Florida’s ninth most active preconstruction condo market based on announced units.

On the resale front, buyers acquired 275 condo units last year for an average of nearly 23 transactions monthly, according to data from the Southeast Florida MLXchange.

Based on the 2015 resale statistics, the Coral Gables condo resale market currently has about 6.7 months of supply of units available for purchase.  

A balanced market is considered to have about six months of resale supply available for purchase. More months of condo resale supply suggests a buyer’s market, and less months indicates a seller’s market.

While the supply of condo units is encouraging, the average resale transaction price per square foot in Coral Gables was unchanged at $320 in 2015, just as it was in the previous year of 2014, according to the data.

Currently, the average asking price for a condo resale unit available for purchase is $431 per square foot, according to the data.

The unanswered question going forward is whether the new condo development plans for the Gables Station site will be realized during this current South Florida real estate cycle.

Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

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investment cities

Newsletter

Forbes lists top investment cities – 7 are in Florida

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NEW YORK – Feb. 3, 2016 – Where should real estate investors put their money in 2016? Forbes teamed up with North Carolina-based data company Local Market Monitor to produce its list of 2016 Best Buy Cities – the top 20 housing markets to invest in this year – and Florida dominates the list.

According to Forbes, Florida offers good values “where investors get the best bang for their housing buck, and where aspiring homeowners have the best prospects of making an economically sound purchase.”

Orlando took second place and was followed by six other Sunshine State cities. Among them, average home prices are highest in West Palm Beach (No. 19) at $285,000 and lowest in Tampa (No. 14) at $193,000. The averages, though, have been accelerating at a rate of 9 percent to 14 percent in all the Florida cities.

Florida’s domination of the list makes a lot of sense in light of the national economic recovery, says Ingo Winzer, founder and president of Local Market Monitor. “Since the national economy has stabilized and is growing again, the factors that prompt people to go to Florida have recovered,” he reasons.

“Best-buy” markets for 2016 housing

  1. Grand Rapids
  2. Orlando, Florida
  3. San Antonio, Texas
  4. Charlotte, North Carolina
  5. Salt Lake City
  6. Dallas
  7. Austin, Texas
  8. Fort Lauderdale, Florida
  9. Seattle
  10. Cape Coral, Florida
  11. Indianapolis
  12. North Port, Florida
  13. Nashville, Tennessee
  14. Tampa, Florida
  15. Charleston, South Carolina
  16. Denver, Colorado
  17. Madison, Wisconsin
  18. Jacksonville, Florida
  19. West Palm Beach, Florida
  20. Boise, Idaho

Source: Forbes (01/27/16) Carlyle, Erin

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zillo

Newsletter

How is Zillow using IDX listing data?

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SEATTLE – Feb. 2, 2016 – In an ongoing legal battle initiated by the National Association of Realtors® and Move Inc. – oversight company for NAR-owned realtor.com – against listing aggregator Zillow, Zillow’s defamation counterclaim has raised key questions about how the aggregator uses the data it collects from agents, brokers and MLSs, according to NAR. Zillow collects that information through its company Diverse Solutions.

Zillow’s claim stems from a letter written by a former vice president of the company, Chris Crocker. In the letter sent to NAR and Move attorneys, Crocker said the aggregator used data from its IDX agreements to compare to stolen realtor.com data in a bid to compete with Move’s ListHub business. When Move and NAR attorneys filed the letter in court and made its contents public, Zillow filed a countersuit, calling the letter false and defamatory, and also saying the letter revealed confidential information about “secret” Zillow programs.

Zillow is producing those IDX agreements in a redacted format. But the King County Superior Court in Seattle, Wash., has authorized Move and NAR to preliminarily investigate the question with MLSs, brokers and agents to determine what those data agreements allow Zillow to do. The key question for NAR: Is Zillow allowed to use the data from those agreements for its own purposes?

Move and NAR’s lawsuit started in 2014 after two high-level Move executives, Errol Samuelson and Curt Beardsley, resigned to work in industry development for Zillow. Move and NAR filed suit against Samuelson and Zillow, and later Beardsley, charging that the men stole data and tried to cover their tracks by erasing crucial evidence, among other claims.

According to NAR, case documents revealed that the defendants ran file deletion programs, physically smashed an external hard-drive, deleted emails and text messages, swapped a clone drive into a Move laptop, and lost a number of thumb drives inserted into Move computers in Samuelson and Beardsley’s final days at Move.

NAR says that Crocker twice confirmed allegations that Zillow used Move information and that, among other things, Zillow “illegally access[es] IDX listing data from the Diverse Solutions sub company … to compare against data scraped from realtor.com.”

The court recently unsealed a sworn declaration and sworn deposition testimony.

In his letter, Crocker said the plan’s purpose was an assault on Move’s ListHub business. After Samuelson and Beardsley left Move, ListHub remained Zillow’s primary source of listing data until that arrangement ended in April 2015.

Throughout the court proceedings, Zillow has refused to provide specific information about its use of IDX data and the scope of its rights to use the data, NAR says. A Dec. 27 court order authorizes Move and NAR, in response to Zillow’s counterclaim, to make inquiries with MLSs, brokers, and agents about their data agreements with Zillow.

NAR General Counsel Katie Johnson said in late January that the inquiry was underway. The case is scheduled to go to trial in June 2016.

Source: Realtor® Magazine

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1950s beach home

Newsletter

1950s Miami Beach home up for grabs at $13.5M

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By Sean Stewart-Muniz

The home at 4333 Pine Tree Drive in Miami Beach

A mid-century home on the waterfront side of Pine Tree Drive was just put up for sale at $13.5 million, and its listing is calling for a tear-down.

The single-story house was first built in 1950 on a nearly 0.8-acre lot at 4333 Pine Tree Drive. It measures only 3,375 square feet and sits directly next to the Miami Beach Jewish Community Center.

Thomas Weiss and his wife Rhonda Weiss, the home’s owners, originally paid a mere $277,500 for the property in 1986. That breaks down to about $82 per square foot for the house, or almost $8 per square foot of land.

An aerial view of the 0.8-acre lot at 4333 Pine Tree Drive

In the mid-1990s, they repaired the home’s aging roof and installed a dock. More recently in 2012, the couple completely renovated its kitchen with new countertops and modern appliances.

Now, they hope to clear a whopping $4,000 per square foot for the house — or about $387 per foot of land.

The couple listed their home two days ago with Rhonda Rose of Rose Realty & Associates.

“Build the home you have been dreaming of,” Rose wrote in the listing. She said the similarly sized lot at 4395 Pine Tree Drive, where developer Todd Glaser built a spec home, recently sold for a whopping $19.5 million.

Pine Tree Drive is known for its over-sized lots and sprawling estates. Last year, the street was a veritable hotbed of real estate activity as developers and high-net-worth players traded properties for tens of millions of dollars.

source: Realdeal

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miami dade

Newsletter

These are Miami-Dade’s top office tenants

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Three cruise companies, two universities, two government entities are among the office giants

By Ina Cordle

Miami-Dade County Courthouse

The top 15 office tenants in Miami-Dade occupy more than 5 million square feet, led by county and government offices, which take up about a quarter of the total space, according to The Real Deal‘s analysis of CoStar Group data.

Major Miami-based corporations, like Terremark Worldwide, Carnival Cruise Lines, Assurant Solutions, Royal Caribbean Cruises, as well as FPL FiberNet encompass another 2 million-plus square feet, followed by the area’s largest educational institutions: the University of Miami and Florida International University, CoStar data shows.

The next tier includes corporations, financial institutions and a shared office space provider: Ryder System, Bank of America, Burger King, Regus, NCL Corp. and Visa.

The mix of 15 reads like a snapshot of the county’s office giants, In all, it includes three cruise companies; two of each of government entities, universities, financial giants and corporations; and one of each of utilities, information technology companies, insurance firms and office space providers.

Here’s the list:

 

Rank

Tenant

SF Occupies

Rank

Tenant

SF Occupies

1.Miami-Dade County

776,8602

General Services Administration

667,9943

Terremark Worldwide, Inc.

615,2364

Carnival Cruise Lines

537,3905

Assurant Solutions

430,0006

Royal Caribbean Cruises

420,5007

FPL FiberNet

357,1308

University of Miami

336,0009

Florida International University

254,50910

Ryder System, Inc.

238,400

 

 

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perez

Newsletter

Rising Star: Related’s Jon Paul Perez makes lifelong real estate education pay off

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As vice president, Jorge’s son oversees numerous developments in South Florida and abroad

By Eric Kalis

 

Related Group vice president Jon Paul Perez, son of Related founder Jorge Perez, was drawn to the family business at an early age.
Perez, 29, observed the role his father’s company played in transforming Miami before and during his college years. The 2007 University of Miami graduate lived at Related’s One Miami complex in Downtown when the condo construction frenzy created the urban housing stock needed to draw young professionals to the area.
After graduating, Perez spent five years in New York working for the Related Cos., the parent of Related Group. He got a crash course in financial modeling, construction management and project design. Now back in Miami, Perez is overseeing Related projects throughout South Florida and traveling to India to check in on the company’s developments there. He is also pursuing an MBA from Northwestern’s Kellogg School of Management.
Perez is one of 10 up-and-comers in the region’s 35-and-under crop featured in The Real Deal’s latest South Florida Market Report. He spoke to TRD about making his own name in the real estate world, Related’s experiences in India and whether he shares his father’s passion for art.
The interview has been edited for length and clarity.
Was your dad able to get you interested in real estate as a child, or did you develop a passion for it later on?
As a young kid, I was always exposed to real estate and all the projects he was doing. On the weekends, we would visit my father’s sales centers and leasing offices. From the beginning, it grabbed my interest. Through high school and college, instead of interning somewhere else I was always involved in the company. It was something I always enjoyed. My father never forced anything. His approach was to do anything that makes you happy. I was always interested in the finance [side of real estate].
The best part about having my father here is whenever I have an idea or suggestion I can always bounce them off him. But as part of a younger generation, what I add is knowledge about what newer technology or amenities people my age and other young professionals want nowadays. I look at how to bridge the older generation with the newer buildings being developed. With our generation, everyone wants to have a ‘smart house’ with one little iPad that can control the lights, TV and [air conditioning].
What did you learn from five years working for Related Cos. in New York?
When I graduated from UM, I went to New York as sort of a blank slate. I was fresh and ready to be trained. My biggest mentor was Bruce Beal, the president of Related. He’s a very hard-working person, very smart and very good at negotiating. He understands construction and finance and took me under his wing and taught me the numbers side [of the business]. It was an eye-opening experience. I was Jorge’s son but I was not treated like that in New York. That was the best thing for me.
In New York everyone works from 9 a.m. to 10 p.m. at night. It made me understand what hard work is. When I moved there in 2007, everything was still good. Then all of a sudden the crash showed me the good times and bad times in the real estate world. I got into the acquisitions side, looked at distressed properties. It gave me an opportunity to see not just development, but the other side of the business.
What has the experience of developing in India been like for you and the company?
In 2010, we created a company in India that builds middle-income housing. We have about 4 million square feet either under development or in the planning stages. My role there is to sit on the board with my father. We go there a couple times a year to monitor the investments and bring in the western architecture and interior designers we use over here and help with the marketing brochures. We’re trying to give the Indian people better product than what is currently offered. The stuff there sells for $80,000-to-$150,000 a unit. It’s not luxury. It’s not five-star.
There is a lot of poverty over there. It’s very apparent and in your face. It’s a different culture than what we are used to. People there always say a different holiday is coming up so stuff doesn’t get done. It’s a corrupt market, so you have to be careful about who you partner with. In the U.S. it’s very schedule oriented. We get a project and take [a fixed] amount of time for approvals, then start sales, etc. Over there, it’s very hard to stay on those schedules. You’re always dealing with a person who is not used to the way you do business. It’s a challenge to go into international markets. You have to adapt to their culture and at the same time put pressure on them.
Your father’s ties to the art world are well documented. Have you inherited his enthusiasm for collecting pieces?
I’ve been dabbling in art so far and developing my own taste, which is more about modern and street art. So I wouldn’t say I’m anywhere near as passionate as he is. With art, it’s about what you like. It’s very personal and subjective. So    not a crazy art person, but there is that little side of me coming out.
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20150702172509252807000000-o

Newsletter

211 Oak Street Melbourne Beach, FL 32951

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$2,500,000
211 Oak Street
Melbourne Beach, FL 32951
  • Bedrooms: 3
  • Bathrooms: 4.0
  • Total Square Footage: 3,280
  • Living Square Footage: 2,776
  • Lot Dimensions: 150.0 ft x 240.0 ft
  • Year Built: 1951
  • Property Type: Residential
  • Subproperty Type: Single Family Detached
  • MLS #: 729239
  • This Listing was Last Updated: 12/6/2015
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