Miami Real Estate Learning Center

Is Miami’s luxe market losing its momentum?
We have witnessed a buildup of inventory of properties over $1M.
It comes along the strengthening U.S. D. which is slightly pulling purchase costs up for outside buyers. The U.S. D. had gained 61% percent on Russia’s ruble and 43% percent on Brazil’s real – its bigger feeder markets. Even though prices are not the most exciting, foreign nationals are still interested in luxury condos. And Miami real estate relies a lot on foreign buyers, for new sales too.
Miami-Dade, South Florida’s leader in both sales and inventory for properties over $1M, has experienced a drop in the number of transactions as compared to last year. Moreover, we are seeing a flood of condo inventory as new buildings open.
To make it short: 9% fewer luxury units sold this year and the number of condos for sale rose by 33%.
Although the drop in volume is not enormous, it is to be added to the influx of inventory. Remember that a real estate market is called “healthy” if it has 6 to 9 months of supply available. For the higher price brackets, even an 18-month supply is manageable. Regarding the $1 million-and-above sector in Miami Dade, it roughly has 16 months of supply. Shall we be alarmed?
No, but you have to be patient because values are going to level out. Broward County and Palm Beach have seen an increase in sales and inventory because they are still relatively inexpensive.
On the other hand, Broward County and Palm Beach have seen an increase in sales and inventory because they are still relatively inexpensive. But Miami long term is still an amazing investment. Bear in mind September’s $60-million sale of the Faena House penthouse in Miami Beach that broke the county’s previous sales records!

LIBERTINE
A new speakeasy recently opened in Downtown Miami. It will appeal to music aficionados and cocktail connoisseurs. Remember that Downtown is considered the 24 hour entertainment district. That one is for Miami underground lovers or those who love hand-crafted cocktails.
Everything shouts prohibition era in this British mansion decor, whether it is the crafted drinks and eclectic tunes. Being a candlelit lounge, the atmosphere is dark and intimate. The decoration is made of subway tiles, antique mirrors and apothecary vessels.
Try the Libertine cocktail or the Honey Do for a New Orleans Cognac feel. They also have signature cocktail with a local twist, such as a pinch of spices and guava Cuban flavors.
Go check it out on 34 NE 11th Street in Downtown Miami.

TOTAL WINE
For my South of Fifth neighbors, did you known that Staples got replaced by Total Wine on 5th and Alton?

Total Wine is bringing its mega-spirits shopping experience to Miami, South Beach with 19,105 sqft of space! It features thousands of beers, wines and spirits. I have heard that employees have completed 150 hours of training, learning about wine and spirits in order to advise us adequately! I am looking forward to having someone knowledgeable to ask about which bottles I should pick for my end of the year’s celebrations! Isn’t it another good reason to move to South of Fifth?

SKIING IN MIAMI
It might be soon possible to ski in Miami. Indeed, the Triple Five Worldwide Group, wants to build $4B American Dream Miami on more than 200 acres of former cow pasture by Interstate 75 in Miami-Dade County. Extending over 6.2M sqft, it aims at becoming the largest shopping mall and entertainment complex in the USA.
What makes it so special? Is it its 16-story indoor ski slope, its 20-slide water park, the salt water lake they will create from scratch, the climate-controlled theme park, or its 14-screen 3-D movie theater? In addition, it will include a 2,000-room hotel, a performing arts center and 3.5M sqft of retail space which would make it bigger than Aventura Mall. The developers hope to begin construction in 2016 and complete it by 2019.
It would require changing the land’s zoning from commercial to a hybrid category allowing the creation of a lagoon, an enclosed mountain of snow and much more. The question of the potential impact on the area’s environment remains. On the other hand, American Dream Miami could create at least 25,000 jobs, which would make it a larger job center than the airport itself.
What do you think of such a gigantic project? Some argue about the traffic nightmare it could be and the reduced need for an extra shopping mall! Is the American Dream Miami mall coming when Miami’s retail market is oversaturated? There is actually a 3.6% retail vacancy rate.
Let’s hope it draws additional tourists to South Florida!

ART BASEL
You have probably heard of Art Basel as it is known to be THE ultimate art collectors’ reunion. It is happening from Wednesday, December 2nd to Sunday, December 6th and promises to draw art connoisseurs and amateurs from all over the world.
The best art fairs to attend are, in my opinion, the following: