June 14, 2016
Moving right along according to the schedule, Ritz-Carlton Residences Sunny Isles Beach just broke ground. The ultra-luxury, 52-story tower was 65 percent sold out as of last month, with 3 of 5 lavish penthouse residences already under contract. A top-floor penthouse sold for 16.5 million dollars, and a 51st-floor penthouse comprised of 2 units sold for a record-breaking 21 million dollars. The Ritz-Carlton Sunny Isles is aiming for a 2018 completion date.
June 10, 2016
There has been plenty written recently about the real estate market cool down in Miami. While this is not usually something completely welcome to read about, the situation in Miami is a lot more nuanced than other major luxury markets in the United States, and experts believe the situation is not nearly as ominous as the media occasionally reports. In fact, the current conditions make this a perfect time to purchase Miami real estate.
June 7, 2016
Aria on the Bay in Miami's trendy Arts and Entertainment District is now 70 percent sold out. Construction on the 53-story tower is currently at the 11th floor, and now that the foundation work is complete, the developers expect to complete one full floor per week. The luxury waterfront project will top off in April 2017, with building completion scheduled for the end of that year.
June 3, 2016
Home price growth in South Florida is continuing to cool off. While prices in Broward, Miami-Dade and Palm Beach counties rose 6.2 percent year-over-year, they only rose 1.1 percent between February and March of this year. This is yet another sign the South Florida real estate market is taking a break from the boom of the past 3 years, which often saw double-digit price growth.
June 1, 2016
In recent international news covering the Panama Papers, the Miami real estate market has been portrayed as being largely dominated by luxury condominiums owned by foreign buyers living elsewhere. However, during this real estate cycle, developers have catered to actual residents, or "end users", who will spend much of their time in South Florida.
May 27, 2016
The first new condominium development in over a decade is coming to Palm Beach island. 3550 South Ocean will rise 6 stories and contain 30 ultra-luxury oceanfront condominiums. Construction on the anticipated project will begin later this year, and the building will be ready for occupancy in 2018.
May 25, 2016
Fort Lauderdale real estate is again proving to be some of the most popular in South Florida, as two lavish penthouse residences recently sold at the anticipated Paramount Fort Lauderdale Beach development. Each spectacular penthouse boasts over 3,770 square feet of living space and two levels of terraces to showcase stunning 180-degree views of the ocean, city and Intracoastal. The generous terraces also include a summer kitchen, a plunge pool and a fire pit. Each Paramount penthouse was sold for more than 4.5 million dollars.
May 20, 2016
This year has proven to be an atypical year in South Florida real estate so far. The luxury market has been hit the hardest, and sales have declined drastically. In certain areas of the market, condo sales are down 20 to 50 percent from the same time last year. The good news is that this uncharacteristic slowdown makes now an ideal time to buy real estate.
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