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China is Top Country Searching Miami Real Estate; Berlin is No. 1 Searching Global City

05/01/2023 No Comments

China is Top Country Searching Miami Real Estate

MIAMI — China posted the most global web searches for Miami homes in February 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). China edged Colombia, which has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 12 months.

“Global buyers have accelerated their searches and purchases of South Florida real estate with fewer COVID restrictions and political-economic shifts abroad,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “China recently lifted its zero COVID policy after three years of lockdowns, which limited the travel of Chinese nationals to the U.S., and Miami real estate sells at a lower price per foot compared to other global cities like New York, London, Paris, etc.”

China accounted for 12.53% of all international searches on MiamiRealtors.com in February 2023, up 72% from its percentage of searches in February 2022 (7.30%).

Germany also made a notable move up in the Miami search rankings, zooming from No. 17 in January 2023 to No. 3 in February 2023.

Top-10 Countries Searching MiamiRealtors.com in February 2023:

Country Share of International Searches

China 12.53%
Colombia 11.44%
Germany 9.28%
Venezuela 6.36%
Philippines 4.36%
Argentina 3.91%
India 3.75%
Canada 3.36%
Mexico 3.17%
Spain 3.06%

All other countries 38.78%

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy

Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.

Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.

When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).

Top-10 International Cities Searching MiamiRealtors.com in February 2023

Berlin, Germany
Bogotá, Colombia
Medellín, Colombia
Barquisimeto, Venezuela
Maracaibo, Venezuela
Buenos Aires, Argentina
Cali, Colombia
Caracas, Venezuela
Mexico City, Mexico
Madrid, Spain

Texas No. 1 State Searching for Miami Real Estate for Third Consecutive Month
Texas registered the most domestic Miami real estate web searches in February 2023.

New York was the top state for out-of-state buyers in the South Florida area in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy

Top-10 U.S. States Searching MiamiRealtors.com in February 2023
1. Texas

Washington
Georgia
West Virginia
California
Virginia
North Carolina
New York
Ohio
Illinois

Top-10 U.S. Metros Searching MiamiRealtors.com in February 2023

Houston
Charleston-Huntington, WV
New York
Atlanta
Washington, D.C.
Los Angeles
Chicago
Dallas-Ft. Worth, TX
San Antonio, TX
Norfolk-Portsmouth-Newport News, VA

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

Source : https://www.miamirealtors.com/2023/03/28/china-is-top-country-searching-miami-real-estate-berlin-is-no-1-searching-global-city/

Blog, Miami, Miami Beach

Miami Beach Hotel That Hosted the Beatles Is Demolished

04/04/2023 No Comments

By Michael Levenson

Nov. 14, 2022

In its heyday, the Deauville Beach Resort, a Miami Beach hotel, was a sleek emblem of South Florida cool, hosting the Beatles, Frank Sinatra and John F. Kennedy, not to mention innumerable weddings, proms and poolside parties.

But on Sunday, as a crowd of onlookers cheered and shouted, the hotel was leveled in an implosion, leaving behind a billowing cloud of dust, a pile of rubble and lingering questions about the future of the oceanside site on Collins Avenue.

In an email to residents after the building was destroyed, Mayor Dan Gelber said that the city had waged a “long and tortured court battle with its neglectful owners who left it in disrepair for five years.”

“It had to be imploded because multiple building officials and judges told us it was unsafe,” he said an interview on Monday.

Mr. Gelber acknowledged that the future of the site was uncertain after Miami Beach voters on Tuesday rejected a referendum he had supported, which would have allowed Stephen M. Ross, the chairman and founder of Related Companies and the owner of the Miami Dolphins, to take control of the site and build a hotel and condominium complex there.

“We need to go back to the drawing board and find a better option for its future,” Mr. Gelber wrote in the email to residents.

In a black-and-white photograph, vehicles line up the street in front of The Deauville hotel on February 16, 1964. The sign atop the multistory building reads "Deauville." — The Deauville hotel in 1964. Credit…Getty Images

In a black-and-white photograph from better days, several dozen men in swimming trunks cluster around blocks of ice that were floating in the pool of the Deauville hotel in Miami Beach. — Swimmers in the pool of the Deauville. Credit…Getty Images

Built in 1957, the Deauville was a recognizable attraction on Miami Beach, with the clean lines and lavish interiors typical of the architectural style known as Miami Modern, or MiMo.

The building featured a dramatic porte-cochere fashioned of parabolic curves over the driveway entrance, and the sign out front had a star instead of a dot over the letter “i” in its name.

In 1964, the “Ed Sullivan Show” broadcast the Beatles live to 70 million people from the hotel’s Napoleon Ballroom, helping to certify the band as an American sensation. Thousands of young fans thronged the hotel, clamoring for a glimpse of the lads from Liverpool.

Onstage at the Deauville in 1964, Paul McCartney, John Lennon and George Harrison, of the Beatles, gather around a mic as they sing and play electric guitars. The other band member, Ringo Starr, plays the drums in the background. — The Beatles played live from the Napoleon Ballroom at the Deauville on “The Ed Sullivan Show” in 1964. Credit…Getty Images

The Deauville’s owners shut down the hotel after an electrical fire in 2017. The city of Miami Beach took them to court, hoping to force repairs. But the owners indicated they did not have enough money from insurance to do the necessary work.

In January, the city recommended demolition after the owners filed an engineering report that found the building to be unsafe. Concern about the hotel’s structural integrity grew after the Champlain Towers South condominium collapsed in June 2021 in neighboring Surfside, killing 98 people.

The poolside area of the Deauville, seen through a chain-link fence, looked overgrown. The multistory building of the hotel is, past palm trees, in the background in the glow of sunlight. — The Deauville had fallen into disrepair, but a lawyer for the owners had said they had spent millions trying to save it. The overgrown pool area was photographed in January 2022.Credit…Scott McIntyre for The New York Times

The Deauville property is owned by a corporate entity registered to the Meruelo family, which runs other hotels and casinos and also works in construction. In January, Jose Chanfrau, a lawyer for the family, dismissed the notion that the owners had let the building fall into disrepair after the fire and further damage from Hurricane Irma in 2017.

The owners spent “millions of dollars to save the hotel,” he said in a statement then. “The ownership is committed to bringing back the Deauville to its glory days.” But Mr. Chanfrau said on Monday that he no longer represented the family and referred questions to a family member, who did not immediately respond to a request for comment.

The shore area near where the Deauville hotel used to stand, after the implosion had taken place. People are walking on the white sand. Other buildings and the Atlantic Ocean are on the horizon. — Passers-by looked at the debris after the demolition of the Deauville Beach Resort in Miami Beach.Credit…Cristobal Herrera-Ulashkevich/EPA, via Shutterstock

Daniel Ciraldo, executive director of the Miami Design Preservation League, watched the implosion on a live feed on Sunday morning, an experience he called “devastating.”

“Anyone you ask here has a memory of going to the Deauville, whether they would go to prom there or their grandmother would go there,” he said. “It’s a landmark to the community and there are memories there that will remain, but seeing the physical building be imploded, it was just hard to bear.”

Source: https://www.nytimes.com/2022/11/14/us/miami-deauville-beach-resort-implosion.html

Blog, Miami Beach

North Bay Village approves redevelopment of Shucker’s site

03/23/2023 No Comments

Jesta Group obtained approval to redevelop the Shucker’s restaurant and Best Western hotel site in North Bay Village into a mixed-use project.

The Village Commission signed off on the development for the 2.31-acre site at 1819 to 1855 79th St. on Jan. 10. Montreal-based Jesta Group owns the property through North Bay Village Holdings LLC.

It would replace the hotel and restaurant with a 30-story project with 345 apartments, 273 hotel rooms, 7,500 square feet of meeting space, 19,679 square feet of restaurants and 677 parking spaces, including some electric vehicle chargers. That would include 18 workforce housing units.

The project would feature a six-floor hotel amenity deck with two pools, a ballroom, a gym/spa, a lounge and a restaurant. The amenity deck on the roof and top floor, which would be exclusively for apartment tenants, would include a pool, a Jacuzzi, a spa, a gym, lounge and a game room.

The apartments would range from 564 to 1,130 square feet. There would be 115 studios, 184 one-bedroom units, and 46 two-bedroom units.

Jesta Group said the project would include a new space for Shucker’s, as the company now owns the restaurant.

“We are incredibly bullish on South Florida,” said Anthony O’Brien, senior managing director of Jesta. “As we develop this landmark project we will continue to grow our portfolio of world class assets in this tremendous market.”

It was designed by Miami-based Kobi Karp Architecture. The developer was represented by attorney Alex Tachmes of Shutts & Bowen. Tachmes said the developer will start working on the building permit application and negotiations with construction lender.

The developer has yet to announce the branding of the new hotel.

“This is going to be a unique project that will be a major attraction for residents as well as visitors,” Tachmes said. “North Bay Village is on the rise, and we are tremendously excited to be a part of its growth.”

There could be a big development wave coming to North Bay Village soon. Shoma Group has launched sales for its Shoma Bay condo, WSVN owner Sunbeam Properties rezoned its land for a massive project, and Continuum Co. has a condo development site under contract.

Proposed 30-Story Mixed-Use Project For Miami's North Bay Village | BLDUP

NORTH BAY VILLAGE | 1819-1855 79th St. Causeway | 360 FT | 30 FLOORS - SkyscraperPage Forum

Source: South Florida Business Journal. /. Kobi Karp Architecture. /. Skyscraperpage.com

Blog, Miami Beach

North Beach development: 72nd & Park

03/23/2023 No Comments

In North Beach, the shell of the under-construction 72nd & Park tower is now nearly half complete.

72nd & Park is planned to include 270 residential units, of which 121 will be micro-units, according to a school concurrency agreement recorded in September 2022.

Around 12,000 square feet of retail is also planned, along with a 326-space parking garage, according to an earlier filing with the city of Miami Beach.

Arquitectonica is the architect.

KGTC LLC, which is primarily controlled by Russell Galbut and Matis Cohen, is the developer.

Source : The Next Miami

Miami Beach

Shoma Bay Planned With 333 Condos & North Bay Village’s First Publix

03/23/2023 No Comments

North Bay Village is getting its first ever Publix.

The Publix will be located within the Shoma Bay development, with construction planned to begin in summer 2023.

Shoma Bay will rise 24 stories.

A total of 333 condos are planned, to be delivered fully furnished.

The Publix will be 35,037 square feet. There will also be another 6,325 square feet of retail space, which includes a rooftop lounge and Shoma Bazaar food hall.

Completion is expected to take 18 months from groundbreaking.

MSA Architects is the architect. Interior design is by Adriana Hoyos.

Shoma Group is the developer.

Source : The Next Miami