Miami Real Estate

Credit Suisse New Owner Of Miami Beach Gansevoort South Hotel

Alex Shay — Tue, 02 Feb 2010 00:00:28 +0000

Credit Suisse took ownership of the Gansevoort South Hotel in Miami Beach last Thursday, after a New York auction produced no bidders for the 334 room, trendy South Beach resort. The previous owners, father and son team William and Michael Achenbaum tried, unsuccessfully, to find a buyer for their $89 million outstanding loan, before the foreclosure took place last week. Credit Suisse plans to sell the hotel, which presently carries a $390 million first mortgage.

Michael Achenbaum said that operations at the hotel will remain the same, and that the Achenbaum’s company will continue to manage the popular Miami Beach resort. The Gansevoort South has been a hot spot to stop for celebrity party goers such as Fergie and her husband Josh Duhamel, and Lady Gaga, among others.

The hotel’s 334 guestrooms average over 730 square feet of living space, and boast spectacular views of the ocean, bay, and city. State-of-the-art technology, and oversized bathrooms with separate shower and bath, are featured in every room of this now bank-owned resort. Any buyers?

South Beach Burger King To Sell Beer & Burgers

Alex Shay — Sat, 23 Jan 2010 03:28:00 +0000

photo courtesy of AP
South Beach Burger King will soon open a restaurant with a Whopper Bar, where customers will be able to buy a beer and a burger. A whopper combo, including a burger, Anheuser-Busch or MillerCoors beer, and fries will cost $7.99 at the Miami Beach restaurant.

Last Friday Burger King announced that the bar,which is scheduled to open in South Beach in mid-February, will have delivery service, as well as a walk up window and an outdoor dining area. Only beer will be unavailable for delivery. The first whopper bar opened last year in Orlando, Florida.

The beers will be sold in aluminum bottles to keep them cold, and will cost $4.25 if purchased alone. Chuck Fallon, president of Burger King North America, told the Associated Press that more bars are being considered in cities like New York, Los Angeles and Las Vegas. “You can have America’s favorite beers with America’s favorite burger,” Fallon said.

Miami Condo Prices At Icon Brickell Continue To Fall

Alex Shay — Sun, 17 Jan 2010 21:33:00 +0000

Miami condo owners, who have listed their condos for sale, have all become acutely aware of the steep fall in value of their apartments. The over development of many huge buildings with hundreds of apartments, and no buyers, along with the foreclosures of thousands of other condos in Miami, has brought the condo market to it’s lowest level in memory.

The good news is that condos can be purchased at prices that would have otherwise been unthinkable. Luxury real estate at low prices, relatively speaking, has become the norm in Miami.

The Icon Brickell, a 3 tower complex, with 1,796 units, one of the biggest developments in Miami in recent years, has dropped prices more than 50% on units in the third tower. Condos in the Icon Brickell that were selling for $680 per square foot, just a few years ago, can now be purchased for as low as $298 per square foot of interior living area. Condos in the other two towers have dropped about a third in value.

Related Group, the developer of the ultra luxury 3 tower project, is counting on Latin American buyers to come in, and snatch up the multitude of available units, at the steeply reduced prices. For those interested in living in a great area in the heart of Miami, the Icon Brickell is a good choice, and an opportunity to live in a building that is state of the art.

Miami Beach Commissioners Say No To Dolphin Stadium Tax

Alex Shay — Sat, 16 Jan 2010 23:01:00 +0000

Dolphin Stadium, as Miami residents well know, will host the Superbowl for a record 10th time next month. The Superbowl is a real boon for the city, which has not only experienced the effects of the long lasting recession, but has also seen real estate prices fall dramatically over the past few years, and people forced out of their homes by foreclosure.

Next month, money will come into the community, lots of it, thanks to the Superbowl, and the many visitors it brings to Miami. Hotels and restauraunts, retail stores, and many other businesses will benefit from the upcoming event.

Of course, in business, as everyone knows, one hand washes the other, so to speak, and the owners of the Dolphins would like to benefit as well. They want the citizens of the Miami area to help them with renovating the stadium, so that they can remain competitive for future Superbowl bids.

If the Dolphins get the help they want, it won’t be from Miami Beach tax payers, thanks to Miami Beach Commissioner Jerry Libben, who proposed a vote to just say no to any tax imposition on the residents of Miami Beach. Last Wednesday, the City Commission voted unanimously, in a 6-0 vote, and passed a resolution stating that no public funding would go to any future renovations of Dolphin Stadium.

Miami Luxury Homes Sold For Bargain Basement Prices

Alex Shay — Wed, 13 Jan 2010 01:56:00 +0000

Miami luxury home at 221 Casuarina Concourse, Coral Gables, Florida

Miami luxury homes have been selling at a snail’s pace in the past few years, with only 42 luxury homes with water frontage, sold in greater Miami Beach in 2009. Miami and Coral Gables have also experienced dismal home sales and huge price drops. All of this points to a bottoming out of the luxury real estate market in Miami. More luxury home buyers have re-entered the marketplace, and more sales are closing.

Recently, a fine luxury home in Coral Gables, located at 221 Casuarina Concourse, sold for $7,750,000. The property is just a stone’s throw away from one of the most expensive homes in all of Miami, Alan Potampkin’s Coral Gables mansion at 11 Casuarina Concourse, offered for sale for a whopping $49,500,000.

The 11,402 square feet, 8 bedrooms, 11 bathrooms home, situated on a 34,876 square feet lot was purchased in 2006 for $9,775,000, and closed last month for $2,025,000 less than the seller paid for it 4 years ago, in February 2006. Many home sales in Miami have mirrored this one, as sellers become more realistic, and realize that times have changed dramatically, particularly with respect to the Miami real estate market.

Many Europeans are visiting Miami this month, and some of them are taking advantage of the best buyer’s market that Miami has seen in many years. It can truly be said that there has never been a better time than now, to make a great deal on a luxury home or condo in Miami.

Miami Beach Glass House Sold For $5.6 Million

Alex Shay — Sat, 09 Jan 2010 01:22:00 +0000

Miami Beach luxury real estate buyers are trickling back into the marketplace this month, as evidenced by more showings of luxury homes, more pending sales, and more closings. Last week, a beautifully updated Miami Beach home on Lakeview Court sold for $5,600,000.

“The Glass House-Miami Beach” as seen on Plum TV-true Zen living, is an authentic, modern one of a kind home, with Italian interior sliding glass doors, a Bofi kitchen and Bofi bathrooms, and C.G.I. hurricane impact windows and doors. A Japanese soaking tub, a guest house,a theatre, a gym, a heated infinity pool with a wading area lap pool, a hot tub, an enormous outside covered patio area, and a full summer kitchen are some features that make this home truly unique.

The 5 bedrooms, 6.5 bathrooms, 7,153 square feet house, located at 544 Lakeview Court, is situated on a very large lot measuring 39,496 square feet, just short of an acre (43,560 square feet), and boasts 200 linear feet of water frontage on Surprise Lake. The Miami Beach property was listed for sale for $6,495,000, and remained on the market for 351 days, before closing last week.

Miami Watson Island Developer Buys Another Month

Alex Shay — Sun, 03 Jan 2010 02:47:00 +0000

Watson Island Garden Development Project Rendering

“I think that with this letter we achieve half of what we set out to do last week, and that is to have Flagstone current on payments to the City of Miami,” Flagstone attorney Alexander Tachmes of Shutts and Bowen, recently wrote to Miami city officials.

The Island Garden Development on Watson Island, which, 9 years ago, received approval to break ground, from the city and residents of Miami, is at a stall. According to reports, the developer claims that it has become difficult to begin construction, due to the economic meltdown.

Island Garden is a $400 + million waterfront project between the City of Miami and Flagstone Property LLC, intended for public and private use. Island Garden was expected to be a one of a kind destination in South Florida with a mega yacht marina, 2 luxury hotels and residences, expanded retail spaces, dining, entertainment and cultural facilities. A project that was intended to bring tourism dollars, and an estimated 12,500 jobs to the city, now seems like a lost hope.

The developer has not paid rent in 6 months, and is in debt to the city for $498,000, according to reports. After negotiations with the city, he was granted more time to come up with the money. However, he is negotiating a reduction to the $83,000 per month rent. The city is concerned that it will not receive the money due. Public documents show that Flagstone is in debt to the tune of $128,442 in outstanding balances, nearly $2.14 million in liens, and more than $913,000 in lawsuits.

Contributed by Daedrian McNaughton Premier Guide Miami

Bank Of America Tower Renamed Miami Towers

Alex Shay — Wed, 30 Dec 2009 20:24:00 +0000

Ranked the third highest skyscraper in Miami and Florida, the Bank of America Tower at International Place, formerly the CenTrust Tower, will soon have a new name. Effective January 1, 2010, the building will be named Miami Towers.

The 47 floors skyscraper is mainly used for commercial office space, with major tenants such as Bank of America, UBS, American Arbitration Association, and Foley & Lardner LLP, among others. The building is also comprised of restaurants, an executive health club, a park-like sky terrace, an auditorium, a car wash, dry cleaner, florist, atm, metro mover, sky terrace, and a walkway to the Hyatt Hotel and Convention Center.

The iconic Downtown Miami landmark is known for its distinctive night time illumination of shocking colors, commemorating festivities, sports events and other celebrations. Often used to host elaborate and exclusive events, one could pay to have the towers illuminated in a custom theme.

The building is one of many featured on the backdrop of the stage of The Tonight Show. It’s also featured in several films, video productions, and TV shows. The roof was the set of Gloria Estefan’s 1994 video for “Turn the Beat Around”.

The dramatic 3 tiered glass structure is a popular Miami landmark.
Contributed by Daedrian McNaughton Premier Guide Miami

Miami Beach Loews Hotel Plans $35 Million Renovation

Alex Shay — Sun, 27 Dec 2009 15:25:00 +0000

The Loews Hotel in Miami Beach, located at 1601 Collins Avenue, is one of 18 hotels in the USA and Canada, operated by the New York based company, and is arguably one of the finest hotels in Miami, with 790 rooms, including 50 luxury guest suites, 2 presidential suites, and 6 restaurants and bars.

Loews, which spent approximately $135 million on it’s Miami Beach operation, before opening it’s doors in 1998, recently announced a $35 million renovation, with plans to renovate all of the guest rooms, upgrade the lobby and build new retail stores. According to Loews Hotel Chief Executive Jonathan M. Tisch, the renovation is necessary to remain competitive with other luxury hotels, such as the 1,504-room Fontainebleau Miami Beach Hotel.

Tisch told the South Florida Sun-Sentinal that he expects business to increase by 10% in 2010, with an improving economy, although he admits that he is uncertain of the long term effects of the global economy on consumers. Notwithstanding, Tisch plans to open a 19th hotel in mid-town Atlanta, and is looking into buying up distressed hotel properties in popular cities like Boston, Chicago, and San Francisco.

Indian Creek Island Home To Victoria’s Secret Model Adriana Lima

Alex Shay — Thu, 24 Dec 2009 05:05:00 +0000

Image by wenn.com
Indian Creek, an exclusive island just north of Miami Beach, has recently become home to Brazilian Victoria’s Secret model Adriana Lima, 28, and her husband, professional basketball player Marko Jaric, 31, who just agreed to a contract to finish the remainder of the Spanish League season for Real Madrid, a european professional basketball team. The couple, who recently had their first child, plan to remodel the 1958 house, a 7,582 square feet structure, situated on a 1.84 acre lot, with 200 linear feet of water frontage on beautiful Biscayne Bay.

The home located at 22 Indian Creek Island Road, is one of only 40 waterfront properties on Indian Creek Island, sometimes referred to as America’s most exclusive municipality. The island is an incorporated city with it’s own police force, and a private country club and golf course. A public safety department was created by the city in 1994, in order to provide security and medical services to one of America’s finest communities.

The estate was listed for sale in March of this year for $12.9 million, but the price was dropped 3 months later, to a more reasonable $10.95 million, before the property was sold and closed this month for $9 million.