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Developers Struggle to Keep the Pace with Market Demand

Wednesday, March 27, 2013

I have reported on some of the new developments across South Florida, which now number over 100 and daily there are reports of new proposals from everything from commercial projects to private luxury projects. This is in part due to the extreme lack of inventory in Miami Dade county and continued demand from both international buyers and domestic buyers new to the market, given the improving economy. Further, distressed homeowners are coming out of the woods because of the record low mortgage and refinance rates. This has created a climate that is ripe for development. Home prices in Miami are in some cases 30% more what they were in 2011 and homes that do enter the market are getting multiple offers in one day and often are the source of bidding wars, which is also increasing the value of the homes. It is with great pleasure that I report that this trend is being experienced on a national level as well.

According to the Case-Shiller Index ,national sales prices increased by 7.3% during 2012 spurring development in all areas of the market. Builders across the country are having difficulty finding workers and clearing administrative hurdles in time to keep pace with the increased and sustained demand. Sellers are still holding onto their homes in hopes that the prices will continue to increase, which causes multiple offers on homes that do make their way on the market. According to the National Association of Realtors, the number of homes is at a level comparable to that of 1999. Given the lack of builder confidence for several years, construction was low, however currently builder confidence is extremely high and mortgage rates continue to be low. This is sound evidence by all accounts that the real estate recovery is in full swing. If you are looking to sell your home or condominium in Miami, I encourage you to contact me to prepare a complimentary comparative market analysis.

 

Another Record Breaking Penthouse Listed on the Market, Faena House

Thursday, March 14, 2013

The Faena District is under construction on the 33rd block of Collins and Indian Creek Road. Developer Alan Faena, of Argentina, has brought together a veritable tribe of talented architects that collaborated on this project. Faena House is the residential portion of the development and it sits directly facing the Atlantic Ocean and the hotel portion, called the Faena will be on Indian Creek Drive. The project is completely aerodynamic and the Argentine concept of “aleros”, which are apartments that have most rooms opening up to balconies, are heavily utilized in the design. Very little has been released regarding the specifics on this project, however Faena released 4 videos that go behind the scenes in the design concept. Minimalism is one theme in this building and luxury is another, which are standards in Miami condominiums in today’s market.

While pre-construction pricing is available for units through the developer, there has been an incredible listing announced this week at Faena. The Faena Penthouse was listed on the market for an outstanding $50 million. This is the second most expensive listing on the Miami Beach condominium marketplace and the most expensive is also a preconstruction condominium at Mansions at Acqualina, listed for $55 million. Last year, the most expensive condominium sold was at The Setai for $37 million and the record breaking sale of a home was in Indian Creek for $47 million, which would mean that the sale of either of these penthouses would be a record deal in both residential sales in Miami as well as condo sales in Miami. Faena Penthouse is slated to have 8,000 square feet of interior space and over 10,000 square feet of gardens, terraces, and pool area. The residence has its’ own 30 foot pool and private elevator that opens out to the roof deck. With a price tag of this size, it will lack nothing in terms of amenities and modern luxury. For more information on this penthouse and other preconstruction pricing at Faena House, contact me today.

 

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