Sales Are Underway at 3900 Alton

February 13th, 2016

Miami.curbed.com | By Josh Baumgard

REAL ESTATE

3900 Alton is a new eight-story luxury condominium in Mid Beach slated for completion in 2018. Pre-construction sales are underway with Mast Captial developing and Barcelona’s Ricardo Bofill as the architect.

Amenities include a 24-Hour Concierge, Tesla charging station, 24-hour business center, gaming area, beach club, fitness center, with poolside bar and towel service.

The 78 units range in size from 940 to 2,182 square feet, with prices ranging from $780,000 to $2.7 million. Construction is expected to begin next fall/winter.

MIAMI IS NOW ONE OF AIRBNB’S TOP FIVE AMERICAN MARKETS

February 12th, 2016

Miaminewtimes.com | By Kyle Munzenrierder

BUSINESS

Thousands of hotel rooms are scheduled to come on the market in the next few years in already-hotel-heavy Miami, but hotels are no longer the only choice tourists have for lodging. Airbnb has shaken up the market by allowing people to directly lease their homes out as short-term vacation rentals, and the service has become increasingly popular in Miami. In fact, between October 2014 and September 2015, Airbnb made 55 percent of its American revenue in just five markets: New York, Los Angeles, San Francisco, Miami, and Boston. The service is expected to grow in Miami, according to a new analysis from CBRE Hotels.

There are about 5,199 active Airbnb units with an average of 1.4 bedrooms in Miami. That’s a small supply compared to the 51,498 hotel rooms on the market. However, the 10 percent share of Airbnb units is the fourth-highest of any city, behind only New York, L.A. and San Fran.

For the year ending in September 2015, Airbnb units brought in just under $100,000 in revenue in Miami, or just about 3.5 percent of total hotel revenues.

One of the concerns about Airbnb is that it allows landlords who have multiple units to rent them out as vacation rentals instead of traditional rental apartments, thus potentially lowering the supply of affordable housing and raising rent. In Miami, 19 percent of Airbnb units are owned by someone who owns at least two other units. In New York City, that number is just 7 percent.

In fact, 62 percent of revenue in Miami is generated by landlords who offer three or more units, the highest of any market in the nation.

This despite the fact that Airbnb is limited in many areas of Miami-Dade by laws. In Miami Beach, for example, single-family homes are not allowed to be rented out as short-term vacation rentals. Only condos and apartments in specified zones can be rented out legally on Airbnb in Miami Beach. Airbnb hosts in Miami Beach most also register and pay room taxes on their profits. In the City of Miami, zoning laws allow only short-term rentals in certain areas.

Bay Harbor Islands, Bal Harbour, and Surfside outlaw short-term rentals.

The State of Florida and Miami-Dade County levy taxes on short-term rentals as well.

Apple to open store at $1.05 billion Brickell City Centre

February 11th, 2016

Miamiherald.com | By Nicholas Nehams

REAL ESTATE

Hold onto your iPhones: Apple is set to open a new store at Brickell City Centre, the under-construction $1.05 billion development in the heart of Brickell, according to a source with knowledge of the deal.

The store would be Apple’s largest location in Florida, both the Real Deal and South Florida Business Journal reported.

Apple didn’t confirm the news. But it hardly denied it either. “We haven’t made any announcements about a store at that location,” the tech company said in a short statement.

A spokeswoman for the developers of Brickell City said she could not comment.

Apple operates several stores in the Miami area with locations in Dadeland, Aventura, the Falls and Lincoln Road. (That South Beach property was part of a $370 million sale to a Spanish billionaire last year.)

Brickell City Centre’s 500,000-square-foot shopping center will open in the fall of 2016 with about 70 stores and restaurants. It is anchored by department store Saks Fifth Avenue. Other announced tenants include dine-in movie theater Cinemex and luxury retailers Valentino and Chopard. Also part of the project are condo towers, a hotel and office buildings.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article59298978.html#storylink=cpy

 

Miami Ranked a Top Metro Area for New Construction

February 10th, 2016

miamiagentmagazine.com | By Rachel Popa

ECONOMY

According to a Dodge Data & Analytics report, Miami was ranked as one of the top metro areas for new commercial and multifamily construction in 2015, with a total dollar amount of $6.3 billion. At number two, Miami was ranked behind New York City, which took the number one spot, according to Dodge Data & Analytics.

For Miami, commercial building was up 51 percent from 2014 to 2015, with multifamily construction increasing 121 percent, according to Dodge Data & Analytics.

Large commercial buildings that broke ground in 2015 were the $130 million American Express regional office building and the $43 million Flagler Station III warehouse building.  There were over 11 multifamily projects valued at $100 or more that broke ground in 2015, including the $357 million Aria on the Bay condominium building and the $230 million One Paraiso condominium building.

“At the national level, the construction expansion for commercial building and multi-family housing is proceeding,” said Robert A. Murray, Dodge Data & Analytics’ chief economist. “The upward movement by the commercial building sector has at times been hesitant, while multi-family housing has shown steadier growth.”

Commercial Building is Rising Steadily

Dodge Data & Analytics’ statistics show that commercial building has been rising steadily starting in 2011, with gains of 22 percent in 2013 and 2014. According to the Commercial Property Executive, support for the commercial sector has come from market fundamentals, including rising rents and occupancy rates.

“In addition, the search for yield has led some real estate investors to make the shift from property ownership to property development, where higher yields are possible, given the fact that property values in many markets have already risen sharply,” Murray said.

Dodge Data & Analytics is predicting that commercial building and multifamily housing combined will increase eight percent in dollar volume at the national level in 2016. Additionally, Dodge Data & Analytics is predicting that commercial building will increase 10 percent, and multifamily housing six percent.

Urban Housing Markets are Leading the Way in Miami

February 8th, 2016

miamiagentmagazine.com | By Peter Thomas Ricci

REAL ESTATE

New numbers from Zillow show urban home price gains outpacing suburbs.

In the eternal rumble between urban and suburban housing markets, recent numbers have put the advantage firmly in the urban corner for Miami’s marketplace.

According to a recent study from Zillow, urban homes in Miami are worth an average of $240,015, which actually trails the suburban average of $262,079; at the same time, though, since 2010, urban prices in Miami have grown 53.1 percent, more than the 50.2 percent gain for suburban homes.

A National Trend Towards Urban Places

Miami’s urban prominence runs parallel to how the rest of the nation is trending. According to Zillow’s research, from 2014 to 2015, urban home values rose 7.5 percent, which was stronger than the suburban increase of 5.9 percent.

Svenja Gudell, Zillow’s chief economist, said that numerous sentiments – namely, Millennials eschewing families for culturally rich urban areas – are behind those home price trends.

“This trend, in part, reflects home buyers’ changing preferences, as they seek amenity-rich, dense and walkable areas that are often closer to their workplace,” Gudell said. “In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”

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