Miami Predicted To Rule All Real Estate Markets Projected To Dominate In 2019 Home Price Deals

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In 2018, 62% of all homes sold in top U.S. metropolitan markets sold below their original list price, according to EasyKnock.

As the year comes to an end, the home equity company is looking ahead to next year, predicting that 77% of current on-market listings will sell below original list prices in the first quarter of 2019.

“While there’s no denying that home prices have been steadily on the rise, list prices are clearly increasing above realistic levels, corroborated by the study’s findings that over 60% of homes sold well below their original list prices in 2018,” EasyKnock Economic Advisor Paul Habibi said.

According to EasyKnock’s analysis, half of the top 10 markets are located in the South. Miami is projected to have the highest rate of deals, coming in at a whopping 89%. Rounding out the top three are Houston and Chicago, with Houston seeing an average savings of 4.84% and an 84.2% rate of deals, while Chicago is expected to see 5.11% in savings and an 83.5% rate of deals.

The markets of Jacksonville, Florida (No. 4); New Orleans (No. 5); Hartford, Connecticut (No. 6); and St. Louis (No. 7) make up the middle of EasyKnock‘s predictions, with each market projected to see savings in the 5% range.

Pittsburgh, Tampa, and Cincinnati round out the bottom three on the company’s list. In these metros, discounts are expected to average more than 4.5%, which is higher than the national average of 4.01%.

“Average savings are on the rise in these markets. Given that the slowdown of home price increases is just beginning to take hold, we can expect home sellers to continue to set their original list prices on the higher end, which has the potential to result in greater deals for home buyers,” EasyKnock writes. “Particularly as we head into January, which has historically been one of the best months for deals, the combination of seasonality and the slowing market make the perfect recipe for the increased rate of deals predicted by the Knock Deals Forecast.”

EaskyKnock 2019 projections

 

Source: Housingwire

Search For Your Coconut Grove Home at GroveGuy.com

 

 

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Brickell City Centre Expansion Gets Nod From Miami Commission

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Brickell City Centre won the initial green light to expand its footprint, creating two new mixed-use towers within a more than 100,000-square-foot annex to the $1.05 billion project.

The Miami City Commission just approved on first reading an amendment to Brickell City Centre’s special area plan that adds 15 properties owned by Colombian businessman Carlos Mattos, who is partnering with Brickell City Centre developer Swire Properties on the 104,287-square-foot expansion.

According to documents submitted to the city, Mattos and Swire want to build a 54-story building that would have 588 residential units, 84,009 square feet of commercial space and 832 parking spaces, as well as a 62-story tower with 384 residential units, 3,275 square feet of commercial space and 399 parking spaces. Among the sites is the former home of Tobacco Road, the famed watering hole that lasted 102 years before a wrecking ball claimed it in 2014.

Akerman attorney Neisen Kasdin, who represents Swire, told city commissioners the project will likely not break ground until the next cycle.

“It is market-dependent of course because there will be for-sale units there,” Kasdin said. “We are probably looking at a two-to-three-year period.”

The proposed Brickell City Centre annex would also have 11,718 square feet of civic space and the joint venture partners have agreed to build a connection to the Miami Riverwalk, add lighting to the South Miami Avenue Bridge. They will also donate $1 million to the city to be used for renovating single-family houses owned by low-income individuals.

The 15 properties run between Southwest 5th and 7th streets along South Miami Avenue and total just over 2 acres. In 2012, Mattos’ Tobacco Road Property Holdings LLC paid a combined $15.44 million for the majority of the assemblage which consists of nine adjacent properties at 11, 21, 31, 37, 45 and 55 Southwest Seventh Street and 622, 626 and 640 South Miami Avenue in 2012. Swire affiliate BCC Road Improvement LLC paid $4.7 million for the roughly 15,000-square-foot corner piece at 602 South Miami Avenue in 2014.

The expansion still requires final approval, which is often likely once it has been approved on first reading. Brickell City Centre’s first phase included two 390-unit condo towers, Reach and Rise; a 500,000-square-foot outdoor mall; an office building and a 40-story hotel, East, Miami.

 

Source: The Real Deal

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Miami Approves 82-Story ‘2nd & 2nd Tower’ After 16 Months Of Review

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An 82-story tower known as 2nd & 2nd was granted approval last week when Miami’s Office of Zoning granted waivers needed from the Miami 21 zoning code.

A notice issued on the city’s website confirmed the approval was issued November 26. Plans for the tower were first submitted in July 2017, making it 16 months of review.

If construction were to begin today, it would become the tallest building in Miami at its proposed 898-foot height. Brickell’s Panorama Tower is now the tallest at 868 feet, although several buildings are proposed above the 1,000-foot mark including Skyrise, where excavation is underway.

A Courtyard by Marriott hotel would need to be demolished to make way for the new 2nd & 2nd tower.

As reviewed by the UDRB earlier this year, the development would encompass more than 1.5 million square feet, including:

  • 266 hotel rooms
  • 637 residential units
  • 9,245 square feet of retail
  • 553 parking spaces

Convention Center Hotel Corp. of Yonkers, NY submitted the plans. The developer is a subsidiary of AVR Realty. NBWW is the architect.

Courtyard by Marriott to be demolished:

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Source: The Next Miami

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How Aventura Is Preparing For The Next 10 Years Of Growth In Real Estate

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Over the past five years, major upgrades to quality of life in Aventura have set the stage for another decade of growth in residential and commercial properties, and a population increase as the quality of life rises again.

The city itself has committed to spending millions of dollars over the next five years on improvements. Nearly $3 million is going directly to local parks. Waterways Park, Veterans Park and Founders Park will undergo renovations which include new playground equipment, updated drainage, new turf and more.

Just over $4 million will be used for transportation improvements, such as road resurfacing, new pedestrian walkways and lighting, and improvements to improve traffic flow along major roadways. About 30-plus roads will be addressed, including Aventura Boulevard, Country Club Drive and more.

The city purchased 2 acres from the Gulfstream Park Racing Association last year on which to build the city’s first high school. The charter school of 800 students is scheduled to open in fall 2019 as Soffer Aventura High School.

Retail Expansion

A new three-story wing expansion has opened to the public at Aventura Mall. It adds restaurants, retail stores, art, an outdoor fountain and a 93-foot tall slide among other attractions (PHOTO CREDIT: MATIAS J. OCNER | File, Dec. 18, 2017)

Aventura Mall is creating a more immersive shopping experience. A three-level expansion wing facing the William Lehman Causeway has opened with a two-level Topshop, Zara and restaurants that include CVI.CHE 105 and Genuine Pizza, a casual restaurant by James Beard Award-winner Michael Schwartz. Another 11 stores and restaurants have opened or are coming, including International Smoke by Ayesha Curry and chef Michael Mina, Schutz Shoes, and Diveto Ristorante.

Topping them off is a 93-foot outdoor, spiral slide designed by Belgian artist Carsten Höller. The nine-story ride, which takes only 15 seconds, is free to anyone 50 inches or taller. The mall plans to add more interactive art installations in coming years.

Developer Seritage Growth Properties is building on the former Sears store site at Aventura Mall. The first phase will feature the ground-level development of 215,000 square feet of U.S. and international retailers, entertainment and dining in an open-air setting. An additional 100,000 square feet is planned on the 12.3 acre site that faces William Lehman Causeway and Biscayne Boulevard.

The rich and famous are taking note. NBA stars Dwyane Wade and Udonis Haslem celebrated the grand opening of the first 800 Degrees Woodfired Kitchen in Florida, in September. The 4,000-square-foot restaurant, which sits on 199th Street, seats 125 people and features a full bar.

Residential Construction

Just to the south, Turnberry Isle Miami kicked off a number of improvements late last year. Plans include a new 16-story luxury building, upgrades to the main lobby and resort facilities. The investment tops $175 million.

Aventura ParkSquare and Prive at Island Estates are bringing a city-within-a-city lifestyle to Aventura. Prive opened on a previously undeveloped island in January. The 150- unit project has 35,000 square feet of amenities between the two towers, plus outdoor amenities.

The 7.4-acre Aventura ParkSquare at the corner of Waterways Boulevard and Northeast 207th Street consists of five buildings. They include a new luxury condominium with 131 residences; 100,000 square feet of Class A office space; 55,000 square feet of ground-level retail and restaurant space; a 45,000-square-foot medical center; a luxury senior living tower; and a 207-room Starwood Aloft Hotel.

Aloft is just one of several new hotels. The 233-room AC Hotel Miami Aventura north of the mall opened in July 2017. The 192-room Aventura Hilton Hotel, just to the south of the mall, will soon break ground.

 

Source: Miami Herald

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