The county has final say, and the request would be forwarded to county politicians, urging them to make the proposed change.
Miami is a city that seems to reinvent itself every ten years or so.
Change is a constant. Neighborhoods are always reinventing themselves. Cranes and jackhammers are always busy erecting new buildings. We’re so used to it, sometimes we don’t even notice when it happens.
In fact, looking back just 10 years ago, some areas of the city are nearly unrecognizable. So Miami New Times decided to take a tour back in time thanks to Google Map’s street views and compared ten neighborhoods to what they looked like less than a decade ago.
Then: A warehouse district that had a couple of art galleries moving in.
Ten years ago artists space and galleries had already started moving into the neighborhood, but the only time people actually went was during the Second Saturday art walk. (Of course, at that time you could actually see lots of good art —and drink lots of free booze.) Now, many of the galleries have moved out. The best art is painted on the buildings, and the former warehouse spaces are now lined with boutiques, cafés, and office space
Then: A shopping district focused on all your interior design needs.
Now: A shopping district focused on all your designer clothing needs.
The Design District pulled off a neat trick in which it completely changed what it is without having to change its very specific name. A decade ago the area was where rich people sent their interior designer to shop for furniture. Then developer Craig Robins came in and turned it into an area where rich people shop for clothes.
Then: A place tourists only went because their car was towed.
Now: A place tourists go because they read about a cute café on Yelp.
Sunset Harbour used to be where South Beach hid its blight. Now the area is home to some of Miami Beach’s best restaurants, two brand new grocery stores, and more construction to come.
Then: Losing its soul.
Now: Finding a new soul.
Once Miami’s “hippie” neighborhood back in the day, Coconut Grove served as a warning of what can happen to a neighborhood when it allows chain stores and restaurants to come in and take over. At least ten years ago, Coconut Grove still had its reputation as college kid’s go-to drinking spot, but a 2008 ordinance pushedlast call up to 3 a.m., taking much of the remaining fun out of the area.
Now Coconut Grove is finally trying to get its groove back.
Then: Cheap neighborhood with old homes in a good location.
Now: Expensive neighborhood with new luxury high-rises in a good location.
It seems one Russian billionaire or another buys up a plot of land with plans to turn it into an exclusive luxury high-rise in this neighborhood every other week.
Now: Lots, lots, and lots more high-rises.
Brickell’s character hasn’t actually changed that much, there’s just a lot, lot more of it nowadays.
Then: Quirky shopping district
Now: Miami’s fast-fashion capital
Lincoln Road’s renaissance began in the late ’80s, and by the 2000s the pedestrian mall had taken on a unique, quirky flavor. Sure, there was a Gap and Johnny Rockets, but there were also theaters, gay clubs, jazz hangouts, and New Age crystal shops. Now it’s completed its metamorphosis into a home for shopping mall stores like H&M, Forever 21, and Lululemon. At least there’s a really cool parking garage now.
Then: Abandoned motels and blight
Now: Boutique motels and charm
The Upper Eastside’s MiMo architecture was always charming, but locals seemed to have forgotten for a while. Now, developers have restored some of those old motels, and with them, the character of the neighborhood.
SOUTH OF FIFTH (SoFi)
Then: South Beach’s quiet neighborhood
Now: South Beach’s neighborhood full of jackhammer noise.
With the revitalization of South Pointe Park, scores of new nightclubs and restaurants, and new construction, the South of Fifth area isn’t quite as quiet as it used to be.
Then: Destination for New York grandmothers
Now: Destination for New York hipsters
Ten years ago, the area was the beach’s forgotten district. Now it’s booming with boutique hotels, craft cocktails bars, private clubs, and some of the city’s hottest night spots.
Source: Miami New Times
The majority of new condo buyers in Miami have been looking to capitalize on their investments by flipping the units or renting them out, according to research by CraneSpotters.com.
Looking at the four largest condo towers completed in greater downtown Miami since construction resumed in 2011, anywhere from 45 percent to 96 percent of the units sold by the developers in each building were placed back on the market or put up for rent. That indicates a high level of investor ownership in those buildings, and also raises some questions.
With more than 18,100 condo units either under construction, planned with approvals or proposed in greater downtown Miami, according to CraneSpotters.com, is there enough rental demand at higher price points to support that many new units? And how will they be impacted by the nearly 7,800 apartments in the development pipeline?
The recently completed condo towers in Miami sold in the mid-$400s per square foot, but the average price per square foot for new projects is more than double that now, CraneSpotters.com principal Peter Zalewski said. When the sales prices climb, so must rents. Are there enough high-earning renters in Miami to fill those units?
“We strongly believe that when Brickell CityCentre opens and people will be able to walk to a shopping mall with a Saks Fifth Avenue, 11 cinemas and 500,000 square feet of retail, Brickell condos will raise in value and so will rents,” said Carlos Rosso, head of the Related Group’s condominium division. “Twenty-four-hour urban living close to the workplaces is and will continue to be in high demand.”
Here’s a look at how the four largest recently completed condo projects in Miami have performed:
NINE AT MARY BRICKELL VILLAGE
Units sold/price per square foot: 300 for $501
Active MLS listings/price per square foot: 17 for $469
Units resold: 0
Asking rentals/price per square foot: 95 for $2.78
Closed rentals/price per square foot: 23 for $2.47
1100 MILLECENTO RESIDENCES
Units sold/price per square foot: 376 for $435
Active MLS listings/price per square foot: 99 for $403
Units resold: 1
Asking rentals/price per square foot: 67 for $2.59
Closed rentals/price per square foot: 120 for $2.25
Units sold/price per square foot: 374 for $504
Active MLS listings/price per square foot: 91 for $627
Units resold: 7
Asking rentals/price per square foot: 64 for $3.63
Closed rentals/price per square foot: 77 for $3.24
Units sold/price per square foot: 192 for $360
Active MLS listings/price per square foot: 31 for $379
Units resold: 8
Asking rentals/price per square foot: 19 for $2.67
Closed rentals/price per square foot: 126 for $2.01
It looks like some of these condo towers are more like apartment buildings. Projects in other South Florida cities have behaved quite differently. For instance, in Broward County’s largest newly completed condo tower:
BEACHWALK – HALLANDALE BEACH
Units sold/price per square foot: 289 for $448
Active MLS listing/price per square foot: 49 for $532
Units resold: 1
Asking rentals/price per square foot: 6 for $2.97
Closed rentals: 0
There’s a fair amount of resale activity, but not many rentals. However, Beachwalk has a rental pool system managed by the hotel management that doesn’t show up on MLS, so many unit owner participate in that. CraneSpotters.com also looked at the largest recently completed condominium in Palm Beach County, Bay Colony Juno Beach, and found only two of its 121 units on the rental market, although it had 23 resales.
For more on the South Florida condo market, see this week’s feature story with comments from the region’s leading condo experts. Most of them agree that sales are slowing.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
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