South Florida’s residential markets are on the upswing, according to the latest Elliman reports. “Generally speaking for much of 2018, we’re seeing this trend of rising sales, rising prices and stabilizing inventory,” said Jonathan Miller, who authored the report. “Each quarter seems to repeat the prior quarter.” Miller attributed the market improving in large part to the changes in tax legislation, which brokers and developers say is pushing wealthy out-of-staters to relocate to South Florida. … [more]
Sunny Isles Beach’s Ultra Luxury condo market has a big inventory problem: report
Sunny Isles Beach is saddled with 17 years of inventory of condos priced at $5 million and up, and overall, Miami-Dade County faces nearly five years of supply of high-end units, according to a new report. Of the 348 units listed for sale on the Southeast Florida Regional Multiple Listing Service as of Aug. 31, about 30 percent, or 103 units, are in Sunny Isles Beach. Based on the six recorded sales between August 2017 … [more]
DJ Khaled Pays $26M for Miami Beach Mansion
DJ Khaled is buying another one. The record producer, whose real name is Khaled Mohamed Khaled, is under contract to buy a nearly 13,000-square-foot waterfront mansion on Pine Tree Drive in Miami Beach that was asking $25.9 million, according to the Wall Street Journal. The 1-acre property has about 105 feet of waterfront on the Indian Creek Waterway, a main house with five bedrooms, an elevator, safe room, gazebo and home theater; a swimming pool … [more]
Opportunity Zones: What You Need To Know (VIDEO)
As the Opportunity Zone program stirs greater interest among developers and investors, what exactly is the federal tax incentive measure and who stands to benefit? Check out the video above for what you need to know about the new program, its rules and how to get in on the ground floor. Read more here. Nathan Bickell contributed graphic design to this video. … [more]
Tennis star Caroline Wozniacki and fiancé pay $13.5M for Palazzo Del Sol condo
UPDATED, Oct. 15, 9:40 a.m.: Talk about a power serve. Danish tennis star Caroline Wozniacki and her new fiancé, former NBA player David Lee, just paid $13.5 million for a condo at Palazzo Del Sol on Fisher Island. Wozniacki and Lee purchased the 7,302-square-foot unit at the luxury development at 7081 Fisher Island Drive for $1,848 per square foot, property records show. The couple bought the condo from Palazzo Del Sol’s development entity, PDS Development, … [more]
Take The Yacht to The Beach at Aston Martin Residences Miami
The developer of the Aston Martin Residences in downtown Miami is aiming to make a splash with the latest amenity offering: a butler service that takes owners from the luxury high-rise to the sand – via yacht. G&G Business Developments is working with International Booking Services LLC to offer the amenity, which includes home management and luxury travel support. G&G, owned by the Coto family of Argentina, is also working on deals with beachfront properties … [more]
New Yorker’s buying Florida homes with Trump’s tax reform in mind
New Yorkers are moving to low-tax states like Florida or seeking out properties with tax abatements in order to mitigate the impact of President Trump’s tax reform. “I work with a lot of clients in New York, Connecticut and New Jersey — so all high-tax states — and we are seeing a lot of them move south, especially to Florida,” Robert Westley, a certified public accountant based in New York City, told the New York … [more]
WATCH: How much you need to earn to live comfortably in the 5 most expensive ZIP codes in America
It might surprise some that there are costlier places to live than New York City. From the Hamptons to Aspen, these are the five most expensive ZIP codes in the country. The list comes from a study by GoBankingRates, which calculated the household income needed to afford a comfortable lifestyle. … [more]
Sellers’ price-cutting trend could be good news for buyers
You might be relaxing at the beach or in the mountains, but if you’re considering purchasing a home in the coming months, you should be aware of an important shift emerging in the market: List prices on growing numbers of houses are being cut, even in places where previous appreciation has been strong and sales at record levels. The great American post-recession housing-price boom appears to be losing at least a little of its oomph, … [more]
Millennials are buying homes with their pets in mind
Millennials love their pets so much that accommodating their four-legged friends’ needs is a top priority when buying a home. According to the American Pet Products Association, 73 percent of millennials own a pet, CNBC reported. But when it comes to millennials who bought a home this year, 89 percent owns a pet. Rental buildings have long catered to pet owners with dog runs and pet salons, and millennials are looking for the same kinds … [more]