Apogee Beach Hollywood If the real estate bust was good for anything, it might be that it’s forcing developers to get more creative.
How creative?
Try high-rise condos with elevators for cars that allow you to park next to your living room — even if it’s on the 20th floor. Or a shopping center adorned with artwork, and a parking garage that lets you pull up to the retailer of your choice. Or try turning a former landfill into a mixed-use development. Those were among the plans discussed Friday during a developer roundtable organized by the Greater Miami Chamber of Commerce.
Miami-Dade County Mayor Carlos Gimenez also stopped by.
To have developers gearing up for projects, “it means there’s light at the end of the tunnel,” Mayor Gimenez told about 100 people at the lunch hosted by law firm Bilzin Sumberg at 1450 Brickell Ave.
“It’s good to have these workshops because it means there’s work,” the mayor said, adding that his administration will streamline the permitting process. “We’ll do everything in our power to make it easier for you to build and create, and to continue to create this beautiful city.”
Developers on the panel talked about how much of today’s tight post-crash real estate market is about finding a niche, whether that’s offering unconventional luxuries to stand out to wealthy foreign buyers or simply scouting for previously overlooked sites to get the most land for the money.
Local developer Gil Dezer is getting creative with help from Germany-based Porsche Design Group in a project catering to wealthy buyers, particularly from abroad.
“We’ve come up with the car elevator,” Mr. Dezer said.
Porsche Design Tower, Sunny Isles BeachDezer Development and Porsche are partnering on the Porsche Design Tower, where elevators are to lift cars into the sky to high-rise condos, each with its own parking space in a glass-walled showroom.
The 57-foor, 132-unit tower is planned for Sunny Isles Beach. Mr. Dezer said the building would have the world’s first elevators with their own fire-suppression system. The units are expected to be priced up to several million dollars each.
“We’ll be charging for the parking space as part of the units, instead of giving it away free in a garage,” Mr. Dezer said. The high-rise parking “offers more security, which is important to a lot of our South American customers.”

Another project catering to well-heeled foreign buyers is the 49-unit Apogee Beach in Hollywood Beach. Developer Carlos Rosso, president of Related Condominium Division, said units are selling for about $1 million on average, with the company requiring buyers to pay at least 80% of the price before completion.
Mr. Rosso said about 95% of buyers at Apogee Beach come from Latin America.
“The more we go to feeder markets” outside the US, “the more we find that the cash is in South America,” he said, adding that Miami has the potential to become “the New York of Latin America.”

Apogee Beach Hollywood

Apogee Beach Hollywood
Brett Dill, president of the Swerdlow Group, described a somewhat different approach. Instead of buying relatively little land and building vertically, his group is planning a mixed-use development on a 180-acre site off Biscayne Boulevard in North Miami that was once a landfill.
Named Biscayne Landing, the project will feature about 800,000 square feet of retail and plenty of open space, and eventually could include up to 3,500 housing units, Mr. Dill said.
“We’re actually underutilizing the land, but there’s such an abundance of it,” he added. “There’s almost an unlimited capacity for development [there] in the next 10 years.”
Jeff Berkowitz, president of Berkowitz Development Group, said his firm has been waiting for several months for permits from the City of Coral Gables for the proposed Gables Station. The project would feature four levels of upscale retail — about 333,000 square feet in total — divided by a 1,450-space parking garage. The project also will feature nearly $1 million worth of art on public display, Mr. Berkowitz said.
“The garage will be done so cars can go to the front doors of retailers they like to visit,” he added. “This will be a trophy project. We hope to get the permits in the next two months. Then we hope to get enough leasing done that lenders will give us enough money to go forward.”

 

Source: http://www.miamitodaynews.com/news/120202/story5.shtml

Portofino South Beach CondoDuring the last years the balance between supply and demand in South Florida Real Estate Market has been changing.  In late 2008, when the peak of the financial crisis took place, there were 108,000 properties for sale with few buyers willing to make a move. Developers went bankrupt and the lending came to a halt. Now, in the middle of 2011, there are less than 48,000 properties for sale. Consequently due to a decrease in supply, the value of Miami Beach Condos has gone up.

Although for a regular buyer who wants to put down no more than 30 percent, loans are easier to get, most of the buyers today are investors, wealthy people or foreign citizens taking advantage of a weak dollar. Hard to imagine that some people simply walk in and buy without even negotiating the price.

Shall we say a “boom”? It might not be the correct word to use, maybe not yet, but here are some of the examples that perspectives are looking good:

Gil Dezer, co-developer of the beachfront Trump Towers, sold a sufficient number of condos to pay off the $265 million mortgage on the property – July 2011!! There are only around 12 percent of the condos left.

Some condo projects built during the boom and abandoned during the crash, are now back on track. The Everglades On The Bay, for example, a two-tower, 49-story project, has been re-launched under the name: Vizcayne. The new team is selling and leasing multiple units every day.

The Paramount Bay, a 47-story condo was planned to be opened in 2009 but ended up foreclosed on, is now  back on the Real Estate Market and will continue selling in September 2011.

Miami Real Estate‘s prices are closer to what they were at the peak than where they were at the bottom.Projects, like Apogee South Beach, Have fully recovered. “So far, so good” – some experts say, however to be sure if this is the beginning of the next chapter for the Miami Beach real estate market, we need to wait and see what happens over the next few months.

If you are interested in Miami Beach condos, please visit: www.billandbryan.com.

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