August 27, 2016
Financiers Fannie Mae approved the mortgage loans of a new 40-story condominium tower in Downtown, buying out the empty units at Centro (the tower).
Newgard Development Group has been granted a temporary certificate of occupancy for Centro, where less than 30 of the original 352 units have been sold.
Being Fannie Mae approved mortgages that are backing these left over units is huge because it means qualified applicants can make down payments as low as 5% for a condo at Centro.
August 10, 2016
New reports show the number of speculative office projects in Miami is starting to kick off, despite the flattening vacancy rate.
According to a mid-year report, Miami’s vacancy rate is slowly increasing, standing at 14.2% now, yet absorption rose to 1.2 million Sq. Ft. especially noted in suburban submarkets.
High absorption rate is a welcome change for the office market in Miami, which during the last real estate bust suffered some damage, struggling with high vacancies and a period of oversupply, but the city is now heading past that.
August 10, 2016
Another condo building has been added to the ever-growing skyline. Seems to be that The Bond On Brickell has deeded some of their first condo units to their owners. Standing 43 stories, with a total 328 units, this project broke ground about 31 months ago with Costal Construction as a contractor and building design by NBWW of Coral Gables.
March 08, 2016
New Yorkers have spent at least $586.5 M in property within one square mile of Downtown. They have been scoping out areas between the Miami River and NE 6 St, and east of I-95 to Biscayne Bay, and for the past two years, they have been moving in on those properties.
At least 1.1 M Sq.Ft. of land and over 1.28M Sq.Ft. of buildings have been acquired by New Yorkers, making up 56% of investment in the area. The area is the beginning stages of an expected renaissance, where a $13 M improvement plan has been put into motion. The beautification project is proposed to have more trees, expanded sidewalks, new benches and bike racks, and has already broken ground.
August 10, 2016
David Fano, chief product officer of WeWork, has stated that he wants to change the way real estate works. The new ideas he and his team have completely redefined space, and the company’s Time Square location is just a testing site for new technologies.
His idea of an ideal building would be one which you could control entirely through your iPhone, where all the parts are governed by technology. The company is building beacons used by retailers that track movement and connect with user’s iPhone’s, notifying her of certain things based on her area in that building. Such as walking into a conference room you did not reserve, and receiving a notification on your iPhone asking if you would like to reserve another conference room.
Aside from just the buildings metrics, WeWork is also gathering data in and around neighborhoods to see where the next best place to install new spaces should be. Through this backward marketing technique, they can analyze data and see where the best area for WeWork to reach out to would be, increasing their potential to be successful.
June 26, 2016
A new 8 unit rental building is coming to East Little Havana on a vacant lot, with a twist – no parking spaces. Developer Andrew Frey plans to take advantage of a zoning amendment that he helped adapt, and he advocated to the Miami city commissioners. This amendment allows construction of small buildings without parking in some sections of the city.
The amendment, which was approved last October, eliminates the requirement for developers to include parking spaces for building with less that 10,000 square feet if they are near streets with widely available public parking. Although small commercial and apartment buildings were some of the earliest developed projects in areas like Coral Gables and Miami Beach, the trend for them has nearly ended and now, Frey hopes to revive that trend.
July 05, 2016
Krystal tower is evolving into a whole new project, called Miami Station Tower, and likely a rental. The owners finalized the new deal that would grant the county’s permission to build a residential project onto the property. Including 153 apartments and about 4,989 square feet of retail, the renamed Krystal Tower by Architect Glidden Spina will be renamed as Miami Station Tower and is in the Downtown Miami area.
July 29, 2016
Currently in a political clash, one thing both Democrats and Republicans have agreed on is an issue that affects condominium sales across the country. The Federal Housing Administration (FHA) has upped its condo finance program. The senate unanimously passed legislation that will tighten up financing regulations, and make low down payment FHA loans more available to the people they are intended for – middle class earner, many of them minorities and first time purchasers. The senate reached a voting total of 427-0 in the House earlier this summer.
After several years of complaint by housing and community associations, among others, about FHA’s strict requirements, FHA regulations were adapted. The FHA was the go-o source of condo financing, and has helped finance from 80,000-90,000 condo mortgages a year, but in 2010, their role was slowly diminishing, now reaching just about a quarter of their previous volume. Dropping some 8.6 percent from the previous quarter, the FHA has now adapted, bringing in policies that are “substantially less burdensome” to condo associations. Just having this requirement be filled is expected to bring back some volume to the Housing Administration, and is one of the many new changes to the policy.
July 11, 2016
The owners of the courthouse, who are tied to Bijoux Terner, just sold the courthouse at 22 NW First St. for an impressive $22M. Courthouse East is fully leased to the county, which has a center for parking violations bureau and the county’s recorder’s office. Over the last few year, there has been a large investment trend in the Downtown Miami area, and not in the least near Flagler Street, with much of the investing coming from New York.
Standing 4 stories high, and completed in 1924, the Courthouse offers 56,205 Square Feet on a 15,000 Square Foot lot. The property, bought by retailer Bijoux Terner and Rosa Terner among others, was sold in 1987 for $2.6M. Arkadia, the Miami Beach based LLC is excited, and has its hands on a great investment opportunity, according to them. This is the third property acquired on the East Coast and the second in South Florida thus far. The buyer presented an off-market deal with a loan from BAC, and signed a five-year lease with three five-year extension option to continue leasing the property.
May 2, 2016
Now the largest single group in the work force since the effective Baby Boomer era, they will soon become the largest consumer group across a wide plain.
Understanding an engaging with Millennials will determine how succesful your business will be, and this article was released for people to learn 29 intresting facts that will your understanding of them:
- Millennials are carrying a total of $1 trillion in student debt.
- Over 63 percent of Gen-Y workers have a bachelor’s degree.