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Wynwood and the Design District…The Hotspots

 

Digital photo taken by Phillip Pessar

Digital photo taken by Phillip Pessar

The Real Deal, my favorite morning read, reports that the panel of real estate professionals who spoke at last week’s luncheon event presented by the Miami Association of Realtors and the Miami Beach Chamber of Commerce say the next hot spots for Miami-area real estate development include urban locations in and near downtown (not really NEWS if you look at the cranes and construction). Louis Birdman (Birdman real estate development) is most excited about Wynwood and the Miami Design District. Why? With shrinking amounts of beachfront property to develop, Birdman says inland development will be more prevalent. Panelist Harvey Hernandez says what we all know, “The hottest market by far is the downtown Miami area”.  Again, look at cranes and construction.

Digital photo taken by Marc Averette, 1800 N. Bayshore Drive

Digital photo taken by Marc Averette, 1800 N. Bayshore Drive

Not mentioned but worthy of it is one of my favorite neighborhoods: the Edgewater area, especially the corridor that dots Margaret Pace Park. The views are spectacular and will stay that way; access to expressways and downtown & Brickell is too simple; walkability to Publix, CVS, a manicure, dog grooming, banks, and the day-to-day needs is great, and The Daily is a GREAT place for lunch! Paramount Bay, Quantum on The Bay, Opera Tower, 1800 North Bayshore Drive, and the Cite are all winners over there.

 

To learn more about real estate in Miami, Coral Gables, Coconut Grove, South Miami, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

Will We See The End Of Controlled Choice?

Brief background: In the 1980’s Miami-Dade County Public Schools established “Controlled Choice,” a system whereby the school system selected the school that a student would attend. It was intended to desegregate the schools.

Sunset Elementary School

Fast forward to 2015 and Coral Gables is the county’s only remaining city to have Controlled Choice, with Coral Gables Preparatory Academy, George Washington Carver Elementary, and Sunset Elementary Schools being the lone survivors and topic of debate. Today Commissioners will meet with the Miami-Dade County School Board where the Attendance Boundary Committee is expected to vote on the issue. That recommendation will be given to Superintendent Alberto Carvalho, who will make the final decision.

Of course there is debate on all sides, some preferring their children to attend the neighborhood school, and others believing the schools are not equal and perhaps another route is best, but at the very least they want more time to investigate. Apparently, the parents were made aware of the proposal with only 4 days remaining in the 70-day review process.

G.W. Carver Elementary School

From a realtor’s perspective: try explaining Controlled Choice to an international Buyer. I sell a lot of properties in Coral Gables, Coconut Grove, and South Miami, and the Buyers don’t always ‘get it’ or like it. One recent example: Buyer wants to live in the Dante Fascell Park area of South Miami (west of Red Road), but wants to reside east of SW 59th Avenue so they can be in the Coral Gables school district (and attend Sunset Elementary School). I had to tell them that with the Controlled Choice system their children could be placed in one of the other 2 schools, which logistically are much further away. Parents are working in the Dadeland/Datran area and now the children may have to go to elementary school in the north Gables (Coral Gables Preparatory Academy). They will probably opt out of the public school arena.   Let’s see what happens today!

Coral_Gables_Elementary_School

Coral Gables Preparatory Academy

To learn more about real estate in Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

 

Miami Real Estate 2015….Words of Wisdom from the Wise Guys!

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From left: Ron Krongold, Nitin Motwani, Don Peebles, Jacob Roffman, Tom Roth

The Real Deal has published “What top Miami developers are predicting for 2015.” In a nutshell the fresh and out-of-the-box thinkers at Grass River Properties are entrenched in the Miami facts that have always driven our economies: Miami appeals to major onshore institutional investors, private equity, and international investors. We attract Latin Americans looking for flight capital and safe haven. We are a magnet for Europeans looking for lower tax bases and better climate, and Northeasterners who have always fled south for warm weather are drawn to our no state tax status. Tom Roth, principal at Grass River Properties, says all of this combined with the residential options and vibrant lifestyle that has evolved in the last 15 years will drive the residential, retail, and office markets in Miami.

Jacob Roffman, principal at 13th Floor Investments and developer of 1010 Brickell, sees young professionals and international investors shaping the residential market in 2015. The young professionals moving in the direction of urban sensibility have driven development investors to these core urban areas. Roffman sees foreign demand for ‘for-sale’ products moderate as it becomes increasingly difficult to move capital out of foreign countries.

According to Don Peebles, we are going to see continued strength in the luxury condos and the development of luxury condos for rental housing as the gap in the cost of rent and the cost of ownership narrows.

Nitin Motwani, developer of Paramount Miami Worldcenter in downtown Miami, believes in those developments with active sales and marketing infrastructures, strong sponsors, and a unique experience or location will be in high demand (that defines most of the developments I have interest in!).

Ron Krongold (Gold Krown Financial) sees the Miami market leveling out as our inventory increases to seven, eight, and nine months of supply (six months is considered the healthy ‘ideal’). At EWM Realty International we have seen the first signs of inventory increasing but demand in all markets is still extremely strong, and well-priced properties are moving quickly.

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

Immigration Overhaul Could Be a Bright Star in Miami Real Estate Development

 

Although controversial, Barack Obama’s recent executive actions to overhaul the immigration system will further feed real estate development in Miami. The EB-5 visa can lead to citizenship if a foreigner invests a minimum $500,000 in US-approved real estate projects and creates jobs locally. Some developers are using the EB-5 to help fund residential and commercial projects.

EB5-VisaMiami is a prime focus of foreign investment from Latin Americans and important to Europeans too. The US has already reached its 10,000 EB-5 visas cap this past year, with many visas going to Chinese investors, so think about the Venezuelans, Brazilians, and other South Americans that have missed out! Local demand for EB-5 visas is so great that the City of Miami has created an EB-5 Regional Center for Foreign Investment!

By expanding the Miami program we could be expanding Miami!

USI Fund Newsletter - SOURCE

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

Miami Home Prices Up 10.5% in August!

That was tucked away on page 3 of the Business Section in the Miami Herald today (had it been bad news it would have been plastered across the front page!). That 10.5% increase is reflective of the Miami real estate market since August 2013.

I have been selling residential real estate in Miami for 20 years: specializing in Coral Gables, Coconut Grove, South Miami, Pinecrest, and Palmetto Bay. I know that real estate statistics should be looked at neighborhood by neighborhood; it is neither possible nor fair to ‘blanket’ a percentage across an entire town, especially one as diverse as ours. In some areas the prices have far exceeded a 10.5% increase!

65

3551 Main Highway, Coconut Grove, FL | List Price: $65,000,000

Let’s look at the single family home markets from August 2013 through August 2014 in the wonderful communities I spend most of my time in.  Although Coral Gables had a small slip in sales price this past August, it has generally seen more than a 30% increase over the year, and the sales prices in Pinecrest have had a similar increase! The sales prices in Coconut Grove look like they have been taking steroids (wait until the most expensive luxury/waterfront home listed in Miami sells).

There have been months with really strong price increases in Palmetto Bay, but over the year the prices averaged about a 10% gain.  In South Miami, where I live, love, and have sold over 100 homes it looks like we’ve had significant decreases in sales prices but the truth is South Miami has such disparity in the price ranges of the properties and neighborhoods that the numbers can look very skewed.  In the more expensive neighborhoods there is hardly any inventory, but over the next 6-12 months there will be so many newly constructed homes coming on the market and closing in the $2mil+ market that we will see a very strong price increase.

 

Coral Gables

Coral Gables

Coconut Grove

Coconut Grove

South Miami

South Miami

Pinecrest

Pinecrest

Palmetto Bay

Palmetto Bay

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

It’s Throwback Thursday!

This house in South Miami has had nine lives and lots of kids since I first sold it back in January, 2004.  Originally built in 1952 with a ‘hacienda’ flair, it had been partially updated when I listed it in 2004 and then again when I sold it in 2010.  The current owner waved a magic wand (as well as much time, talent, and money), and the finished product is a sleek, uber cool house.  I shouldn’t say the ‘finished’ product because I heard he is getting ready to add a second floor!  That is how much we love this wonderful neighborhood behind Dante Fascell Park and adjacent to Epiphany School; no wants to leave. We just modify when needed.

5901 SW 81 Street Today

5901 SW 81 Street Today

5901 SW 81 Street in 2004

5901 SW 81 Street in 2004

 

 

 

 

 

5901 SW 81 Street Today

5901 SW 81 Street Today

5901 SW 81 Street in 2004

5901 SW 81 Street in 2004

 

 

 

 

 

 

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

It’s Throwback Thursday!

This one definitely got better with age. I sold this home just behind Dante Fascell Park near Epiphany School the first time in 1994 and then sold it again in 2011. The current owners have excellent taste; the interior is as beautiful as the exterior, and the landscaping is simply perfect.

5841 SW 86 Street After

5841 SW 86 Street After

5841 SW 86th Street Before

5841 SW 86th Street Before

 

 

 

 

 

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

It’s Throwback Thursday!

This is probably my favorite throwback in South Miami because it goes ALL the way back! Every time I drive or walk by this home I think, “You’re not getting older, you’re getting better”! I love this place (and its owner) and the gorgeous 15,000sf corner lot it sits on. Had developers been able to get their hands on when I listed it in 2003 they would have torn it down; thank goodness the Buyer loved it at first sight, and bought it before a speculator could.  This house and the one-of-a-kind neighborhood surrounding it are priceless!

An Oldie Goldie Behind Dante Fascell Park, Circa 1950

An Oldie Goldie Behind Dante Fascell Park, Circa 1950

house2

64+ Years With A Lot Of Love & Attention

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

Park Grove, the New Heart & Soul of Coconut Grove!

park1

Fabulous new developments are popping up all over Miami, but one in particular stands out among the rest in Coconut Grove, and that’s Park Grove! I had a fantastic breakfast presentation at the sales center Wednesday morning and was absolutely blown away! Three towers overlooking spectacular views of the bay and the treetops of Coconut Grove will stand where Coconut Grove Bank now resides. The new condos will be walking distance to Fresh Market, CocoWalk, and upcoming Regatta Park, a 17-acre paradise adjacent to The Harbour in Historical Coconut Grove.

World-renowned architects Rem Koolhaas and OMA are the brains behind this elegantly designed project creating new ways to use space and light to their utmost potential. Park Grove is bringing a new sensation to modern design; keeping the elegant pristine look while incorporating new warmth; a warmth that I personally think has been lost in recent interpretations of “sleek”.  Interior Designer William Sofield notes, “At Park Grove, luxury will be articulated through a delicate dialogue between elegant minimal design and crafter organic materials.”

Each tower has its own price range and floor plans; for comfortable living every day with phenomenal views of Biscayne Bay one would lean more towards One Park Grove or Two Park Grove. One Park Grove ranges between 3-6 million dollars and Two Park Grove ranges between 2-4 million dollars. And for the occasional weekend visitors or someone looking to invest Park Grove Club Residences provides smaller living spaces within the price range of 550 thousand-1 million dollars. All three towers share one master association, the price for the association fee will be approximately $1.00 per square foot of the unit.

For more information or personal tour of the project please call me any time! 305.323.6231

parkparkbath

 

 

 

 

 

 

 

 

Amenities:parkview

  • Expansive Bay and City Views
  • Certified LEED Silver
  • 24-Hour Concierge and Valet Service
  • Nautical Themed Concierge for Booking Yachts, Boats, Sailing Lessons, etc.
  • Butler Service
  • Large Dining Area and Full Service Kitchen with Acclaimed Chef
  • Private Business Center with Meeting Rooms
  • Lush Landscaped Gardens by Enzo Enea
  • Sculpture Gardenparkdining
  • Artwork by Notable Sculptures and Artists
  • Lobbies and Amenity Area designed by William Sofield
  • Luxurious Pool with Private Cabanas
  • Bayview Dining Room for Private Events
  • Dedicated Penthouse Pools
  • Wine Cellar and Wine Lockers for Residents
  • Indoor/Outdoor Yoga Spaces
  • Large Conference Room
  • Library
  • State-of-the-art Fitness Center accessible from all Three Towers
  • Fitness Rooms, Reception, and Marl Room for each Residential Towerparkkitchen
  • Spa with Personal Treatment Rooms, Steam, and Sauna
  • Men and Women’s Locker Rooms
  • Storage for Bike and/or Watercraft
  • Residents’ Lounge for Events
  • Children’s Indoor/Outdoor Play Areas
  • Private Screening/Media Room
  • Adult Gaming Room including Billiards and Table Tennis

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!

Val’s Top 10 Reasons to Consider Living at Cloisters on the Bay in Coconut Grove

Erik+Spoelstra+Miami+Heat+Introduce+Ray+Allen+9PGnRNZHWnfl

10. You’ll never have to worry about parking at the Coconut Grove Art Festival.

9. “The Harbour in Historical Coconut Grove” is going to be absolutely fabulous!

Grove-Bay-Harbor-1

8. Ransom Everglades School, Carrollton School of the Sacred Heart, and St. Hugh Catholic School are blocks away.

7. The Security Staff at Cloisters on the Bay is THE best.

6. My listing at Villa 1137 in Cloisters on the Bay is marvelous (and the least expensive)!

5. Paragon Grove 13 Movie Theatre offers reserved seating and has a great wine lounge.

4. Cloisters on the Bay is in the middle of three spectacular parks: Peacock Park, Barnacle Historical Park, and Biscayne National Park

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The Barnacle House in The Barnacle Historic State Park

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Stiltsville house in Biscayne National Park

3.Restaurants galore, all within walking distance Cloisters: Strada, Bombay Darbar, Peacock Café, Le Bouchon, New York Roma Pizza, and so many more!

2. My favorite restaurant and venue, Green Street Café, is directly across the street from Cloisters!

1. Erik Spoelstra is a regular at Green Street Café.

Greenstreet15675-Lets-Go-Heat

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or at 305-323-6231. Val Byrne – Working For You!