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Wednesday, November 21, 2012

The New Bullion for High Net Worth International Investors: Luxury Real Estate

Last week, I had the good fortune to read Jonathan Miller’s recent blog piece entitled, “Luxury Real Estate as the New Global Currency” (http://www.millersamuel.com/blog/luxury-real-estate-as-the-new-global-currency/27217 ).  Mr. Miller’s Manhattan firm, Miller Samuel Inc., is one of the preeminent real estate appraisal and consulting firms in the NY Metropolitan area, providing world class expertise and guidance to global investors.  The firm performs valuation assignments including mortgage origination, relocation, foreclosure, workouts, fractional and partial interests, easements, stigma, environmental, litigation, bankruptcy, asset valuation, insurance, share allocation, common area, divorce/matrimonial, equitable distribution, trust and estate matters, mediation and court testimony. 
He also authors what is widely regarded as the “Report of Record” for the New York Metropolitan, South Florida, and Las Vegas markets.  Here is the link to the most recent report for the Miami area:  http://www.millersamuel.com/files/2012/10/Miami_Q3_2012.pdf.
As is Mr. Miller’s regular practice, Mr. Miller draws insights from well established and highly respected industry experts for his articles, blog pieces and podcasts, and this was no exception.   Dottie Herman, President & CEO of Douglas Elliman, Patrick Dring, Head of International Residential at Knight Frank, and Liam Bailey, Head of Residential Research at Knight Frank all offered their professional knowledge and perspective to the piece.
To summarize the dialogue, US luxury real estate (particularly in the NY Metro, Hamptons and Miami markets) have experienced an enormous surge in sales and value increases of their respective luxury markets due to a fusion of contributing macro and microeconomic factors, enumerated as follows:
1.       August 2011 downgrade by S&P of US Debt from AAA to AA+ resulted in the dilution of the value of the dollar, and strengthened foreign currencies by contrast.  Therefore, foreign investment in US securities poured into the country’s economy.
2.       Luxury real estate became a safe haven as a result of the volatility in the US securities markets and political uncertainty.
3.       Diminishing supply amidst steady demand for “trophy” homes at the top of the luxury market has brought record-setting prices due to fierce competition for these “one of a kind” residences.
4.       Foreign buyers have developed a seemingly unquenchable thirst for the “trophy” home.  The singular nature of the locations, expanse of views, imperial class features, quality of amenities and sheer magnitude of these homes have inspired an insatiable attraction on the part of the global well to do. 
What is the outlook for the future?  According to these highly qualified experts, US luxury real estate will remain strong and vibrant in this environment of stringent access to credit and political instability for years to come.
My thanks go out to Jonathan Miller, Miller Samuel Inc., and all those who contributed to this piece.
And now, it gives me great pleasure to share some of Coral Gables and Coconut Grove’s local treasure with you.
Java Head Estate - 200 Edgewater Dr. Coral Gables, FL
 
3467 N Moorings Way Coconut Grove, FL
24 Tahiti Beach Island Rd. Coral Gables, FL
 
For more information on these and other magnificent luxury homes in South Florida, please contact me.

Wednesday, April 4, 2012

3230 Calusa St Coconut Grove, FL - Sublime Elegance Cloaked in Paradox

Nestled on a coral ridge at the foot of an unassuming cul de saq along the historic end of Tigertail Ave in the North end of Coconut Grove lies a residence whose exterior frontage is as understated as those of its neighbors.  A simple wrought iron front gate and a common two car garage are your initial impressions of the home at 3230 Calusa St.
The North Grove is known for its hodgepodge of assorted architectural styles and home designs, ranging from modest two and three bedroom cottages and Florida style ranches to residential estates of jaw-dropping splendor.  Glistening high rises dot the skyline across from sleek sea-vessels that glide along Sailboat Bay.  Joggers and cyclists are seen getting their day’s exercise up and down Bayshore Dr.  The natural beauty of the community is the stuff of enchanted fables, where the azure blue waters of Biscayne Bay commune with lush tropical landscapes beneath a sun-drenched canopy.  Occasionally, you come across a family of peacocks as you travel down one of the winding tree lined streets that fill the neighborhood.  It is truly an enthralling community where walking is the standard mode of transportation as everything you could want or need is practically within arm’s reach.



Then, as you pass through the gate and just a few steps further under a covered walkway, an astonishing metamorphosis takes place.  Originally built in 1924, the home has undergone a number of reincarnations.  This last one, however, has transformed this home into a Phoenix of architectural design and a monumental achievement in style and taste that warrants admiration ordinarily reserved for works of fine art and sculpture.  I have seen many beautiful homes over the years, and there is certainly no shortage of them in Coconut Grove.  3230 Calusa St. is one of the most remarkably beautiful residences in this community that I have seen in recent memory.
Rather than go into a long list of feature, please allow the following images to tantalize your imagination.  As beautiful as these photos may seem, they are inadequate to the task of properly depicting the magnificence of this home.




Listed for $3,150,000, I must say this home is priced well.  If my words have stirred your curiosity and captivated your imagination, I would ask that you grant me the opportunity to show it to you.
 

General Information:

Bedrooms: 5

Bathrooms: 5 1/2

Square Feet:  8,390

Lot Size: 26,795 Sq. Ft.

Monday, March 26, 2012

Southeast Florida MLS Regional Sales and Price Activity - February 2012

Regional data is important.  However, if you are buying or selling real estate, knowing the sales and price performance of properties within the specific communities you are interested in is vital to your decision making process.  An experienced and knowledgable Realtor is your best resource.

Southeast Florida MLS Regional Sales and Price Activity
At February 29, 2012

Single Family = Single Family Res
Condo = Condo/Co-Op/Villa/Townhouse
Reports generated from Clarus MarketMetrics®


    % Price Change   % Sales Change
Southeast Florida MLS Median Price from
Prior Month
 from
Prior Year
Total # Units from
Prior Month
 from
Prior Year
MLS Wide            
SEFMLS (Single Family) $165,000 -2.90% 10.10% 947 -1.70% -12.60%
SEFMLS (Condo) $100,000 -4.50% 25.00% 1,248 -4.30% -25.40%
             
MIAMIRE Region Cities
Single Family Only
Coconut Creek $232,500 36.80% 25.70% 4 33.30% -20.00%
Coconut Grove $482,500 -20.20% 37.90% 8 60.00% 14.30%
Cooper City $235,000 14.60% 13.30% 7 40.00% 75.00%
Coral Gables $550,000 0.00% -2.40% 25 -19.40% -3.80%
Coral Springs $178,000 -8.70% 4.10% 11 -15.40% 120.00%
Cutler Bay $160,000 3.60% 20.70% 23 64.30% -17.90%
Davie $275,000 40.70% -50.90% 11 -21.40% 22.20%
Deerfield Beach $101,000 -35.60% -39.60% 1 -50.00% -75.00%
Doral $429,750 29.20% 22.80% 12 -25.00% -29.40%
Florida City $96,000 37.30% 92.00% 2 -60.00% -60.00%
Fort Lauderdale $77,475 10.10% 3.30% 20 -4.80% 11.10%
Hallandale $125,000 22.00% 13.60% 5 25.00% 66.70%
Hialeah $151,600 2.80% 4.60% 28 7.70% -3.40%
Hollywood $94,900 -13.70% -5.10% 45 -4.30% -16.70%
Homestead $95,000 0.50% 1.10% 61 13.00% -29.10%
Lauderhill $85,000 -19.00% -7.60% 9 12.50% 80.00%
Margate $146,000 52.90% 49.80% 4 -33.30% -66.70%
Miami $175,000 7.40% 16.70% 341 -2.80% -21.60%
Miami Beach $1,070,000 28.70% 40.50% 7 -41.70% -65.00%
Miami Gardens $107,700 10.50% 37.80% 21 -19.20% 75.00%
Miami Lakes $350,000 0.00% -5.30% 7 -12.50% 40.00%
Miami Shores $250,000 -63.20% -24.20% 7 75.00% -41.70%
Miami Springs $245,000 12.30% 32.40% 8 33.30% 14.30%
Miramar $197,500 -6.00% 19.70% 38 -2.60% 2.70%
North Lauderdale $76,305 -33.10% -14.20% 2 -50.00% -66.70%
North Miami $118,167 73.80% 37.80% 14 27.30% -22.20%
North Miami Beach $99,199 -19.70% -17.30% 11 -8.30% -31.30%
Oakland Park $70,000 -12.60% -19.50% 6 100.00% -14.30%
Opa-locka $61,380 18.00% 57.40% 9 -25.00% -10.00%
Palmetto Bay $282,500 -4.20% -27.10% 10 -23.10% -28.60%
Pembroke Pines $235,000 7.40% 9.30% 29 -9.40% -21.60%
Pinecrest $712,500 11.30% 14.90% 10 -23.10% 100.00%
Plantation $260,000 0.00% 22.40% 17 30.80% 21.40%
Pompano Beach $70,000 40.00% 31.50% 7 0.00% 16.70%
South Miami $222,000 -32.70% -3.90% 3 50.00% -50.00%
Sunrise $115,500 -22.00% 3.90% 15 50.00% 7.10%
Tamarac $65,000 -40.90% -11.30% 11 -15.40% 37.50%
Unincorporated Dade County $145,000 -51.70% -19.00% 7 133.30% 75.00%
Weston $400,000 14.00% 51.80% 17 -39.30% 0.00%