The new luxury trend seems to be the bigger and taller the better! In a recent Forbes’ article, Morgan Brennan writes, “With the housing market in recovery mode, developers are taking multifamily buildings to staggering new heights, vying for the title of tallest tower and the prestige that translate into larger returns on investment while delivering the breathtaking views buyers are seeking.”

Although the article primarily cites the new residential tower under construction at 432 Park Avenue in Manhattan as an example, she makes mention of Miami, “where high-rise penthouses boasting palatial indoor-outdoor floorplans with expansive water views have been fetching record sums, a collection of new condo towers are in various stages of planning and development, most notably in Brickell and the downtown area. Developer Tibor Hollo recently announced plans for the Panorama Tower, a rental building to be finished in 2016 that will reportedly stand 830 feet tall. That height that will make it Florida’s tallest building.”

According to Miami Today, Panorama will rise 830 feet,  have 941 rental apartments, 300,000 square feet of office space and 100,000 square feet of ground-level retail, and construction to be completed by 2016.

http://www.forbes.com/sites/morganbrennan/2013/04/30/rise-of-the-super-towers-the-next-big-thing-in-luxury-housing/

Has anyone informed appraisers that the median price of a single family home in Miami-Dade County has risen 16%? Obviously not. Fear of push-back from lenders seems to be the main reason appraisers are reluctant to take local appreciation into account in their appraisals. A recent National Association of Realtors survey of 3,586 real estate agents nationwide showed that 10% of the agents reported sales that had been canceled during the previous three months because of appraisal problems; 10 percent also reported that sales prices had been driven down by appraisals; and 10 percent blamed appraisals for delaying some deals.

In the last month we have had three incidents of low, under appraisals and although we were able to eventually close on all three of the properties, not everyone is as fortunate. So what to do when real estate deals cannot be resolved with Seller compromises, larger down payments or cost sharing? There’s no easy answer, but we try to keep abreast of the latest figures from Case-Shiller and economic reports, more importantly, we keep both our Sellers and Buyers informed of the appraisal deficiencies in our market and hope that by having well-informed Buyers and Sellers we can proceed to closing.

I took the quiz. The results are surprising.

http://www.realtor.org/research-and-statistics/quiz-who-comes-to-open-houses#.UUyuVot-5D0.email

According to a recent research report by the luxury brokerage, Christie’s International Realty, the luxury market is not influenced by global or economic trends but rather follows the luxury goods market. Taking into account 10 of the world’s most affluent locations –with Miami being one of the top ten-  the report offers facts and figures on the where, why and how the high-net-worth individual  invests (HNWI). Besides, Miami, the other cities included in the report were Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, and Toronto. Findings in this report show the following:

• Top-tier      properties achieved record prices globally in 2012 with international      buyers driving the sales
• HNWIs are often more inclined to invest in an important      global market than in another city within their home country for second or      additional homes.
• Prestige residential real estate values will more      likely follow growth trends of non-consumable luxury goods such as fine      art more so than the growth trends of the general housing market.
• Cash transactions have dominated luxury property      acquisitions across many studied cities.

http://www.christiesrealestate.com/resources/v_1_1_20_1/siteresources/my%20folder/external-files/cire_whitepaper_mar2013.pdf

One of the bloggers, an anti-corruption activist and opposition leader, Alexey Navalny said on his LiveJournal blog. “He can finally move to Miami and live in peace, without hearing any complaints.”

Could that be the reason Pekhtin looks so jolly?

Are you ready to find your “peace” in Miami? Call Monica Betancourt

http://www.bloomberg.com/news/2013-02-20/miami-property-disclosure-forces-russian-lawmaker-to-resign-1-.html

Sunday’s Miami Herald front story reported one solution – bulldoze, build bigger and better and more luxurious. Case in point is the former home of Pat Riley. His palatial, 12,856-square-foot mansion which sold for $16.8 last year will soon come down. Apparently, the draw was the lot, “a rare fingerprint of prime land, nearly acres, jutting into the turquoise waters of Biscayne Bay.”

Click on the link and read more about it http://www.miamiherald.com/2013/02/09/3226102/mega-mansion-frenzy-buyer-snaps.html

With the influx of international buyers coming into our city every year, branded residences such as the St. Regis, Four Seasons, and the Ritz- Carlton are gaining momentum. After taking a hit during the economic downturn, the luxury Hotel-Condo concept is making a comeback and Miami Beach is one of the major US cities joining in the revival of these projects.

Slated to open in 2014 the Starwood Capital Group will convert the former Gansevoort on Collins into a luxury, eco-conscious hotel with 417 hotel rooms and 163 for-sale condos. According to Barry Sternlicht, chief executive of Starwood, New York and South Beach are the two strongest hotel markets in the nation and some of the strongest residential markets in the country. Come spring, Starwood will begin marketing the condos for sales. Prices are expected to average at $915 a square foot or $1M per residence.

http://online.wsj.com/article/SB10001424127887324445904578286363305138532.html

http://online.wsj.com/article/SB10001424127887323968304578250170640465496.html?mod=wsj_valettop_email