Category Archives: International Buyers

Brickell City Centre Is Set To Open This November

access_timeSeptember 8, 2016personScott Patterson

The Brickell City Centre located in Miami, Florida long-awaited opening is just around the corner. After years of speculation and construction; the waiting game is over. Starting November 2016, the doors will finally open. Here is a breakdown of the tenants whom have officially been announced.

Clothing: 100% Capri, 120% Lino, Addict, Adolfo Dominguez, Agent Provocateur, Armani Collezioni, BDBA, Crocus Studio, Chopard, Cole Haan, Intermix, In-Sight, Kiton, Koko & Palenki, LIVE!, Lululemon, Mirto, Orlebar Brown, Onda de Mar, Rhythm of Grace, REISS, SportsAction, Sundek, Ted Baker, Vilebrequin
Fashion and accessories: Addict, Audemars Piguet, Acqua di Parma, APM Monaco, Bally, Caudalie, Capritouch, Coach, Diptyque, Designer Eyes, Font, Harmont & Blaine, Giuseppe Zanotti Design, Italia Independent, Illesteva, IRO, Kendra Scott, Kreations. Leetal Kalmanson, Michele Lopriore, Nars, Nest Casa, Pandora, Porsche Design, Richard Mille, Santa Maria Novella, Stuart Weitzman, Westime, Valentino
Dining: American Harvest, Big Easy Winebar & Grill, Calissons du Roy René, DAVIDsTEA, Dr. Smood, Häagen-Dazs, Luke’s Lobster, Pasión del Cielo, Pubbelly Sushi, Quinto La Huella, Santa Fe Ca Café, Sugar, Taco Chic
Arts and services: the Apple store , AT&T, Bojanini Art Gallery, Brickell Nail Bar, Musart, Sean Donaldson Hair

A few newly announced tenants have been added to the list as follows: Bruno Magli, Carmen Steffens, Baldinini, Boglioli, Lafayette 148, Samsonite, SPARIS and Violetas/Baccarat.

Swire, Simon, and Whitman property group have previously announced the anchor tenants as well: Cinemex, Saks Fifth Avenue and an Italian food hall. The City Centre is expected to draw in over two million visitors per year.

Until next time,

Scott…

THIS WEEKS FEATURED LISTING

access_timeJuly 29, 2016personScott Patterson

* 513 Palm Dr. Hallandale Beach, FL 33009 *

513 Palm Dr. Hallandale Beach, Fl. 33009

Golden Isles waterfront estate listed for $3.249 million. This new contemporary home was built on an large Intracoastal 100′ x 150′ lot and its many features include: five bedrooms, five bathrooms and two half baths with over 5,500 sq. ft. living area and over 7,200 total sq. ft.. Lavish landscaping on this tropical modern setting, large beautiful backyard with an over sized pool, jacuzzi and beach pad.

This waterfront home has a large chefs kitchen, formal dining room, down stairs master suite, tray ceilings, custom light fixtures, motorized shades, and lots of natural light adds sheer beauty to this home. Golden Isles is a boaters paradise with the Atlantic inlet nearby! Call me today for a private showing: 954-661-8871

-Scott

Marina Palms Luxury High-Tech Marina

access_timeJune 2, 2016personScott Patterson

Marina Palms, North Miami Beaches’ newest addition to the city’s rapidly growing construction boom has opened its marina for business this week. The condo towers feature 468 unit ranging from 1-3 bedrooms. The Marina features 112 boat slips able to cater to boats up to 100 feet. Another key component to the marina’s unparalleled service is a full sundry store open to the public, and of course a high speed fuel point. Residents may enjoy the membership to a private boating club right from the marina ( pricing and availability may vary).

North Miami Beach, A city at the northeast point of Miami-Dade county Florida, is proud to be the home to the new Marina Palms Luxury Residences and Marina. The project will be fully completed by mid 2017 with only now the completion of the south tower which has just topped off. The history behind the location and the way that they incorporated it into the project really sets it apart from some of the other new construction in the area. An amazing article can be found here that gives you a detailed historical background on the area and the specific location of the project itself. Welcome to the new Miami everyone!

Demolition of the Dania Beach Hurricane Roller Coaster

access_timeMay 17, 2016personScott Patterson

They say, whatever goes up has to come down. The Dania Beach Florida Hurricane Roller Coaster in southern Broward County has been a landmark for residents and tourists since year 2000. Just this past week the demolition of the monstrous wooden structure has begun and it created a buzz through the south Florida community. The ride itself closed five years ago and hasn’t been operated since. Some are happy to see it go but some are sad and believe it or not, I rode when it reopened in 2000, lots of memories from my childhood on a wooden roller coaster!

Kimco Realty Group of New York is developing a 850,000-square-foot center in a joint venture with Master Development and Salzman Real Estate Advisors, Who have projects already through the Tri-County area of South Florida. This project will bring in about 17,000 construction jobs and 13,000 permanent jobs once its fully developed.

No leases of any retailers have been signed yet, But the 35-acre first phase, which will incorporate “big box” stores and discount retailers, is planned to open in the fall of 2017.

The second phase, which will include more retailers, restaurants, 1,000 residential units and two hotels, will follow in the fall of 2018. By that time, construction will be initiated on some of the 500,000 square feet of commercial office space.

Dania Pointe of Dania beach located just north of Hollywood Florida, will be one of the largest shopping centers in Broward County Florida. Dania Pointe will attract many visitors all the way from Southern Miami-Dade County up to The Northern parts of Palm Beach County because of Dania Beaches central location in South Florida. Over half a million cars pass by the location northbound on I95 per day! This development is sure to be a success and a great new addition to the city and South Florida.

Foreign Investors in the Miami Luxury Real Estate Market are Dwindling

access_timeApril 28, 2016personScott Patterson

Several years ago, the luxury real estate market in Miami was sustained by foreign buyers who sought to invest in multimillion-dollar waterfront properties. But that’s not the case today, at least for real estate investors in Latin America and Europe.

Fewer foreign investors are purchasing luxury real estate in South Florida, in part due to a global recession, as currencies in countries such as Argentina, Brazil, Mexico, Russia, and Venezuela have been devalued. In some cases, due to lower purchasing power, real estate investors are seeking properties in a lower price point than in years past.

Today’s Foreign Investment in Miami

According to the Miami Downtown Development Authority’s latest market study, all-cash transactions are decreasing. Market activity in 2015 was weaker than in 2014, in part due to the worsening global economy.

Compared with the US dollar, the purchasing power for many foreign currencies has dropped since 2014 and since 2011, with the most significant changes experienced by the Brazilian real (almost 59% since 2011), Russian rouble (more than 60%), and the Argentinian peso (almost 70%). However, there was a positive change to the purchasing power of one currency since 2011 — the Chinese yuen.

Will We See the Market Shift Toward Chinese Investors?

Between 2011 and 2014, the yuen‘s purchasing power agains the US dollar had to increased 8.61%, with a cumulative change of 0.45% between 2011 and 2016.

Recent moves by real estate developers, too, as reported in The Real Deal, have been made in an attempt to attract investors from Asian countries, namely China. And the Miami Herald reports that direct Chinese foreign investment in the US has increased by 30%, with more than $1 billion invested in the state of Florida by Chinese companies.

Will we see a shift from South American and European investors to Chinese investors in luxury real estate in South Florida? We will just have to wait and see.

Let’s Discuss Investing in Miami Real Estate

Are you interested in learning more about the Miami luxury real estate market, or investing in luxury waterfront properties? Let’s discuss this information. Just call me at 954.661.8871.

Report: Almost Half Of U.S. (and South Florida) Real Estate Transactions Are All Cash

access_timeJuly 10, 2014personScott Patterson

It’s a trend I have seen coming for a while here on the South Florida real estate market: all cash real estate deals are on the rise nationally.

According to recent data from RealtyTrac, all-cash deals represented 43 percent of all home sales during the first three months of 2014.

That’s a whopping 19 percent higher than it was a year earlier. And it’s also the highest level ever reported since RealtyTrac started collecting data in 2011.

South Florida Real Estate Market Mimics National Trends

Here’s what else RealtyTrac found about national real estate trends related to all-cash deals:

Cash home buyers paid an average of $207,668 for homes during the first quarter.
That figure is an average of 13% less than the properties’ average estimated value
Cape Coral, Fla., had the highest level of all-cash deals at almost 74 percent during the first quarter
The top five was rounded out by four other Florida cities: Miami (67 percent), Sarasota (65 percent), Palm Bay (64 percent) and Lakeland (62 percent).
Miami, New York, and California are attracting the most foreign buyers, most of whom are paying with all cash
In fact, in Miami, Latin Americans are putting down deposits that total 50% or more of the list price.

Experts credit these trends to these two main factors:

Stricter lending standards have made it more difficult to get a mortgage
Intense buyer competition means all-cash buyers have the upper hand.

Your Dedicated South Florida Realtor®

As I previously mentioned, I’ve been watching this trend grow for months on the South Florida real estate market. All-cash deals are definitely becoming increasingly common on the market.

Bottom line is that if you’re able to purchase a home with all cash, it’s a good route to take, especially if you’re in a competitive market like South Florida and you’re trying to secure the home of your dreams.

It’s an interesting real estate trend and I will definitely keep you posted as more develops on that front.

Regardless of how you want to finance your next home, however, I would love the opportunity to help you with your next home buying experience.

So contact me, Scott Patterson, today. I would be happy to answer any questions you may have as well as tell you about available listings in such communities as

Aventura
Hallandale
Sunny Isles

Until next time,

Scott

3 Reasons Why Miami Beach Is Enjoying Plenty of Overseas Money

access_timeFebruary 5, 2014personScott Patterson

As I noted in one of my recent blogs, the South Florida real estate market is enjoying quite a healthy boom of new construction condominium projects.

And these projects are being spearheaded by interested foreign investors.

Why are foreign nationals deciding to invest their money here in South Florida? Here are the top three reasons:

Their foreign currency is stronger than the U.S. dollar, which means a greater return on investment for them
The South Florida real estate market is seen as a luxury destination for people all over the world
South Florida real estate is so depreciated in value from the last few years that it magnifies the kind of return on investment these foreign nationals can get.

More Details on the Foreign Investment Boom in South Florida

It hasn’t been the easiest last few years for the South Florida real estate market, as detailed by a recent article I was reading. For instance, condo values dropped a staggering 60 percent from their peak, according to the Miami Association of Realtors. And available credit for interested home buyers was hard to come by.

But there’s a Renaissance of sorts taking place on the South Florida real estate market. It’s breathing new life in to the market, and a lot of that is thanks to foreign investors.

Here’s a look at recent activity in the condominium market:

There are 118 condo towers proposed in the Miami area, which includes 35 under construction.
The 41 towers that are proposed for downtown will add 12,100 new units. Although that’s a departure from the 22,000 units that were built between 2003 to 2008, it’s still a remarkable improvement!
And recently, the Commerce Department released data that showed nationwide residential building permits increased to their strongest pace since June 2008.
The department further reported that about one in three building permits issued this year has been for the large multifamily communities.
In the South Florida region (which includes Miami-Dade, Broward and Palm Beach counties), about 70% of residential construction permits issued through October were for multifamily units.
Meanwhile, about 85% to 90% of new-construction buyers are foreign, mostly from Latin America.

Experts are saying that developers have been encouraged by strong international demand that usually results in cash-financing. This model is viewed as safer than bank loans.

Consequently, a lot of developers are increasingly relying on buyers’ deposits to fund construction, versus debt from banks.

Experts are also saying that Miami is a microcosm that is being reflected on that national housing market. In truth, more markets are turning to multi-family buildings like the ones we’re seeing in South Florida because it was the single-family home industry that dominated during the bubble years before the market crash.

Although it’s true that most national construction is still single-family homes, the uptick in recent construction activity has been dominated by multi-family homes.

Buying and Selling South Florida Real Estate

It is definitely an exciting time to be navigating the South Florida real estate market, and that’s thanks in large part to all the interest we’ve been receiving from foreign investors!

If you’re thinking about buying or selling a South Florida property anytime soon, it would benefit you to work with a REALTOR® that has a firm understanding of the local housing market and its dynamics.

So contact me, Scott Patterson, today! I have years of experience working in this area and have helped scores of South Florida residents just like you!

Until next time,

Scott

French Top the Miami Real Estate Market for Most Interested Buyers

access_timeSeptember 12, 2013personScott Patterson

Move over Brazil, there’s a new international market that is newly interested in South Florida real estate.

According to a recent article I was reading, the French top the list for most consumers searching Miami area real estate.

This will undoubtedly have an impact on the local housing market as well as home seller strategy on attracting potential buyers.

South Florida Real Estate for Sale

The article I was recently reading noted that in June, the Miami Association of Realtors reported that France had moved into the top spot for consumers searching Miami homes on Miamire.com.

The association also announced that foreign consumers have become increasingly interested in Miami real estate.

Here’s what else the Association recently discovered:

This marks the second time this year that French consumers topped such a list. The last time this happened was in April.
Experts credit the surge in French interest to the fact that Miami has been exhibiting at the Paris expo every year since 2005, which has grown interest.
French buyers consistently rank in the top seven countries investing in Miami real estate, making it higher than any other European country.

The association also revealed the other top countries searching for South Florida real estate on Miamire.com, which is the Miami Association of Realtors Property Search. They are:

France
Brazil
Canada
Venezuela
Argentina
Colombia
India
Germany
Mexico
United Kingdom
Italy
Belgium

Experts also pointed out that this is the first time that Belgium even made an appearance on the list.

Your South Florida Real Estate Experts

So what does all of this mean to the average South Florida home seller? It means that there’s a broader prospective home buyer market to advertise too besides just domestic consumers.

It also means that it’s important for sellers to effectively use marketing materials to reach potential sellers all over the world.

This is made easier when home sellers work with seasoned South Florida real estate experts like me, Scott Patterson.

For help listing your South Florida home on the market, please contact me, Scott Patterson, today.

I’ll be more than happy to assist you as a home seller by offering valuable insight, intuitive home-selling resources and more!

Until next time,

Scott

Celebrities Move Over, There is More Money Coming to Town

access_timeJune 24, 2013personScott Patterson

In 2013 the amount of real estate that is being sold is truly record breaking in Miami-Dade and Broward Counties. Prices are up in every sector of the market, and most especially in the luxury condominium and luxury home markets. The inventory is so incredibly tight that homes that are priced correctly are receiving multiple offers as soon as they are listed or even before if it is a pocket listing. One thing that observers are remarking on is the continued demand. With nearly 160 new projects in developments and international cash buyers ready to put large cash down payments on pre construction condo developments, there is little doubt that this market is still on fire.

Celebrities are even taking advantage of the sellers market. Billy Joel sold his home last week for just under $14 million on La Gorce Island, and this week Rosie O’Donnell sold her Star Island Mansion for just under $13 million. Billy Joel will likely break even on the purchase after brokers fees are paid, however O’Donnell will nearly double the money made on the property, since she bought the property in 1999 for $6.75 million and sold it for $12.65 million. While the home was listed last year for $19.5 million, and was reduced, she was advised correctly to sell. Matt Damon also sold his home on North Bay road at an advantage. At the very least this indicates the market is back to 2006 conditions, if not approaching another level, reaching the top echelon of investor.

Celebrities are selling, not to leave Miami per se, but because it would be fiscally irresponsible not to. The property values are sky rocketing, and taxes will likely be raised, especially for non-homesteaded waterfront home owners. So who is buying all this incredibly expensive real estate? The answer is billionaires. Alex Rodriguez sold his home on North Bay Road to a group of the Saudi Royal Family, and Billy Joel sold his home to the largest share holder of Saks Fifth Avenue and the owner of Tod’s Shoes. So not only are the celebrities and big name athletes selling their homes, they are making profits, and making way for a newer and vastly more wealthy crowd. This real estate market is most certainly the market to watch, and if you are looking to take part in it, contact us today.

Miami-Dade County, Florida Real Estate is Booming!

access_timeApril 13, 2013personScott Patterson

Things are continuing to look up for the South Florida real estate market, according to the most recent data released.

Evidently, more and more investors are coming to South Florida to get a piece of the action – which in turn is strengthening our local housing market.

Miami, Florida Area Homes for Sale

According to the most recent article I read in the Miami-Herald, plenty of private equity firms in the area are snatching up prime South Florida real estate lately.

For example, Fort Capital recently purchased the historic Surf Club in Surfside. It is expected to be revitalized and later sold.

That’s what the company did after it bought most of the Capri South Beach along with other coveted pieces of South Florida real estate.

Experts say that the South Florida market is getting hotter and hotter, with demand rising.

This is particularly true in the hotel arena, where investors are buying and building hotels left and right!

The latest activity reflects a national trend in which the lodging industry is expected to spend more than $5 billion this year on upgrades that range from redesigned lobbies to additional fitness centers and restaurants.

Here in South Florida, some of the more specific drivers to this recent hotel boom include rising tourism numbers, scarcity of available land and more lenient lending policies.

Here’s what else you should know about the South Florida hotel industry:

Through September, hotels in Miami-Dade were more than 76 percent full, which is up slightly from the same period a year before.
Room rates in South Florida increased by 7 percent to almost $163.
Revenue per available room in South Florida also grew by about 8 percent year-over-year to $124.55.
Hotel transactions volume is expected to be about $650 million in the county this year, up 13 increase when compared to 2011

You may be thinking to yourself – that’s great but what exactly does this mean for the South Florida residential housing market?

Since everything is inter-connected, more interest and investments in the South Florida hotel market will likely lead to more interest and investments in the South Florida real estate market as well!

Your South Florida Real Estate Expert

To learn more about how the current hotel industry boom here in South Florida will benefit the local residential housing market, please contact me, Scott Patterson.

I’ll also be happy to assist you with all of your home-buying and home-selling needs on any one of the following South Florida real estate markets:

Until next time,

Scott