New Downtown Miami $3 Billion Dollar Development Expected to Revolutionize Miami Area Real Estate

Everybody on the South Florida real estate market can’t seem to stop talking about Resorts World Miami, a planned development that will feature hotel,  convention, entertainment, restaurant, retail, residential and commercial space.

Back in May, the Genting Group bought about 14 acres of downtown Miami for $236 million.

That price is just a drop in the bucket, however, when you consider that the company is investing  $3 billion for the new development.

Continue reading to learn more about this incredible downtown Miami development – which some say is rapidly becoming one of the top five projects being built in the world.

South Florida Real Estate is About to Get a Major Facelift

The company Genting has big plans for their recently purchased downtown Miami site.  In fact, they hope the development solidify’s Miami’s reputation as one of the leading tourism locales in the world.

What’s more, this project will have a phenomenal impact locally by creating thousands of construction-related jobs as well as permanent jobs.

And recently, Genting announced that Resorts World Miami will be 3 million square feet bigger than originally announced.  That’s nearly 10 million square feet, filled with such amenities as:

  • 700,000 square feet of convention and meeting space
  • 200,000 square feet of ballroom
  • A super-luxury hotel, a contemporary hotel, a family hotel and a conventional hotel – totaling more than 5,200 rooms
  • Two residential towers with about 1,000 units
  • 250,000 square foot luxury retail center
  • More than 50 restaurants
  • Lounges, bars and nightclubs
  • Possibly even a casino!

According to one recent news article, Resorts World Miami will feature several outdoor terraces as well, including a 1,000-foot-long, 3.6 acre outdoor lagoon on one of the tower’s rooftops.

This project is so amazing, it’s hard to wrap one’s head around it.

But suffice it to say, when complete, this project will not only reshape Miami’s skyline, but the whole South Florida real estate market as well.

South Florida Real Estate Experts

It will still be some time before residents are able to move in to a unit at Resorts World Miami.  If you’d like to learn more information about this amazing development in the interim, however, contact me.

As your South Florida real estate expert, I’d be happy to answer any questions you might have as well as let you know about available listings at some of our other South Florida residential communities, including:

Until next time,

Scott

Scott Patterson featured on Fox News Today On South Florida Real Estate Story

When the last developable island goes on the market, it’s big news here in South Florida.

My listings of the 8-acre island in Aventura, FL was recently a cover story in the Miami Herald.

Now, a national cable news program is covering this amazing opportunity on the South Florida real estate market as well!

Fox News Broadcasting Live from North Island in Aventura, Florida All Day Today

I’m thrilled to announce that Phil Keating of Fox News will be broadcasting a story on South Florida Real Estate live from North Island at Island Estates all day today.  This coverage will also feature interviews with yours truly as well as aerial views of North Island.

The program will run from 10 a.m. to 8 p.m. today.  Fox news will be doing Liveshots every few hours.

Tune in at approx. 11 a.m. every few hours until 8pm to  see one of the best pieces of property available on the South Florida real estate market today.

South Florida Real Estate

Thinking about selling your South Florida home?  I can help!  Not only do I have experience selling single-family homes and condominiums in South Florida, I can also say I have experience marketing entire islands on the South Florida real estate market!

Contact me, Scott Patterson, your South Florida REALTOR,  to learn more about all of the amazing South Florida home seller services I provide, including:

Until next time,

Scott

 

More South Florida Home Buyers Are Using Cash to Purchase South Florida Homes for Sale

As it has become increasingly difficult to get a South Florida mortgage in recent years, more South Florida home buyers are using cash to purchase homes, according to recent real estate market data.

According to the National Association of Realtors, about 28 percent of 2010 home sales involved all-cash transactions.  This trend appears to be an increasing,  especially when one considers that in 2008, 14 percent of all real estate transactions were cash only.

In the Miami-Fort Lauderdale area, the prevalence of all-cash transactions is even more apparent.  In 2010, more than half of all transactions in the area involved cash buyers.

South Florida Home Buyers Find Getting a Mortgage Difficult

Some experts have suggested that the sluggish housing market has caused the increase in cash-only real estate transactions. Here’s why.

After the housing market bubble burst, many lenders tightened their belts and made it more difficult to get a mortgage.  According to a national survey by MortgageMatch.com:

  • 70.6 percent of Americans feel like the difficulty of getting a mortgage is a serious problem.
  • 32.3 percent of Americans found that understanding the mortgage process and meeting lender requirements is more difficult than getting the mortgage itself.
  • 79 percent of recent home buyers said that getting a mortgage was as difficult or more difficult than they expected.
  • 20.9 percent of home buyers said that it stressed them out more to wait for approval on a mortgage than to wait to hear back on a job opportunity.
  • 10.8 percent of borrowers said their lender charged them a higher interest rate than they were originally quoted or expected.
  • 20.7 percent of borrowers said that finding a lender that was easy to work with was a challenge.

All Cash South Florida Real Estate Deals Seen as a More Attractive Option

The recent data released on home buyers’ perceptions of getting a mortgage suggests that  the process is stressful, frustrating and upsetting.

Meanwhile, those home buyers who are opting to use cash on their real estate purchase are finding that the process is easy and even advantageous.

Home buyers who use cash only usually get 5 to 10 percent  off the asking price of a home as compared to those buyers who use a mortgage.

Many South Florida real estate experts agree that sellers prefer cash real estate transactions because they tend to be quicker.  In addition, the seller doesn’t have to worry about a bank rescinding  a mortgage deal.

Homes for Sale Available Now

Are you interested in checking out some of the properties available now in Aventura, Florida and other nearby communities such as Golden Beach and Hallandale? Then contact me, Scott Patterson, your South Florida real estate expert.

As your South Florida REALTOR, I’ll keep you up to date on more trends like this one in the Aventura real estate market as well as let you know of any Aventura homes that enter the Aventura real estate market.

South Florida Real Market Update September 2010

The number one question I get asked is “How’s the Real Estate market?” This South Florida Real Estate Market update video from the President of EWM Realtors Ron Shufflied provides great information for Buyers, Sellers and others to better understand our market from where we were 5 years ago and where we are today.

Feel free to call or e-mail me “Scott Patterson” with questions about your specific community or condo.

8 Year Snapshot of Single Family Real Estate Inventory In Miami Dade County

As a follow up to my recent real estate blog illustrating the Broward County 8 yr. real estate inventory, here is the 8 year graph of the Miami-Dade County single family market. This is a great illustration to truly understand the market, as you will see Miami-Dade and Broward Counties have similar graphs but keep in mind this is a summary of all the single family inventory and all price ranges in Miami-Dade county.  To completely understand the market, you need to remember the market is “Community Specific”, “Area Specific” and/or “Building Specific”, in other words you cannot compare one community to another as well as water v.s. non-waterfront.  Every city, community and subdivision is different and to get real specific information about communities such as: Golden Beach, Aventura, Sunny Isles, The Point of Aventura, One Island Place and Presidential Estates we would need to dissect them individually.

If you would like to get real estate stats on your community, feel free to contact me.