Monday, December 26, 2022 / by Dave Magua
The pandemic disrupted Miami residential real estate in extraordinary fashion, dramatically inflating prices and demand for housing and forever altering the way people think about work, education and lifestyle. At the peak of this unprecedented cycle, bidding wars erupted as soon as listings hit the market, to the spectacular benefit of sellers and agents like me.
But this cycle was never sustainable and has obviously come to a bumpy end. Data clearly shows that the great rush has been over for months, with today’s Miami buyer pool cutting a sharply different profile. Last year, they were making quick decisions; now, they are much less desperate and infinitely more discerning. Time and patience have taught them that they don’t need to be tied down to any particular location, and decision-making has become more difficult. Economic concerns about interest rates, jobs, the stock market and a looming recession that did not exist in 2020 and 2021 are also major factors. Todayk ...
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Monday, December 12, 2022 / by Dave Magua
The pandemic disrupted Miami residential real estate in extraordinary fashion, dramatically inflating prices and demand for housing and forever altering the way people think about work, education and lifestyle. At the peak of this unprecedented cycle, bidding wars erupted as soon as listings hit the market, to the spectacular benefit of sellers and agents like me.
But this cycle was never sustainable and has obviously come to a bumpy end. Data clearly shows that the great rush has been over for months, with today’s Miami buyer pool cutting a sharply different profile. Last year, they were making quick decisions; now, they are much less desperate and infinitely more discerning. Time and patience have taught them that they don’t need to be tied down to any particular location, and decision-making has become more difficult. Economic concerns about interest rates, jobs, the stock market and a looming recession that did not exist in 2020 and 2021 are also major factors. Today&r2 ...
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Friday, December 9, 2022 / by Dave Magua
The owner of high-end gun manufacturer Kimber, known for its 1911 pistols, bought a condo at Estates at Acqualina in Sunny Isles Beach for $21.3 million.
Leslie Edelman bought unit TS3407 in the south tower of the condominium project at 17901 Collins Avenue from the developer, records show. Edelman owns Troy, Ala.-based gun manufacturer Kimber. The company’s website lists the Los Angeles Police Department’s SWAT team, the U.S.A. Shooting team, and U.S. Marines as customers.
The $1.8 billion Estates at Acqualina is the Trump Group’s third development in Sunny Isles Beach. The Trump Group, led by Jules Trump, is not affiliated with former president Donald Trump.
The two-tower project includes the completed 49-story, 154-unit south tower, and a 50-story north tower that remains under construction. Prices for units in the development start at $4.2 million, and go as high as the $85 million asking price for a three-story unit the co-founder of Euro ...
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Wednesday, December 7, 2022 / by Dave Magua
Aria Development Group and Merrimac Ventures are planning a new Miami Worldcenter condominium project after acquiring a redevelopment site for $17.5 million.
The joint venture acquired the International Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, records show. Aria and Merrimac also bought an adjoining vacant parcel for $6.5 million from an affiliate of Miami Worldcenter master developers Art Falcone and Nitin Motwani, according to a press release. The assemblages totals 1.2 acres.
A Colliers team led by Mika Mattingly and Jack Lowell represented Aria and Merrimac, which opened sales for 600 Miami Worldcenter this month. Plans call for a 32-story tower with roughly 600 fully furnished units with no restrictions on short-term rentals, according to online brochures. Prices start at $395,000 and OneWorld Properties is leading sales for the project.
Miami-based Aria, led by princi ...
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Tuesday, December 6, 2022 / by Dave Magua
A retired aviation chief sold his waterfront Admirals Cove home in Jupiter for $11 million.
Harry “Sonny” Berry and his wife Eileen Berry sold their mansion at 109 Schooner Lane to Michael Coughlin, records show.
Harry is the founder of Berry Aviation, a private aviation company headquartered in San Marcos, Texas. Berry Aviation contracts for private charters and government aviation work. The company made headlines in 2017 for its involvement in a military evacuation in Niger that went awry, CNN reported.
Robert Thomson of Waterfront Properties had the listing, and Brenda Calcavecchia of Illustrated Properties brought the buyer.
The Berrys bought the half acre property for $6.9 million in 2019, records show. Built in 2016, the home spans more than 9,600 square feet, five bedrooms, six bathrooms, and two half bathrooms. The property also includes a pool, outdoor kitchen and private dock.
The property is set in a gated yachting community. Admirals Cove includese ...
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