STATS ON SALES AND PRICES IN BRICKELL AND DOWNTOWN
Let's review the mid-year sales in Brickell and Downtown. Let me tell you I was shocked at first. In the selected condos we notice a huge drop in the volume of sales and in the sales prices. Overall the number of units sold dropped 33% in Brickell and 28% in Downtown compared to 2015. Moreover, the prices per sqft decreased in Brickell from $649/sqft in 2015 to $498/sqft in 2016 and in Downtown from $478/sqft in 2015 to $453/sqft in 2016. But let's not worry and let's check in depth the statistics.
For instance, we notice that at the Asia and at the Jade Brickell the number of units sold increased slightly 33% compared to 2015 but they were sold for a lower price, an average of 11% less. The Plaza condo is the only one stable in terms of volume of sales (30 units sold), but on the other hand the prices dropped from $471/sqft in 2015 to $436/sqft in 2016.
Downtown Miami has a similar situation compared to Brickell. Here, the volume of sales dropped of 34% overall and the prices decreased of 3%. However, the MarinaBlue Marina Blue condo, the 1800 Club and the One Miami condo have seen their sales prices increase respectively of 1%, 13% and 8% compared to 2015. Those three condos have reached above the $400/sqft mark in this first semester of 2016.
Finally let's keep in mind that this analysis doesn't take into consideration pre-construction projects which nowadays draw the majority of sales in those areas. And let's remember that in June the prices of South Florida homes and condos increased by 6.9%.
C'EST ROUGE AT FAENA!
Two weeks ago I discovered with a friend of mine the Faena theatre. It was such a great experience that I recommend to all of you to try it, even if it's a little expensive, it's worth it.
During the whole month of September and October you have the chance to view an awesome show by Blanca Li at Faena Theater.
Every Friday at 10.30pm and Saturday at 8pm and 10.30pm you can experience a burlesque night show: C'est Rouge! I would recommend you to go to the latest one so you can first enjoy a drink at the Living Room lounge and afterwards dance at the Saxony club.
This show is composed of different and tasteful performances. It retains its peppiness and devotion to every cabaret detail, from the choreography to the costumes. It's the perfect mix of entertainment, humor and beauty. The repertoire is a turnover of Latin America, jazz and R&B's rhythms played by a septet band.
MIAMI BEACH VS SHORT TERM RENTALS
Who doesn't have a friend, colleague, cousin, boss renting his apartment on a short term basis in Miami Beach? Well, that era is soon ending. The hotel industry is the first economic source of income for the city so imagine how upset you would be if Airbnb was eating up part of your income?
Short terms, multimonth and weekly rentals are illegal in Miami Beach and 62% of revenue comes from illegal practice. Airbnb landlords have been fined by the city hall for a total of $1.6 million since March 2016.
Hoteliers are really involved in this battle and they want to solve the problem to protect their business. Some of short term owners think that the law is trying to protect just the luxury hotels.
60% of Airbnb's revenue in Miami Beach is made by landlords that list their properties for short term. The city has the highest percentage out of 14 cities in the US. This represents $76M of revenue linked to illegal practices. The City hall is giving penalties to illegal online advertisement and to unregulated renter. Some of them have been evicted. Some single owners have reached $100,000 in fines and a rental company has been levied $240,000 for a property rented on a short term basis in Venetian Island.
On the south beach map here above you can see that only the areas in pink/purple and yellow are allowed to do short term rentals. Be careful when you buy a unit if your realtor tells you that you can rent it short term!
Miami is stepping up in terms of artistic performances so enjoy as many as you can.
In South Beach the most re-known condos allowing monthly rentals are the Decoplage , the Yacht Club and the Flamingo .
ALTER RESTAURANT IN WYNWOOD
Did you know that there are plenty of new and trendy restaurants in the Wynwood neighborhood?
Last month I went to Kyu and three weeks ago I discovered yet another restaurant called Alter.
Ok I was a south beach girl but now I'm pleased to go beyond my limits!
It's a casual environment with concrete walls, a small and quaint outdoor space which reminds you of a neighborhood restaurant in New York city.
I didn't expect at all such a fine cuisine, and I'm half French Italian so I kind of have a good palate. Try first the delightful soft egg sea scallop espuma. I asked the chef for the recipe but he said it required too many utensils to make it at home. Then, get the grouper cheeks and have your friend get the morels and artichokes or the rice. The menu changes according to the season but these recommendations should be there.
I couldn't imagine such a great dinner from a warehouse restaurant. The environment is simple intimate and delicate exactly like the new American cuisine they offer.
Deal of the month: #3807 at 900 Biscayne