Financial Information

Real estate market in Downtown Miami



HOW ARE SALES DOING IN DOWNTOWN ?

For those who have been following our newsletter for the past months, you know already that prime building in neighborhoods like South Beach or Brickell have experienced a decrease in sales compared to the same period last year. The Downtown neighborhood compared to these areas has been less affected by the market slowdown with an overall increment of around only 1%.

Downtown has always shown an upstanding sales behavior. Probably because condos are newer compared to South Beach and still have outstanding water views compared to Brickell. For the past years, Downtown had a great acceptance from buyers looking for a place in Miami with the Brickell vibe and a more affordable price. In 2018 there was a 23% increase in sales compared to 2017.

According to our internal study of 8 prime condos in the neighborhood, sales in 2019 have showcased a slowdown compared to previous years. Five out of the eight condos studied showed a decrease in sales. The only 3 condos that had an increase in sales were Marina Blue with a 63% increase, 1800 Club with 57% and 900 Biscayne with 9%. However, we can't generalize as the condo market in Miami increased 3.5% which even if it's a slowdown, it's still positive.

What is causing this increment are low mortgage rates and the new tax law in favor of Miami's real estate market to US buyers. The prices/sqft have also decreased a -0.8%, which has pushed sales up.



NOW-COMPLETED ONE THOUSAND MUSEUM CONDO

The extremely sought after One Thousand Museum condo designed by Zaha Hadid architect's firm, began closings last week.

After 4 years of waiting, the 62-story, 84-unit ultra luxury exoskeleton condo received the temporary certificate of occupancy which allows buyer to start closing deals!

The One Thousand Museum is 60% sold already, with a starting price of 5.8 million that goes up to over $24 million.

This incredible condo will feature a rooftop overlooking Biscayne Bay, a spa and relaxation pods, a fitness center with yoga facilities, a theater, an off-site beach club, a sky lounge, a resort style pool, and more!



AIRBNB APPROVED HIGH-RISE IN DOWNTOWN

Natiivo condo powered by Airbnb is the first condo designed for home-sharing in Miami. With an estimated delivery date on mid-2020, this condo will house 604 units with a starting price of $300,000.

The Natiivo condo is fully dedicated to help and encourage owners to rent their place while they're not using it. With a large list of optional resources, lessors will be able to lay down and relax while the condo does the rest.

Imagine having the option to get a stress-free housing management service onsite dedicated to taking care of guests needs and requirements. In the Natiivo condo you could, but be prepared to pay a variable fee of 25% of the rental income.

The building is perfect for visitors, as it will have co-working spaces, a resort style pool with cabanas, a bar and grill by the pool, 5-star fitness center with its own private peloton studio, and more!

Unit features are nothing more than unique! Owners can buy a fully furnished unit with Urban Robot furniture, with the option of choosing digital locks for easy entry and with an extra closet to store personal belongings while renting the unit. Natiivo condo is all about flexibility and adaptability!

BEST EATERIES IN MIAMI

Eateries or Food Halls is the latest trend in Miami's restaurant industry. Finding different options in one same place has shown great public acceptance. In this article, I'll show you my top-3 eateries that you certainly need to try.

La Centrale: If you are a fan of Italian cuisine, you need to try this eatery. Featuring bars, caff├ęs, markets, wine shop and restaurants of the most exquisite Italian inspired quality, you won't be able to leave before trying it all!

Citadel: The citadel is all about creativity. Here you can find handcrafted cocktails, local artisan food, and market-driven retail. Gather with your friends and family in a unique space where you will feel the real community sense. My personal recommendation... go to the rooftop bar and enjoy beautiful city views and live music.

Lincoln Eatery: Designed by Arquitectonica, Lincoln Eatery brings 16 artisan spaces with a beautiful decoration and style. It is more a "grab & go" style, with the authentic Miami Beach experience.



DEAL OF THE MONTH: YACHT CLUB #2703



- $750,000

- Ocean views

- High floor

- 1,080 sqft

- 2 beds / 2 baths

- $694/sqft

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