Even though the Federal Tax Credit ended in April 2010, South Florida home buyers still signed contracts at a great pace in May, catapulting the number of pending home sales up 54 percent in Miami-Dade and 51 percent in Broward, compared to the same month last year. This month proves again what THE GOLAN TEAM (786-271-1235) has been saying,
We are at the bottom of the curve and Buyers are jumping off the fence to grab properties before the prices and inventory are not there anymore.
The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.
How do all these numbers translate for our local communities where The Golan Team specializes and services their clients needs in the luxury Real Estate Market:
In the past 60 days 29 condos have closed in excess of $2.5m selling price, proving the luxury condo market is healthy and strong. Of these 29 properties the uber-luxury market is extremely healthy...
9 Uber-luxurious condos have closed in the past 5 weeks!!!
Setai condo PHB in South Beach - asking price $19,999,999 (4 bed 4 bath in 6208 sf) sold for $15,500,000
Santamaria Condo 4901 in Brickell - asking $12,900,000 (3 bed 5 bath in 10,000 sf) sold for $11,000,000
One Bal Harbour PH 2108 in Bal Harbour - asking $12,000,000 (4 bed 4.5 bath in 6200 sf) sold for $8,700,000
Fontainebleau II Condo PH-NO in Miami Beach - asking $9,800,000 (5 bed 5 bath in 4500 sf) sold for $9,000,000
Apogee Condo 904 in South Beach - asking $6,850,000 (4 bed 4.5 bath in 4,154 sf) sold for $6,550,000
Apogee Condo 1801 in South Beach - asking $6,795,000 (4 bed 3 bath in 4,154 sf) sold for $5,900,000
The Ocean Club (Tower 1) Unit 501 in Key Biscayne - asking $6,250,000 (4 bed 5.5 bath in 5403 sf) sold for $5,200,000
The Ocean Club (Tower II) Unit UPH4 in Key Biscayne - asking $5,500,000 (4 bed 6 bath in 5110 sf) sold for $4,800,000
Acqualina Condo PH4601 in Sunny Isles Beach - asking price $4,799,000 (5 bed 5.5 bath in 5735 sf) sold for $4,500,000
We will cover single family homes in our next posting.
If you are interested in purchasing or selling luxury condos or homes, please contact Eyal Golan at 786-271-1235 or write to us at info@golanteam.com.
Tuesday, June 8, 2010
Friday, June 4, 2010
New law could cause an influx of Bulk Buyers to Miami
This week, Florida Governor Charlie Christ signed a new law into effect that significantly changes current Florida condominium statutes and may give Bulk Buyers a leg up.
First things first: What qualifies an Investor as a Bulk Buyer?
Answer - Believe it or not, according to Regulators a Bulk Buyer is any investor who owns or leases out seven units or more.
Prior to the passing of this new law, the Distressed Condominium Relief Act, deemed Bulk Buyers with the same responsibilities of Developers such as construction warranties as well as other responsibilities in association control. This new provision which will go into effect July 1, 2010 has a limited two year time window but removes the responsibilities of the Developer on the Bulk Buyer.
"Condominum law defines a developer as anyone who creates a condo, but also creates or offers units for sale or lease in the ordinary course of business," says Mark Grant, a partner at Ruden McClosky law firm in Fort Lauderdale. He helped draft the Bulk Buyer provision. "With the new law, it is very clear that a bulk buyer does not fit into the definition of a developer --- they're exempt."
The Golan Team who have been involved with and following closely Bulk Sale purchases in Miami feel this is added bonus to Bulk Buyers who have been deliberating when to enter the market. "We have spoken with Buyers who were interested in making big purchases but were very worried about the potential liabilites or future liabilities that would fall on their shoulders if they were to burden the responsibility of the Developer" says Debra Golan, Managing Partner of The Golan Team, Keller Williams Realty. She continues, "Our Buyers were willing to pay for the units and manage the responsibility of holding, leasing and reselling of those units but did not want to be part of the running of the building or association." Another benefit to the new law is that Bulk Buyers no longer have to budget for possible litigation.
Two other major provisions of the new law include:
a) A provision that doubles the amount of condo assesments that Lenders will have to pay when they take title to in foreclosure, from six months to 12 months. Payments to condo associations have been one reason that some Banks have been relunctant to foreclose on condo units.
b) A provision that now Condo associations can suspend uses of common area facilities when owners fail to pay their assessments.
First things first: What qualifies an Investor as a Bulk Buyer?
Answer - Believe it or not, according to Regulators a Bulk Buyer is any investor who owns or leases out seven units or more.
Prior to the passing of this new law, the Distressed Condominium Relief Act, deemed Bulk Buyers with the same responsibilities of Developers such as construction warranties as well as other responsibilities in association control. This new provision which will go into effect July 1, 2010 has a limited two year time window but removes the responsibilities of the Developer on the Bulk Buyer.
"Condominum law defines a developer as anyone who creates a condo, but also creates or offers units for sale or lease in the ordinary course of business," says Mark Grant, a partner at Ruden McClosky law firm in Fort Lauderdale. He helped draft the Bulk Buyer provision. "With the new law, it is very clear that a bulk buyer does not fit into the definition of a developer --- they're exempt."
The Golan Team who have been involved with and following closely Bulk Sale purchases in Miami feel this is added bonus to Bulk Buyers who have been deliberating when to enter the market. "We have spoken with Buyers who were interested in making big purchases but were very worried about the potential liabilites or future liabilities that would fall on their shoulders if they were to burden the responsibility of the Developer" says Debra Golan, Managing Partner of The Golan Team, Keller Williams Realty. She continues, "Our Buyers were willing to pay for the units and manage the responsibility of holding, leasing and reselling of those units but did not want to be part of the running of the building or association." Another benefit to the new law is that Bulk Buyers no longer have to budget for possible litigation.
Two other major provisions of the new law include:
a) A provision that doubles the amount of condo assesments that Lenders will have to pay when they take title to in foreclosure, from six months to 12 months. Payments to condo associations have been one reason that some Banks have been relunctant to foreclose on condo units.
b) A provision that now Condo associations can suspend uses of common area facilities when owners fail to pay their assessments.
Tuesday, June 1, 2010
Golden Beach gets $25 million makeover
Last week we (The Golan Team - 786-271-1235) were working with a Buyer that asked us about property in Golden Beach. He referred to the area as the Malibu of the East Coast. What a true statement!
Golden Beach is a small private oceanfront community of just 374 homes and lots. There are no multifamily buildings, no commercial enterprises and the number of residents are just over 900. This city which has its own police force and mayor has always been a magnet for the incredibly rich and famous. It has boasted such past celebrity residents as Eric Clapton and more recently Ricky Martin who paid $16.25 million for his oceanfront residence in 2007.
So what did they spend the $25m on?
Originally this almost 2 mile long city had no sidewalks on Ocean Blvd (A1A) so the city has now installed sidewalks, cleaned up the ragged street edges, planted fancy palms in the median of the street, installed fountains at both ends of the city and built parks as well a complete renovation to the Beach pavilion. The most ambitious project of all is that they spent $6.4m to replace to bury every pipe and electrical utility under ground in waterproof conduits which now include cable, power and power lines. thus rendering all power storm proof. (This has only ever been done in one other city - Jupiter Island). This process took three years to complete. It came about after years of residents complaining that after a storm they would have to wade through ankle-deep water to get into their $10m+ residences.
To protect the privacy of their oceanfront residents, the City is also installing new infrared cameras and motion detectors along the shore. According to long legal convention the homes on the oceanside also have the private rights to the Beach (the water though is public so if you stroll along Golden Beach make sure you keep your feet wet!!!). This has come about due to the paparazzi that hung around the beach behind Ricky Martin's House perhaps to get a glimpse or two at his new twins and snap a photo or two for the tabloids!
Golden Beach is one of the wealthiest enclaves in Miami -Dade County. Except for a small section (2 blocks) in mid-Miami Beach there are no other single family homes directly fronting the beach with private sand. The average homeowner pays $95,000 in annual property taxes. It is made up of an almost 2 mile stretch along the ocean and three man-made islands fronting the Intracoastal. Most homes in the community are waterfront with boat docks.
The town financed the project by agressively going after State Grants, collecting a $4 million Federal Emergency Management Agency (FEMA) grant after suffering extensive storm damage as well as enacting spending cuts as well as a $14 million bond issue. The residents and owners were not assessed anything for the renovation.
"We've come up with a great little machine here," says three term Mayor Glenn Singer. "It did not cost taxpayers an extra penny, and we're right on time and under budget."
The Mayor feels that the city of Golden Beach is already feeling the benefit of the changes. There are currently 13 homes under construction or renovation in spite of the current recession.
Current Golden Beach Listings:
There are 68 homes/homesites for sale in Golden Beach. They range in price for a 1600+ sf 2 bed home asking $499,900 to a double lot fronting 250 feet of the ocean asking $19,950,000
To see all listings click here and use the arrows on the top left to scroll between the listings
For Sale click: Golden Beach listings for Sale
There are currently 28 properties in Golden Beach for rent ranging in price from $299/mth - $50,000/mth. To view these listings -
For Rent click: Golden Beach listings for Rent
If you want to schedule an appointment to view any of these properties please call us at 786-271-1235 or drop us a note to info@golanteam.com
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