Alex Shay specializes in luxury real estate in Miami Beach , Miami, and throughout South Florida , in Coral Gables, Key Biscayne, Fisher Island, Pinecrest, Cocoplum, Gables Estates and surrounding South Florida communities. Call 786-344-8776 or visit www.alexshay.com 1 | Coral Gables Vacant Lot Sold For $10.65 Million | | @August 19, 2010 20:29:49 PM | | Top | | |  A Coral Gables lot directly behind Alan Potamkin's house, sold and closed this week for $10,650,000. The lot measures more than 2.5 acres and is lined by the waterway leading directly into Biscayne Bay.
Last month there were rumors that LeBron James, the newest addition to the NBA's Miami Heat, was trying to buy the Potamkin home, but when the Miami Herald finally spoke to Mr. Potamkin, he denied that there were any ongoing negotiations for the purchase of his mansion.
The Potamkin property was listed for $49.5 million, and remained on the market for sale for more than a year, before the listing expired, with no buyers anywhere in sight. The hefty asking price chased away any would-be buyers. 
The vacant lot behind Potamkin's estate was listed for $15,700,000, and sold for a 32% discount. Although the location of the property can be said to be one of the best in Coral Gables, it pales compared to Potamkin's property, because it faces the canal and has no view to speak of.
The seller lost money on the deal. The lot was purchased in 2003 for $10,500,000, and although it just sold for $150,000 more than that, carrying costs, and commissions forced the seller to take a loss. The property remained on the market for sale for 2 years and 3 months, before finally closing on August 16. |
2 | Real Estate Community On Fire Over LeBron James' Housing Options - Miami Herald Interview With Alex Shay | | @July 10, 2010 11:35:22 AM | | Top | | |  The Miami Herald wrote an article yesterday, after a telephone interview with this writer. It appears in today's print version of the paper. There are some inaccuracies in the article;for example, I did not say that LeBron James made a $49.5 million offer. The following is the text of the conversation.
Even before LeBron James announced he'd be coming to South Florida, which South Florida luxury home he would choose was being discussed
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
July 9, 2010
What piece of prime South Florida real estate is fit for a king?
LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.
According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.
Some of those properties -- and some unlisted mega-mansions -- have been in the spotlight this month, as rumors swarmed that James had been shopping for real estate in South Florida in recent days.
On Thursday, Miami-based luxury Realtor Alex Shay began hearing rumors from other agents that James had put in a $49.5 million offer on a Gables Estates home being sold by auto tycoon Alan Potamkin.
The home, at 11 Casuarina Concourse, in Coral Gables, features 20,088 square feet of living space, eight bedrooms, 11 bathrooms and 800 feet of water frontage.
``It's a great big property on three great big acres of land -- it has all the bells and whistles, it has all the goodies that you want in a home,'' said Shay, who posted the rumor on his real estate blog. ``It's the second-highest priced property in Dade County.''
The most expensive home, an Indian Creek Village waterfront mansion listed at $60 million, is still under construction.
Other homes for sale in that neighborhood include a six-bedroom, six-bath listed at $12.9 million, a 17,000-square foot mansion listed at $17.9 million and a Mediterranean style villa with seven bedrooms listed at $6.5 million. Heat president Pat Riley also owns a Gables Estates mansion.
If James, 25, wants to settle in at a bachelor pad in one of Miami's luxury condominium buildings, he could opt for a high-rise in downtown Miami or South Beach.
A website launched weeks before James decided to come to Miami pitched a 4,200-square-foot Miami condo as ``LeBron's Future Miami Penthouse.'' It features 20-foot floor-to-ceiling windows, view of Biscayne Bay and, an extra perk, it's right across the street from AmericanAirlines Arena. The corner unit, at Marina Blue condominium, is on the market for $3.3 million.
Judging from the castle James will be leaving behind in Ohio, a condominium would likely mean a major space downgrade, so speculating Realtors are betting he'll end up in a single-family home.
James built a 35,000-square-foot mega-mansion outside of Cleveland in 2008, completely razing the 11-bedroom home that was on the land in order to erect the giant abode. The home includes a theater, recording studio, casino and more.
``Barbershop, bowling alley, ATM machine, Starbucks, all that,'' he told Jimmy Kimmel in a 2009 interview. ``You're going to have to do a show live from my house.''
With South Florida's home values still far below their peak, James could end up getting a bargain on a luxury property.
``He could probably make a great deal,'' Shay said. ``It depends on the house or the seller or the motivation of the seller, but there are good deals out there.''
Read more: http://www.miamiherald.com/2010/07/09/1723461/real-estate-community-on-fire.html#ixzz0tHx6K5Nx |
3 | LeBron James Tries To Buy Alan Potamkin's House in Coral Gables | | @August 19, 2010 19:54:28 PM | | Top | | | 
LeBron James is trying to buy Alan Potamkin's house in Coral Gables at 11 Casuarina Concourse, according to reports heard all over Miami today. Priced at a cool $49.5 million, Mr. Potamkin has been trying to sell the property since April 2009.
The one-of-a-kind breathtaking 8 bedrooms, 11 bathrooms estate on the open bay waterfront is situated on the finest lot in exclusive, gated Gables Estates. This 20,088 square feet grandiose home boasts 800 linear feet of waterfrontage and sits on a 3.6 acres lot, with a 100 feet dock to accommodate up to a 150 feet yacht. 
There is a private guest suite with a lighted tennis court and courtyard on its own acre of land. Three suites with full baths, an upstairs master suite with a full gym, a billiard and media room are just a few of the featured highlights. Luitron lighting and a 12 camera security system are installed thrughout this estate.
LeBron James, for those of you who haven't heard, is one of the NBA's finest basketball players. He announced 2 just hours ago that he is coming to Miami to play for the Miami Heat. The Miami Heat hope that LeBron will help to bring an NBA championship to the city. |
4 | Palm Island Home Sold For $11,950,000 | | @June 29, 2010 01:03:26 AM | | Top | | | 
Palm Island in Miami Beach is one of South Florida's finest communities. Centrally located, it takes only 10 minutes to drive to the Miami International Airport, and 5 minutes to drive to world renowned South Beach, aka SOBE.
Recently, a luxury home on Palm Island sold for $11,950,000. The property, located at 55 Palm Ave. is situated on a lot measuring 30,000 square feet, with 100 linear feet of water frontage. The restored 8 bedrooms, 9 b athrooms house, is very spacious with more than 12,000 square feet of living space, and boasts 12 feet high cathedral ceilings, and beautiful views of the intercoastal water way. Most noteworthy is that the property was previously purchased in 2003 for $2,900,000 and then again in 2004 for $3,400,000. The 1920's house was subsequently restored with a 10,000 square feet addition, and sold once again -- for a whopping profit. Could prices in Miami be climbing again -- not, or does the new owner know something that the rest of us don't? Is this sale a precursor of a once again active and thriving Miami real estate market? The next 12 months or so should bring some answers. |
5 | Miami Beach Luxury Home Sold For $16 Million | | @June 13, 2010 22:21:39 PM | | Top | | | 
Yesterday a gorgeous Miami Beach home located at 88 La Gorce Circle on prestigious La Gorce Island, sold and closed for a whopping $16 million, $3.5 million less than the listed price. The property was on the market for sale since January of 2008, when the newly built mansion was originally listed for a cool $25 million.
The property boasts 260 linear feet of water frontage, on a 48,024 square feet lot, with a state of the art mansion, measuring 17,183 square feet. The 10 bedrooms home, built just 2 years ago, is replete with an elevated guest house, an over sized rooftop terrace, a staff house and a 5-car garage.
This magnificent estate is one of only a very few Miami luxury homes to sell for more than $1000 per square foot of living area. To many people that may seem quite remarkable, but not so, if you consider that condos in Miami Beach buildings such as the Apogee and the Setai, have fetched more than $2000 per square foot. |
6 | Rick Pitino's Miami Home Reduced to $13,900,000 | | @May 20, 2010 22:02:08 PM | | Top | | | 
The Miami home of Rick Pitino, former NBA New York Knicks coach, and coach of the University of Louisville basketball team since 2001, has been on the market for sale since mid-September 2008, with no takers at the $14,900,000 asking price. Mr. Pitino recently reduced the price by $1,000,000, hoping to bring in a buyer for his ultra-luxury mansion located on Indian Creek, one of Miami’s most exclusive communities.
The island has only 40 waterfront properties, and is an incorporated city with it's own police force, private country club and golf course. A public safety department was created by the city in 1994, in order to provide security and medical services to this entirely exclusive and private community.
Mr. Pitino’s home is a stunning 2 story Mediterranean waterfront mansion, situated on a 53,696 square feet lot, with 7,295 square feet of interior living area, featuring 5 fabulous bedroom suites, 6 and one half bathrooms, a state of the art kitchen, a gym, and open balconies and terraces with gorgeous panoramic views.
The property next door was also recently for sale for $12,900,000. The slightly larger home, with 7,888 square feet of interior living space, is situated on a 53,736 square feet lot. At the end of March, the property was sold –- for $9,300,000. |
7 | Real Estate On The Front Line Of Luxury | | @April 28, 2010 21:29:02 PM | | Top | | | The video clip of the documentary below was recently produced for Plum TV. The first minute or so includes a part of an interview that Plum TV did with me. I was asked to respond to questions regarding luxury real estate in Miami.
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8 | A-Rod Sells His Miami Home for $8,500,000 | | @March 19, 2010 19:47:09 PM | | Top | | | 
A-Rod, New York Yankees star, and the most famous player in baseball today, just sold his home in Coral Gables for $8.5 million, a whopping $3.5 million less than the $12 million he paid for it in 2004. Located at 181 E Sunrise Ave., the 6 bedrooms, 6 bathrooms, 8,300 square feet house, is situated on one of the finest lots, measuring well over an acre, in a guard-gated Coral Gables community. 
The private bayfront sanctuary features breath taking oceanfront views, and the property offers the finest in waterfront yachting, entertaining and living. When the New York Yankees star separated from his wife some time ago, A-Rod, whose real name is Alex Rodriquez, moved out of the house, and rented a home on Star Island for several months, as his Coral Gables home remained on the market without a buyer. This week he finally sold the home, 14 months after the property was first listed for sale. Few people could afford to take such a huge loss on a home sale, but when you are one of the highest paid atheletes in the world, perhaps the loss doesn't seem quite as dramatic. |
9 | Premier Guide Miami Interviews Alex Shay About Real Estate Today | | @March 07, 2010 00:45:42 AM | | Top | | |  Prominent Real Estate specialist, Alex Shay, discusses the ups and downs in the real estate market, and what it will take for the market to recover.
Alex Shay is a Miami Beach luxury real estate expert who has been in the business for over 20 years. Some of his clients include hedge fund managers and business executives.
Some of Miami’s most beautiful homes are featured on his website AlexShay.com.
Here is what Alex Shay has to say about Miami’s Real Estate.
PGM: You have been in the Real Estate business for a very long time. What lessons have you learned over the years?
AS: I have learned a lot. I have seen that in Real Estate, when dealing with luxury properties, you see the best in people and you also see the worst in them. I have been in this business for many years, and it is still a learning process. I am still learning, today.
PGM: What is the most important thing you have learned in dealing with your clients?
AS: The clients that I deal with, require top quality service, from a broker who knows what he is talking about and who knows what he is doing. You have t realize that these people have bought homes before they ever got in touch with you. They basically know what they are doing in terms of money and what they want. So basically, as a realtor I feel I am there to serve them, and once I identify the property that they want, I am there to negotiate the deal.
PGM: you are saying that the people who are buying in the market that you represent right now, are well educated on the market and their purchase?
AS: Not necessarily, but if they are not educated — for instance, you can have someone coming in from Europe or South America who is not educated on the market but wants to buy something in Miami. That person is going to be educated before buying anything. They wont really put out the money without first knowing what it is they are buying.
PGM: Is this the toughest period for real estate?
AS: The toughest since I have been doing it, and from what I understand, it is the toughest that it has ever been, at least in our lifetime.
PGM: Do you think there is any chance of recovery anytime soon?
AS: Absolutely. I think we are at the bottom right now. I think we are going to stay at the bottom at least until the end of the year. If you buy something in February or March of next year you will probably pay the same thing you are paying right now. After a while, maybe in 2011, things might start to even out, in terms of the market becoming more balanced. Right now there are many sellers and very few buyers. By the time next year rolls around there are going to be more buyers in the market place, Right now, people are still not spending their money.
PGM: Why is it so difficult for sales to go through right now?
AS: The most important thing about buying a home — people generally don’t pay cash, they borrow the money from the bank, and banks are not lending money except to the most qualified buyers. A few years ago, if you had a decent credit score, you could get a loan. Right now if you have a somewhat decent credit score — you might have to come up with as much as 40% of the value of the property, whereas, in the past you didn’t have to put down more than 20%. If you have the best credit you still will have to put down at least 20%, but probably more, unless you are buying the house under value.
PGM: You are an expert in real estate, what makes you an expert in this field?
AS: Knowledge of the marketplace, information, negotiating skills, and most of all, being able to get the deal to close, which is most important, once there is an agreement between buyer and seller. It is one thing to identify the right property, and another to negotiate the deal, and to make sure the contract gets signed. The most important is getting the deal closed.
PGM: What would have to happen in the market for things to turn?
AS: Sellers would have to come to the realization that the market is not what it was before — you cannot expect to get the same price for your house or condo as you could have gotten in 2004 or 2005. Also, more buyers will have to start coming out, and they will; and sellers must become more realistic.
PGM: Who are some of the people you have worked with in the past and who are you currently working with?
AS: I have dealt with celebrities, lots of wealthy people, some of the wealthiest people in the world, whose names you wouldn’t know because they are not famous. Basically a lot of people who buy luxury homes are surgeons and wealthy businessmen, some of the wealthiest people around. Luxury homes costing 2 million dollars and more can only be purchased by about 1% of the population, because only a relatively few can afford to buy such properties.
PGM: There are people who get a lot of listings, would you say that is the most lucrative way of doing real estate?
AS: Yes. The first thing that I learned in real estate it that listers last. You must list if you are going to be a successful agent in the real estate business, but in a market like this, if you can find a buyer, you are a hundred times better off, because there are so many listings on the market now.
PGM: Is this a good time for someone who is interested in Real Estate to get into the market?
AS: The best.
PGM: Why so?
AS: From the business end — let’s put it this way — for someone to start working in real estate in this market — no, it is the worst time, but for someone who is just getting into the business, and who wants to learn, and who can support themselves with savings for about 9 to 12 months, it’s a great time. It is going to take you about a year to know what is really going on in this business. A year from now things are going to start moving a bit, so if you are prepared, that’s great. If you need money now, it is not a good time to start working in real estate.
PGM: Tell me what contributed to the bust of the real estate market in miami?
AS: Inflated prices-GREED-that’s it-GREED!
PGM: Some of Miami’s most expensive homes are featured on your site. What does it take to sell these homes?
AS: From a sellers point of view, you want to be able to identify the right buyer for one of these homes, which right now, is not the easiest thing to do. Although there are a lot of people out there looking, the only people who are really buying in the luxury end, are those who can buy a property for less than market value. For example a beautiful home on North Bay Road, closed for $3 million, which is less than the value of just the lot. I don’t know what the situation was, but I know that the seller must have been really desperate to sell, because he sold it at a very low price.
PGM: How do you identify a buyer?
AS: A buyer is someone who fulfills 3 criteria — ready, willing and able. The buyer has to be ready emotionally, he has to be willing to go ahead and buy, and he has to be able to buy. What does able mean? He/she either has the money, or can borrow it.
PGM: Say someone calls you up on the phone inquiring about purchasing a property, how do you know that person is genuine?
AS: I am not going to show a property to a unqualified buyer. There is certain information that is required from this person to determine whether or not he/she has the ability to buy a house.
PGM: The foreclosure rate is extemely high in Miami. Is it only in the low end or in the high end as well?
AS: Most foreclosures are in the lower end, but a few are also in the high end. There was a recent high end foreclosure of the famous music producer, Scott Storch’s house, on Palm Island. That property was later bought by Rockstar Energy Drink.
PGM: Do you believe that sellers will continue to reduce their asking prices to save themselves, if the economy gets worse?
AS: I think sellers will reduce their asking prices out of necessity. They will never do it otherwise.
PGM: What are the most important things buyers look for when house hunting?
AS: A deal. Most people are interested in a deal, particulary nowadays. They are also interested in the area, the security, the value, the condition of the property, and so on.
PGM: Why should someone buy a house as opposed to a condo, right now?
AS: I don’t know if someone should buy a house as opposed to a condo, except that there are fewer houses than there are condos, and house prices have already dropped to the bottom. Houses arent going down much more. Condos still have a little room to go down in the next year or so, because there are so many of them. There are buildings that havent been finished, and there are developers who are trying to sell units in buildings that were built 4 or 5 years ago, and some of those buildings are still half empty. If you are looking strictly for the investment, then you might want to buy a house, but, on the other hand, there are certain things you cannot get in a house unless you are spending millions — things which you can have in a condo for far less, such as security. If you are going to get a house behind a guard gate, you will be paying a lot of money to do so.
PGM: Where would you say is the best place to purchase a condo in Miami?
AS: The most popular building is the one that has the least amount of condos — the Apogee on South Beach, The other one is the Setai on Collins Avenue.
PGM: How about Downtown Miami? has it become quite a buzz lately?
AS: If you want to live in downtown Miami, the best place to get an apartment would be the Icon Brickell because some of the condos have gone down as much as 50% in price. They are beautiful apartments in a great area. I would say the Icon Brickell would be a pretty good deal right now.
PGM: Do you have any advice for someone who wants to buy now?
AS: Make your best deal. |
10 | Lil Wayne Selling Murano Grande Miami Beach Condo | | @February 19, 2010 21:47:26 PM | | Top | | |  Lil Wayne, rapper, actor, CEO, and fashion designer, is trying to sell his South Beach condo for $2.8 million. The 4 bedrooms, 3.5 bathrooms condo is on the 26th floor (unit 2601) of the Murano Grande, located at 400 Alton Road, in Miami Beach.
The 37 story Murano Grande is a 3 tier tower, directly on Biscayne Bay, in the heart of South Beach, and consists of 270 condo units, ranging in size from 1,400 to 3,990 square feet. At this time, 47 of the Murano Grande condo units are available for sale, from $430,000 to $3,900,000.
The condo boasts a 270 degrees wrap-around terrace, with amazing views of the Atlantic Ocean, Miami Beach, Government Cut, Fisher Island, and the Miami skyline. The spectacular Murano Grande condo building features a state of the art spa, a resort style pool, a tennis court, and great concierge and valet service.
DJ Tim Westwood asked Lil Wayne, in an interview last week, about rumors that the condo would be difficult to sell because of the strong marijuana odor throughout the apartment. The soon to be jailed rapper responded, "We're not having trouble selling it, but all the other stuff is true. The people that are coming to look at it like that more about it. That's like waking in Bob Marley's crib and you still smelling weed and his bed still messed up, and food still on the table. They're like, 'Leave all that shit. I want to buy all that shit.'"
Dwayne Michael Carter, Jr. (the 27 year old rapper's birth name), purchased the condo in August 2007 for $3,100,000. Lil Wayne is awaiting sentencing, after he pleaded guilty to a charge of attempted criminal possession of a weapon. It hasn't stopped him from working hard in Miami, shooting about a dozen videos to promote his recent album "Rebirth".
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11 | Scott Storch Miami Beach Luxury Home on Palm Island Sold On The Cheap | | @February 18, 2010 12:14:58 PM | | Top | | |  Miami Beach luxury home sales are still dismal, although there is a feeling among those in the real estate business, that things will pick up somewhat this year. One of the reasons that home sales are likely to improve, is that people interested in buying a home or a condo, who have been waiting for the market to improve before taking any investment risks, are slowly entering the market place, looking for great deals on luxury properties.
One great deal was made last week on a property on Palm Island, known as Villa Ferrari, recently owned by music producer Scott Storch. According to the Miami Dade County public records, the property consists of a house with more than 20,000 square feet of living space, on a 30,000 square feet lot, and is located at 70 Palm Ave.
Storch bought the home in 2006 for $10,500,000, but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6,750,000, a great price for a 20,000 square feet Palm Island house, if you are a buyer.
The house was not in good shape, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.
Weiner Russell Trust, the buyer, is actually Russ Weiner, founder and CEO of Rockstar Energy Drink, a company that produces a beverage touted as the world's most powerful energy drink. |
12 | Credit Suisse New Owner Of Miami Beach Gansevoort South Hotel | | @February 01, 2010 23:53:08 PM | | Top | | |  Credit Suisse took ownership of the Gansevoort South Hotel in Miami Beach last Thursday, after a New York auction produced no bidders for the 334 room, trendy South Beach resort. The previous owners, father and son team William and Michael Achenbaum tried, unsuccessfully, to find a buyer for their $89 million outstanding loan, before the foreclosure took place last week. Credit Suisse plans to sell the hotel, which presently carries a $390 million first mortgage.
Michael Achenbaum said that operations at the hotel will remain the same, and that the Achenbaum's company will continue to manage the popular Miami Beach resort. The Gansevoort South has been a hot spot to sto p for celebrity party goers such as Fergie and her husband Josh Duhamel, and Lady Gaga, among others.
The hotel's 334 guestrooms average over 730 square feet of living space, and boast spectacular views of the ocean, bay, and city. State-of-the-art technology, and oversized bathrooms with separate shower and bath, are featured in every room of this now bank-owned resort. Any buyers? |
13 | South Beach Burger King To Sell Beer & Burgers | | @January 22, 2010 22:38:57 PM | | Top | | | 
photo courtesy of AP
South Beach Burger King will soon open a restaurant with a Whopper Bar, where customers will be able to buy a beer and a burger. A whopper combo, including a burger, Anheuser-Busch or MillerCoors beer, and fries will cost $7.99 at the Miami Beach restaurant.
Last Friday Burger King announced that the bar,which is scheduled to open in South Beach in mid-February, will have delivery service, as well as a walk up window and an outdoor dining area. Only beer will be unavailable for delivery. The first whopper bar opened last year in Orlando, Florida.
The beers will be sold in aluminum bottles to keep them cold, and will cost $4.25 if purchased alone. Chuck Fallon, president of Burger King North America, told the Associated Press that more bars are being considered in cities like New York, Los Angeles and Las Vegas. "You can have America's favorite beers with America's favorite burger," Fallon said. |
14 | Miami Condo Prices At Icon Brickell Continue To Fall | | @January 17, 2010 17:55:55 PM | | Top | | | 
Miami condo owners, who have listed their condos for sale, have all become acutely aware of the steep fall in value of their apartments. The over development of many huge buildings with hundreds of apartments, and no buyers, along with the foreclosures of thousands of other condos in Miami, has brought the condo market to it's lowest level in memory.
The good news is that condos can be purchased at prices that would have otherwise been unthinkable. Luxury real estate at low prices, relatively speaking, has become the norm in Miami.
The Icon Brickell, a 3 tower complex, with 1,796 units, one of the biggest developments in Miami in recent years, has dropped prices more than 50% on units in the third tower. Condos in the Icon Brickell that were selling for $680 per square foot, just a few years ago, can now be purchased for as low as $298 per square foot of interior living area. Condos in the other two towers have dropped about a third in value.
Related Group, the developer of the ultra luxury 3 tower project, is counting on Latin American buyers to come in, and snatch up the multitude of available units, at the steeply reduced prices. For those interested in living in a great area in the heart of Miami, the Icon Brickell is a good choice, and an opportunity to live in a building that is state of the art. |
15 | Miami Beach Commissioners Say No To Dolphin Stadium Tax | | @January 16, 2010 18:36:21 PM | | Top | | | 
Dolphin Stadium, as Miami residents well know, will host the Superbowl for a record 10th time next month. The Superbowl is a real boon for the city, which has not only experienced the effects of the long lasting recession, but has also seen real estate prices fall dramatically over the past few years, and people forced out of their homes by foreclosure.
Next month, money will come into the community, lots of it, thanks to the Superbowl, and the many visitors it brings to Miami. Hotels and restauraunts, retail stores, and many other businesses will benefit from the upcoming event.
Of course, in business, as everyone knows, one hand washes the other, so to speak, and the owners of the Dolphins would like to benefit as well. They want the citizens of the Miami area to help them with renovating the stadium, so that they can remain competitive for future Superbowl bids.
If the Dolphins get the help they want, it won't be from Miami Beach tax payers, thanks to Miami Beach Commissioner Jerry Libben, who proposed a vote to just say no to any tax imposition on the residents of Miami Beach. Last Wednesday, the City Commission voted unanimously, in a 6-0 vote, and passed a resolution stating that no public funding would go to any future renovations of Dolphin Stadium. |
16 | Miami Luxury Homes Sold For Bargain Basement Prices | | @January 12, 2010 21:01:23 PM | | Top | | | 
Miami luxury home at 221 Casuarina Concourse, Coral Gables, Florida
Miami luxury homes have been selling at a snail's pace in the past few years, with only 42 luxury homes with water frontage, sold in greater Miami Beach in 2009. Miami and Coral Gables have also experienced dismal home sales and huge price drops. All of this points to a bottoming out of the luxury real estate market in Miami. More luxury home buyers have re-entered the marketplace, and more sales are closing.The 11,402 square feet, 8 bedrooms, 11 bathrooms home, situated on a 34,876 square feet lot was purchased in 2006 for $9,775,000, and closed last month for $2,025,000 less than the seller paid for it 4 years ago, in February 2006. Many home sales in Miami have mirrored this one, as sellers become more realistic, and realize that times have changed dramatically, particularly with respect to the Miami real estate market. Many Europeans are visiting Miami this month, and some of them are taking advantage of the best buyer's market that Miami has seen in many years. It can truly be said that there has never been a better time than now, to make a great deal on a luxury home or condo in Miami. |
17 | Miami Beach Glass House Sold For $5.6 Million | | @January 08, 2010 22:04:19 PM | | Top | | |  Miami Beach luxury real estate buyers are trickling back into the marketplace this month, as evidenced by more showings of luxury homes, more pending sales, and more closings. Last week, a beautifully updated Miami Beach home on Lakeview Court sold for $5,600,000.
"The Glass House-Miami Beach" as seen on Plum TV-true Zen living, is an authentic, modern one of a kind home, with Italian interior sliding glass doors, a Bofi kitchen and Bofi bathrooms, and C.G.I. hurricane impact windows and doors. A Japanese soaking tub, a guest house,a theatre, a gym, a heated infinity pool with a wading area lap pool, a hot tub, an enormous outside covered patio area, and a full summer kitchen are some features that make this home truly unique.
The 5 bedrooms, 6.5 bathrooms, 7,153 square feet house, located at 544 Lakeview Court, is situated on a very large lot measuring 39,496 square feet, just short of an acre (43,560 square feet), and boasts 200 linear feet of water frontage on Surprise Lake. The Miami Beach property was listed for sale for $6,495,000, and remained on the market for 351 days, before closing last week. |
18 | Miami Watson Island Developer Buys Another Month | | @January 08, 2010 22:48:00 PM | | Top | | |  Watson Island Garden Development Project Rendering "I think that with this letter we achieve half of what we set out to do last week, and that is to have Flagstone current on payments to the City of Miami," Flagstone attorney Alexander Tachmes of Shutts and Bowen, recently wrote to Miami city officials.
The Island Garden Development on Watson Island, which, 9 years ago, received approval to break ground, from the city and residents of Miami, is at a stall. According to reports, the developer claims that it has become difficult to begin construction, due to the economic meltdown.
Island Garden is a $400 + million waterfront project between the City of Miami and Flagstone Property LLC, intended for public and private use. Island Garden was expected to be a one of a kind destination in South Florida with a mega yacht marina, 2 luxury hotels and residences, expanded retail spaces, dining, entertainment and cultural facilities. A project that was intended to bring tourism dollars, and an estimated 12,500 jobs to the city, now seems like a lost hope.
The developer has not paid rent in 6 months, and is in debt to the city for $498,000, according to reports. After negotiations with the city, he was granted more time to come up with the money. However, he is negotiating a reduction to the $83,000 per month rent. The city is concerned that it will not receive the money due. Public documents show that Flagstone is in debt to the tune of $128,442 in outstanding balances, nearly $2.14 million in liens, and more than $913,000 in lawsuits.
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19 | Bank Of America Tower Renamed Miami Towers | | @January 08, 2010 22:48:53 PM | | Top | | |  Ranked the third highest skyscraper in Miami and Florida, the Bank of America Tower at International Place, formerly the CenTrust Tower, will soon have a new name. Effective January 1, 2010, the building will be named Miami Towers.
The 47 floors skyscraper is mainly used for commercial office space, with major tenants such as Bank of America, UBS, American Arbitration Association, and Foley & Lardner LLP, among others. The building is also comprised of restaurants, an executive health club, a park-like sky terrace, an auditorium, a car wash, dry cleaner, florist, atm, metro mover, sky terrace, and a walkway to the Hyatt Hotel and Convention Center. 
The iconic Downtown Miami landmark is known for its distinctive night time illumination of shocking colors, commemorating festivities, sports events and other celebrations. Often used to host elaborate and exclusive events, one could pay to have the towers illuminated in a custom theme.
The building is one of many featured on the backdrop of the stage of The Tonight Show. It’s also featured in several films, video productions, and TV shows. The roof was the set of Gloria Estefan's 1994 video for "Turn the Beat Around".
The dramatic 3 tiered glass structure is a popular Miami landmark.
Contributed by Daedrian McNaughton Premier Guide Miami |
20 | Miami Beach Loews Hotel Plans $35 Million Renovation | | @December 27, 2009 10:51:18 AM | | Top | | | .jpg) The Loews Hotel in Miami Beach, located at 1601 Collins Avenue, is one of 18 hotels in the USA and Canada, operated by the New York based company, and is arguably one of the finest hotels in Miami, with 790 rooms, including 50 luxury guest suites, 2 presidential suites, and 6 restaurants and bars.
Loews, which spent approximately $135 million on it's Miami Beach operation, before opening it's doors in 1998, recently announced a $35 million renovation, with plans to renovate all of the guest rooms, upgrade the lobby and build new retail stores. According to Loews Hotel Chief Executive Jonathan M. Tisch, the renovation is necessary to remain competitive with other luxury hotels, such as the 1,504-room Fontainebleau Miami Beach Hotel.
Tisch told the South Florida Sun-Sentinal that he expects business to increase by 10% in 2010, with an improving economy, although he admits that he is uncertain of the long term effects of the global economy on consumers. Notwithstanding, Tisch plans to open a 19th hotel in mid-town Atlanta, and is looking into buying up distressed hotel properties in popular cities like Boston, Chicago, and San Francisco. |
21 | Indian Creek Island Home To Victoria's Secret Model Adriana Lima | | @January 29, 2010 22:17:10 PM | | Top | | | 
Image by wenn.com
Indian Creek, an exclusive island just north of Miami Beach, has recently become home to Brazilian Victoria's Secret model Adriana Lima, 28, and her husband, professional basketball player Marko Jaric, 31, who just agreed to a contract to finish the remainder of the Spanish League season for Real Madrid, a european professional basketball team. The couple, who recently had their first child, plan to remodel the 1958 house, a 7,582 square feet structure, situated on a 1.84 acre lot, with 200 linear feet of water frontage on beautiful Biscayne Bay.
The home located at 22 Indian Creek Island Road, is one of only 40 waterfront properties on Indian Creek Island, sometimes referred to as America's most exclusive municipality. The island is an incorporated city with it's own police force, and a private country club and golf course. A public safety department was created by the city in 1994, in order to provide security and medical services to one of America's finest communities.
The estate was listed for sale in March of this year for $12.9 million, but the price was dropped 3 months later, to a more reasonable $10.95 million, before the property was sold and closed this month for $9 million.
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22 | Venetian Islands Luxury Home Finally Priced To Sell | | @December 23, 2009 01:35:59 AM | | Top | | |  The Venetian Islands, located in Miami Beach, stretch to Miami across a span of 7 bridges called the Venetian Causeway, the oldest of metropolitan Miami's causeways, as well as one of the most charming areas in Florida. The 6 Venetian Islands are surrounded by Biscayne Bay, and feature amazing views of the water and downtown Miami, not to mention some of the finest luxury homes in Miami Beach. 
One of those luxury homes has been on the market for sale since February, and is worth mentioning now, because it is a magnificent Mediterranean estate, which has finally been priced to sell. The spacious 5 bedrooms home, located at 1350 S. Venetian Way, Miami, boasts 7,991 square feet of living space, and has rooms that could be used as additional bedrooms if needed. 
Listed in February of this year for a whopping $6,950,000, an incredibly high price, given today's market conditions, the owner dropped the price 2 times, and now has it advertised for $4,985,000, a reduction of almost $2 million. With a private dock, boat lift, and direct ocean access, set on an over sized lushly landscaped lot, measuring 12,250 square feet, with 70 linear feet of bay front, 5 upstairs bedrooms, and a new, drastically reduced asking price, the property is likely to be sold in the next few months. |
23 | Miami Beach Gansevoort Hotel Up For Auction | | @February 01, 2010 23:33:22 PM | | Top | | | 
Miami Beach has certainly seen it's share of economic turmoil during the past few years, and on January 28, one of it's stellar hotels, The Gansevoort South, located at 2377 Collins Ave, now in the foreclosure process, is going to be auctioned to the highest bidder. The trendy 334 room hotel, owned by father and son developers William and Michael Achenbaum, opened on South Beach just 2 years ago, and has become a central meeting point for celebrities, as well as Miami Beach's young, hip party people.
The Achenbaums say that the hotel is making money, but the project's weak condominium sales have put the hotel in a poor financial position. A few days ago they issued a statement to the press, claiming that the hotel is "profitable, and capable of covering it's respective debt."
In addition to it's 334 hotel rooms, the Gansevoort has 259 condominium units, 63,000 square feet of shops, restaurants, and salons, and a marvelous rooftop pool. It also has an outstanding mortgage of $314,000,000. To save the hotel and condo operation, the Achenbaums are attempting to buy back an $89,000,000 mezzanine loan that has been declared in default by the lender, Credit Suisse. The Achenbaums are trying to avoid the end of January auction. |
24 | Beachfront Realty Home Sales Show Improving Real Estate Market | | @December 04, 2009 08:15:31 AM | | Top | | | 
Home sales are improving in Miami, and the numbers tell the story. Beachfront Realty, one of the largest privately owned real estate firms in the State of Florida, with 3 offices, and more than 1,500 real estate agents, closed more than $56,000,000 in sales last month.
According to Beachfront's owner, long time Broker Ed Roberts, sales have improved month after month, since the beginning of 2009. Although many of the sales have been on the lower end of the market, sales of luxury homes have also shown promise, with a recent high-end sale of an apartment in the Jade Brickell in Miami.
Beachfront Realty home sales are a very good barometer of market conditions in the Miami area. Realtors associated with the company are located all over South Florida, and sales that take place, range from the low end to the most luxurious homes and condos in Miami.
The months of September and October were also very good for the firm, considering the depressed real estate market Miami has experienced over the past few years. In September and October 2009, Beachfront Realty closed over $50,000,000 in sales each month, and all signs point to an improving real estate market in Miami. |
25 | Home Sales At Highest Level In 2.5 Years | | @November 23, 2009 22:15:33 PM | | Top | | | Home sales increased remarkably in October, reaching the highest level in 2.5 years, albeit an inordinate number of those sales were to first time home buyers rushing to take advantage of the federal government's soon to expire tax credit. Nevertheless, the news is wonderful, and may be an indication that the worst is definitely over. Check out the video clip below, about the present state of the real estate market.
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