Miami-Dade County is Attracting Diverse Buyers in Popular Neighborhoods

The Miami-area has some of the most amazing real estate options for primary or secondary homebuyers and investors in the world. Along with arguably the most beautiful neighborhoods in South Florida, living in Miami-Dade County offers residents a lifestyle full of year-round golfing, sailing, boating, beach life, nightlife, luxury shopping, dining, and natural parks. Whether you desire to live in a luxury high-rise with an ocean view, or a quiet luxury home in a securely gated community, Miami has the perfect real estate option for every type of homebuyers dream.

International and Domestic Buyers Show Strong Interest in Miami

Recently, Miami has become a strong buyer’s market, making it a solid place to invest with a stable real estate economy. The area is popular for investors from around the world, but specifically from South America, since legislation is more favorable for buyers here in Florida than in some areas where they are coming from. Additionally, Miami-Dade County offers a prime location with a major international airport and close proximity to their home countries.

Canadian buyers are also showing an increase in interest in purchasing homes in South Florida due to several factors. From long, harsh winters, to a strong real estate market in Canada that has encouraged some to sell their primary homes, more “snow birds” are taking up permanent residences in South Florida. In 2017, Canadians made up nine percent of all foreign buyers in the market, up from six percent just a year prior to that.

Domestic buyers are flocking to South Florida now that the new tax bill has made lower-taxed states like Florida more attractive to people coming from higher-taxed areas such as New York and California. With a relatively lower cost of living, an attractive homestead exemption option, and no state income tax, South Florida has become a haven for high-net-worth individuals who want to enjoy a warmer, more luxurious lifestyle.

Neighborhoods Attracting Buyers

Miami has many popular neighborhoods where buyers are most interested in investing in real estate. Each of the most popular areas offers a slightly different type of lifestyle, but all are in close proximity to each other, giving residents flexibility in movement and a change of pace if desired.

Coral Gables/Coconut Grove and Gables Estates

Coral Gables and Coconut Grove offer residents the opportunity to disconnect from the urban core of the city, without being far from vibrant shopping, dining, and entertainment options. From wide, tree-lined streets in the Gables to the tropical “old Florida” landscape leading to the Bay in the Grove, these areas of the county are popular with buyers looking for a close-knit community and primary residence for their families.

Within the Gables and the Grove, buyers find exclusive luxury communities such as Gables Estates, Tahiti Beach, Cocoplum, and the Moorings. Some of the highest-priced houses on the market are in these neighborhoods, and the water views, amenities, and privacy give immense value to these stunning homes.

Miami Beach

Miami Beach and the surrounding islands have recently had some record-breaking deals. In early May of 2018, South Beach had a sale of $26 million for a luxury penthouse in the “South of Fifth” neighborhood. With 360-degree ocean views, five bedrooms, and an outdoor entertainment space for 40 guests, this Ocean Drive penthouse was previously the highest-priced residential transaction in the last 12 months in Miami-Dade and the highest paid on South Beach since 2014. Shortly following that sale, the Star Island mansion of South Beach Investor and former playboy, Thomas Kramer, sold for $33 million, showing that the market is strong, and buyers are paying attention. And adding to the California flight theory, a buyer from California just paid a record-breaking price of $32 million for a La Gorce Island “spec” house.

Miami Beach offers a more beach-chic lifestyle, with beautiful large homes or glamorous luxury condo buildings. Both investors and full-time residents eye this area as a top neighborhood in Miami-Dade.

Brickell

If a buyer is not interested in the tree-lined streets or the beach, perhaps he or she will find a home in the urban city core, which offers some of the most exceptional views of Biscayne Bay and the surrounding area. The Brickell neighborhood is quickly becoming one of the most popular areas in Miami-Dade County. Sometimes referred to as the “Wall Street of the South,” Brickell is home to a large assortment of both domestic and international banks, as well as many large legal and accounting firms, high-end hotels and condo buildings, and fabulous celebrity chef-inspired restaurants. What makes this neighborhood attractive to buyers is its central location in the city and the luxury urban lifestyle offered by most of the high-rise condo buildings that line Brickell Avenue.

In 2017, Brickell was the most active housing market with 500 investment properties available for purchase. With people moving into the area for work and play, investors can easily use their units as second homes or rental property options, making this neighborhood a highly attractive investment for both domestic and international buyers.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

 

References:

Baumgard, J. (2017, July 17). Miami’s 21 most expensive homes for sale, mapped. Retrieved from https://miami.curbed.com/maps/miami-most-expensive-homes-map

Brocato, L. (2018, May 22). Record-breaking Miami Beach penthouse sells at $26 million. Retrieved from https://miamiagentmagazine.com/2018/05/22/record-breaking-miami-beach-penthouse-sells-26-million/

(2018, February 20). Canadian buyers loom larger in South Florida’s residential market. Retrieved from https://therealdeal.com/miami/2018/02/18/canadian-buyers-loom-larger-in-south-florida-residential-market/

(2018, May 22). Tax Reform Drives Sales Of Miami Luxury Homes. Retrieved from http://www.globest.com/2018/05/22/tax-reform-drives-sales-of-miami-luxury-homes/

Miami Real Estate Market: Top Neighborhoods – Q4 2017 | Mashvisor. (2017, November 25). Retrieved from https://www.mashvisor.com/blog/miami-real-estate-market-q4-2017/

Rodriguez, R. (n.d.). Former home of South Beach investor and playboy Thomas Kramer sells for $33 million. Retrieved from http://www.miamiherald.com/news/business/real-estate-news/article213002759.html

(2018, June 05). Rob Arnott pays $32M for La Gorce mansion in Miami Beach. Retrieved from https://therealdeal.com/miami/2018/06/04/rob-arnott-closes-on-most-expensive-resi-purchase-in-miami-dade-since-2015/

 

Luxury Home Sales in Miami Continue to Rise

 The Miami luxury home market is having a fantastic 2018 and is continuing to prove to be strong through mid-year. With the new tax laws in place, many buyers are considering choosing a luxury home in Miami over homes in much higher taxed states, providing a flood of potential new buyers into the market.

Sales See Double-Digit Increases

At the beginning of 2018, sales volume and prices for luxury homes saw double-digit gains with a 16% increase over this time last year. Total luxury home sales were up by 12% in the first quarter with 421 homes sold compared to 375 last year, according to the Miami Association of Realtors.

March was a big month for luxury home sales with a 10% hike over March of 2017 sales, with 75 total homes sold this year compared to 68 last. With increased prices and quicker sales and high-demand for waterfront properties as primary or secondary homes, we are experiencing the Miami market becoming one of the fastest growing luxury markets.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

 

Latest Smart Home Technology to Give Your Home the Ultimate Luxury Feel

When you buy a beautiful luxury house in South Florida, you want to make into a special home for you and your family by customizing it to fit your desires. Whether you are traveling regularly, or if you prefer to stay local and use the amenities you have available in your own backyard, your luxury living space should be an expression of who you are and complement your lifestyle. Safety and security are important when considering how to outfit your home, but comfort and convenience should also be a priority when incorporating décor and technology into your space.

Upgrading your home into a “smart home,” is becoming easier with a variety of brands and gadgets to choose from when creating a technologically integrated home. With several major tech companies coming out with central command gadgets and smart home integration, you can choose exactly how you want to customize your smart home experience. When considering different brands, look for intuitive and accessible controls, and ask about how each piece of technology can enhance your user experience.

Here are some suggestions of smart home technology that will give your home the ultimate luxury feel.

Smart Locking Systems

When you’re away from home, you want to make sure that your investment and all the valuables inside are safe from harm. Consider securing your entries and exits with smart lock technology. This technology works off of apps on your phone, where you can lock and unlock the doors and entrances to your home. Most of these apps also give you the ability to see visitors at your door through a camera feed that is accessible through the app.

One smart home start-up company called “Latch” is working with developers locally in South Florida to install their technology in several buildings in the Miami area. Latch allows the user to lock or unlock any door in the building using the app. Another company, “August SmartLock Pro,” works with Apple’s Homekit, Alexa, and Google Assistant to lock and unlock doors through its app. You can even program some of these devices to work off of your phone’s GPS and unlock the door when you are close, creating an ease of entrance as you don’t have to fumble for your keys. With smart locking systems, you can check on the security of your home from anywhere in the world when you access the app on Wi-Fi.

Motorized Window Shades

Who wouldn’t love to sleep in a pitch-dark room and wake up to the sun? With motorized shades, you can program them to move up and down whenever you would like. You can create the experience of shades rising and falling with the sun, and complement that with interior lighting that automatically turns on as the shades fall in the evening. By purchasing a central network hub similar to ELAN Entertainment and Control system, you can work with the different technologies in your home to create a perfectly customized experience for your lifestyle and sleeping needs.

Smart Lighting

Lighting and technology go hand-in-hand whether your goal is to set the mood when entertaining or highlighting specific luxury assets in the home. For example, an ELAN system can operate the lights automatically based on the schedule you would like them to be on, and it can even coordinate the lights to synchronize to any music of your choosing. Additional smart lighting can be incorporated into your in-home art galleries, allowing you to showcase your prized art possessions in the lighting that best favors them. A system such as Lutron Homeworks Lighting and Shades can be integrated into your ELAN system and turn your home into an entertainer’s dream.

Indoor Security

In addition to your smart locking system, you may want to consider some additional security for inside your home. Interior cameras such as the Amazon Cloud Cam can be accessed through apps on your phone wherever you are around the world. Concerned about an activity inside the home while you are traveling? With easy-to-access cameras inside your home that can even be connected to your central command, you can take a peek at the interior of your home at any time, giving you the peace of mind to enjoy being away.

Smart Kitchen

In most homes, the kitchen is everyone’s favorite room. Take yours to the next level by incorporating the latest culinary technology. Smart kitchens can be outfitted with wireless kitchen devices and wireless power for mobile devices and others that you may need in your cooking space.

With a wireless kitchen, you have the ability to free up counter space and keep dangerous wires away from sinks and stoves. It is a truly practical luxury technology that is sure to win over the chefs in your family. URBANEER is partnering with the Wireless Power Consortium to release a wireless kitchen in the summer of 2018. The main feature of this kitchen is the countertops that feature built-in wireless power. This wireless charging will not only allow consumers to charge handheld devices, but also computers, and kitchen appliances such as blenders, coffee makers, and toasters right on the counter. By incorporating a wireless kitchen into your home, you are providing for the ultimate luxury experience.

Seamless Experience

The best part of making your home a smart home is the ability to cross-integrate your technologies to have a seamless experience whether you are at home, on your yacht, or in your private plane. With a central command unit, such as Apple’s Homekit or Amazon’s Alexa, you can enjoy your home entertainment preferences wherever you are. You can keep the family safe by ensuring all security features are set, as well as find your favorite entertainment settings ready to go while signed into your accounts from any location. Sign into your technology from you are, and your settings will pop up and give you that “at home” feel even if you’re on the move.

From safety to comfort and convenience to beauty, these luxury technologies can help you turn any luxury house into a smart home with an ultimate luxury feel.

For professional advice on all aspects of buying or selling real estate, please contact Audrey Ross at aross@miamirealestate.com or (305) 206-4003 or visit her at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

References:

Louis, C. S. (2018, April 25). Keyless entry comes to South Florida apartments with Latch start-up. Retrieved from https://miami.curbed.com/2018/4/25/17255746/latch-smart-home-lock-keyless-entry

(2018, May 28). Start building a Siri-controlled smart home with these HomeKit devices. Retrieved from https://www.gearbrain.com/apple-homekit-smart-home-devices-2571791017.html

Wille, C. (2018, April 26). Sarasota’s SmartHouse Integration creates user-friendly, integrated home networks. Retrieved from http://www.jacksonville.com/news/20180423/sarasotas-smarthouse-integration-creates-user-friendly-integrated-home-networks

Best Smart Home Devices for 2018. (n.d.). Retrieved from https://www.cnet.com/topics/smart-home/best-smart-home-devices/

Huen, E. (2018, February 01). Four High Tech Home Gadgets And Appliances In 2018. Retrieved from https://www.forbes.com/sites/eustaciahuen/2018/01/31/hometech/#39d9d39a63e0

URBANEER and Wireless Power Consortium to Showcase the Future Kitchen at CES 2018 LVCC Booth SL2. (n.d.). Retrieved from http://urbaneerspaces.com/view/urbaneer-and-wireless-power-consortium-to-showcase-the-future-kitchen-at-ces