Florida

The Great Migration Reversal: Florida’s Exodus to the Big Apple

By Columbus International,26 August 20249 November 2024

In a surprising twist of real estate dynamics, Florida residents are increasingly trading their sun-soaked paradises for the concrete jungle of New York City. This trend, emerging as a counterpoint to the long-established New York-to-Florida migration, is reshaping the landscape of high-end property investments in the Empire State.

According to a recent PropertyShark study, Floridians have emerged as formidable contenders in New York’s real estate market. In the first half of 2024 alone, they acquired 219 properties valued at a staggering $315 million—a $30 million increase from a decade ago. This surge in Florida-origin investments is particularly pronounced in the luxury sector, with $141 million dedicated to properties priced at $3 million and above.

Several factors are driving this reverse migration. Florida’s skyrocketing insurance rates, now nearly triple the national average, coupled with increasingly unpredictable weather patterns, have prompted many residents to reconsider their tropical haven. While Florida welcomed 739,000 new residents in 2022, it simultaneously bid farewell to 490,000, with 21,300 of those expatriates setting their sights on New York.

This influx of Sunshine State capital is reshaping the competitive landscape of New York’s real estate market. While New Jersey remains the top out-of-state investor with 345 deals, its market share has dwindled from 27.6% in 2014 to 19% today. Concurrently, California has solidified its position, expanding its market presence from just under 10% to 13.4% over the past decade, with investments totaling $352 million in the first half of 2024—a $107 million increase since 2014.

Despite the surge in out-of-state buyers, local New Yorkers remain active participants in their home market. The Bronx, in particular, has witnessed a notable 20% increase in home purchases, bucking broader trends.

This shifting paradigm in real estate investments reflects broader economic and environmental considerations. As climate change concerns and insurance costs reshape the calculus of homeownership in coastal areas, traditionally popular retirement destinations like Florida may find themselves competing with unexpected rivals. New York’s enduring appeal as a center of culture, finance, and opportunity appears to be drawing a new generation of sun-weary transplants, eager to exchange beachfront views for skyline vistas.

As this trend continues to unfold, it will be crucial to monitor its impact on property values, urban development, and the demographic makeup of both Florida and New York. The reversal of this long-standing migration pattern could herald a new era in American urban dynamics, with far-reaching implications for real estate markets, city planning, and regional economies.

Miami’s Culinary Landscape: 14 Must-Try Restaurants Shaping the Scene in August 2024

By Columbus International,15 August 20249 November 2024

Miami’s dining scene continues to evolve, offering a tantalizing array of culinary experiences for locals and visitors alike. From reimagined classics to international imports, here are 14 restaurants that are currently defining the Magic City’s gastronomic landscape.

1. Blue Collar: A Local Favorite Reimagined

Danny Serfer’s beloved Blue Collar has reopened in a spacious 4,000-square-foot location, maintaining its charm while expanding its offerings. The mid-century aesthetic and classic cocktails complement an enhanced menu that balances fan favorites with innovative additions.

2. La Màrtola: Mediterranean Oasis in Buena Vista

This newcomer transports diners to the European Riviera with its coastal-inspired menu. La Màrtola’s ambiance and dishes, ranging from fresh oysters to Neapolitan pizzas, offer a slice of seaside luxury in the heart of Miami.

3. Itamae AO: Intimate Nikkei Experience

Chef Nando Chang’s latest venture, Itamae AO, presents an exclusive 10-seat counter experience in Midtown. This intimate setting showcases Chang’s mastery of Peruvian-Japanese fusion, featuring meticulously crafted dishes that highlight local seafood.

4. Maman: Parisian Charm Meets Miami Flair

The NYC-based French café has made a splash with its Wynwood flagship. Maman seamlessly blends French classics with Miami-inspired creations, offering an all-day dining experience in a chic, Instagram-worthy setting.

5. Skinny Louie: Simplicity Meets Success

This 1950s-inspired burger joint in Wynwood proves that sometimes less is more. With just three burger options and classic sides, Skinny Louie has quickly become a local phenomenon, drawing crowds with its no-frills approach to quality fast food.

6. Yann Couvreur Café: French Pastry Mastery

Acclaimed pastry chef Yann Couvreur’s first U.S. outpost in Wynwood offers more than just picture-perfect desserts. The café’s extensive menu and stunning interior design make it a must-visit destination for food enthusiasts and Instagram influencers alike.

7. Brother’s Keeper: Nostalgia and Novelty

This Miami Beach cocktail bar by Lost Boy & Co. blends 1980s New York aesthetics with innovative drinks and eclectic bar bites. Brother’s Keeper’s unique atmosphere and creative menu make it a standout in the city’s vibrant nightlife scene.

8. ViceVersa: Italian Aperitivo with a Miami Twist

Award-winning bartender Valentino Longo’s ViceVersa brings the essence of Italian aperitivo culture to Miami. The bar’s sophisticated ambiance and expertly crafted cocktails offer a refined drinking experience in the heart of the city.

9. Mangrove: Caribbean Fusion in Downtown

Mangrove elevates traditional Caribbean cuisine in a lounge setting, offering a unique dining experience that marries familiar flavors with upscale presentation. The restaurant’s eclectic menu and island-inspired cocktails create a vibrant atmosphere in downtown Miami.

10. Catch Miami Beach: Seafood Spectacle

The arrival of Catch in South of Fifth brings a touch of glamour to Miami’s seafood scene. This expansive venue offers a mix of Catch classics and Miami-inspired dishes in a stunning Art Deco-influenced setting, cementing its status as a see-and-be-seen destination.

11. Felice Brickell: Tuscan Elegance

This NYC import brings authentic Tuscan flavors to Brickell. Felice offers a refined Italian dining experience, featuring a carefully curated menu and an extensive wine list that showcases the best of Tuscany.

12. Gramps Getaway: Tropical Escape

An extension of the popular Wynwood bar, Gramps Getaway offers a laid-back waterfront experience in Key Biscayne. With elevated bar food and tropical drinks, it’s the perfect spot for a casual day out by the bay.

13. RedFarm: Innovative Chinese Cuisine

The New York dim sum hotspot has found a new home in Coconut Grove. RedFarm’s creative take on Chinese classics, including its famous Pac-Man dumplings, brings a fresh perspective to Miami’s diverse culinary scene.

14. Sereia: Portuguese Seafood Excellence

Two-Michelin-starred chef Henrique Sá Pessoa’s Sereia brings the flavors of the Iberian coast to Coconut Grove. The restaurant’s sophisticated menu and elegant interior design offer a high-end dining experience that celebrates Portuguese culinary traditions.

These 14 establishments represent the dynamic and diverse nature of Miami’s culinary landscape, offering everything from casual bites to fine dining experiences. As the city continues to attract world-class talent and innovative concepts, Miami solidifies its position as a global gastronomic destination.

Photo & Source: Eater Miami

Miami’s Condo-Hotel Boom: A Risky Bet for Investors?

By Columbus International,12 August 2024

The allure of short-term rental income is driving Miami’s latest real estate trend, but experts warn of potential pitfalls.

In the sun-soaked streets of Miami, a new kind of real estate gold rush is underway. Developers are betting big on short-term rental-friendly condos, rebranding them as condo-hotels to capitalize on the booming demand from investors. But as the market floods with these units, industry insiders are raising red flags about the long-term viability of such investments.

The Numbers Game

The scale of this boom is staggering. According to recent data:

Approximately 11,000 units across 36 planned or under-construction condo developments from Miami’s Coconut Grove to Hillsboro Beach in Broward County will be available for short-term rentals.
This represents about half of the entire new development condo pipeline in the area.

Supply and Demand: A Delicate Balance

Craig Studnicky, a veteran brokerage chief, doesn’t mince words when describing the future of this market. “It will become a bloodbath of competition,” he predicts. The influx of units is expected to put significant pressure on daily rates, potentially eroding investors’ returns.

The Oversell Dilemma

Industry experts, including Studnicky and Roman Pedan, CEO of short-term rental operator Kasa, point to a concerning trend: developers overpromising on potential rental income. This discrepancy between expectation and reality can lead to frustrated buyers and, ultimately, impact resale values.

Historical Performance Raises Concerns

Condo-hotels have a checkered past when it comes to maintaining value. Studnicky notes that of all condo resales in 2023, a mere 2% were condo-hotel units, highlighting their potential lack of appreciation.

A Buyer’s Perspective

Not all investors share these concerns. Matthew Birnholz, owner of finance company Capital Infusion, recently contracted to purchase a one-bedroom condo at Rilea Group’s Rider Residences for just under $1 million. Birnholz sees the dual benefit of personal use and rental income as appealing.

“I hope the unit appreciates in value by 35 to 40 percent by the time Rider Residences opens,” Birnholz says, echoing the optimism of many buyers in this space.

The Bottom Line

While the short-term rental condo market in Miami is booming, potential investors should approach with caution. Studnicky offers a stark comparison: “You’d be better off buying Amazon or Tesla stock.”

As with any investment, due diligence is crucial. Prospective buyers should carefully consider factors such as location, design, price, and management before jumping into Miami’s condo-hotel pool.

Miami’s Architectural Renaissance: A New Era of Luxury Living Transforms the Magic City

By Columbus International,30 July 2024

Miami, long known for its vibrant real estate market and picturesque beaches, is undergoing a transformative period that promises to redefine luxury urban living. A series of ambitious developments are not only reshaping the city’s iconic skyline but also setting new global standards for residential and hospitality experiences. From record-breaking heights to unprecedented amenities, these projects are attracting international attention and solidifying Miami’s position as a premier destination for high-end real estate.

888 Brickell Avenue: A New Pinnacle of Luxury

Leading the charge is 888 Brickell Avenue, an audacious project born from the collaboration between JDS Development and Studio Sofield. Set to become Miami’s tallest building at an impressive 1,049 feet, this hybrid hotel and luxury condominium complex is poised to be a game-changer in the city’s architectural landscape.

Drawing inspiration from iconic modernist skyscrapers like New York’s Seagram Building and infused with elements of Milanese mid-century design, 888 Brickell Avenue boasts a striking façade that combines ivory travertine, white stucco, and matte black steel beams. This elegant composition gives the building a distinctly vertical appearance, setting it apart from its neighbors and creating a new focal point for the Miami skyline.

One of the most distinguishing features of 888 Brickell Avenue is its ground-level aesthetic. A gold-beaded screen wraps around multiple stories, emitting a warm, golden glow that has quickly become the property’s signature look. This dazzling display sets the tone for the luxurious experience that awaits within, where white-glove service and gracious hospitality are the norm.

The development is a testament to JDS Development Group’s reputation for pushing the boundaries of engineering and design. Led by Michael Stern, the team brings a wealth of experience from high-profile projects like New York’s 111 West 57th Street and the Brooklyn Tower. With 888 Brickell Avenue, they’re not only continuing their track record of creating supertall residential towers but also making their first foray into the hospitality sector.

The Residences at 1428 Brickell: Elevating Waterfront Living

Rising 70 stories above the Brickell neighborhood, The Residences at 1428 Brickell is set to become another iconic centerpiece of Miami’s evolving skyline. This architectural masterpiece offers 189 exclusive homes, each designed to maximize the quality of life for its residents.

With units ranging from 1,800 to 4,000 square feet for standard residences, and up to 10,000 square feet for penthouses, The Residences at 1428 Brickell caters to those seeking spacious, luxurious living spaces. Every home in this 70-story tower faces Biscayne Bay directly, providing stunning water views and thoughtfully designed to maximize natural light.

The development’s location at the intersection of Brickell Avenue and Southeast 14th Terrace puts it in the heart of one of Miami’s most desirable neighborhoods. Its proximity to the Four Seasons Residences Miami further cements its status as a prime piece of real estate in the city’s luxury market.

Mercedes-Benz Places: Automotive Luxury Meets Urban Living

In a groundbreaking move, Mercedes-Benz is making its first foray into the residential market in North America with Mercedes-Benz Places. This visionary community in Brickell represents a unique fusion of innovative living solutions and the unparalleled standards synonymous with the Mercedes-Benz brand.

Developed by JDS Development Group, the project brings together an all-star team of designers and architects. The Mercedes-Benz design team has collaborated with award-winning SHoP Architects (working alongside ODP), while interiors are being crafted by Woods Bagot, and landscaping is under the expert guidance of Field Operations.

The development is set to include luxurious condominium residences, office and wellness spaces, a world-class hotel, and a newly-built open park designed by Field Operations. This last feature is particularly noteworthy, as it aims to create a leafy oasis in the heart of urban Brickell, complete with winding paths, local flora and fauna, playgrounds, sports courts, and ample green spaces.

With 130,000 total square feet dedicated to amenities and hospitality spaces, Mercedes-Benz Places is designed to be more than just a residence – it’s a lifestyle destination that combines sophistication, convenience, and sustainable living in one extraordinary location.

The Residences at Mandarin Oriental: A New Benchmark in Waterfront Luxury

The Residences at Mandarin Oriental represents a pinnacle of refined luxury along Miami’s waterfront. This development brings together a highly acclaimed global design team, each member renowned in their respective fields, to create a truly unique living experience.

Kohn Pederson Fox Associates (KPF) is responsible for the striking exterior architecture that promises to redefine the city’s skyline. The interiors of The Residences will be infused with the sophisticated aesthetic vision of Parisian designer Tristan Auer, while the esteemed Laura Gonzalez, featured on the AD 100 and Elle Décor A-List, will craft the hotel interiors. The landscape architecture, led by the renowned Thai firm Shma, completes this world-class team.

Starting at $3.5 million, The Residences at Mandarin Oriental offers a range of exclusive amenities that set a new standard for luxury living. Residents will enjoy panoramic views of Biscayne Bay, access to multi-tiered landscaped infinity swimming pools, private cabanas, executive work lounges, private dining rooms with chef kitchens, world-class restaurants, a signature spa, and state-of-the-art health and wellness facilities.

Okan Tower: At the Crossroads of Miami’s Future

With its alluring curved façade and soaring height, Okan Tower is designed to be the dramatic centerpiece of downtown Miami’s skyline. Its central location puts residents at the heart of the city’s vibrant cultural scene and growing business districts.

The tower’s strategic position provides easy access to key transportation routes, including the downtown Metromover loops and Government Center Metrorail Station. This connectivity, combined with proximity to major highways, the Brightline commuter rail station, and Port Miami, makes Okan Tower an ideal base for those who value both local convenience and global connectivity.

Residents of Okan Tower will find themselves at the forefront of an exciting urban residential experience, with easy access to parks, shops, restaurants, museums, professional sports venues, concerts, performing arts centers, festivals, and nightlife. The tower’s location also allows for quick escapes to the waters of Biscayne Bay or Miami Beach, offering a perfect balance of urban energy and coastal relaxation.

Villa Miami: Bringing Italian Elegance to the Magic City

Villa Miami introduces a unique concept to the city’s luxury real estate market: airy, Italianate living high above the Miami skyline. Developed by New York design studio Charles & Co, the residence interiors marry sophisticated European sensibility with a focus on warmth, romance, and waterfront living.

Each residence at Villa Miami is designed to evoke the feel of a European countryside estate, with sunlight pouring in from all directions, sprawling living rooms made for gathering and lounging, and dining rooms built for entertaining. The heart of each home is the kitchen, equipped with chef-grade appliances and designed by MFG’s Mario Carbone, featuring CornuFé series ovens and stovetops from La Cornue, Wolf appliances, and pasta sinks.

The bedroom suites offer unending views of the bay and the Miami skyline, with expansive floor plans that include private dressing rooms. Bathrooms are an extension of the building’s hydrotherapy amenities, featuring curved, deep-soaking tubs and soft marble, brass, and fluted glass finishes throughout.

As these developments near completion, they collectively promise to transform not only Miami’s physical landscape but also its reputation on the global stage. By combining cutting-edge architecture, world-class amenities, and innovative living concepts, these projects are cementing Miami’s status as a leader in luxury urban living. For investors, residents, and visitors alike, the Magic City is entering a new golden age of architectural and lifestyle innovation, setting the stage for an exciting future in one of America’s most dynamic cities.

Photo via Villa Miami

Oak Row Equities Secures Prime Miami Location for $38.5M, Plans 45-Story Luxury Tower

By Columbus International,3 July 2024

In a bold move that underscores the growing appeal of Miami’s urban core, Oak Row Equities has acquired a prime downtown parcel for $38.5 million in an off-market deal. The real estate investment and development firm, with offices in New York and Miami, plans to transform the site at 49 NW 5th St. into a striking 45-story multifamily tower dubbed “First & Fifth.”

The acquisition, brokered by Colliers’ Mika Mattingly and Cecilia Estevez, along with Vincent Pastore of Pastore and Associates, represents a significant investment in Miami’s burgeoning transit-oriented development landscape.

Designed by ODP architects, the proposed First & Fifth tower will boast 700,000 square feet of space, housing 500 luxury multifamily units. While specific details on unit mix and rental rates remain undisclosed, the project aims to blend modern luxury with historical charm by preserving elements of the original 1925 Venetian-inspired structure.

The development’s strategic location adjacent to MiamiCentral station positions it at the nexus of Miami’s mass transit system, offering residents unprecedented access to Brightline, Tri-Rail, Metrorail, and Metromover services. This proximity to transportation hubs aligns with a growing trend in Miami’s urban development, catering to residents seeking car-free living options in the city center.

Erik Rutter, managing partner at Oak Row Equities, emphasized the project’s alignment with evolving renter preferences: “First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter’s decision process in South Florida.”

The development comes at a time when Miami grapples with significant traffic congestion, ranking eighth globally according to INRIX’s latest data. This challenge has spurred a wave of transit-oriented developments and renewed focus on expanding mass transit options.

Market data supports the wisdom of Oak Row Equities’ investment. Over the past five years, downtown Miami has captured more than 30% of the city’s renter demand. The area’s desirability is reflected in premium asking rents, which command a 21% higher rate compared to the broader Miami market, according to CoStar.

As Miami continues to evolve as a global city, projects like First & Fifth are poised to reshape the urban landscape, offering a blend of luxury living and practical accessibility that could set new standards for residential development in high-density urban areas.

Source: CoStar News

JPMorgan Chase Expands South Florida Footprint, Doubling Miami Office Space

By Columbus International,25 June 2024

In a bold move signaling its commitment to the burgeoning South Florida market, JPMorgan Chase (NYSE: JPM) has announced plans to significantly expand its presence in the region. The financial giant will double its office space in Miami’s Brickell district and establish its first West Palm Beach location, accommodating a growing workforce and client base.

Miami Expansion The bank is set to lease an additional 80,000 square feet at 1450 Brickell Avenue, effectively doubling its current footprint in the tower. This expansion will create room for 400 new employees, underlining JPMorgan’s confidence in the area’s economic potential.

West Palm Beach Entry In a strategic move to tap into Palm Beach County’s affluent market, JPMorgan Chase will open a 13,000-square-foot office at Related Companies’ 360 Rosemary development in West Palm Beach. This new location is expected to house over 60 employees.

Regional Growth Strategy Jonathan Bello, co-chair of JPMorgan’s South Florida Market Leadership Team, emphasized the strategic importance of the region, stating, “Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America.”

The bank’s two-year expansion plan includes:

Renovating its existing 80,000 square feet in the Brickell tower
Opening new offices in Melbourne, Sarasota, and Fort Myers
Launching three new J.P. Morgan financial centers in Palm Beach, Jupiter, and Palm Beach Gardens

First Republic Integration Following its acquisition of First Republic Bank in May 2023, JPMorgan Chase is converting some former First Republic locations into new customer-facing offices. Jen Roberts, CEO of Chase consumer banking, noted that these centers will offer “the strength and scale of JPMorgan Chase and First Republic’s commitment to exceptional client service.”

Market Context JPMorgan’s expansion comes amid a broader trend of financial firms flocking to South Florida, attracted by the influx of wealthy individuals and Latin American capital. Notable moves include Goldman Sachs doubling its Brickell presence and BNY Mellon Wealth Management strengthening its Miami team.

The bank currently boasts 16,400 employees across Florida, serving 6.2 million customers through over 400 branches. With approximately 5,400 wealth advisers managing around $900 billion in assets, JPMorgan is well-positioned to capitalize on the region’s growing wealth management opportunities.

Real Estate Impact The 80,000-square-foot lease expansion ranks among the largest in South Florida this year. Alan Ojeda, Chairman of Rilea Group, which developed 1450 Brickell, highlighted the building’s appeal to blue-chip companies and its ability to “command some of the highest blended rents in the city today.”

As JPMorgan Chase doubles down on its South Florida investments, the move not only reinforces Miami’s status as a financial hub but also signals continued confidence in the region’s economic prospects. With this expansion, the banking giant is poised to enhance its services and capture a larger share of the dynamic South Florida market.

Photo and source via Bisnow/Google Maps

Billionaire Trader Doubles Down On Miami’s Financial Future

By Columbus International,18 June 2024

When hedge fund billionaire Ken Griffin relocated his $51 billion Citadel from Chicago to Miami last year, he cited the Sunshine State’s business-friendly policies and Chicago’s rising crime rates as catalysts for the move.

Now the famously aggressive trader is expanding Citadel’s footprint in Miami before employees have even settled into their new digs. Citadel and its sister market-making firm Citadel Securities are adding two extra floors to their already massive eight-floor pre-lease at OKO Group and Cain International’s newly built 830 Brickell tower in Miami’s financial district.

The expansion brings Citadel’s total occupancy to 10 floors spanning over 300,000 square feet in the sleek, sail-shaped 55-story skyscraper. It’s the first top-tier office development delivered in the city in over a decade. The extra floors became available after two Chicago law firms – Winston & Strawn and Kirkland & Ellis – shuffled their leasing plans, presenting an opportunity Griffin’s team quickly pounced on. While a Citadel spokesperson confirmed the enlargement, further details on the value of the deal were not disclosed.

Premium office rents at the property reportedly top $100 per square foot, multiples higher than typical Brickell averages around $80. When Citadel’s new headquarters opens later this summer, the contemporary tower promises abundant amenities befitting a billionaire owner’s tastes: A swanky rooftop bar and restaurant, wellness center with yoga and fitness studios, an outdoor sky terrace, and 24/7 concierge service. It’s just the start of Griffin’s grandiose vision transforming Miami into Wall Street’s southern rival. The 54-year-old, worth $31.7 billion, has been enthusiastically promoting his new home base, calling Miami “the future of America” in interviews and pledging $1 billion for Citadel’s eventual permanent headquarters.

He’s already been snapping up prime real estate, including a prized waterfront parcel, while donating millions to local schools, hospitals and projects. Griffin is all-in on the city stealing finance’s spotlight from New York. Citadel’s move brought hundreds of high-paying jobs, with 450 employees expected by summer, fueling Miami’s quickly evolving into a legitimate corporate hub. Major firms like Microsoft, Thoma Bravo and law firm Baker McKenzie have also signed on at 830 Brickell. As Wall Street’s elite continue making Miami inroads, Griffin is aiming to lead the sunny new frontier.

Source: CoStar

Miami’s Sizzling Real Estate Market Defies Gravity

By Columbus International,12 June 2024

Over the past decade, Miami’s real estate landscape has undergone a staggering transformation, solidifying its status as one of the nation’s hottest housing markets. From the first quarter of 2013 to the first quarter of 2023, the median single-family home prices in Miami-Dade, Broward, and Palm Beach counties have nearly tripled, resulting in an average home price gain of a whopping $340,000. This surge has left traditional investment returns in the dust, even outpacing the relentless bull run of the stock market. The numbers speak for themselves: Between 2013 Q1 and 2023 Q1, home prices across the tri-county area witnessed a jaw-dropping increase.

In the last five years alone (2018 Q1 to 2023 Q1), median single-family home prices soared by an average of 64%, translating to an average price gain of a cool $220,000. Certain municipalities within this real estate hotbed have experienced particularly stratospheric home price gains over the last decade. Palm Beach takes the crown with an average home price increase of a staggering $6 million, followed by Miami Beach ($2.5 million), Lighthouse Point ($1.4 million), Pinecrest Village ($1.3 million), and Coral Gables ($1 million). The city of Miami itself saw homes appreciate by $400,000, slightly higher than Fort Lauderdale ($387,000) and West Palm Beach ($337,500). Remarkably, the Miami real estate market continues to display robust growth, defying challenging market conditions. According to recent data, home prices in Miami have seen an impressive 8.7% increase in April 2024 compared to the same period last year, with the median home price now a cool $625,000.

Homes are selling slightly slower, averaging 69 days on the market compared to 68 days last year, indicating a relatively stable market despite the price surge. Sales activity, however, has slightly declined, with 583 homes sold in April 2024, down from 634 in April 2023. This trend reflects a broader pattern of fluctuating demand, as evidenced by the 27% of Miami homebuyers searching to move out of the city between February and April 2024. However, a significant 73% of buyers expressed interest in staying within the Miami metropolitan area, underscoring the city’s enduring appeal. Miami remains a top destination for homebuyers from other major cities, particularly from New York, Washington, D.C., and Boston.

Nationally, 3% of homebuyers considered moving to Miami from outside metropolitan areas, highlighting the city’s attractiveness on a broader scale. As of February, new listings in Miami had increased for six consecutive months, nearing pre-pandemic levels. In fact, February 2024 saw a 25.87% year-over-year increase in new listings, providing more options for homebuyers and contributing to a more balanced market. While the Miami real estate market may be experiencing some turbulence, its resilience and allure continue to captivate investors and homebuyers alike, solidifying its position as one of the nation’s most coveted and dynamic housing markets.

Formula 1’s Rising Star Charles Leclerc Scores Multimillion-Dollar Miami Waterfront Condo

By Columbus International,4 June 2024

Fresh off his podium finish at the Miami Grand Prix, Formula 1 sensation Charles Leclerc is celebrating another milestone: his first luxury real estate acquisition in the United States. The 26-year-old Ferrari driver, who boasts a staggering 15 million Instagram followers, recently announced his purchase of a signature sky residence at the Edition Residences, an ultra-luxury condominium development in Miami’s desirable Edgewater neighborhood. In a Instagram post that garnered over 1.3 million likes, Leclerc shared a photo slideshow captioned “Miami, feeling at home already … Can’t wait,” hinting at his excitement about his new waterfront property.

While the exact purchase price remains undisclosed, signature sky residences at the 55-story glass tower start at a cool $3.1 million and range from 2,315 to 2,709 square feet, offering spacious two- to three-bedroom layouts with high-end finishes and breathtaking bay views. Scheduled for completion in 2027, the Edition Residences promises to be a true oasis for the global elite. Designed by renowned architect Bernardo Fort-Brescia and featuring interiors by Alessandro Munge, the 649-foot tower will boast an impressive 800 feet of coveted Biscayne Bay frontage. Residents can indulge in a curated collection of amenities spanning 45,000 square feet of indoor and outdoor spaces, including a state-of-the-art racing simulator – a fitting addition for the Formula 1 star. Leclerc’s acquisition comes on the heels of his third-place finish at the recent Formula 1 Miami Grand Prix, where he shared the podium with race winner Lando Norris and runner-up Max Verstappen.

The highly anticipated event, held on a $40 million custom track funded by real estate mogul and Miami Dolphins owner Stephen Ross, solidified Miami’s status as a premier destination for motorsports enthusiasts. “A little bit of blue and 2 trophies to take back home. Miami, thank you,” Leclerc posted on Instagram, alongside a photo of himself proudly holding one of his trophies aloft. The Edition Residences marks the global hotel brand’s first independent collection of luxury condominiums, promising an unparalleled level of amenities and services. In addition to the racing simulator, residents will enjoy access to an indoor/outdoor poolside garden lounge with a wet bar, a cabana-lined pool, a cinema, golf simulators, a state-of-the-art fitness center with private training studios, yoga and spinning areas, onsite fine dining, a library lounge, and six guest suites. With his meteoric rise in Formula 1 and his recent foray into luxury real estate, Charles Leclerc’s star continues to shine brightly, both on and off the racetrack.

Source: New York Post
Photo Credit: Edition Residences

The Branded Tower Frenzy of Miami’s Real Estate

By Columbus International,3 June 20243 June 2024

In Miami, developers are taking branding to new heights with an explosion of luxury residential towers carrying the cachet of famous names like Porsche, Armani, and even fashion magazine Elle. Attaching prestigious brands to condo projects has become the norm in this sunny metropolis, where foreign buyers crave the assurance of an aspirational lifestyle.

Major Food Group, the hospitality juggernaut behind hot spots like Carbone and Dirty French, is the latest big name leveraging its brand power beyond restaurants. Their upcoming 58-story Villa Miami tower promises residents an immersive experience steeped in the group’s culinary DNA, from kitchens designed by founders Mario Carbone and Rich Torrisi to a double-decker signature restaurant and poolside refreshments. “It’s not about having a label,” says David Martin, CEO of co-developer Terra. “It’s about trying to create an ethos.” This brand-centric approach has been a gamechanger for Miami’s real estate market over the past decade. In a city where addresses lack the same prestigious air as New York’s Park Avenue or Central Park West, luxe branded residences provide an instant status symbol and lifestyle association prized by moneyed buyers, particularly from overseas markets.

“What they do know is brands,” says Oren Alexander of brokerage Official, noting most international purchasers are unfamiliar with Miami’s diverse crop of developers. “In Miami, the brand is the brand.” For developers, landing marquee partnerships accelerates condo sales and pricing premiums as high as 30%. Meanwhile, brands earn lucrative licensing fees and global marketing for their core business. The formula has fueled a gold rush of branded Miami towers by everyone from haute couture houses like Fendi and Missoni to seemingly unlikely luxury purveyors like Diesel jeans and wellness club The Well.

Real estate insiders say the branded residence craze stems from a desire to craft a tangible, marketable lifestyle experience beyond just upscale finishes – a pull particularly potent in brand-obsessed Miami. And they expect this evolution to new extremes. “I think the next phase will be a stack of brands on any given project,” says development advisor Peter Bazeli, pointing to the Four Seasons Residences at The Surf Club, which layers branded components like celebrity chef Thomas Keller’s cuisine atop architecture by Richard Meier.

“Luxury buyers are attracted to the idea that every facet of their lifestyle is effectively branded,” Bazeli adds. Not everyone is sold on the branded residential mania. Some brokers question whether most fashion or automotive brands truly enhance the living experience beyond some branded furniture and accent pieces. There are also buyers staunchly loyal to specific marques who would never inhabit a rival condo tower. Still, in Miami’s spectacle of one-upmanship, branded real estate shows no signs of abating as developers continue one-upping each other to court elite buyers chasing the latest ultra-luxe residential “it” factor. From helicopter-pad topped penthouses to private garage elevators that whisk owners’ Porsches directly into their units, brands are fueling a relentless escalation of opulent residential experiences. For global elites, the name on the building has become the ultimate status symbol.

Photo: Cutting a sail-like silhouette, the 66-story Aston Martin tower soars as a striking presence on the Miami skyline.
Credit: Aston Martin