Florida

Financial Times Reports: Surge in Demand for Luxury Housing in Miami as Financiers Flock to the City

By Columbus International,3 September 20239 November 2024

The migration of New York financiers to Miami has created a shortage of luxury housing in upmarket suburbs, where buyers have purchased multimillion-dollar homes in search of easy commutes, more space, and proximity to prestigious schools. Real estate agents say one firm stands out for driving demand: Citadel. Citadel, the $59 billion hedge fund and market maker run by Ken Griffin, in June 2022 announced it would move its headquarters from Chicago, citing lower crime in Florida and the sunshine state’s lower taxes. “They’ve been buying here aggressively,” said Michael Martinez, a real estate agent with Sotheby’s in Miami, who recently brokered the sale of a $5 million home in Coconut Grove, a quiet salubrious suburb, to a Citadel employee. Most of the luxury homes he has sold in recent months have been to hedge fund buyers, half of them from Griffin’s firm, he estimates. “The Citadel migration is definitely occurring.”

Buyers from Citadel were particularly active in the early spring, agents said, as employees raced to secure properties in time for school enrollment deadlines. “Employees have been enthusiastic about the headquarters’ move to Miami and appreciate the vibrant energy and quality of life the city has to offer,” said Citadel. Citadel has moved almost 300 employees to Miami during what the hedge fund describes as a multiyear effort to shift its operations out of Chicago. One employee said the relocation benefits on offer were “generous”, helping to cover the higher cost of living in a city that has boomed since the pandemic. “The hottest price point in the Gables is between $4 million and $7 million for a five or six thousand square foot house,” said Erin Sykes, a real estate agent in Miami and economist for Nest Seekers, referring to upscale suburb Coral Gables. “That’s what all of these families are looking for.” “These neighborhoods are tropical, they’re lush, kind of like the way Florida is imagined to be,” she said. “In the Grove there’s literally peacocks that walk across the street. You have to be really careful driving.” But a shortage of supply has created a paucity in the high-end home market, as construction backlogs and labor shortages slow development. In July, Florida governor Ron DeSantis, who is running to be the Republican party’s presidential nominee, signed a law targeting illegal immigration that imposes steep fines on employers who do not check workers’ documentation.

The move has resulted in a shortage of construction workers and is expected to slow development of new homes. “A project that would take six months will now take 12,” said Brett Harris, executive director of luxury sales at real estate firm Douglas Elliman. “There is much more of an inventory shortage in those desirable suburbs. Supply is down by half compared to a year ago,” said Sykes. The number of luxury homes between $3 million-$7 million in Coral Gables and Coconut Grove has fallen by more than 50 per cent since the start of the pandemic, according to Zillow data. Homes in this price range now account for 40 per cent of total listings. Sykes said the Citadel effect in Miami was akin to the impact that Google had on Venice Beach in Los Angeles when it opened a large office there. “Every seller was targeting these new Google employees. That’s the only time I’ve seen a single employer-driven market like this.” Citadel bosses moving to the Miami suburbs have been willing to spend more for “turnkey” homes that are ready to move into and require no renovations because they want to settle in before the school year started in mid-August, agents said.

“It’s definitely created a shortage of good properties,” said Jennifer Goldstein, a luxury real estate agent with Official. Buyers like the idea of waterfront living after years of surviving Chicago winters, she added. “We’ve had a lot of Citadel and hedge fund clients that are looking for a resort type house that’s the opposite of what they’ve had . . . They want to play tennis, go fishing and entertain.” Of the 20 properties Goldstein sold in the past 12 months, she said 70 per cent of buyers worked at hedge funds, many of them Citadel. “And they’re all cash buyers.” While agents said the pandemic-era bidding wars have largely abated as prices have plateaued, demand for luxury homes persists. “Even in the higher luxury homes it’s not unusual to receive multiple offers on a $10 million plus home,” Martinez at Sotheby’s said. Shortages were feeding through to homes that were not seen as ultra-luxurious, agents said as Citadel moves not just top earners but also back-office staff to Miami. “When you have an organisation like Citadel, not everyone is making $5 million, $10 million, or $50 million a year,” Sykes said. “They’re not searching for $5 million properties, they’re looking more at the $2 million properties. “They want to go to the same schools, and eat at the same restaurants . . . they want the fairy tale as well.”

Source: Ft

Discover Your Luxury Oasis in Miami: The Perigon – Where Elegance Harmonizes with the Atlantic’s Beauty

By Columbus International,1 September 2023

Sales have commenced for The Perigon, an upscale condominium development situated on the oceanfront in Miami Beach. Mast, a Coconut Grove-based company led by Camilo Miguel Jr., partnered with Barry Sternlicht’s Starwood to undertake the construction of this 17-story, 82-unit structure located at 5333 Collins Avenue.

The residences within The Perigon embody a harmonious blend of design and sophistication, meticulously crafted to make the most of Miami‘s natural surroundings. These homes boast a dynamic interplay of clean lines and graceful curves, seamlessly integrating with the building’s exterior while embracing the beauty of the surrounding environment. Expansive floor-to-ceiling windows bathe each floor in sunlight, casting a kaleidoscope of hues as the sun makes its daily journey. The open and spacious floor plans encourage unrestricted movement, with rooms effortlessly flowing into one another. Expansive wraparound terraces, designed for privacy, seamlessly extend from communal areas, forming a visual connection between land and sea. Impeccable attention to detail, enduring elegance, and breathtaking coastal vistas are all hallmarks of The Perigon. Jason Long, a Partner at OMA New York, spearheaded the architectural design, conceiving a series of “towers” that have been artfully rotated to optimize views of the Atlantic Ocean from every residence, while also offering splendid panoramas of Biscayne Bay and the Miami skyline overlooking Miami Beach.

These towers have been ingeniously merged and elevated into a singular structure that appears to delicately touch the ground, freeing up valuable space for lush gardens below. The design of the interconnected towers is set to achieve LEED Gold certification upon completion, with the subtle contrast between their organic and orthogonal shapes emphasizing their unique juxtaposition. The Perigon was conceived to provide its residents with an uninterrupted view of the vast Atlantic expanse and the iconic sands of Miami Beach, allowing them to immerse themselves in this picturesque setting. Designed to offer a distinctive indoor-outdoor living experience, this waterfront sanctuary boasts an array of luxuries that seamlessly blend interior and exterior spaces, enabling residents to connect with the land, water, and natural surroundings from the comfort of their own abode.

Race Against Time: Inter Miami Scrambles to Build $350 Million Soccer Stadium Before Messi’s Clock Runs Out

By Columbus International,29 August 2023

Inter Miami CF has achieved a remarkable feat by bringing in soccer legend Lionel Messi to play for their team. Now, the challenging objective is to construct a stadium within the timeframe before their superstar’s contract expires by the end of 2025. Currently, the home matches are being held in Fort Lauderdale, Florida, 34 miles away from the heart of Miami, at a newly inaugurated stadium with a seating capacity of 21,000.

The excitement to witness Messi in action has been so overwhelming that the facility had to accommodate an additional 3,000 seats to meet the demand. Messi’s arrival has caused ticket prices to skyrocket and has played a pivotal role in transforming the last-place team into champions of the Leagues Cup. The city of Miami is eager to maximize on the growing enthusiasm of its residents for soccer. An ambitious plan is set to unveil a 25,000-seater soccer stadium as early as the summer of 2025.

This project, amounting to $350 million, is an integral part of the massive $1 billion Miami Freedom Park endeavor, which also encompasses over a million square feet of space dedicated to commercial activities, entertainment venues, offices, and even three hotels. Despite the support from authorities and urban development alterations, environmental approvals and the resolution of logistical issues are still prerequisites before stadium construction can commence, as affirmed by Miami-Dade County officials. The workforce and equipment are poised for action at the construction site, yet a path remains to be traversed. The star-studded Miami Freedom Park development team is relying heavily on surmounting these obstacles.

The entirety of this project is a collaborative effort among the owners of Inter Miami, including the former British soccer legend David Beckham, billionaire Jorge Mas, and his brother José Mas. Failing to navigate the final stages of authorization promptly could entail significant costs. Unless Messi extends his contract, there exists the possibility that the illustrious Argentine champion departs prior to the completion of Miami’s soccer stadium, forcing the team to fill the stands without his presence. Some experts in urban planning regard this prospect as plausible.

According to Howard E. Nelson, an attorney specializing in environmental law and territorial development at Bilzin Sumberg, a timeline of at least three years seems more realistic. Such a timeline would extend the completion date beyond August 2026, surpassing Messi’s contractual deadline. “It’s by no means a straightforward path,” commented Nelson in an interview with the Wall Street Journal. “There’s a multitude of checks to ensure everything is carried out correctly.” In an email, Jorge Mas expressed that the process of obtaining authorizations is proceeding according to plan. “We are excited to offer a destination for food and entertainment that families can enjoy year-round,” he stated in another declaration. A challenge to address is the stadium’s location, situated on a former city-owned golf course contaminated with pesticides and arsenic. Pesticide accumulation is a common occurrence on golf courses, while arsenic is a byproduct of municipal solid waste incineration, used as fill decades ago. Potential exposure to these chemical substances must be eliminated to adhere to required environmental standards.

Developers met with the Environmental Resources Management Division of Miami-Dade County in July and are anticipated to present a revised report for review and approval by the county in September. The stadium’s proximity to the Miami International Airport presents further complications. An initial report from Miami-Dade County raised concerns that the stadium’s height might violate airport zoning codes. The report also highlighted worries about stadium lighting potentially interfering with landings. In response to these height-related concerns, developers made the decision to scale down the stadium’s seating capacity from 40,000 to 25,000. Although the plans have gained approval from the Federal Aviation Administration, this authorization will expire next March if developers fail to commence stadium construction by then. In such a scenario, developers would need to submit a fresh application. According to an FAA representative, the standard processing time for such an application is at least 60 days.

Aston Martin Residences: Unveiling Miami’s Triumph Over Market Challenges with a Real Estate Gem

By Columbus International,23 August 2023

The Aston Martin Residences, an ambitious luxury condo tower situated in downtown Miami at 300 Biscayne Boulevard Way, is once again making headlines as construction resumes following a resolution between the project’s general contractor and a subcontractor. The Miami-based stucco and drywall company, Edgewater Construction, had filed for Chapter 11 bankruptcy in March, which led to a two-month delay in the project’s timeline. The impasse was attributed to cost increases linked to inflation, culminating in financial strain for Edgewater Construction. According to the South Florida Business Journal, Jacqueline Calderin, the attorney representing Edgewater Construction, explained that the company had to absorb these elevated costs due to its original contract with Coastal Construction, the general contractor, established in early 2019. G and G Business Development, under the ownership of the Coto family from Argentina, initiated the Aston Martin Residences project in 2017. This nearly 400-unit, 50-story tower was initially slated for completion in the preceding year. Aston Martin’s spokesperson confirmed that the tower is on the brink of being sold out and is anticipated to be finalized by the year’s end.

Edgewater Construction’s Chapter 11 filing affected six ongoing developments, including the Estates at Acqualina in Sunny Isles Beach, AMLI Wynwood, Society Wynwood, Bayshore Grove, and a project in Tampa. It remains uncertain whether Edgewater Construction will resume work on the other South Florida sites where agreements with general contractors were in place. Notably, the company will not be returning to Coastal Construction’s Tampa development project, as disclosed by Edgewater’s legal representative. Developers have grappled with substantial cost hikes over the past few years, spanning land acquisition, construction materials, labor, insurance, and financing. These augmented expenses, coupled with disruptions in the supply chain and other contributing factors, have compounded the challenges faced by developers, making project initiation and completion increasingly complex. Meanwhile, Aston Martin has seized the spotlight with its prestigious 66-story luxury high-rise in Miami. The brand recently unveiled the interiors of its much-anticipated triplex penthouse, fittingly named “Unique” for its exceptional design attributes. This extraordinary property spans an expansive 19,868 square feet across three floors, housing seven bedrooms and eight bathrooms. Each level boasts a wrap-around terrace, boasting a grand total of 7,300 square feet of outdoor space. The Unique penthouse represents Aston Martin’s inaugural foray into the penthouse property market worldwide.

What further distinguishes this residence is an exclusive buyer’s privilege—an accompanying Aston Martin Vulcan, a limited-edition race car valued at $3.2 million. The provision of a custom-built, climate-controlled garage within the building ensures that this masterpiece finds a fitting home. Adding to the allure, the buyer will receive an 80-page fine-art book chronicling the conception of Unique through paintings, sculptures, music, and poetry. Germán Coto, CEO of G&G Business Developments, anticipates the book to be coveted by connoisseurs who appreciate the irreplaceable. Intricately designed to maximize natural light, the interiors of the penthouse are adorned with expansive wall-to-wall glass panels, offering panoramic views from the Atlantic Ocean to the vibrant cityscape. At the heart of the residence lies a custom-crafted staircase, embodying the elegant wings of the Aston Martin logo. Anchoring the living room is an equally sculptural light fixture, complementing the luxurious ambiance. The penthouse includes a private pool, a spa, a gym, and an elevator, enhancing the exclusive lifestyle it promises to deliver. Marek Reichman, EVP & Chief Creative Officer of Aston Martin Lagonda, articulates, “The creation of art is one of the most important things on the planet, and at Aston Martin, we articulate the soul of our brand through art and beauty.” With its triumphant return to the Miami skyline, the Aston Martin Residences exemplify a harmonious fusion of luxury, artistry, and innovation in the realm of real estate.

Photo via Aston Martin Residences

Unleashing Miami’s Magic: Where Irresistible Vibrancy Meets Unstoppable Real Estate Growth and Celeb Allure

By Columbus International,10 August 2023

Miami, the city with a thousand facets, continues to amaze with its irresistible vitality. In fact, it is in constant advancement, with rising property values and businesses relocating here at a steady pace. This real estate phenomenon is just beginning: we can liken it to the second inning of a nine-inning game. An epic exodus is underway, with companies moving, workers seeking opportunities, and families choosing to settle here in an unprecedented phenomenon.

The words of the co-founder of E11EVEN, spoken during an interview on “Mornings with Maria,” shed light on an extraordinary phenomenon. In 2022, Florida witnessed an exceptional influx of new residents, mainly from states with a Democratic tendency and characterized by high taxes. Data from the National Association of Realtors reveal that around 319,000 Americans have chosen to make this land their new refuge. This increase corresponds to almost 2 percent population growth, well above the modest national growth rate of 0.4 percent recorded in the United States between July 2021 and July 2022. This influx of new residents is largely attributable to the power of “word of mouth.”

Enthusiastic accounts from those who have experienced Miami’s lifestyle spread like a spell, contributing to this epochal exodus. Anyone who has spent time here cannot help but share with friends and family how extraordinary it is to live in this city. Life in Miami is synonymous with unforgettable moments with family, of a quality of existence beyond the ordinary. This form of advertising, based on real experiences, represents the true driving force behind everything surrounding Miami. Amidst a wave of crime that has affected the entire nation, some people from Democratic-leaning states are searching for safer cities. This is where Miami stands out as the “best choice.”

Commercial real estate in Miami is anything but ordinary. It is, in fact, an anomaly within the United States. While uncertainties are observed elsewhere, in Miami, office buildings are being constructed with confidence and determination. Speculative projects for top-notch office spaces are becoming reality, thanks to the rapid occupancy of existing spaces. The city is a real estate dynamo, a case study that skillfully balances demand and supply in an exceptional manner. An unparalleled ferment characterizes it, and the prospects are astounding. In summary, Miami shines like a guiding star in the real estate ocean. Its unstoppable growth, the security it offers, and the exciting forecasts make it a beacon of hope in a rapidly evolving global landscape.

Real Estate Mogul Josh Flagg Dives into Miami’s Luxury Market with Stunning Mediterranean Villa

By Columbus International,21 July 2023

Josh Flagg, the star of Million Dollar Listing Los Angeles, seems to be on a real estate buying spree. According to the New York Post, the renowned real estate agent, along with his business partners, Adam Rubin and Andrew Shanfeld, has recently purchased a vacation villa in Miami located at 4727 N Bay Road for $4.25 million.

TheMediterranean-style villa was initially listed at $4.45 million, but it appears that Flagg managed to strike a favorable deal. Last year, following his divorce from Bobby Boyd, a former model for Versace and Calvin Klein who is now also a real estate agent, Flagg invested in another property in Beverly Hills, featuring the same charming Italian style, with an initial price tag of $9.2 million. However, rumors suggest that Flagg still has the desire to hunt for new residences in Beverly Hills or Bel-Air. He has been a part of the “MDLLA” program since its debut back in 2006.

Flagg is the grandson of Edith Flagg, a renowned Austrian fashion designer, executive, and philanthropist, who escaped Nazi persecution and became famous for introducing polyester fabric to the United States in 1967. The new Miami property, complete with a fence, offers its buyers a delightful pool and a relaxing view with palm trees on a plot of just under a quarter acre. Inside the house, there are four bedrooms, a study, and 4.5 bathrooms, perfectly suiting Flagg’s needs and his real estate business ventures.

In search of Shakira’s astounding real estate portfolio: villas across the world and unparalleled luxury

By Columbus International,13 July 2023

Known as the Queen of Latin Music, Shakira has accumulated a remarkable collection of properties throughout her successful career. The renowned Latin diva, famous for hits like “Hips Don’t Lie,” “Whenever, Wherever/Suerte,” and “La Tortura,” hails from Barranquilla, Colombia. She began her musical journey at the age of 10 and released her debut album in 1991. In 2001, Shakira ventured into the English music market with her first English-language album, “Laundry Service,” and soon started diversifying her real estate holdings. Over the years, the singer, also serving as a UNICEF Goodwill Ambassador, has owned properties in the United States, Uruguay, Spain, Cyprus, and the Bahamas, each reflecting her minimalist interior style. Explore the global properties of this globe-trotting artist, showcased by Architectural Digest, and discover her recent relocation with her two children.

While conquering the American music charts, Shakira also established a presence in Miami. She acquired a Mediterranean-style house on La Gorce Island in Biscayne Bay, an exclusive enclave of private islands that has been home to numerous celebrities, including Cher, Matt Damon, and Ricky Martin. This house, built in 1988, featured four bedrooms, three and a half bathrooms, a lovely garden, patio, and pool. Shakira sold the property in 2005 for $1.8 million. However, Shakira’s pursuit of her dream home did not end there. In the same year, she purchased another house on La Gorce Island for $3.38 million, boasting an enviable waterfront location. This six-bedroom house, originally built in 1951 and subsequently renovated, offered a 100-foot dock granting direct access to the bay and captivating water views. Notably, Shakira herself contributed to the expansion of the property by adding three additional bedrooms. Collaborating with architects Ben Lopez and Associates and interior designer Renata Lessa Bastos from Trace Design Studio, Shakira infused her Lebanese and Middle Eastern heritage into the otherwise minimalist interior, incorporating bone-inlaid furniture pieces, handcrafted decorative mirrors, and a low-profile lounge area for hookah enthusiasts.

Over the years, Shakira has listed this house for sale several times, initially in 2018 for $11.648 million, with her brother Antonio Mebarak serving as one of her real estate agents. In 2021, the property was put on the market for $15.9 million before being withdrawn. During her relationship with lawyer Antonio de la Rúa, the son of former Argentine President Fernando de la Rúa, Shakira and de la Rúa shared a seven-bedroom farmhouse near Punta del Este, Uruguay, called La Colorada. Spread across 12 picturesque acres, this property served as a vacation retreat and creative sanctuary for the Colombian singer. Shakira spent a month there in 2008, seeking inspiration for her music and embracing the ambiance of her favorite poet, Juana Ibarbourou. The farmhouse boasted additional amenities, including a gym, heated pool, tennis court, sauna, and a lake with boats. Following their separation in 2011, legal disputes between Shakira and de la Rúa ensued, with de la Rúa retaining ownership of La Colorada after the split.

Subsequently, Shakira embarked on a new romantic journey with Spanish football star Gerard Piqué. The couple first crossed paths on the set of the music video for “Waka Waka (This Time for Africa),” the official anthem of the 2010 FIFA World Cup. Their relationship flourished, leading to the birth of their two children, Milan Piqué Mebarak in 2013 and Sasha Piqué Mebarak in 2015. Shakira and Piqué settled in Barcelona, where they constructed an expansive house in the Esplugues de Llobregat area in 2012. This remarkable five-story residence, featuring a gym, recording studio, cinema, pool, and multiple terraces, became their primary residence. Additionally, the property included a separate guest house with its own swimming pool. However, their separation in June 2022 posed challenges concerning the ownership of the house. As a result, in April 2023, Shakira and her two children relocated from Barcelona to her villa in Miami, seeking stability and closeness to family, friends, and the sea. Even after settling in Barcelona, Shakira continued to expand her real estate portfolio. In 2019, she reportedly acquired a villa in Peyia, a town located in the Paphos district of Cyprus. This six-bedroom vacation home, nestled by the Mediterranean Sea within the Cap St. George resort, offers breathtaking views and serene surroundings.