Florida

Florida’s Real Estate Market Thrives Amidst Wealth Migration (Source: New York Post)

By Columbus International,10 October 2023

South Florida is experiencing a period of remarkable growth. In downtown Miami, ground is being broken for what will become Florida’s tallest office tower, boasting 1.5 million square feet of space, yet to be occupied by firms that have no prior presence in the state. Additionally, condo towers with prestigious St. Regis and Waldorf-Astoria branding are in the works for the same area. While their completion is several years away, the units that are yet to be built have already been predominantly reserved with buyer deposits. This phenomenon isn’t limited to Miami alone. Further north in West Palm Beach, the arrival of financial giants such as Goldman Sachs and BlackRock has driven office rents to record highs during the second quarter of this year. New workplaces offering private terraces and access to yacht charters are now rising along the city’s waterfront, while developers plan condos to accommodate the influx of future employees. Nick Bienstock, CEO of New York City office landlord Savanna, commented, “We’ve got four or five thousand people coming to West Palm Beach who have not yet arrived.” In a bid to capture a share of this market, Savanna is making its inaugural investment in Florida – a 275-unit condo development known as Olara – as part of the larger initiative to build 3,000 new homes across West Palm Beach.

More than three years into a massive migration of both money and people to the Sunshine State, Florida’s property market continues to outperform nearly all other regions in the US. What initially began as a warm-weather haven from pandemic restrictions has now evolved into a destination catering not only to the current influx of professionals but also doubling down on the premise that even more are yet to come. According to Ken H. Johnson, a housing economist with Florida Atlantic University’s College of Business, “The old, 1980s Florida is disappearing. We’re just not getting those retirement-community, fixed-income folks we used to. We’re getting people with significant incomes, and they’re usually bringing work and jobs with them.” Indeed, Florida ranks as the No. 1 destination for professionals aged 25 to 36 earning at least $200,000, as per a recent report by financial advisory SmartAsset. Crucially, high-earning individuals relocating to Florida have outnumbered those departing by more than three-to-one in recent years. Along with youth and job opportunities, newcomers are arriving with significant cash reserves, purchasing homes in a state where supply simply can’t keep up with demand.

As a result, the Florida real estate market consistently ranks at the top of various superlative lists. For example, of the 10 most overpriced housing markets in the country, seven are located in Florida, according to a monthly analysis co-published by Prof. Johnson. This means that Florida buyers are paying the highest premiums for their homes nationwide when compared to price averages over the past 27 years. In August, Miami’s median home price rose by 14.6% year-over-year, according to brokerage Redfin, and Fort Lauderdale saw a 5.3% increase – all while downtown Fort Lauderdale’s population has surged by 80% since 2010. These spikes in property values coincide with declines in other much-hyped “boom-towns” of the pandemic era. For instance, home prices in Phoenix fell by 2% in August, Fort Worth dropped by 2.7%, and Austin, which previously ranked at the bottom of Redfin’s price growth list, plunged by 7%. To make matters more concerning, these numbers follow double-digit corrections in both Phoenix and Austin just a few months prior. Eli Beracha, director of the Hollo School of Real Estate at Florida International University, remarked, “Texas is different from Florida even though both are identified as tax-free states. Florida is viewed as a tropical vacation place – where you can also live. People just don’t go on vacation to Dallas.”

During the pandemic, Florida received the largest influx of wealth in the US. In 2021 alone, newcomers boosted the state’s taxable income by $39.3 billion, which is more than three times the amount that second-place Texas saw, according to the Economic Innovation Group, a DC-based think tank. Census data released in September suggests that this growth will continue. Florida’s population grew by 2.13% – the highest jump in the US – between 2021 and 2022. Jonathan Miller, president of real estate appraisal firm Miller Samuel, stated, “Florida is being reset and restructured in a way that no one else is.” What sets this current cycle apart is that it’s happening without the massive international demand that fueled previous Florida housing and population booms. So, what is driving it instead? “New Yorkers are the new foreign buyers,” Miller noted, referencing the nearly 130,000 Empire State residents who relocated to the Sunshine State in 2021 and 2022 alone. Many of these new residents split their time between cities while making Florida, a no-income-tax state, their primary residence. Consequently, there’s a boom in furnished Miami condos designed for owners to easily rent out while they’re away. Florida’s appeal to northerners is evident. Frustrated with big-city crime and quality-of-life issues, and enticed by tax benefits and the prospect of beachfront home offices, the state provides a ready-made solution to many of urban America’s most pressing problems. Nitin Motwani, managing partner of Miami Worldcenter Associates, the master developer of the 27-acre Miami Worldcenter district, a $6 billion project spanning 10 city blocks, remarked, “It’s just a different way people are choosing to live, and Miami is a big beneficiary of that.” Motwani shared that he regularly receives calls from executives seeking logistical assistance for their move south. “Sometimes it’s just questions like ‘Where should we look?'” Motwani said. “Other times, it’s discussions about talent, or ‘Can you connect me with another C-suite executive who has made the move?'”

This guidance is in high demand. According to media reports this year, top Miami-area schools have become so crowded that billionaire newcomers are literally writing multimillion-dollar “charity” checks to secure placements for their children. From every angle, Florida’s real estate market is outperforming expectations. While this may benefit investors, the lack of affordable housing has become a concern for policymakers, who are striving to incentivize the development of more reasonably priced apartments. A recent report by the Florida Policy Project reveals that over 1 million residents statewide are spending more than 50% of their income on housing. Rising homeowners’ insurance premiums are only exacerbating the problem. According to a recent study by the Florida Apartment Association, Florida will need approximately 500,000 new housing units by 2030 to alleviate costs and meet future demand. Not surprisingly, Florida’s housing shortage has translated into some of the highest price increases in the nation. Miami’s median home and condo prices have climbed by 64% since mid-2019, according to Miller Samuel. In comparison, Los Angeles saw a 14% increase during the same period, and Manhattan even experienced a 1.2% decline. Price gains were robust outside Miami as well, with a 62% increase in Boca Raton and a 59% jump in Delray Beach. In finance-focused Palm Beach, residential property has been turbocharged by the pandemic, rising 141% since the second quarter of 2019, according to Miller Samuel. While prices are beginning to stabilize, this year has already seen at least five homes trade for over $50 million, including a $155 million compound sold by the widow of Rush Limbaugh. “Forty years ago, Palm Beach was a place where old people went for their last few years, and that’s absolutely not the case now,” noted Savanna’s Bienstock.

Similar to residential developers, commercial property investors are also helping South Florida maintain its real estate edge, pouring more than $63 billion into the three regional counties in 2021 and 2022, according to data by MSCI Real Assets. In Miami, New York’s Related Cos and Swire Properties are making the highest-profile bet yet that Miami’s ongoing influx of human and economic capital is both permanent and continuous. The developers are currently constructing Florida’s tallest commercial tower, the 1.5 million-square-foot, 1,000-foot-tall One Brickell City Centre in downtown Miami. Developments like One Brickell are crucial for Miami’s continued growth. Corporate relocations surged by 33% last year, and the total assets managed by financial firms in Miami reached $390 billion in August 2022, up from $75 billion in 2019, according to the city’s Downtown Development Authority. “The missing link is quality office space, and that’s the gap we’re aiming to fill,” said David Martin, senior vice president of retail and commercial leasing for Swire’s US operation. Office vacancies stood at just 10.4% in the second quarter of this year in Miami-Dade County, according to Colliers, compared to a record high of 17.8% in Manhattan and over 30% in San Francisco.

Miami’s Downtown is now also more easily accessible to Boca Raton and Palm Beach thanks to the new $6.2 billion Brightline high-speed rail service. Other New York-based developers, including real estate titan Harry Macklowe, Chrysler Building owner Aby Rosen, and the Naftali Group, are all planning their debuts in Florida. “There is still a migration of people,” says billionaire developer Richard LeFrak, who has more than doubled his South Florida staff since the pandemic. “It’s not as dramatic as it was during COVID, but it’s still a steady stream.” For the time being, signs indicate that newcomers will continue to arrive both in the short and long term. Miami’s current metropolitan area population of 6.26 million is expected to grow an additional seven percent by 2030. This could help Florida withstand the housing downturn that many experts fear, given the soaring mortgage rates and ongoing inflation in the US. According to a recent study by the University of Florida’s GeoPlan Center, the state’s population could surge to 33 million from its current 21.7 million by 2070.

“Our economy here in Florida is where California was circa the late 1960s when it really started to expand,” Prof. Johnson said. “There was always the weather and the saltwater, but now the professional opportunities are here as well. This expansion is going to go on for quite some time, and we’re going to be talking about housing for quite some time.”

Source: New York Post (By Oshrat Carmiel, Publisher of Highest & Best)

Villa by Major Food Group: Elevating Miami’s Skyline with Unparalleled Luxury Living and Gastronomic Delights

By Columbus International,4 September 2023

In a world where luxury living knows no bounds, the concept of branded residences has transcended the realm of opulent hotels and expanded into diverse domains. Renowned fashion houses such as Diesel and Missoni, alongside prestigious automakers like Porsche and Bentley, have ventured into the creation of residential towers that embody their brand essence. Now, a celebrated name in the hospitality and culinary scene is stepping into this extravagant arena. As the demand for integrated residential communities gains momentum, a discerning segment of buyers with a penchant for the finer things in life seeks to marry their upscale living with gourmet experiences within arm’s reach. Enter Major Food Group (MFG), the culinary powerhouse behind iconic establishments frequented by celebrities, including Carbone, Sadelle’s Parm, Dirty French, and Contessa. MFG is poised to make its foray into the luxury real estate landscape with the unveiling of “Villa,” a residential tower in the vibrant heart of Miami.

Collaborating with esteemed developers Terra and One Thousand Group, as well as the creative genius of Vicky Charles from Charles and Co. for interior design, MFG is set to redefine luxury living. Vicky Charles, a renowned interiors expert and former design director at Soho House, boasts an impressive portfolio that includes homes for luminaries like Mila Kunis, Ashton Kutcher, and David and Victoria Beckham, as well as projects for industry giants like Sony and Goop. Villa will majestically rise 58 stories above Biscayne Bay, offering an unrivaled 360-degree panorama of Miami‘s captivating skyline and waterfront. With its distinctive copper-hued exoskeletal design, this 650-foot-tall crystalline tower is a work of architectural art, housing a mere 50 exclusive units, each occupying an entire floor. Every facet of these residences, designed to evoke the essence of private villas in the sky, has been meticulously curated by the visionaries at Major Food Group. For instance, the kitchens bear the signature touch of chef Mario Carbone, the creative mind behind Carbone restaurants, while services and amenities have been conceived by MFG’s co-founder, Jeff Zalaznick. Zalaznick comments, “To say that this is a natural evolution is an understatement. At MFG, we don’t merely construct restaurants; we craft immersive worlds where every element is executed with an unparalleled sense of luxury and expertise, right down to the minutest detail. Coupled with our illustrious track record of collaborations with the crème de la crème in the realms of hotels, architecture, design, and art—innovators who comprehend the art of conceptualizing holistic experiences.”

The allure of Villa extends beyond its residential marvel. A three-floor MFG restaurant, exclusively designed for this project, is set to redefine culinary experiences, while private lounges, bars, and restaurants reserved for residents will indulge the most discerning palates. A private chef service adds a personalized touch to gastronomic delights. In total, Villa boasts over 20,000 square feet of amenities, promising an array of culinary activations and programming. Expect cooking classes and demonstrations featuring MFG’s roster of skilled chefs, among other enticing offerings. David Martin, CEO of Terra, sums it up succinctly, stating, “The Villa is a transformational project. It brings together the brightest minds in their respective industries to create a building marked by an unparalleled residential experience. MFG’s resounding success in the hospitality sector endows them with an unparalleled understanding of consumer needs, and this attention to detail is seamlessly integrated into every facet of the Villa brand.”

Source: Forbes

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.