October 2013

There are 17 blog entries for October 2013.

Elcom Hotel and Spa owns 51 condo-hotel units at One Bal Harbour plus 41,047 sq feet of hotel space.  A motion has been filed in U.S. Bankruptcy Court to auction the properties with a reserve of $13,000,000.  The debt against the Elcom holdings at One Bal Harbour is around $20 million dollars. The building is located at the North end of Bal Harbour on the east side of Collins Avenue just before the bridge heading north to Sunny Isles.

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In Dade County-Miami, most of the purchasers are paying cash.  This can be a disadvantage for purchasers who need a mortgage to assist them in obtaining the property. Property values are increasing monthly in my market, and many appraisals come in lower than the contract sales price because of the rapidly increasing property values. 

Home buyers who are obtaining mortgages need to be prepared to cover their down payment, and the difference between the appraised value and the sales price.  As an example, a contract sales price is $500,000, yet the appraisal comes in at $475,000.  If you assume the seller will not lower the price, then the purchaser may go forward by paying $25,000 plus the down payment. ($500,000-$475,000=$25,000).

A prudent buyer in

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One Thousand Museum now has 33 of the 83 units under contract.  Take a look at the video link to discover why this building is selling at an amazing pace.  Ground breaking is still six months away, and completion is expected in 2016.  This tower is Zaha Hadid's first tower in North America.

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Panorama Tower, located at 1101 Brickell Avenue at SE 11th Street just west of South Bayshore Drive is expected to be completed on 2016.  This 830 foot tower will be Miami and FL's tallest tower.

The tower will include 940 rental apartments, 300,000 sq feet of office space, and 100,000 sq feet of retail space.

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Pitbull, better know as a rap star, has opened SLAM.   Sports Leadership and Management (SLAM) charter school for youth of the city. SLAM seeks to provide an in-depth educational and career-preparation program through “3 R’s”: rigor, relevance, and relationships. The school’s first cohort of students will begin classes this fall.

This is a tuition free public school located in the are of Miami know as Little-Havana.  Pitbull is cuban, and is giving back to his community.  He is the father of six children, and three of the six go to charter schools.



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Short term rentals can be very difficult to find on Miami Beach these days.  The city of Miami Beach collects a hotel/motel tax of 14% on any lease of 180 days or less.  The person who receives the rental income is responsible for paying the tax.  Many HOA's have extended the mininum lease period to avoid problems associated with collecting the tax.

I had a meeting today with a company called Design Suites who manages over 100 units at Castle Beach on Collins Avenue (The old Playboy Club).  They have studio, one and two bedroom units, fully furnished, and prices start at $135 per night during high season.  They do not add on a cleaning fee at the end of your stay.  This is a great value compared to Miami Beach nightly hotel charges.  All units they

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Steve Burke is running for mayor of Miami.  He has some interesting ideas to connect the City of Miami to Miami Beach.  It's called Skylink, an urban cable car system that would connect the downtown area, cruise port, and Miami Beach.  I'm sure the Taxi Cab Union will not be in favor of this, but what a great idea of connecting the downtown area with Dade's other favorite tourist destinations.
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Flood Insurance in most cases is provided through the HOA dues.  In some cases, the building may be determined "under insured".  In that case, you can have a policy written for the difference between the buildings coverage and the needed amount.  You will need an elevation certificate to receive the best quote possible.  The policy most condo owners request is called an H06.


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Fisher Island, a private barrier island just south of Miami Beach, is referenced in the Tom Wolfe novel "Back to Blood".  The island is only accessible by ferry, private boat. or helicopter.  The island has regained it's position as America's most expensive zip code. 

The island has a Mediterranean feel, mostly condos, a private school (Fisher Island Day School), golf course, and marina.  As of 2010, there were only 226 households on the island.  Most residents are seasonal, and include household names such Julia Roberts, Oprah Winfrey, Boris Becker, and Harold Ford, Sr.

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Really!  Here are the details.

This former Washington DC schoolhouse was purchased by the current owners in 2000 from the city.  It was vacant, flooded and filled with pigeons… The owners undertook a massive, renovation and restoration project and created a spectacularly glorious property. (see all the pictures HERE) This property is listed by TTR Southey’s agents Peter Lane and Robert Sanders.

They created 9 apartments PLUS a 9,500 SF owners unit with a restaurant sized kitchen, palatial living room with 50 foot ceilings, an airplane themed movie theater, a phenomenal roof deck and more bedrooms than you could count. The creativity and devotion displayed in their creation is truly inspiring. 
1375 Maryland Ave NE Washington DC

While currently it is actually not a condo, the new

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