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Posts Tagged ‘South Beach’

Multiple media sources specify that Miami-Dade property prices are increasing and that we are experiencing record sales since 2006. Therefore, I started pulling some charts and compiled numbers. Indeed, the inventory of properties for sale in Miami-Dade has clearly decreased in the past year, pushing property prices to go up.

The first chart below shows the number of Sold vs For Sale houses in Miami-Dade between December 2011 and December 2012 ( for sale properties are specified in light green whereas sold properties are featured in blue ).

The inventory is -20.8%, the average days on the market for a property went from 100 to 85 days and the average sold price is +35%.

Sold vs For sale houses in Miami-Dade Dec.2011-Dec. 2012.

Sold vs For sale houses in Miami-Dade Dec.2011-Dec. 2012.

The second chart below shows the number of Sold vs For Sale condos in Miami-Dade between December 2011 and December 2012.

The inventory is -17.1%, the average days on the market for a property went from 106 to 89 days and the average sold price is +29%.

The slight increase in inventory between October and December 2012 is probably due to newly built condos being sold.

Sold vs For Sale condos in Miami-Dade Dec.2011- Dec. 2012.

Sold vs For Sale condos in Miami-Dade Dec.2011- Dec. 2012.

It’s time to buy before the prices keep going up, especially in hot areas such as everywhere along the beach, by the bay and specific neighborhoods such as South Beach, Downtown Miami, Brickell and Midtown.

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Art Miami tent

Happy Art-Baseling ! I love this time of the year, when South Florida weather becomes cooler and the small Art Basel Miami Beach flags are spread out around Miami streets, announcing the upcoming week of art fairs, art related events, special exhibits, public art installations and parties. This is such an exciting time and despite the heavy traffic during the first few days of December, Miami gets filled with thousands of art gallery owners and art collectors flying in from all over the world. You can easily tell who is visiting; they just look different. Of course, it is impossible to do it all in just a few days, there is just too much to do and see. I will not be able to describe half of what will be happening this year but let’s try to focus on a few art fairs and events not to be missed. The main fair, Art Basel Miami Beach, will take place as always at the Miami Beach Convention Center ( December 6-10 ), the second major fair; Art Miami ( Dec 5-9 ) will take place in a tent in Midtown and is adding a sister fair this year, Context Art Miami. This new fair will take place in a neighboring tent and will showcase galleries representing emerging and mid-career artists. The Overture art fair will also be hosted in a tent in Midtown, presenting 100 works of art from Warhol. It has been a few years now that most of the fairs take place between South Beach ( Art Basel Miami Beach, Design Miami…) and Midtown ( Art Miami, Context, Scope, Red Dot etc…) with the exception of a few great ones located in North of Downtown Miami ( Pulse ) and on 67th and Collins ( Nada ). In addition to its 257 art galleries from all over the world, Art Basel Miami Beach will keep on offering public events and art installations such as Art Video, presenting videos created by artists and projected from dawn to dusk on the New World Center SoundScape ( large outdoor screen on 17th and Collins ) and Art Public, featuring art installations in Collins Park. For further information about the galleries and multitude of events organized by Art Basel Miami Beach, check out the public program featured on their website or download their very cool new smartphone app.

Pop-Up Piano Miami will present eight pianos painted by various artists and placed in outdoor spots in Wynwood, Midtown and the Design District. The UR1 Music & Art Festival will take place in Bayfront Park in Downtown Miami, on December 8th and 9th, offering musical performances of singers such as Kanye West as well as art installations. Another new addition to this year’s performances is the 90-foot-long alligator head that will be floating around Biscayne Bay waters…interesting ! Of course, each local gallery and museum has prepared specific exhibits and their must-be-seen-at VIP opening parties. Local art collectors are opening their exhibition spaces to the public. As always, art and extravaganza will be everywhere in Miami during the first few days of December ( December 1-10 ).

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1111 Lincoln Road garage. Photo by Jan Berghege.

A lot is happening on Lincoln Road, the most famous pedestrian street in Miami Beach and probably in the whole South Florida region. The popular street had somehow become too popular and overwhelmed by low-class tourist restaurants where service was known to be bad and food barely acceptable.  Lincoln Road‘s “facelift” started in 2009/2010 when the 1111 Lincoln Road building featuring the only garage to be rewarded by the Florida Chapter of the American Institute of Architects arose on the South end of the street, just across the street from the Lincoln Road Regal cinema theater. The building, built by Miami-based developer Robert Wennett and designed by awarded Swiss architects Herzog and De Meuron ( whose firm is also building the new Perez Art Museum in Bayfront Park, formerly known as the Miami Art Museum ), was shaking the local Art Deco architecture style while bringing international and creative retailers such as German art and deco book publisher Taschen, Nespresso boutique and cafe, Brazilian clothing designer Osklen, fashion avant-garde spot The Alchemist  and great to be seen at penthouse restaurant Juvia which opened a few months ago.

As mentioned in a recent article by The Miami Herald , this transformation of the Lincoln Road area was also initiated by the move of the New World Symphony school and theater from the historic Lincoln Theater to their new Frank Gehry-designed campus on 17th Street in 2011. Their monthly outdoor concerts or “Wallcasts” have dramatically changed the way South Florida families perceive classical music and created a needed sense of community in the area.

H & M 2012/2013 winter/fall collection. Photos from http://www.hm.com

Now a new wave of retail and restaurant have appeared and more are on their way. The historic Lincoln Theater has been beautifully restored and is now the home of famous Swedish retailer H&M, which opened a few days ago, creating very long lines around the block, Israeli soap and beauty product retailer Sabon, and Swatch. Lacoste opened last summer. Amongst many other surprises, the fashion store Forever 21, which has a large space at the Aventura Mall, will open the biggest retail space at 701 Lincoln Road, a new two-story Gap store will appear at 1001 Lincoln Road and the 1000 building, which is currently under construction, will feature more retail space and a rooftop restaurant.

The cost to lease a retail space located on Lincoln Road has obviously jumped, leading to an average of $300 per square foot per year and in many cases, an additional $150-200,000 in key money to be paid by tenants at the beginning of a lease to get an improved condition retail space.

I am glad that some of the Lincoln Road area building owners had the vision to see the street and the area’s potential. The famous pedestrian street is now offering a wider variety and a higher quality of shopping and entertainment experiences. It is certainly becoming an urban destination that will increasingly appeal to the Miami Beach and to the South Florida resident community.

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