Wednesday, September 26, 2012

Miami Art Museum and Science Museum

Have you ever noticed that, in Miami, everything that’s old becomes new? The Miami Art Museum is being transformed into the Jorge M. Pérez Art Museum of Miami-Dade County. The park in which the museum sits is morphing from Bicentennial Park (on Biscayne Boulevard) to Museum Park. In case you are wondering it is also located in front of Ten Museum Park and Marquis in Downtown Miami.

The Museum Park dream – that highly anticipated and amazing green space filled with gardens, majestic palm trees, pools and glass pavilions – while not dashed, has been drastically scaled back.

The reason? The same we’re hearing from cities across the country: a money crunch. The project has been scaled down from a $68 million mega park to a bare-bones $10 million one.

The current budget for the project covers some green areas and a bay walk and promenade running from Biscayne Boulevard to the Bay, according to the Miami Herald’s Andres Viglucci. Although it will be a lovely and functional park, it “will not have that Millennium Identity,” according to city Commissioner Marc Sarnoff.

Miami Art Museum
The good news in the area is that new Perez Art Museum is still on track and the project is half finished – slated for completion in about a year. Backers promise a world-class museum.

The museum’s namesake, real estate billionaire Jorge Perez, plans on donating bits of his personal collection of Latin American art – a bequest worth an estimated $40 million. 

Perez, a real estate developer, began his collection when he left his home in South American, hoping, as he told Forbes magazine’s Kerry A. Dolan, to “hold on to his culture.”

Patricia and Phillip Frost Museum of Science
Taking a peek a little further into the future finds the new Miami Science Museum ready to open its doors in late 2014. Connected by a wide plaza to the Art Museum, the Science Museum project broke ground in February. If you’d like to follow the project you’ll find a construction cam live feed at the Miami Science Museum’s website.

With a pending opening date of 2015, the 250,000 square foot museum will make the list of sustainable science museums by harnessing solar and wind for the building’s energy needs. Permanent exhibits will include a 600,000 gallon shark-filled aquarium, a 3D planetarium, technology exhibits with which the public can interact and cafes and gardens so you can make a day of your visit.

Monday, September 24, 2012

Perricone’s – A Brickell Fixture

In these days when restaurants come and go, it’s nice to know that Perricone’s Marketplace & Café, a downtown Miami favorite for the past 16 years, is still around. 

perricones brickell

Seated in Perricone’s rustic Italian dining room, or on the lush, tropical terrace, it’s hard to believe that you’re anywhere near the bustle of the big city.

Owner Steven Perricone bought the SE 10th Street building in the mid-1990s. During the renovation process, the existing building collapsed. Perricone then found a 120 year-old barn in Vermont, which he brought back to Miami in pieces, to reassemble in its current park-like location in the heart of Brickell. He built the dining room around the existing trees “so it’s like eating in a tree house,” Perricone claims.

Perricone describes the restaurant’s cuisine as “simple, basic Italian comfort food.” Although customers rave about the entire menu, two items on the dinner menu appear to be standouts: Grandma Jennie’s Meat Lasagna and the Fiocchi Gorgonzola.  

Perricone’s doesn’t have a wine list, per se, but offers up a weekly selection from which to choose. Or, you’re welcome to pick a bottle from the amazing selection in the marketplace. There is a small corkage fee. 

Perricone’s specialty food market carries everything they have in the dining room, plus signature cheeses, crackers and deserts.

Open for lunch and dinner, seven days a week, Perricone’s also features Sunday brunch and a rather large delivery menu with hot and cold sandwiches, appetizers, salads and hot entrees. You’ll find live music five nights a week. On Thursday nights, all pastas are only $10.00. Obviously, this is one of Perricone’s busiest nights, so get there early or make reservations.

Perricone’s is located at 15 SE 10th St., just east of South Miami Avenue. Reservations are accepted by calling (305)374-9449.

Sunday, September 23, 2012

Sales office dissapearing? Icon Bay Case Study

I remember the glorious days of the real estate boom in Miami. I would go to parties every month where developers announced new projects one after the other. Along with the party came a spectacular sales office where they brought agents, media and clients to show them the building model and how finished units were going to look like. 

Not anymore. These things are not very common nowadays. Instead, social media and word of mouth are king these days. Real estate developers are relying more and more on technology to sell real estate, and social media is playing a very important role in this process.

The Related Group, one of the biggest real estate developers in Florida, released Icon Bay condos to the public at the end of July of 2012. Icon Bay will be located in downtown Miami facing the bay on 28th avenue, a block away east from Biscayne Boulevard. 

There was no party and they still do not have a sales office for Icon Bay. When we were contacted by the developer the first question I asked, in addition to the regular one about pricing, was about the launch party and they said "no, there is no party, just start selling". They explained further and stated that they were contacting brokers and clients to tell them about pricing and that they were starting to take reservations right away. Brokers started spreading the word immediately using word of mouth, emails and social media.

To date, they have 211 reservations out of 300 units in total. Out of those 211 reservations, 117 have full deposits of 10% of the purchase price and 30 have partial deposits. This is remarkable given the fact that they started only a couple of months ago and that prices started at $468 per square foot. As you might have noticed, $468/foot is not cheap, most condos in downtown Miami are currently selling between $350 and $450 per square foot.

Therefore, there are two important conclusions from this analysis. The first one is that the Miami real estate market is experiencing a solid recovery. And secondly, developers are relying on technology more and more to streamline the selling process. If social media helped people in the middle east bring down their autocratic governments, why can't we use it to improve the real estate business?

Wednesday, September 19, 2012

The Five Most Expensive Condos for Sale in Brickell

Miami homebuyers seeking amazing views, amenities that cater to their every whim, or just the convenience of living amidst the hum and hustle of the city, have no shortage of luxury condos from which to choose. Although there are plenty of condos priced at or near the median price for the region, several on the high-end stand out. You might call this list “The Best-of-the-Best in Brickell Luxury Living,” and you would be correct.

asia brickell key

The top of the luxury condo market in Brickell features two communities: Asia Brickell Key and the Four Seasons Brickell

The Asia tower stands 483 feet tall, with 36 floors, and only three to five units per floor. Asia’s 123 units offer two, three or four-bedroom floor plans. 

Some of the amenities you’ll find at Asia include:

A fitness center
Several swimming pools
Tennis courts
Private storage facilities

The best-of-the-best units at Asia, currently offered for sale, include #3003. This home features four bedrooms, five and one-half bathrooms in 3,813 square feet of living space. It boasts 12-foot ceilings, a gourmet chef’s kitchen, and luxurious bathrooms with imported marble. It’s offered at $6 million. 

asia brickell
If you want to be located further above the bright lights of Miami, and require one of the city’s most spectacular views, view PH-3402 at Asia. This penthouse unit is being offered at $7,900,000 and features six bedrooms, five bathrooms and two half bathrooms in 5,000 square feet of living space. Views of the bay and the river, private elevator access and exquisite designer finishes are just a taste of what this home has to offer.

The next step up in price is yet another Asia penthouse, number 3401. This home offers 4,635 square feet of living space, with five bedrooms and six and one-half bathrooms. It also boasts a maid’s room and the entire unit has been freshly decorated. Water and city views from the dining area, an interior elevator and marble floors are a few of the unit’s other distinctive features. Penthouse 3401 is offered at $8,800,000.  

asia brickell key bathrooms
Another penthouse offers Asia’s most spectacular views. A three-story stunner, this unit has four bedrooms and five and one-half bathrooms, in 4,834 square feet of living space. Enjoy the ultimate in privacy with a private elevator to the unit. The 2,496 square-foot terrace holds a private pool and a wet bar. This unit holds maid’s quarters and you’ll find private storage on the same floor. This home is offered at  $8,830,000. 

four seasons brickell

At the top of the price range you’ll find an incomparable luxury home at Four Seasons Brickell. Live on top of the world in the highest penthouse in Florida.  This unit is a combination of three units and contains 7,458 square feet of living space. Enjoy panoramic views from each of this home’s four bedrooms. Features of this penthouse are numerous and include:

A state-of-the-art Crestron system
Lutron system
Imported marble
Swarovsky crystal chandeliers
Oversized kitchen
Wine cellar
Media room

This Four Seasons penthouse is on the market for $15 million. 

four seasons brickell penthouse
All of these homes are available for private showings with a 24-hour notice.

Monday, September 17, 2012

TIKL Raw Bar and Grill

With all of the amazing restaurants in the Brickell neighborhood in Miami, it’s hard to imagine that yet another new eatery would create much excitement. TIKL Raw Bar and Grill (pronounced "tickle"), across from the Four Seasons Brickell building, may have you rethinking that assumption.

four seasons brickell across four seasons

Brought to us by the same team that created Altamare, TIKL offers affordable small plates with indoor and outdoor dining.

Owner Claudio Giordano was born in Venezuela but grew up in Naples. As a teenager he took various summer restaurant jobs in Rome, Tuscany and Munich to nurture his burgeoning desire to work in the hospitality industry. At a young age he was offered the opportunity to become a partner and owner of Taverna Fra’ Diavolo, in Venezuela.

Upon his move to Florida in 1984, Giordano purchased Coral Gable’s La Bussola where he offered Italian cuisine. The eatery’s almost instant success allowed Giordano to expand the restaurant from 60 seats to 120.

Over the years, Giordano has helmed amazing restaurants such as Claudio’s Restaurant Bar & Club (which he sold in 2001) and Altamare (originally named Altamar) on South Beach.

Giordano says that TIKL chef Simon Stojanovic’s farm-fresh small plates are meant to be shared, much as one finds in a tapas restaurant. TIKL’s menu is seafood-focused and divided into the following sections:

Snacks – includes items such as garlic bread, chili chicken thighs and bloody Mary bruchetta 
Raw – snapper or lobster salad and spicy tuna bomb highlight this section
Small – small plates of short rib soft tacos, fried squid and thai curried mussels are meant to be shared
Robata – octopus, asparagus prepared in miso truffle butter and Korean hangar steak are a few of the offerings here
Skewers – try the bacon-wrapped enoki, chicken thighs or local shrimp
Large – a 24 oz. Porterhouse steak or a whole fish-of-the-day

TIKL’s prices range from $4 to $6 for snacks; $10 to $16 for the raw menu items; $10 to $18 for items from the “Small” section; from $5 to $14 for Robata and Skewers items and $45 for the Porterhouse (subject, of course to change).

tikl restaurant brickell

Favorable reviews are already mounting, with the grilled scallops, pork belly and tuna bomb coming out as early favorites. Add to that the rave reviews for the eatery’s modern décor and personable servers, and Brickell seems to have another winner. 

You can find TIKL at 1450 Brickell Avenue, across from the Four Seasons. The restaurant is open Monday through Friday from noon to 1 am and Saturday from 6 p.m. to 1 a.m. Happy Hour is from 4 p.m. to 7 p.m.

Saturday, September 15, 2012

Miami Real Estate Market Update - Brickell - August 2012

In the following table you can see all closings in the brickell area for the month of August 2012. There were a total of 83 closings. The main statistics are:
  • Average price per square foot: $364
  • Lowest price per square foot: $127 (Four Ambassadors unit 1505)
  • Highest price per square foot: $687 (Four Seasons unit 52B)
There were units that went pending in just one day at The Courts Brickell Key and The Plaza on Brickell.

four seasons brickell

Building Unit# Bed/Bath Living Area Days on Market List Price Sale Price Price per sq ft
FOUR AMBASSADORS 1505 1/1 990 11 $93,500 $126,000 $127
FLAGLER FIRST CONDOS 702 1/1 603 238 $96,540 $103,615 $172
Fortune House 711 1/1 640 73 $164,500 $160,000 $250
THE WIND BY NEO 2215 1/1 698 264 $219,000 $210,000 $301
THE MET 1803 1/1 640 294 $225,000 $205,000 $320
Brickell Key One Condo A812 1/1.5 836 139 $229,000 $210,000 $251
The Club at Brickell 3822 1/1 825 28 $230,000 $215,000 $261
The Loft Downtown II 2113 2/2 1153 28 $239,000 $225,000 $195
QUANTUM 3119 1/1.5 865 241 $242,000 $225,000 $260
Isola Condo 14 1/1 735 141 $245,000 $230,000 $313
BRICKELL SHORES 605 2/2 1045 49 $259,000 $233,000 $223
One Tequesta Point 801 1/1.5 780 46 $259,900 $255,000 $327
Brickell on The River S 705 1/1.5 981 122 $260,000 $235,000 $240
THE PLAZA 303 1/1 702 39 $263,000 $255,000 $363
Met 1 Condo T-1905 1/1.5 733 249 $265,000 $255,000 $348
1060 BRICKELL 815 1/1.5 1053 171 $265,000 $250,000 $237
THE PLAZA 901 BRICKELL 801 1/1 838 89 $265,000 $236,000 $282
ONE MIAMI EAST 3802 1/1.5 846 125 $269,990 $268,000 $317
BRICKELL ON THE RIVER SOU 506 1/1.5 1056 290 $279,000 $245,000 $232
500 BRICKELL W CONDO 3200 1/1 901 161 $279,900 $276,000 $306
ONE MIAMI 3205 2/2 1227 14 $280,000 $280,000 $228
FORTUNE HOUSE 2410 2/2 930 78 $280,000 $240,000 $258
1060 BRICKELL CONDO 615 1/1.5 1053 127 $285,000 $265,000 $252
500 BRICKELL EAST 2806 1/1 738 57 $290,000 $270,000 $366
1060 BRICKELL AVENUE 2204 1/1 731 850 $295,000 $280,000 $383
THE PLAZA ON BRICKELL 3709 1/1 674 38 $297,452 $293,500 $435
BRICKELL KEY II 921 2/2 1030 172 $309,900 $309,900 $301
1060 BRICKELL AVENUE 2202 1/1 843 841 $319,000 $300,000 $356
THE CLUB AT BRICKELL BAY 3615 2/2 1030 70 $319,000 $318,000 $309
THE PLAZA ON BRICKELL 4708 1/1 674 108 $319,052 $315,000 $467
Jade at Brickell 904 1/1 895 22 $325,000 $290,000 $324
THE PLAZA ON BRICKELL 1702 1/1 739 50 $333,256 $300,000 $406
THE PLAZA ON BRICKELL 4103 1/1 739 29 $340,452 $329,000 $445
Brickell Key II 422 2/2 1400 213 $350,000 $310,000 $221
Brickell Key II 1617 2/2 1030 146 $350,000 $340,000 $330
THE PLAZA ON BRICKELL 5200 1/1 847 21 $350,452 $346,000 $409
THE PLAZA ON BRICKELL 5108 1/1 674 28 $350,452 $339,000 $503
THE PLAZA ON BRICKELL 5001 1/1 847 5 $355,452 $355,000 $419
ICON BRICKELL 4106 1/1 842 16 $360,000 $352,500 $419
Atlantis 502 2/2 1304 18 $360,000 $320,000 $245
ONE MIAMI WEST CONDO 3922 2/2 1169 24 $365,000 $355,000 $304
THE PLAZA ON BRICKELL 5401 1/1 847 1 $365,000 $365,000 $431
Brickell on The River 2110 2/2 1110 165 $374,999 $250,000 $225
ICON BRICKELL 1908 1/1 732 77 $375,000 $325,000 $444
1060 BRICKELL 3405 1/1.5 963 159 $379,000 $376,000 $390
500 BRICKELL 1607 2/2 1197 132 $380,000 $365,000 $305
MET 1 2206 2/2 1005 1 $385,000 $385,000 $383
ICON BRICKELL TOWER I 2406 1/1 940 90 $395,000 $390,000 $415
BRICKELL KEY ONE CONDO A1505 3/3 1625 534 $399,000 $389,900 $240
1060 BRICKELL 2911 2/2 1103 162 $399,000 $375,000 $340
ST LOUIS CONDO 901 2/2 1000 92 $399,000 $360,000 $360
COURVOISIER COURTS 805 2/2 1236 15 $399,000 $395,000 $320
BRICKELL ON THE RIVER S 1308 2/2 1402 22 $399,000 $360,000 $257
500 BRICKELL 1205 2/2 1124 146 $400,000 $380,000 $338
WIND BY NEO 1802 2/2 1385 168 $408,000 $370,000 $267
CARBONELL CONDO 1102 1/1.5 1076 58 $415,000 $400,000 $372
Plaza on Brickell 2004 2/2 1101 108 $429,000 $405,000 $368
1060 Brickell 1514 2/2.5 1278 285 $438,000 $410,000 $321
ST LOUIS CONDO 1304 2/2 960 813 $439,000 $410,000 $427
BRICKELL KEY ONE A1114 2/2.5 1976 46 $439,000 $415,000 $210
JADE 411 1/2 1293 548 $465,000 $450,000 $348
Courvoisier Courts 2411 2/2 1267 100 $499,000 $490,000 $387
ICON BRICKELL 5507 1/1 984 37 $520,000 $475,000 $483
ICON BRICKELL 1913 2/2 1144 24 $525,000 $510,000 $446
THE PLAZA ON BRICKELL 5204 2/2 1192 93 $532,452 $520,000 $436
COURTS BRICKELL 604 3/3 1493 0 $535,000 $535,000 $358
Skyline on Brickell 1106 2/2 1367 420 $550,000 $535,000 $391
ONE MIAMI 1512 3/2 1416 28 $579,900 $542,900 $383
The Courts 1509 3/3 1488 14 $595,000 $525,000 $353
Viceroy 3910 2/2 1347 146 $630,000 $620,000 $460
JADE RESIDENCES 2002 2/2 1529 228 $659,000 $635,000 $415
ICON BRICKELL I 602 2/2 1433 195 $679,000 $635,000 $443
ICON BRICKELL TOWER 2 3904 2/2 1666 139 $695,900 $695,000 $417
ASIA ON BRICKELL 1605 2/2 1600 315 $925,000 $830,000 $519
THREE TEQUESTA 2604 2/2.5 1919 767 $949,000 $920,000 $479
CARBONELL 308 2/2 1916 155 $975,000 $945,000 $493
FOUR SEASONS 55A 2/2 1749 628 $1,150,000 $1,026,000 $587
JADE 1211 2/2.5 1878 15 $1,174,900 $1,130,000 $602
EPIC 4307 2/2.5 1598 6 $1,190,000 $1,020,000 $638
ICON BRICKELL 2301 3/2 1870 34 $1,250,000 $1,175,000 $628
THREE TEQUESTA POINT 3601 3/2.5 2353 26 $1,300,000 $1,150,000 $489
FOUR SEASONS 62B 2/2.5 2185 255 $1,600,000 $1,500,000 $686
FOUR SEASONS 52B 3/3.5 2547 294 $1,899,999 $1,750,000 $687

Thursday, September 13, 2012

Bal Harbour Shops

While pockets within the City of Miami have buzzed with development and redevelopment over the past decade, bringing new retail centers with ever more glitz, Bal Harbour Shops, a mainstay in Miami for more than 45 years, remains a local favorite.

If you’re new to the area, we’d like to introduce you to this gem of Bal Harbour, an upscale Miami suburb.

First, if you’re hoping to open a business at Bal Harbour Shops, get ready to wait in line. There is a two-year waiting list of business owners eager to locate in the open-air shopping mall.

Bal Harbour Shops sits on what once was an army barracks and World War II prisoner of war facility. In the early 1960s, Stanley Whitman purchased the property for $2 a square foot, hired an architectural firm and, by 1965, with FAO Schwarz as the first tenant, Bal Harbour Shops opened the doors.

Bal Harbour Shops was populated with mainly big-name department stores until Gucci opened its fifth U.S. store there. This move opened the flood gates and upscale fashion designers quickly followed suit, including Dolce & Gabanna and Chanel.

Today, the 500,000 square foot center includes 100 tenants, including retailers such as:

Carolina Herrera
La Perla
Michael Kors
Miu Miu
Oscar de la Renta
Yves Saint Laurent
Tiffany & Co.

Dining opportunities abound at Bal Harbour Shops with nine unique eateries from which to choose. 

In addition, the St. Regis Bal Harbour condos and hotel just opened a couple of months ago in front of Bal Harbour shops.

Shuttle service to Bal Harbour Shops is available from South Beach and Miami Beach.

Wednesday, September 12, 2012

Midtown Miami

Just south of the Miami Design District sits an area known as Midtown Miami, a mixed-use urban development. Although construction of the development began in 2005, the real estate crash forced the developers to scale back on some of their plans in 2007. By the summer of 2011, however, new plans were announced for the building of an entertainment center, a hotel, cinema and additional shops.

The Shops at Midtown are probably the area’s biggest draw and include national chain stores such as Marshalls, Target and Guess, as well as popular local stores. If the Shops at Midtown remind you of New York’s SOHO district, there’s a reason: the shopping area was designed to do just that.

Midtown Miami is also a draw for residents seeking an upscale lifestyle in an urban setting. Let’s look at some of Midtown’s real estate offerings.

2 Midtown Miami
Also known as Midtown 2, this residential complex was built in 2007 and contains 336 units with 60 floor plans. The Mews offer 18 first-floor, live-work residences, Midrise contains 62 live-work residences with distinctive warehouse-style windows, and Tower units offer 327 residences with stunning bay and city views. All units offer floor-to-ceiling windows, custom cabinetry in the kitchens, high-end appliances and walk-in closets.
Amenities at 2 Midtown Miami include a concierge, on-call 24 hours a day; 24-hour security; a private fitness center; swimming pool; private storage; a valet and shopping just steps away.
Current offerings range in price from $225,000 to $905,900. At the lower end of the price range is a 589 square foot one-bedroom unit with tile floors throughout.

At the top of the 2 Midtown Miami price range is a 3-bedroom unit with three and one-half bathrooms in 3,730 square feet of living space. This residence offers a European kitchen with stainless steel appliances.

4 Midtown Miami
You’ll find more than 40 floor plans at 4 Midtown. Units feature private terraces, whirlpool tubs and security systems. The community offers amenities enough to keep even the most active Miamian happy:

Beach towel service
Pool towel service
Fitness Center
Access to golf
Tennis courts

4 Midtown also offers 24-hour security, a movie theater, a breakfast café, concierge services, a wine cellar, steam room and sauna.

Prices at 4 Midtown start at $239,000 for a studio unit (with a den). At the top of the price range sits a two-bedroom condo with partial bay views, offered at $375,000. 

If you think Midtown developers are finished, think again. Earlier this year they announced the sale of 22 acres to another developer. Look for more retail and additional residences in the future.

Tuesday, September 11, 2012

Miami Design District Makeover

Mulligans aren’t just for the golf course. It’s not that the Miami Design District was a bad shot, necessarily, but it’s getting a “do-over” to bring it from conventional to upscale and from artsy to retail.

Developer Craig Robins is spending more than $300 million on the Design District facelift, demolishing some buildings, and adding over 500,000 square feet. The 30-foot wide pedestrian promenade will guide shoppers to cafes, boutiques and luxury department stores. The formerly commercial district will now boast a hotel and condos as well. 

With all of this is the promise of over 1,200 new jobs and a trendy place to shop or attend events.

Miami Design District will still offer the opportunity to shop in the designer furniture showrooms and galleries, and the wonderful restaurants, clubs and bars, but now offers high-end clothing and specialty concerns as well.

Late July saw Shokudo move into the Design District, serving what they call Asian “street food,” from an old bodega. Cartier moved into a 43,000 square foot space last month. Nest is set to open a 2,400-square-foot showroom this month, and South Street Restaurant & Bar (serving neo-soul food) is taking over the space once occupied by Sra. Martinez in late September, or thereabouts. In addition, Midtown condos is starting sales of Midtown 4 right across the street from the Design District.

Some urban planners are claiming that this shopping revitalization project – bringing shopping out of the suburbs and back to the city -- is the wave of the future and we’ll see them popping up in urban cores across the country.

Copyright 2012 Miami Riches. All rights reserved. 1800 SW 1st Avenue. Suite 504. Miami, FL. 33129. Tel (305) 600-3198. Fax (786) 533-3921.