According to the Miami Association of Realtors, May 2017 saw 1,344 single-family home sales in the greater Miami area, the most in any May in Miami real estate history, and a 9.9 percent jump from the 1,223 homes sold a year ago.

Miami existing condo sales (up 5.7 percent), total residential sales (up 7.7 percent), total dollar volume (up 14.7 percent) and single-family luxury transactions (up 23.5 percent) also increased. Sales for single-family luxury ($1 million or above) have risen for three consecutive months.

“Pent-up demand is fueling a historic Miami home buying season,” said Coral Gables Realtor Christopher Zoller, the 2017 Miami Realtor Association chairman of the board. “Two months after posting its most March single-family home sales ever, Miami-Dade County broke another record for the most May sales. Local job growth and impending interest rate hikes are fueling purchases.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.01 percent in May. The average commitment rate for all of 2016 was 3.65 percent.

 
Total Home Sales Increase

Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — increased 7.7 percent year-over-year from 2,532 to 2,728.

Sales for existing condominiums, which are competing with a robust new construction market, increased 5.7 percent year-over-year from 1,309 to 1,384.

The existing condo market could see future growth, according to new pending sales data. The number of existing Miami condo properties that went under contract in May rose 6.8 percent year-over-year. New pending sales for single-family homes also increased (up 5.4 percent in May).

Lack of access to mortgage loans is inhibiting further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

New Record for Single-Family May Home Sales

The 1,344 Miami-Dade County single-family homes sold in May 2017 surpassed the county’s previous May record of 1,276 transactions in May 2015.

The rise in Miami single-family home sales is being fueled by a surge in mid-market and luxury transactions. Miami single-family mid-market home sales, or transactions for properties listed between $200,000 and $600,000, jumped 27.9 percent in May, from 756 to 967 sales. Mid-market home sales comprise 71.9 percent of all single-family home sales.

Luxury single-family sales ($1 million and above) jumped 23.5 percent in May 2017.

Miami single-family traditional sales, or non-distressed transactions, rose 21.4 percent. This growth in traditional sales, from 980 to 1,190 transactions, shows the health and strength of the Miami market.

Total sales volume for all properties accounted for $1.17 billion last month. These sales do not include Miami’s multi-billion dollar new construction condo market.

Median Prices Rise for All Properties

Miami-Dade County single-family home prices jumped 10.7 percent in May 2017, increasing from $293,500 to $325,000. Miami single-family home prices have now risen for 66 consecutive months, a streak spanning five and half years. Existing condo prices increased 4.8 percent, from $214,750 to $225,000. Condo prices have increased in 70 of the last 72 months.

Despite the rise in prices, Miami real estate remains a major bargain. A 120-square meter condominium in Miami-Fort Lauderdale-Miami Beach cost $170,000 in 2016 Q3, according to the National Association of Realtors (NAR). The average cost of a 120-square meter apartment in 2016 in the prime inner city areas of London ($4.1 million), Hong Kong ($3.1 million), and New York ($2.2 million) were at least ten times higher, according to Global Property Guide.

Miami Distressed Sales Continue to Drop

Total Miami distressed sales declined 41.8 percent year-over-year, from 471 to 274 last month. Only 10 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 18.6 percent in May 2016. In 2009, distressed sales comprised 70 percent of Miami sales.

Short sales and REOs accounted for 2.6 and 7.4 percent, respectively, of total Miami sales in May 2017. Short sale transactions dropped 13.4 percent year-over-year while REOs fell 47.8 percent.

Nationally, distressed sales accounted for 5 percent of sales in May, down from 6 percent a year ago.

Miami Real Estate Selling Close to List Price

The median number of days between listing and contract dates for Miami single-family home sales was 48 days, a 2.0 percent decrease from 49 days last year. The median number of days between the listing date and closing date for single-family properties stayed the same at 98 days.

For condos, the median time to contract increased 17.2 percent to 75 days. The median number of days between the listing date and closing date increased 7.5 percent to 115 days.
The median percent of original list price received for single-family homes increased 0.1 percent to 95.5 percent. The median percent of original list price received for existing condominiums decreased 0.6 percent to 93.7 percent.

National and State Statistics

Nationally, total existing-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April.

Statewide closed sales of existing single-family homes totaled 27,850 last month, up 7.6 percent compared to May 2016, according to Florida Realtors. Statewide closed condo sales totaled 11,538 last month, up 8 percent compared to May 2016.

The national median existing-home price for all housing types was $252,800, up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight month of year-over-year gains.

The statewide median sales price for single-family existing homes last month was $239,000, up 7.7 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties was $178,000, up 8.1 percent over the year-ago figure. May was the 66th consecutive month that statewide median prices for both sectors rose.

Miami’s Cash Buyers Represent Almost Double the National Figure

Miami cash transactions comprised 39.4 percent of May total closed sales, compared to 47.2 percent last year. Miami cash transactions are almost double the national figure (22 percent). Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.
Condominiums comprise a large portion of Miami’s cash purchases as 53.8 percent of condo closings were made in cash in May compared to 24.6 percent of single-family home sales.

New Construction Market Update

Most Miami preconstruction condo developers require a 50-percent cash deposit on new units. The deposit is not only one of the highest in the United States but is significantly higher than the 20 percent required during the last real estate cycle. The large cash deposits show how committed Miami’s preconstruction condo buyers are to the local market.

Eighty-three condo towers with 8,697 units have been completed in Miami-Dade County east of I-95 in the last six years since the start of 2011, according to a June 20 report from preconstruction condo projects website Cranespotters.com and MIAMI.

Luxury living in Miami is about to reach new heights. High atop CMC Group’s Brickell Flatiron condominium, a 64-story luxury tower under construction in the heart of Downtown Miami, veteran developer Ugo Colombo has released a limited collection of penthouses for sale. Brickell Flatiron’s newly-unveiled Penthouse Collection, located on floors 50 through 64 of the tower, include expansive single-story residences along with two-story duplex and three-story triplex upper penthouses. With layouts measuring up to nearly 6,500 square feet in size, residences will include 10- to 11-foot-high ceilings, premium finishes and fixtures, and panoramic views of the Miami skyline and Biscayne Bay. Two triplex penthouses will feature private terraces with rooftop pools, summer kitchens and changing rooms, as well as private elevator vestibules within each unit providing access to all three levels.

Penthouse residences are priced from about $1 million to $2.5 million, with upper penthouse duplex and triplex residences priced from $6 million to $15.5 million. Approximately 60% of the development’s 549 units have already been sold and are under hard contract, with a total sales volume in excess of $300 million. With its prominent position at the epicenter of the Brickell Financial District, the over 700-foot-high building will become one of the tallest residential towers in the U.S. upon its completion in 2019.

“Brickell Flatiron’s penthouse collection will embody the elegance and sophistication of Italian design,” said developer Ugo Colombo, founder of CMC Group. “We are sparing no detail and no expense to deliver a memorable product offering our residents the highest caliber of quality and design that will withstand the test of time.”

In addition to offering an unmatched quality of amenities and finishes, Penthouse Collection residences are designed for maximum functionality. Upgraded kitchens include Snaidero motorized cabinetry with customizable cabinet colors, Miele under-counter wine coolers and integrated appliances. Bosch laundry room appliances incorporate anti-vibration and noise-suppression technology. Energy-efficient, impact-resistant floor-to-ceiling windows and sliding glass doors are designed to withstand hurricane-force winds. Every penthouse unit is fully equipped with state-of-the-art technology systems, including a private wireless network and a secure smart-lock system.

Acclaimed Miami architect Luis Revuelta creates a one-of-a-kind architectural environment that combines the tower’s distinct flatiron shape with flowing, curvilinear forms. On the inside, Italian design architect Massimo Iosa Ghini uses inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior.

Crowning the penthouse floors, Brickell Flatiron’s 64th-floor rooftop amenity paradise will encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents will have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, and a 6,300 square foot state-of-the-art fitness center with Pilates, yoga and aerobics studios.

Additional features include a resort-style lap pool and children’s pool on the 18th floor, private movie theatre with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and parking valet, on-site vehicle washing and detailing, and electric car-charging stations.

Brickell Flatiron’s prime location at 1001 South Miami Avenue, just one block from downtown’s bustling Brickell Avenue, provides residents a central location in one of the city’s most dynamic urban districts. Dozens of high-end hotels, restaurants, cafes, lounges and luxury shops are just steps away, including The Shops at Mary Brickell Village and Brickell City Centre. Multiple public transit options such as the Metromover and Downtown Trolley are within walking distance, connecting Brickell Flatiron with Miami’s star attractions, including the AmericanAirlines Arena, Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and the Patricia and Phillip Frost Museum of Science.

For more information about Brickell Flatiron, including preconstruction sales opportunities, please call (305) 400-7400 or visit the project’s sales & design gallery at 1001 South Miami Avenue, Miami, FL 33130. Learn more at www.brickellflatiron.com.

In Flamingo, Costa Rica you will not only find a great beach but soon you’ll be able to get a cheeseburger in paradise. Surrounded by white sand on the Pacific Coast of Guanacaste Costa Rica, Flamingo Beach Resort & Spa is soon to become an oceanfront paradise owned by Jimmy Buffett and Driftwood Acquistions & Development Company.

The resort offers 120 spacious guestrooms and suites, along with a full range of activities for eco-tourists, families, couples and more. In addition to its location on the Blue Flag-certified ecological Flamingo Beach but nearby activities range from scuba diving and deep-sea fishing to jungle canopy tours and day trips to the famous Arenal Volcano and amazing waterfalls.

Margaritaville partnered privately held investment firm Driftwood Acquisitions & Development, which specializes in the acquisition and development of hotel assets. Both properties will remain open during the various phases of rebranding. Renovations are expected to commence immediately and will incorporate Margaritaville’s signature ‘casual-luxe’ design elements.

The company has announced the re-branding of the Flamingo Beach Resort and Spa in Guanacaste, Costa Rica, in partnership with Driftwood Acquisitions & Development.

We are thrilled to combine the fun and escapism of our brand with these iconic locations, and provide additional opportunities for our guests to relax and have a great time, which is what we are all about. – John Cohlan, CEO, Margaritaville

 

“It’s a dream come true for us to partner with Margaritaville, as we help to rebrand Tan-Tar-A and Flamingo Beach,” said Carlos Rodriguez, chief executive officer of DAD. “The Tan-Tar-A acquisition has helped us reach our 2017 growth goal already, just halfway through the year, and Flamingo Beach has been near and dear to my heart for a very long time.  We’re excited to get underway, working together with the Margaritaville team to help travelers create unforgettable memories in the Midwest and Costa Rica.”

Costa Rica scores another development victory and brand name to add to growing list popular flag hotels such as Sheraton, Hyatt, RUI, Marriott, JW Marriott and Four Seasons. With tourism on the rise, hotel rates up Costa Rica is still in need of more 4 and 5-Star boutique hotels for a unique and personalized travel experience in the land of Pura Vida.

Article Originally on Costa Rica Development Properties, Land & Hotels

President Donald Trump is selling his luxurious French St. Martin beachfront estate, Le Château des Palmiers.  The walled compound on the northwestern tip of the Caribbean island on the Rue de la Malaise is listed with Sotheby’s Realty International and was purchased by the President in 2013.

The nearly five-acre estate was the most expensive home on the market in the French territory when it was first listed 3-months ago for $28M.  The tropical estate home has recently seen a nearly 40% price reduction and is now selling for $16.9 million.

The elaborate and highly impressive Mediterranean-style compound has 11 bedrooms spread across a 4.8-acre lot directly on St. Martin’s Plum Bay.  Encompassing two villas and multiple outbuildings, the main villa includes 5-bedrooms with a 2-story master bedroom complete with jacuzzi bath and multiple balconies.  The smaller villa contains 4-bedrooms each with a unique theme.

Among the many red-tile roofed outbuildings are a pool cabana, a manager’s house, fitness room and more.  All enclosed by an 9-foot boundary wall, you can rest assured that you’ll enjoy complete privacy.

Vacation packages for the president’s tropical beachfront estate start at $6,000 per night in the low season for the smaller of two villas and top off at over $20,000 during the winter holidays.

It is reported that he has collected between $100,000 and $1 million annually through rental income, according to a 2015 disclosure, which values the asset between $5 million and $25 million.

Catching The Wave Of The Future with Jennifer Aniston and Other Paddle Boarding Enthusiasts

If you come anywhere close to a beach these days, you’re going to notice a trendy new sport taking hold: paddle boarding. It is rapidly emerging in popularity all around the world, from the most remote and isolated getaways to the trendies, most luxurious resorts. Paddle boarding is the wave of the future.

It started back with the kings of the Hawaiian Islands, who used the boards specifically for training and exercise purposes. Now, the kings and queens of Hollywood have adopted the sport.

Jennifer Aniston has made quite a few splashes in the news while spiritedly guiding her paddle boardthrough glassy blue waters on numerous occasions. Aniston has never led women astray; from how to maintain beautiful hair to the basics of a healthy diet, she has served as a competent source for workout and beauty trends. And again she leads her followers into friendly waters. No doubt the dedicated masses will follow her lead down this paddle boarding road. And they should, since paddle boarding is a great workout!

Surfers have long been admired for their outstanding physiques, and paddle boarding gives you a similar workout, without the brutal ten foot waves to navigate. Paddle boarding is in essence a leisurely way to surf. You can lie on it and paddle in a swimming motion or standup and use a long curved paddle to propel yourself forward.

Be advised that paddle boarding is most successful in calmer waters. So, next time you find yourself on the beautiful sands of Costa Rica, or in the Caribbean, make sure you bring a paddle board along, as no luxury vacation is complete without one.

Check out other celebrity paddle boarders maintaining their hot bodies with this trendy new sport.

Appleton Estate produces “the world’s oldest barrel aged rum” to mark 50th anniversary of Jamaican independence.

There’s no doubt that Jamaica’s Appleton Estate knows how to make world-class rum. After all, the distillery has been rolling out the barrels since 1749. But now Appleton has created what it’s billing as “the world’s oldest barrel aged rum” to mark the 50th anniversary of Jamaican independence.

This special hand-blended concoction was produced from a selection of rums that had been aged in American oak barrels for at least half a century. Each barrel was laid down with the expressed intention of it contributing to a unique product that would celebrate the ratification of the country’s constitution in 1962.

Appleton Estate’s special edition of golden rum comes in a handcrafted crystal decanter with etchings representing Jamaican national symbols. Also included is a commemorative booklet detailing the rum’s history as well as the country’s long journey to full independence. Limited to only 800 bottles, each is priced at a hefty $4,520.

The commemorative edition is described as “a deep mahogany sipping rum, with powerful notes of cinnamon, toasted oak, almond, maple and vanilla combined with a hint of orange peel – the latter being a hallmark of all Appleton Estate Jamaican Rum.”

Visit www.appletonestate.com for more information.

When we look for a vacation spot or a second home, we’re normally seeking a sense of peace or a more relaxed state of mind. It might be a luxurious beach house in St. Kitts or a small intimate villa in Barbados, but there’s one thing most people’s dream getaways will have in common — a peaceful serene environment, beyond the reaches of our modern fast-paced lives.

Gisele Bündchen, the world’s highest paid Supermodel and wife to football star Tom Brady, has found such a place in Costa Rica. An advocate of living a healthy lifestyle that nurtures a person both inside and out, she used Costa Rica as inspiration when developing her personal line of skincare products called Sejaa.

The promotional video for Sejaa was filmed mostly in Costa Rica, in what Bündchen considers a peaceful environment, so as to embrace the true essence behind Seeja. In the video, Bündchen can be seen living her tranquil Costa Rican lifestyle: surfing, riding horseback along the beach, sitting poolside at her home, meditating, and even practicing Tai Chi.

Take a peek:

It’s easy to see how attractive such luxurious getaways can be. Costa Rica in particular has gained a reputation as being the ideal place to find and restore personal well-being to an otherwise hectic life. Stunning beaches and crystal-blue waters offer the perfect platform for peace and tranquility while an endless supply of nature, wildlife and outdoor activities offer fun and adventure, if that’s more of what you seek.

Indeed, Costa Rica’s charm lies in its ability to be whatever you need it to be. For Bündchen, it’s a serene paradise where she can work on her personal well-being and spirituality and enjoy time with her family away from a hectic LA lifestyle. Her second home in Costa Rica is where Bündchen can breath and relax.

Other celebrities and high-profile people have turned to Costa Rica to find their own slice of paradise as well. Most recently, Tim Robbins and Susan Sarandon found enchantment in the Northern Province of Guanacaste, joining the ranks of Sting, Harrison Ford, and others who have come to call Costa Rica home, at least for a little while. And several Costa Rica beaches were recently voted “Best of Latin America” in Trip Advisor’s Travelers’ Choice Awards.

What about you? Where will you find your peaceful retreat? Perhaps Costa Rica holds a piece of paradise for you as well.

The Developer has done a superb job of integrating all the traditional components that make Bermuda a special second home destination. The Roger Rulewich designed championship 18-hole golf course at Tucker’s Point Golf Beach & Tennis Club is already considered the best on the island and a 1,900 square foot Spa and Fitness Centre offers an escape within an escape where members and guests can receive hydrotherapy, massage, styling and a list of indulgent treatments. Members will also enjoy exceptional culinary experiences courtesy of “award winning” Executive Chef Serge Bottelli at The Point Restaurant, replete with twin outdoor fireplaces and available private dining rooms which help to capitalize on its location.

Tucker’s Point Club leaves no stone unturned on its path to luxurious living. From the real estate, spas, activities and cuisine, members will undoubtedly be enjoying the very best Bermuda has to offer. Tuckers Point offers numerous real estate ownership options including Estate Homes priced from $3.2 million and luxury fractionals at The Residence Club consisting of luxury two, three and four bedroom, fully furnished villas overlooking either the golf course and Harrington Sound or on Castle Harbor overlooking the Atlantic Ocean. The Residence Club fractional shares start at $355,000. If you plan to visit, current room rates start at $430/night.

Tucker’s Point Club, 441.298.6900 www.tuckerspoint.com
Tucker’s Point Hotel & Spa, 866.604.3764 www.tuckerspointhotelandspa.com

The name Zacapa is well-known throughout the rum world. It has many things to recommend it, including its blending pedigree, its signature palm leaf-wrapped bottle and its near-mythical aging process that happens “above the clouds.” And thanks to its distributor Diageo, you can find the Zacapa label nearly anywhere in the world.

What you can’t find easily, though, are its small-batch limited editions. Released once a year for sale within Guatamala and only a handful of select markets around the world, Zacapa’s limited edition rums are quality direct from the source.

The limited edition Reserva Limitada builds on the reputation and flavor profile of Zacapa’s 23-Year blend. Those familiar with the 23 shouldn’t expect a mere imitation.

To begin with, the limited edition is a blend of rums aged between six and 24 years in American white oak barrels that formerly held sherry, Pedro Ximenez wines and American whiskeys.

The Reserva Limitada offers a rawer, wilder quality over the tame 23. Its color is closer to molasses than caramel, with hints of vanilla and spice coming through the flavor. Its oaky, peppery finish brings a warmth not found in the off-the-shelf variety as well.

Sipping the Reserva Limitada, one gets the sensation that they are tasting something truly special. And well worth the trip to Guatemala to acquire it.

Specifically engineered for the water with Schiller’s unrivaled design, technology and engineering, the S1 Water Bike is the world’s most advanced production water bike.  A high quality aquatic cycling vehicle, this bike is designed to deliver and exhilarating, fast and safe ride by using Schiller’s proprietary drive train, integrated handle bar steering and rugged inflatable pontoons.

“Where every ride on the water feels like a vacation.”

Schiller’s S1 Water Bike is quiet, human powered and eco-friendly.  Its light-weight design makes it easy to use, store and take with you anywhere you go!  Dubbed the “world’s best water bike”, you’ll enjoy a vacation every time you take a ride on the water.

Designed for salt water environments and perfect for fitness or recreation, this bike is made in the USA in a catamaran meets ultimate cycling design.

Take the ride of your life with the Schiller S1 Water Bike!

Visit schillerbikes.com for ordering information