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July 31, 2005
Related Group and Starwood Join Forces 800-819-5466
Starwood and The Related Group Form a Joint Venture
to Develop a New Build St. Regis Resort & Residences
on the Existing Site of the Sheraton Bal Harbour. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) and The Related Group of Florida announce that they have signed a letter of intent to form a joint venture to develop a new build St. Regis Resort & Residences in South Florida's most exclusive enclave, Bal Harbour. The St. Regis Resort & Residences, Bal Harbour, to be built on the existing site of the Sheraton Bal Harbour, will be located on the white, pristine sands of the Atlantic Ocean directly across the street from the legendary Bal Harbour Shops. The renowned Lucien Lagrange Architects has been selected for the project. The proposed transaction is subject to the negotiation and execution of definitive agreements and other approvals and customary closing conditions.
"Related's innovative development expertise in project conceptualization, mixed-use development, and sales and marketing of upscale residential projects in the South Florida market is a perfect complement to Starwood's ultra-luxury brand, loyal customer base and its existing untapped real estate holdings," said Steven Heyer, CEO, Starwood Hotels & Resorts. "We expect that this relationship will allow us to maximize the unrealized potential of our land assets while enhancing the strength of Starwood's presence in this affluent market."
"We see a huge potential in developing the St. Regis Resort & Residences, Bal Harbour as a preeminent address for first-class luxury living in Miami," said Jorge M. Perez, chairman, The Related Group of Florida. "The powerful combination of the St. Regis brand, the distinguished reputation of Lucien Lagrange Architects', and Related's integrated development approach will make the St. Regis Resort & Residences, Bal Harbour a spectacular new addition to the seaside Bal Harbour village."
Only a select few of the world's luxury hotels merit the St. Regis name, offering unprecedented excellence in standards of hospitality and elegance. The St. Regis Resort & Residences, Bal Harbour will feature an array of sumptuous amenities, including the brand's signature butler service, renowned concierge service, a world-class spa and a signature restaurant.
The Bal Harbour Shops, ranked "the number one shopping center in the U.S." by Women's Wear Daily and home to 100 flagship stores including Hermes, Gucci, Prada, Dolce and Gabbana, Chanel, Louis Vuitton, Saks Fifth Avenue and Neiman Marcus. The Bal Harbour Shops also offer their patrons services such as valet parking, personal shoppers, as well as an array of first-rate fine dining options.
The Sheraton Bal Harbour will plan promotional activities throughout the year prior to its anticipated closing in June 2006 to celebrate the hotel's 50 year fabled history. "We anticipate that thousands of guests who have stayed with us over these past 50 years will want to come back and stay with us one last time," said the Resort's Managing Director, Hans B. Altenhoff. "This will be an exciting year for our property; not only will we commemorate our 50th anniversary but we will also provide our guest the opportunity to own their dream home on the beach they have enjoyed all these years." The Sheraton Bal Harbour's 50 year anniversary celebration which kicks off this spring, will incorporate promotions with the luxury brand emporiums located at the Bal Harbour Shops via an exclusive "Passport to Bal Harbour" offering available only at www.sheraton.com.
The Related Group of Florida has 25 years of residential development and construction experience of condominiums and urban mixed-use properties, primarily in Florida. Some of Related's landmark projects in South Florida include the Icon, Murano, Murano Grande, Portofino Towers and Oceans I, II and III. The company works closely with its New York affiliate to acquire commercial and residential real estate throughout the US. Related's marketing partnership with RCRS (Related Cervera Realty Services) will offer years of selling expertise in the luxury South Florida real estate market.
Lucien Lagrange Architects has roots in both the innovative architectural legacy of Chicago and the classic design heritage of Mr. Lagrange's native France. The dichotomy results in a firm that is uniquely creative yet sensitive to a timeless aesthetic. In a relatively short time, Lagrange has made a significant mark on the Chicago skyline. Its projects - new buildings and comprehensive renovations - are prominent both in the Loop and on the Near North Side. One of the latest is the new 67-story Park Tower hotel and luxury condominium development on North Michigan Avenue.
Local architect, Sieger Suarez, has been selected as the architect of record and has long been unrivaled as South Florida's leading architectural firm specializing in luxury residential high-rise design. Taft Bradshaw, the original landscape designer for the Village of Bal Harbour and the Bal Harbour Shops, has been chosen as the landscape architect.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties.
This press release contains forward-looking statements within the meaning of federal securities regulations.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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Posted by South Florida Realtor at 01:56 PM | TrackBack
Related Group plans condo tower in West Palm 800-819-5466
The Related Group, which helped build West Palm Beach's CityPlace, is about to bring its real estate magic to the city's sleepy north end.
The Miami development company plans to build a luxury high-rise condo on North Flagler Drive, just south of 45th Street in a section known as Northwood Shores. The still unnamed project will consist of a 20-story, 148-unit tower, four townhouses along Flagler and a 277-space parking garage, according to preliminary plans filed with the city.
Fueling Related's interest in the region is Rybovich Spencer's $100 million marina face-lift, located just south of the Related land, said Barbara Salk, Related senior vice president. Rybovich Spencer plans an upgraded marina with space for mega-yachts, waterfront condos and retail space. Also in the works: A public marina.
Partnering with Related in the project is Stephen Kornfeld, chairman of Nagelbush Mechanical, a plumbing, heating and air-conditioning company in Sunrise. Salk said Kornfeld is the one who found the Flagler Drive property, which now consists of vacant land and two homes.
Up until now, most of the condo action in West Palm Beach has been in and around its downtown. But as land disappears, developers are starting to look outside the city's core. For instance, T-Rex Capital also plans a luxury condo on North Flagler Drive, at 57th Street.
Related's Salk cautioned that plans for the company's project are still so preliminary she doesn't even have prices for the condos yet. And, to make sure the neighbors are on board with this tall tower project, Salk said Related plans to meet with neighborhood groups soon.
In the meantime, Related is busy wrapping up its other condos in West Palm Beach by closing sales.
By year's end, Salk calculates Related will be responsible for 938 condo sales closings in the city. "That's going to bring a huge influx of tax money to the city," Salk said.
In the works right now are closings at The Slade, one of the first condos announced during the start of West Palm Beach's condo craze. Already, some 100 of its 200 units have closed, Salk said.
Other Related closings have taken place at its condo conversions at The Tower Condominiums and The Courtyards at CityPlace. And coming in the fall: Sales closings at The Prado and Villa Lofts.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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Posted by South Florida Realtor at 01:39 PM | TrackBack
July 26, 2005
Existing Home-Sales Smash Record Again
Aventura-Homes.Com, July 25 – Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates and favorable market conditions continued to attract buyers, according to the National Association of Realtors.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.7 percent in June to a seasonally adjusted annual rate of 7.33 million from an upwardly revised pace of 7.14 million in May. Sales were 4.4 percent above the 7.02 million-unit level in June 2004; the previous record was 7.18 million in April of this year.
David Lereah, NAR’s chief economist, said home sales were expected to ease slightly from peaks reached over the last couple of months. “Just when you think sales activity is ready to settle into a more sustainable pace, the housing market continues to surprise,” he said. “We’ve been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.58 percent in June, down from 5.72 percent in May; the rate was 6.29 percent in June 2004. “Job growth and economic improvement also are boosting home sales,” Lereah said.
The national median existing-home price for all housing types was $219,000 in June, up 14.7 percent from June 2004 when the median price was $191,000; this is the strongest increase since November 1980 when annual appreciation was 15.6 percent. The median is a typical market price where half of the homes sold for more and half sold for less.
NAR President Al Mansell, of Salt Lake City, said home sales are expected to ease as the year progresses. “When the housing market eventually slows from red-hot levels, we should see some cooling in price gains,” he said. “Home prices continue to be bid-up in tight markets across the country. Eventually, appreciation rates will slow and come down to normal levels when the shortage of homes on the market improves and comes closer into balance, hopefully, by the second half of next year.”
Historically, home prices rise at the general rate of inflation, plus one-to-two percentage points.
Total housing inventory levels rose 3.8 percent at the end of June to 2.65 million existing homes available for sale, which represents a 4.3-month supply at the current sales pace. “The irony is that housing inventory is tight enough to boost prices but not enough to curb overall sales,” Mansell said.
Existing condominium and cooperative housing sales hit a fourth consecutive monthly record in June, rising 4.5 percent to a seasonally adjusted annual rate of 960,000 units from a pace of 919,000 in May. Last month’s sales activity was 12.4 percent above the 854,000-unit level in June 2004. The median condo price was $223,500, up 14.8 percent from a year earlier. Condo/co-op sales accounted for a 13.1 percent market share.
Single-family home sales increased 2.4 percent to a record seasonally adjusted annual rate of 6.37 million in June from 6.22 million in May, and were 3.2 percent above the 6.17 million-unit pace in June 2004. The median single-family home price was $218,600 in June, up 14.5 percent from a year ago.
Regionally, total existing-home sales in the West increased 5.5 percent to a record annual pace of 1.73 million units in June, and were 3.6 percent above June 2004. The median existing-home price in the West was $317,000, up 17.4 percent from a year ago.
Existing-home sales in the Northeast rose 3.4 percent to a record annual level of 1.23 million in June, and were 7.9 percent above the same month a year ago. The median existing-home price in the Northeast was $250,000, up 13.6 percent from June 2004.
Total existing-home sales in the Midwest showed a 1.9 percent gain to an annual sales rate of 1.63 million in June, the second highest on record, and were unchanged from June 2004; the record was 1.64 million in April of this year. The median price in the Midwest was $177,000, up 12.7 percent from a year earlier.
The home resale pace in the South was up by 1.1 percent to a record level of 2.74 million units in June, and was 5.8 percent higher than a year ago. The median price of an existing home in the South was $193,000, which was 9.0 percent higher than June 2004.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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Posted by South Florida Realtor at 01:43 AM | TrackBack
Slow sales fail to keep lid on Florida real estate prices
Despite cooling home sales across Florida in May, the statewide median price of an existing single-family home soared from a year ago, the Florida Association of Realtors reported today.
The statewide median price of an existing single-family home was $248,700 last month, up 31 percent from a year ago when it was $189,200.
In June 2000, Florida's median sales price was $119,600, according to FAR records, resulting in an increase of nearly 108 percent over the five-year period.
Statewide, resales activity slowed slightly from the blistering pace of recent months, with a total of 25,455 homes sold compared to 26,112 homes a year ago, for a 3 percent drop.
"Some briskness left the pace of sales of existing single-family homes across Florida during June," said David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida. "Actually, this is a step forward towards economic reality as double-digit gains are impossible to sustain in the real estate market just as they are impossible to sustain in the domestic economy. This single (monthly) outcome is not an alarm bell for a major contraction, as the June unit sales are still a healthy number. The June results represented the first month-over-month decline in 2005."
The trend of rising real estate values in Florida's existing-homes market suggests no imminent slowing, according to Scott. "Eventually, rising interest rates will curtail this situation, but long-term rates are still advancing at a slow pace," he said. "Substantiating the case for slowing rising long-term rates, including mortgage rates, is the fact that recent inflation rate data contained no negative surprises. As an example, the consumer price index for June stands 2.5 percent higher than a year ago. No thud has yet been heard related to the torrid pace of rising home prices."
Among Florida's larger markets, the Miami Metropolitan Statistical Area (MSA) reported a total of 1,317 homes sold last month compared with 1,293 homes sold a year ago for a 2 percent increase. The area's median sales price rose 27 percent to $363,100; a year ago, it was $285,900.
Other larger markets reporting higher home sales in June compared to a year ago include: Tampa-St. Petersburg-Clearwater, where 5,230 homes sold for a 2 percent increase; and Jacksonville, where 1,798 homes changed hands, also for a 2 percent gain. The median sales price in both markets rose by 23 percent last month: reaching $211,100 in Jacksonville and $208,700 in Tampa-St. Petersburg-Clearwater.
In the state's smaller MSAs, Tallahassee had a 14 percent gain in the number of home sales last month, with a total of 552 homes changing hands compared with 486 homes sold a year ago. The market's median sales price rose 11 percent to $169,800; a year ago, it was $152,400.
Other smaller MSAs reporting gains in home sales last month include: Punta Gorda, where 490 homes sold for a 22 percent increase; and Gainesville, where 450 homes changed hands for a 15 percent gain. The median sales price in those markets also rose: in Punta Gorda, up 16 percent to $216,500; and in Gainesville, up 10 percent to $192,000.
The Florida Association of Realtors has more than 130,000 members in 70 boards/associations.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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Posted by South Florida Realtor at 01:36 AM | TrackBack
July 24, 2005
The Housing Bubble Revisited
“Buy Real Estate, They ain’t making any more of it.” Will Rogers
In the prediction business you will often question your work. It is only natural. When predicting something is a bubble that doubt is doubly so. Bubbles are once in a generation events, which are not to be taken lightly. When bubbles burst the results are very and a lot more serious than a line on a computer screen going down in value.
Housing is even more difficult to predict a bubble because there are so many dynamics. For example, while there is a bubble in places such as Florida, California and most of the major U.S. cities. Their certainly is not one in Omaha or Topeka. However, as the populous areas of the United States are where most people live and these areas have seen large increases in land we have to conclude that on the whole, the United States and Canada are seeing real estate bubbles.
Another method we use to judge bubbles are stock charts. Bubbles usually coincide with Parabolic (straight up) moves in the stocks which represent that industry. When looking at the charts of the Dow Jones Homebuilding Index or any of the major homebuilders in the states we can most definitely see that homebuilding is experiencing a bubble.
It has gotten even worse, when I was discussing the real estate bubble earlier this year the Dow Jones Homebuilding Index was trading at nearly 800, it has increased over 30% in just a few months and trades at 1,070 as I write!! It has doubled in the last year. This, of course, is not sustainable.
However, what really defines a bubble is Manic Mass Psychology. When the bubble becomes so crazy that the mass of the population is involved. We remember the story of Joe Kennedy selling all of his stocks in 1929 after a shoe shine boy gave him stock advice. Recently, I traveled to Miami Beach and then the Bahamas. You could tell the difference in psychology in each place. In Florida EVERYONE was talking about Real Estate.
Let me give you an example. I was taking my cab from the airport to the hotel. When driving down Collins Ave., (a road that runs right along the coast) we asked our cab driver about the prices of the houses on the ocean. He knew them all. “On this side they are 2-3 million, on this side 5-6 million dollars.” He also knew that his house had gone up from “66,000 to nearly 140,000” in the past 5 years. The funny thing about it; he could barely speak English! Yet he knew all about the prices of real estate in the area.
When getting a massage at the hotel my masseuse started to talk about how Real Estate was booming and how they were tearing down all the old motels and building condos in place of them.
I was also shocked to see that in Miami Beach, a very built up area, how many cranes their were. The only other city I can remember seeing more cranes was Beijing. Of the major difference is that China is transforming from a third world nation to an industrial power. Where as just stated South Florida is already built up. Due to land prices it makes more economic sense, at the moment, to build condos as you can make more off the condo prices than hotel rates. These are sure fire signs of a Real Estate mania.
In Nassau, there was a lot of building going on. However, it was more communities and individual homes rather than mega condos. In addition, no one was really talking about it. Housing in Nassau has gone up about 5-10% a year over the past few years 5-10 years. Whereas, much of Florida (such as West Palm Beach and Boca Raton) are up 30-40% year to date!!
What you could see is the difference in mass psychology of a bubble compared to that of a place that is probably not experiencing a bubble.
Anyhow, our warning remains the same. “Hot areas” of the United States are still looking like a real estate bubble. It is estimated that 11% of current sales are those who are speculating, this is nearly 60% above historical average of 7%. When the market turns speculators, who are usually the most heavily leveraged with debt, will be decimated.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
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Posted by South Florida Realtor at 12:22 AM | TrackBack
July 23, 2005
Aventura Homes 800-819-5466
Located between Miami and Fort Lauderdale, the upscale community of Aventura is the sparkling “jewel” of the Florida East Coast. Encompassing 3.2 miles, this boutique "City of Excellence" is surrounded by the Intracoastal Waterway and the sparkling Atlantic Ocean with its white-powder beaches. Aventura was founded in 1995, making it one of the newest communities in the southern part of the state. Aventura has quickly become one of the most popular with a booming population of now more than 25,000 residents. Excellent employment opportunities can be found in the industries of educational, health and social services, finance, insurance, real estate, rental and leasing, retail trade, professional, scientific, management, administrative and waste management services. Aventura features a 12-acre recreation area with playgrounds, tennis courts, biking trails, a baseball field, basketball courts and a sprinters’ track and clubhouse. Moreover, there are more than 50 private and public golf courses within a 25-mile radius of Aventura homes. Intracoastal marinas are nearby as are deep sea fishing boats for hire. Aventura is conveniently located just minutes away from the Ft. Lauderdale and Miami International airports. Infrastructure improvements and plenty of new construction ensure you’re your Aventura home is a comfortable and convenient place to call home. Aventura’s home market is primarily made up of high-rise condominiums boasting incredible ocean, bay and city views, but also include single-family homes, estate properties and townhomes. This modern, vibrant and diverse community is the perfect hometown for families and businesses alike. Aventura homes offer many different varieties to fit everyone’s needs.
The real estate market in Aventura is focused heavily on condominium and townhouse living as well as Aventura Homes. It has some of South Florida's best-known large-scale condominium projects such as the luxurious gated communities of Porto Vita and Williams Island that are known for their excellent taste, private resort-style setting, and huge condominiums of more than 2,500 square feet and where prices start from the $800,000s. Homes in the Aventura Bay Townhomes gated community and The Point and Aventura Marina waterfront communities start in the high $500,000s. Aventura Lakes, Country Club Estates and Island Estates are exclusive single-family detached waterfront communities with homes ranging from the $800,000s to more than $4 to $5 million for larger estate-style properties. Moderately priced one- or two-bedroom condominiums with great views are also available starting at $200,000 up to $700,000. New construction is taking place throughout Aventura at a pace not to be believed. This includes low-rise and loft-style buildings such as The Alaqua, The Atrium and The Lofts all in waterfront sites where prices start in the high $500,000s. Land and lots available for custom development are limited. If you are thinking of buying or selling your home please contact Dean Isenberg toll free at 800-819-5466.
Aventura Homes are available in four separate communities in Aventura, Aventura Lakes, Country Club Estates, Island Way and Island Estates. These Aventura homes range in size from 2100 square feet to well over 5000 square feet. Please feel free to call for more information on Aventura Homes.
For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com
Click Here To E-Mail The “I-Team”
Click Here To Request More Information About The Above Property
Thank You !