Billionaire hotelier buys Wynwood property for mixed-use project

Sarkis Izmirlian, 201 Northwest 21st Street and 210 Northwest 22nd Street (Credit: Google Maps)

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project, The Real Deal has learned.

Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development 2122 Trustee, Inc.

The seller is Sam Herzberg, whose real estate investment firm, The Sterling Building Inc., includes Richard Do and David Herzberg.

Robert Ziehm’s Sterling Equity Realty brokered the deal that closed on Friday and has not yet been recorded in property records. Sterling’s Marc Sacheli represented the buyer and the firm’s Joseph Weiner represented the seller.

The 1-acre-plus assemblage encompasses the entire block on Northwest Second Avenue from 21st Street to 22nd Street. At $545 per square foot, it represents the highest price paid for property in Wynwood that is outside the Wynwood overlay district that allows heightened zoning, Ziehm said. The 21st Street property includes a nearly 27,000-square-foot warehouse built in 1941.

Herzberg paid $22 million for the properties in 2016, records show.

Sacheli declined to identify the buyer, but said he plans to build a hotel with retail and restaurants on the site.

Corporate documents are linked to an executive of More Development, a Bahamas company, and reveal the buyer is Izmirlian. Born in Switzerland, he studied at Georgetown University and now lives in the Bahamas, according to Georgetown’s website. In addition to real estate development and investment, his family businesses include commodities trading, agricultural equipment manufacturing and financial investments.

At the end of 2017, Izmirlian’s BML Properties Ltd. filed a $2.25 billion lawsuit alleging fraud by the Chinese state-run firm that built Baha Mar, a casino resort in the Bahamas. According to published reports, Izmirlian lost his $845 million investment in Baha Mar when Chinese bankers foreclosed on the unfinished Nassau property in 2015. The lenders sold control of the project to Hong Kong conglomerate Chow Tai Fook Enterprises in late 2016, and the property was completed in 2018.

Izmirlian, whose companies are linked to a West Palm Beach address, has purchased two other properties in Wynwood in recent months, also brokered by Sterling Equity Realty.

First he paid $4 million for 199 Northwest 20th Street, a 2,300-square-foot building on a roughly 9,000-square-foot lot, in October. Then he bought 236 Northwest 22nd Street, a 14,000-square-foot lot, for $2.8 million, in January. That property is adjacent to the assemblage he just purchased.

Herzberg is a long-time real estate mogul in Miami Beach whose properties include the Sterling Building at 927 Lincoln Road, as well as 901 Lincoln Road, the site of Victoria’s Secret. His holdings also include the Walgreens building at the corner of Collins Avenue and Fifth Street in Miami Beach. His nephew Do said he is planning larger investments in other areas, such as Washington, D.C., and Virginia.

Wynwood is undergoing major redevelopment, with other hotel projects planned. Among them, former Miami Beach mayor Philip Levine and his real estate partner Scott Robins plan a hotel and residential development at 35 Northwest 27th Street. And Alex Karakhanian and Wynwood Investment Partners are planning a 12-story hotel with office and retail at 51 Northwest 29th Street.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/23/billionaire-hotelier-buys-wynwood-property-for-mixed-use-project/
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Billionaire hotelier buys Wynwood property for mixed-use project

Sarkis Izmirlian, 201 Northwest 21st Street and 210 Northwest 22nd Street (Credit: Google Maps)

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project, The Real Deal has learned.

Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development 2122 Trustee, Inc.

The seller is Sam Herzberg, whose real estate investment firm, The Sterling Building Inc., includes Richard Do and David Herzberg.

Robert Ziehm’s Sterling Equity Realty brokered the deal that closed on Friday and has not yet been recorded in property records. Sterling’s Marc Sacheli represented the buyer and the firm’s Joseph Weiner represented the seller.

The 1-acre-plus assemblage encompasses the entire block on Northwest Second Avenue from 21st Street to 22nd Street. At $545 per square foot, it represents the highest price paid for property in Wynwood that is outside the Wynwood overlay district that allows heightened zoning, Ziehm said. The 21st Street property includes a nearly 27,000-square-foot warehouse built in 1941.

Herzberg paid $22 million for the properties in 2016, records show.

Sacheli declined to identify the buyer, but said he plans to build a hotel with retail and restaurants on the site.

Corporate documents are linked to an executive of More Development, a Bahamas company, and reveal the buyer is Izmirlian. Born in Switzerland, he studied at Georgetown University and now lives in the Bahamas, according to Georgetown’s website. In addition to real estate development and investment, his family businesses include commodities trading, agricultural equipment manufacturing and financial investments.

At the end of 2017, Izmirlian’s BMD Holdings Ltd. filed a $2.25 billion lawsuit alleging fraud by the Chinese state-run firm that built Baha Mar, a casino resort in the Bahamas. According to published reports, Izmirlian lost his $845 million investment in Baha Mar when Chinese bankers foreclosed on the unfinished Nassau property in 2015. The lenders sold control of the project to Hong Kong conglomerate Chow Tai Fook Enterprises in late 2016, and the property was completed in 2018.

Izmirlian, whose companies are linked to a West Palm Beach address, has purchased two other properties in Wynwood in recent months, also brokered by Sterling Equity Realty.

First he paid $4 million for 199 Northwest 20th Street, a 2,300-square-foot building on a roughly 9,000-square-foot lot, in October. Then he bought 236 Northwest 22nd Street, a 14,000-square-foot lot, for $2.8 million, in January. That property is adjacent to the assemblage he just purchased.

Herzberg is a long-time real estate mogul in Miami Beach whose properties include the Sterling Building at 927 Lincoln Road, as well as 901 Lincoln Road, the site of Victoria’s Secret. His holdings also include the Walgreens building at the corner of Collins Avenue and Fifth Street in Miami Beach. His nephew Do said he is planning larger investments in other areas, such as Washington, D.C., and Virginia.

Wynwood is undergoing major redevelopment, with other hotel projects planned. Among them, former Miami Beach mayor Philip Levine and his real estate partner Scott Robins plan a hotel and residential development at 35 Northwest 27th Street. And Alex Karakhanian and Wynwood Investment Partners are planning a 12-story hotel with office and retail at 51 Northwest 29th Street.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/23/billionaire-hotelier-buys-wynwood-property-for-mixed-use-project/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade’s condo market saw a bump in sales volume last week.

A total of 144 condos sold for $78 million, an increase from the previous week’s 129 closings for $61 million. Condos last week sold for an average price of about $543,000 or $348 per square foot.

The priciest sale was the $8.5 million trade of lower penthouse unit 2601 at the St. Regis Bal Harbour. Jorge Sirena Pereira, a Brazilian music and entertainment mogul who manages the career of singer Roberto Carlos, closed on the 3,524-square-foot, three-bedroom unit for $2,412 per square foot. Roberta Ingletto represented the seller and Marcello Agostini brought the buyer.

The second most-expensive condo sale was at Porsche Design Tower in Sunny Isles Beach. After 12 days on the market, unit 3605 sold for $6.3 million, or $1,830 per foot. Melissa Barragan was the listing agent, and Rafael Zuzolo represented the buyer.

Here’s a breakdown of the top 10 sales from April 14 to April 20. Click on the map for more information:

Most expensive
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Least expensive
Jade Beach #2504 | 259 days on market | $1.5M | $794 psf | Listing agent: Jonathan Howard | Buyer’s agent: Michael Shir

Most days on market
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Fewest days on market
St. Regis Bal Harbour #904N | 1 day on market | $2.4M | $1,418 psf | Listing agent: Mohey Elsayed | Buyer’s agent: Sergio Balinotti

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/22/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-219/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade’s condo market saw a bump in sales volume last week.

A total of 144 condos sold for $78 million, an increase from the previous week’s 129 closings for $61 million. Condos last week sold for an average price of about $543,000 or $348 per square foot.

The priciest sale was the $8.5 million trade of lower penthouse unit 2601 at the St. Regis Bal Harbour. Jorge Sirena Pereira, a Brazilian music and entertainment mogul who manages the career of singer Roberto Carlos, closed on the 3,524-square-foot, three-bedroom unit for $2,412 per square foot. Roberta Ingletto represented the seller and Marcello Agostini brought the buyer.

The second most-expensive condo sale was at Porsche Design Tower in Sunny Isles Beach. After 12 days on the market, unit 3605 sold for $6.3 million, or $1,830 per foot. Melissa Barragan was the listing agent, and Rafael Zuzolo represented the buyer.

Here’s a breakdown of the top 10 sales from April 14 to April 20. Click on the map for more information:

Most expensive
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Least expensive
Jade Beach #2504 | 259 days on market | $1.5M | $794 psf | Listing agent: Jonathan Howard | Buyer’s agent: Michael Shir

Most days on market
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Fewest days on market
St. Regis Bal Harbour #904N | 1 day on market | $2.4M | $1,418 psf | Listing agent: Mohey Elsayed | Buyer’s agent: Sergio Balinotti

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/22/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-219/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade’s condo market saw a bump in sales volume last week.

A total of 144 condos sold for $78 million, an increase from the previous week’s 129 closings for $61 million. Condos last week sold for an average price of about $543,000 or $348 per square foot.

The priciest sale was the $8.5 million trade of lower penthouse unit 2601 at the St. Regis Bal Harbour. Jorge Sirena Pereira, a Brazilian music and entertainment mogul who manages the career of singer Roberto Carlos, closed on the 3,524-square-foot, three-bedroom unit for $2,412 per square foot. Roberta Ingletto represented the seller and Marcello Agostini brought the buyer.

The second most-expensive condo sale was at Porsche Design Tower in Sunny Isles Beach. After 12 days on the market, unit 3605 sold for $6.3 million, or $1,830 per foot. Melissa Barragan was the listing agent, and Rafael Zuzolo represented the buyer.

Here’s a breakdown of the top 10 sales from April 14 to April 20. Click on the map for more information:

Most expensive
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Least expensive
Jade Beach #2504 | 259 days on market | $1.5M | $794 psf | Listing agent: Jonathan Howard | Buyer’s agent: Michael Shir

Most days on market
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Fewest days on market
St. Regis Bal Harbour #904N | 1 day on market | $2.4M | $1,418 psf | Listing agent: Mohey Elsayed | Buyer’s agent: Sergio Balinotti

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/22/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-219/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade’s condo market saw a bump in sales volume last week.

A total of 144 condos sold for $78 million, an increase from the previous week’s 129 closings for $61 million. Condos last week sold for an average price of about $543,000 or $348 per square foot.

The priciest sale was the $8.5 million trade of lower penthouse unit 2601 at the St. Regis Bal Harbour. Jorge Sirena Pereira, a Brazilian music and entertainment mogul who manages the career of singer Roberto Carlos, closed on the 3,524-square-foot, three-bedroom unit for $2,412 per square foot. Roberta Ingletto represented the seller and Marcello Agostini brought the buyer.

The second most-expensive condo sale was at Porsche Design Tower in Sunny Isles Beach. After 12 days on the market, unit 3605 sold for $6.3 million, or $1,830 per foot. Melissa Barragan was the listing agent, and Rafael Zuzolo represented the buyer.

Here’s a breakdown of the top 10 sales from April 14 to April 20. Click on the map for more information:

Most expensive
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Least expensive
Jade Beach #2504 | 259 days on market | $1.5M | $794 psf | Listing agent: Jonathan Howard | Buyer’s agent: Michael Shir

Most days on market
St. Regis Bal Harbour #LPH2601 | 546 days on market | $8.5M | $2,188 psf | Listing agent: Roberta Ingletto | Buyer’s agent: Marcello Agostini

Fewest days on market
St. Regis Bal Harbour #904N | 1 day on market | $2.4M | $1,418 psf | Listing agent: Mohey Elsayed | Buyer’s agent: Sergio Balinotti

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/22/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-219/
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Risky business: Marijuana dispensaries present high risk, high reward for landlords, panelists say

From left: Matt Ginder, Nick Hansen, Tara Tredow, and Dan Dietz

Landlords who rake in rents from medical marijuana dispensaries may put their commercial bank accounts and title insurance at risk, according to cannabis real estate experts. Meanwhile, cannabis retailers are baking early termination clauses into leases in the event municipalities deny permits to open dispensaries.

Dan Deitz, manager of real estate acquisitions for GrowHealthy, a Florida medical marijuana company founded in 2014, said his firm retained SRS Realty Advisors, a commercial brokerage based in Orlando, to handle all of its real estate deals in Florida. The SRS brokers are well-versed on state regulations on dispensaries, as well as at convincing landlords to accept the risks associated with leasing to a retail cannabis shop, Deitz said.

“We have pretty tight lease clauses we include,” Deitz said. “There are termination provisions based on the inability to achieve government requirements to operate, and line items that acknowledge [selling marijuana products] is against federal law.”

Deitz, whose company operates three dispensaries in Florida, was a panelist for an Urban Land Institute discussion on cannabis real estate in Fort Lauderdale on Thursday. He joined Matt Ginder, senior counsel with law firm Greenspoon Marder’s cannabis practice; Nick Hansen, Southeast U.S. government affairs director for MedMen, a national cannabis company based in Culver, City, California that is currently suing Miami Beach over its dispensary restrictions; and Tara Tedrow, a shareholder at Lowndes, Drosdick, Doster, Kantor & Reed who chairs the firm’s cannabis & controlled substances group.

Leasing to dispensaries is a risky proposition because banks and major insurance companies do not want to do business with anyone tied to the cannabis industry since marijuana is still a federally banned illicit narcotic, Tredow told attendees.

“For rent checks, that is a problem,” Tredow said. “If a bank knows you are receiving rent from a cannabis company [those are] illegal funds you are knowingly accepting.”

She said most federally insured banks do not care if the dispensary tenant is a licensed medical marijuana provider complying with Florida law. “The money is considered dirty even if it comes from a legit cannabis company,” Tredow said.

She said a real estate investor or a cannabis company seeking to buy new land may also find it difficult to get title insurance if insurers find out the property will be used for marijuana purposes.

MedMen’s Hansen said the company retained Blake Wilder to handle leasing for several locations, including in Fort Lauderdale and Miami Beach. “They have a pretty good working knowledge of what to look for,” Hansen said.

The biggest hurdle is time and the changing political winds in cities tackling dispensary regulations, Hansen said. In Miami Beach, Hansen claimed, permitting officials had given the company assurances it could open a location on Alton Road. After MedMen signed a 10-year lease and invested $1 million renovating a former Panera Bread restaurant, the city commission passed new regulations that prohibited its dispensary from being within 1,200 feet of another medical cannabis store that is already open, Hansen said.

The company details the allegations in a recently filed lawsuit. Hansen said MedMen has had similar experiences in other cities and counties.

“That is not an outlier,” he said. “That kind of stuff happens all the time, every day.”

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/19/risky-business-marijuana-dispensaries-present-high-risk-high-reward-for-landlords-panelists-say/
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Former Miami Beach commissioner Kristen Rosen Gonzalez faces ethics complaint tied to construction work

Kristen Rosen Gonzalez

Former Miami Beach commissioner Kristen Rosen Gonzalez is facing allegations that she lobbied senior city staff to give government work to three construction companies that had previously donated to her campaign, violating the county’s ethics rules.

An ethics complaint was filed this week against Rosen Gonzalez, focusing on a meeting she had at Roasters ‘N Toasters deli with Miami Beach Assistant City Manager Eric Carpenter and Public Works Director Roy Coley, according to the Miami Herald. Rosen Gonzalez allegedly invited Emmanuel Pacin, the president and CEO of marine contractor Pac Comm Inc., to join their table.

At the meeting, Rosen Gonzalez allegedly asked city staff why the city wasn’t doing business with the Pac Comm, according to the Miami Herald. She also inquired about why Miami Beach hadn’t paid invoices to two companies, Ric-Man and David Mancini & Sons.

Rosen Gonzalez served on the city commission from 2015 until January, when she stepped down to run for Congress. She lost in the congressional primary election and is currently running for another term on the city commission.

She requested the meeting with the Miami Beach officials on the same day she secured a $1,000 donation from Pacin’s 18-year-old son, the Herald reported. It was also just a week after she took in a $1,000 donation made in the name of Pacin’s 4-year-old son, Emmanuel N. Pacin Jr.

Former city officials are prohibited from engaging in any lobbying for two years after they leave office, according to the Herald. [Miami Herald] — Keith Larsen

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/19/former-miami-beach-commissioner-kristen-rosen-gonzalez-faces-ethics-complaint-tied-to-construction-work/
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South Florida resi sales fell in Q1: Elliman

Miami skyline (Credit: iStock)

Residential sales volume declined in a number of South Florida markets during the first quarter, according to the latest Douglas Elliman reports.

Jonathan Miller, who authored the reports, said market conditions are generally improving, but decreases in sales are sending mixed messages.

Miami Beach and barrier islands

Miami Beach, which in previous quarters has been saddled with an oversupply of inventory, was among the stronger areas. Unlike other markets that Elliman tracks, the median price for luxury condos in Miami Beach rose, and inventory fell. “The decline in supply probably has more to do with [condo] developers managing inventory,” Miller said. “We’ve seen it level off and we’ve seen a little bit of tightening but there’s still a ways to go.”

Still, the volume of residential sales dipped in Miami Beach and the barrier islands during the first quarter. The number of sales totaled 772, down 2 percent from the previous year, while the median sales price increased 2.3 percent to $440,000.

Single-family home sales remained flat in the first quarter, at 81 closings. Condo sales fell 2.3 percent to 691. Pricing held steady for condos, which reported a median sales price of $380,000 in the first quarter, but skyrocketed for single-family homes — up nearly 18 percent to a median price of $1.65 million.

Condos sat on the market for much longer than they did in the first quarter of last year, up 76.5 percent to 143 days. Single-family houses lingered for 171 days, an increase of a whopping 144 percent from the same period last year.

The area of the barrier islands includes Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, North Bay Village, North Beach, Key Biscayne and Fisher Island.

Coastal Miami mainland

Sales volume fell 7.5 percent to 3,104 on the coastal Miami mainland, which covers Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay. Condo sales dropped by 4.6 percent to 1,580, while single-family home sales tumbled by 10.3 percent to 1,524 closings.

The Coral Gables condo market and the Palmetto Bay single-family market were the only markets on the coastal mainland to experience a positive quarter, with sales increasing 10.5 percent to 63 closings, and 24.4 percent to 56, respectively.

The median sales price in Miami was $249,000 for condos – up 4 percent year-over-year – and $375,000 for houses, an increase of 2.7 percent.

The condo inventory grew to 8,276, up 4.1 percent from the same period last year. The inventory of single-family homes grew by 13.2 percent to 3,971, according to Elliman.

Fort Lauderdale

Residential sales volume declined by 13 percent in the first quarter in Fort Lauderdale, down to 878 closings. Condo sales decreased to 507 closings, down 8.8 percent; while single-family home sales tumbled to 371 – an 18.3 percent decline.

The median price of a condo was $295,000, down 9 percent year-over-year. For a house, it reached $385,000, up 5.7 percent.

Condo inventory grew slightly (2.1 percent) to 1,584; and the single-family home inventory was 1,102, up 6.6 percent.

Palm Beach

In Palm Beach, sales volume fell 8.8 percent to 104 – a difference of 10 units compared to the first quarter of last year. Condo sales rose nearly 5 percent to 85 closings, and single-family home sales plummeted to 19, down 42.4 percent. It was the lowest level in seven years, according to Elliman.

The median price in Palm Beach for a house was $4.2 million, up 5 percent from last year, and $599,000 for a condo, roughly on par with the median condo price last year.

Boca Raton

Home and condo sales volume fell in Boca Raton during the first quarter to 1,083, an 8.4 percent drop year-over-year. Single-family home sales dropped 10.5 percent to 486; and condo sales decreased by 6.6 percent to 597.

The median sales price for a condo was up only 1.2 percent to $270,500. The median sales price of a single-family house was $450,000, an increase of 4.7 percent from the previous year, but flat from the fourth quarter of 2018.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/18/south-florida-resi-sales-fell-in-q1-elliman/
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South Florida resi sales fell in Q1: Elliman

Miami skyline (Credit: iStock)

Residential sales volume declined in a number of South Florida markets during the first quarter, according to the latest Douglas Elliman reports.

Jonathan Miller, who authored the reports, said market conditions are generally improving, but decreases in sales are sending mixed messages.

Miami Beach and barrier islands

Miami Beach, which in previous quarters has been saddled with an oversupply of inventory, was among the stronger areas. Unlike other markets that Elliman tracks, the median price for luxury condos in Miami Beach rose, and inventory fell. “The decline in supply probably has more to do with [condo] developers managing inventory,” Miller said. “We’ve seen it level off and we’ve seen a little bit of tightening but there’s still a ways to go.”

Still, the volume of residential sales dipped in Miami Beach and the barrier islands during the first quarter. The number of sales totaled 772, down 2 percent from the previous year, while the median sales price increased 2.3 percent to $440,000.

Single-family home sales remained flat in the first quarter, at 81 closings. Condo sales fell 2.3 percent to 691. Pricing held steady for condos, which reported a median sales price of $380,000 in the first quarter, but skyrocketed for single-family homes — up nearly 18 percent to a median price of $1.65 million.

Condos sat on the market for much longer than they did in the first quarter of last year, up 76.5 percent to 143 days. Single-family houses lingered for 171 days, an increase of a whopping 144 percent from the same period last year.

The area of the barrier islands includes Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, North Bay Village, North Beach, Key Biscayne and Fisher Island.

Coastal Miami mainland

Sales volume fell 7.5 percent to 3,104 on the coastal Miami mainland, which covers Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay. Condo sales dropped by 4.6 percent to 1,580, while single-family home sales tumbled by 10.3 percent to 1,524 closings.

The Coral Gables condo market and the Palmetto Bay single-family market were the only markets on the coastal mainland to experience a positive quarter, with sales increasing 10.5 percent to 63 closings, and 24.4 percent to 56, respectively.

The median sales price in Miami was $249,000 for condos – up 4 percent year-over-year – and $375,000 for houses, an increase of 2.7 percent.

The condo inventory grew to 8,276, up 4.1 percent from the same period last year. The inventory of single-family homes grew by 13.2 percent to 3,971, according to Elliman.

Fort Lauderdale

Residential sales volume declined by 13 percent in the first quarter in Fort Lauderdale, down to 878 closings. Condo sales decreased to 507 closings, down 8.8 percent; while single-family home sales tumbled to 371 – an 18.3 percent decline.

The median price of a condo was $295,000, down 9 percent year-over-year. For a house, it reached $385,000, up 5.7 percent.

Condo inventory grew slightly (2.1 percent) to 1,584; and the single-family home inventory was 1,102, up 6.6 percent.

Palm Beach

In Palm Beach, sales volume fell 8.8 percent to 104 – a difference of 10 units compared to the first quarter of last year. Condo sales rose nearly 5 percent to 85 closings, and single-family home sales plummeted to 19, down 42.4 percent. It was the lowest level in seven years, according to Elliman.

The median price in Palm Beach for a house was $4.2 million, up 5 percent from last year, and $599,000 for a condo, roughly on par with the median condo price last year.

Boca Raton

Home and condo sales volume fell in Boca Raton during the first quarter to 1,083, an 8.4 percent drop year-over-year. Single-family home sales dropped 10.5 percent to 486; and condo sales decreased by 6.6 percent to 597.

The median sales price for a condo was up only 1.2 percent to $270,500. The median sales price of a single-family house was $450,000, an increase of 4.7 percent from the previous year, but flat from the fourth quarter of 2018.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/18/south-florida-resi-sales-fell-in-q1-elliman/
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SC Johnson family buys condo at Muse Residences

SC Johnson CEO Herbert Fisk Johnson III and a rendering of Muse Residense

The family that owns the SC Johnson company paid $10.61 million for a condo at the newly completed Muse Residences in Sunny Isles Beach.

A wealth management firm tied to the Johnson family, which controls the Racine, Wisconsin-based household cleaning products company, bought the 5,431-square-foot unit 4301 for $1,953 per square foot, records show.

Property Markets Group and S2 Development completed the 68-unit, 49-story luxury condo tower at 17100 Collins Avenue in early 2018.

Samuel Curtis Johnson Sr. founded S.C. Johnson & Son in 1886 and through the years the company expanded its household cleaning products portfolio. It owns brands such as Drano, Glade, Pledge, Shout and Windex. The family reportedly has a net worth of $30 billion according to Forbes in 2016. That makes them the sixth richest family in the United States and the wealthiest in Wisconsin.

A number of wealthy buyers have purchased condos at Muse. In October, New York real estate investor Irving Langer paid $14.1 million for a penthouse unit.

The luxury development features a gym on the third floor, sauna, children’s play room, a residents lounge, outdoor pool cafe and pet services. Dr. Deepak Chopra, a New Age and alternative medicine advocate, designed the finishes for some of the units at the tower.

The building was designed by Carlos Ott and Sieger Suarez.

Muse Residences was completed at a time when there was and is a large amount of luxury condos in Miami-Dade County, especially in Sunny Isles Beach. The beach town north of Miami Beach is saddled with 17 years of inventory of condos priced at $5 million and up, according to a report from EWM Realty International.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/sc-johnson-family-buys-condo-in-muse-residences/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

The condo market held steady last week in Miami-Dade.

A combined 129 units sold for $61 million, compared to the previous week’s 127 closings for $55 million. Condos last week sold for an average price of about $472,000 or $352 per square foot.

The top sale was on Fisher Island. Unit 15612 at Seaside Villas traded for $4.2 million, or more than $2,700 per foot. Denise Levine represented the seller, and Lazaro Rivero brought the buyer. The two-bedroom, 1,550-square-foot unit was on the market for 1,273 days before it sold.

The second most expensive condo sale was at Jade Signature in Sunny Isles Beach. Unit 3001 sold for $4.1 million, or $1,207 per foot, after 234 days on the market. Monica Velasco was the listing agent, and Ludmila Bogatov was the buyer’s agent.

Here’s a breakdown of the top 10 sales from March 7 to April 13. Click on the map for more information:

Most expensive
Seaside Villas #15612 | 1,273 days on market | $4.2M | $2,710 psf | Listing agent: Denise Levine | Buyer’s agent: Lazaro Rivero
Least expensive
Blue Diamond Condo #2002 | 122 days on market | $1.3M | $850 psf | Listing agent: Claudia Whitechurch | Buyer’s agent: Claudia Whitechurch
Most days on market
Seaside Villas #15612 | 1,273 days on market | $4.2M | $2,710 psf | Listing agent: Denise Levine | Buyer’s agent: Lazaro Rivero
Fewest days on market
Yacht Harbour #PH-C | 14 days on market | $1.33M | $776 psf | Listing agent: Alexander Blanco | Buyer’s agent: Erika Meyer

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-218/
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Carolyn Block Ellert joins Compass to head new dev division

Carolyn Block Ellert

UPDATED, April 17, 2:25 p.m.: More than six months after buying out her partner at Premier Sales Group, Carolyn Block Ellert is joining Compass to head its development division in Florida.

Ellert is now managing director of the company’s new development wing, based in Compass’ Fort Lauderdale office at 1200 East Las Olas Boulevard, according to a release. She’ll oversee projects in the southern half of the state.

Ellert bought out her ex-business partner Laurie Ingber in September to become the full owner of the Fort Lauderdale-based Premier Sales Group. Ingber said at the time she had joined Mattamy Homes, the largest privately owned home builder in North America, to lead sales and marketing of its new Southeast Florida Division.

As owner and CEO of Premier, Ellert was involved in luxury condo and condo hotel sales totaling more than $4 billion. She co-founded the company in 2000 and worked on selling Fort Lauderdale projects that included The Brazilian Court Palm Beach, Las Olas Riverhouse, Sapphire and the Atlantic Hotel. Ellert was also previously a director of sales for the Sunshine Group in New York and launched the company’s South Florida division in 1993.

Ellert will keep ownership of Premier Sales Group but will focus her new development efforts on Compass, according to a spokesperson.

Ellert is also the current and founding chair of the Master Brokers Forum’s Gold Coast chapter.

Compass’ development division is handling sales and marketing of Amrit Ocean Resort and Residences in Singer Island, 6080 Collins Avenue Beach House in Miami Beach, and Aquavue and Aquablu in Fort Lauderdale, among other projects.

Earlier this year, Compass expanded in Palm Beach with the acquisition of Hall Real Estate, an 11-agent boutique firm led by broker Steve Hall, and brought on Elizabeth DeWoody, a top producer at Corcoran Group.

After expanding nationwide last year – increasing from 37 markets to 122, hiring over 1,000 employees and signing on almost 6,000 new agents – Compass CEO Robert Reffkin said the brokerage won’t enter new markets this year, instead focusing on hiring and growth in its current markets.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/17/carolyn-block-ellert-joins-compass-to-head-new-dev-division/
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WATCH: Crescent Heights implodes South Beach building

David Martin and Russell Galbut

With the pull of a lever and 235 pounds of explosives, developer Russell Galbut imploded a building – paving the way for his mixed-use residential tower in South Beach.

The former South Shore Hospital building at 5th and Alton is now demolished. pic.twitter.com/I4pwuUU96y

— Katherine Kallergis (@kkallergis) April 16, 2019

Galbut and Terra developer David Martin, who recently joined the project, counted down before a crowd that included Miami Beach Mayor Dan Gelber and city commissioners John Aleman and Michael Gongora near the former Shore Shore Hospital building Tuesday morning. Miami Beach police had shut down a 500-foot area surrounding the shell of the 10-story building.

Before and after of the building site

Implosions aren’t typically allowed in Miami Beach, but Galbut appealed the city’s rejection through the Miami-Dade County Board of Rules and Appeals. The contractor, BG Group, said it was the safest and quickest way to knock down the building, according to the Miami Herald. Last year, a Miami Beach building unexpectedly collapsed during a planned demolition, killing a project manager. The family of that manager recently sued the developer and contractors, citing a wrongful death.

Gelber called the former South Shore building an eyesore for the community.

Crescent Heights and Terra are building the Park on Fifth on the property at 500 to 700 Alton Road. In December, the Miami Beach City Commission approved zoning changes and a development agreement that allows Crescent Heights to build a 519-foot, 44-story tower on the 500 block of Alton Road. As part of the deal, the developer will build a 3-acre public park, designed by Arquitectonica GEO, on the 600 block.

The approval was years in the making for Galbut, whose company paid $35 million in 2004 for the hospital, founded in 1968. At the time, Crescent Heights promised to keep it as a hospital, but ended up shutting it down in 2006 after it went bankrupt, according to the Miami Herald. Galbut proposed a number of projects for the property, over the years, including retail and residential developments.

Rendering of the Park on Fifth

The 500 Alton tower will have 40 floors with 350 residential units, with the first 20 floors for 220 apartments and the other 20 floors with 130 condos. The building will also have nearly 49,000 square feet of amenities.

Galbut is aiming to complete the project within 28 months, but said at a recent community meeting that the contractor requested a 30- to 32-month timeline.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/watch-crescent-heights-implodes-south-beach-building/
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SC Johnson family buys condo at Muse Residences

SC Johnson CEO Herbert Fisk Johnson III and a rendering of Muse Residense

The family that owns the SC Johnson company paid $10.61 million for a condo at the newly completed Muse Residences in Sunny Isles Beach.

A wealth management firm tied to the Johnson family, which controls the Racine, Wisconsin-based household cleaning products company, bought the 5,431-square-foot unit 4301 for $1,953 per square foot, records show.

Property Markets Group and S2 Development completed the 68-unit, 49-story luxury condo tower at 17100 Collins Avenue in early 2018.

Samuel Curtis Johnson Sr. founded S.C. Johnson & Son in 1886 and through the years the company expanded its household cleaning products portfolio. It owns brands such as Drano, Glade, Pledge, Shout and Windex. The family reportedly has a net worth of $30 billion according to Forbes in 2016. That makes them the sixth richest family in the United States and the wealthiest in Wisconsin.

A number of wealthy buyers have purchased condos at Muse. In October, New York real estate investor Irving Langer paid $14.1 million for a penthouse unit.

The luxury development features a gym on the third floor, sauna, children’s play room, a residents lounge, outdoor pool cafe and pet services. Dr. Deepak Chopra, a New Age and alternative medicine advocate, designed the finishes for some of the units at the tower.

The building was designed by Carlos Ott and Sieger Suarez.

Muse Residences was completed at a time when there was and is a large amount of luxury condos in Miami-Dade County, especially in Sunny Isles Beach. The beach town north of Miami Beach is saddled with 17 years of inventory of condos priced at $5 million and up, according to a report from EWM Realty International.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/sc-johnson-family-buys-condo-in-muse-residences/
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Judge bars Miami Beach from turning off water at properties owing short-term rental fines

Ralph Serrano, managing director Safe Harbor Equity with the home at 3098 Alton Road in Miami Beach (Credit: Google Maps)

The water will keep flowing in a single-family home in Miami Beach at the center of the city’s crackdown on short-term rentals.

Following an evidentiary hearing earlier this month, Miami-Dade Circuit Judge Jennifer Bailey upheld an earlier ruling that Miami Beach cannot shut water off at 3098 Alton Road because its owner owes $201,500 in illegal short-term rental fines.

During the hearing, Miami Beach financial analyst Jim McMillion testified that the city had never issued disconnection orders for properties that owed money not tied to unpaid water services, until he received an email last year from the building director to shut off five properties owned by individuals and entities that had not paid fines for operating illegal short-term rentals.

In the case of 3098 Alton Road, the city had revoked the single-family home’s certificate of occupancy in early 2018 following a code enforcement investigation that revealed a tenant was subleasing the property on Airbnb.

The owner, 3098 Alton Road LLC, sued the city in November, challenging Miami Beach’s illegal short-term rental ordinance and its exorbitant fines as unconstitutional. The entity, which is owned by Safe Harbor Equity, also sought to force the city to turn the water back on, which Bailey granted on Dec. 3, 2018. The property’s certificate of occupancy and its utilities have since been reinstated.

However, Miami Beach attorneys, in an attempt to convince the judge to reverse her order, requested the evidentiary hearing to show the city had the legal authority to turn the water off because of 3098’s unpaid fines.

Ralph Serrano, managing director of Safe Harbor Equity, told The Real Deal that Bailey recognized the city “grossly overstepped its authority by using strong-arm tactics that overreached and are outside the law.”

“Still, this attempt by the city of Miami Beach to collect on an outrageous $200,000 fine over short-term rentals that a since-evicted tenant was responsible for, should give us all pause,” Serrano said. “Ultimately, this is a victory not just for me, but for the little guy who might not have the resources to take on costly and time-consuming litigation against a giant like a municipality.”

Chris Spuches, 3098’s lawyer, said the city’s legal team argued that Miami Beach had a long-standing policy of shutting off utilities at homes that are in arrears or have liens for violations that are not related to a homeowner’s water bill. The finance department is responsible for issuing the disconnection orders to the public works department, according to McMillon’s testimony.

But he also said that he had never received any memos or direct orders to shut off the water if a property owner didn’t pay short-term rental fines. He said he flagged 3098 Alton Road for disconnection based on a January 2018 email from Miami Beach’s building official.

“The city just plowed forward with a flawed theory until it blew up in their face,” Spuches said.

Miami Beach Chief Deputy City Attorney Aleksandr Boksner told TRD that Miami Beach will appeal Bailey’s ruling. Boksner said the water was shut off because the city’s building official had revoked 3098’s certificate of occupancy, but he did not comment on McMillion’s contradictory statements.

“The city was legally justified in discontinuing water services to the property,” Boksner said. “The city considers the lawsuit to be a senseless maneuver by the plaintiff, which was merely initiated to divert attention from the plaintiff’s illegal hotel operations.”

According to a Feb. 1 memo from Miami Beach City Manager Jimmy Morales, Miami Beach has issued 431 violations totaling $13.3 million in fines. The city dismissed 89 violations worth $4.1 million and and another 40 were closed with property owners agreeing to pay Miami Beach a fraction of the fines. The memo notes the 40 violations were for a total of $1.3 million that were settled for a total of $300,500. The city has also collected $463,500 from owners who did not contest the violations. The remaining $7.8 million remains outstanding.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/judge-bars-miami-beach-from-turning-off-water-at-properties-owing-short-term-rental-fines/
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Carolyn Block Ellert joins Compass to head new dev division

Carolyn Block Ellert

More than six months after buying out her partner at Premier Sales Group, Carolyn Block Ellert is joining Compass to head its development division in Florida.

Ellert is now managing director of the company’s new development wing, based in Compass’ Fort Lauderdale office at 1200 East Las Olas Boulevard, according to a release. She’ll oversee projects in the southern half of the state.

Ellert bought out her ex-business partner Laurie Ingber in September to become the full owner of the Fort Lauderdale-based Premier Sales Group. Ingber said at the time she had joined Mattamy Homes, the largest privately owned home builder in North America, to lead sales and marketing of its new Southeast Florida Division.

It is unclear if Ellert has closed now Premier. Compass did not immediately respond to a request for comment.

As owner and CEO of Premier, Ellert was involved in luxury condo and condo hotel sales totaling more than $4 billion. She co-founded the company in 2000 and worked on selling Fort Lauderdale projects that included The Brazilian Court Palm Beach, Las Olas Riverhouse, Sapphire and the Atlantic Hotel. Ellert was also previously a director of sales for the Sunshine Group in New York and launched the company’s South Florida division in 1993.

Ellert is also the current and founding chair of the Master Brokers Forum’s Gold Coast chapter.

Compass’ development division is handling sales and marketing of Amrit Ocean Resort and Residences in Singer Island, 6080 Collins Avenue Beach House in Miami Beach, and Aquavue and Aquablu in Fort Lauderdale, among other projects.

Earlier this year, Compass expanded in Palm Beach with the acquisition of Hall Real Estate, an 11-agent boutique firm led by broker Steve Hall, and brought on Elizabeth DeWoody, a top producer at Corcoran Group.

After expanding nationwide last year – increasing from 37 markets to 122, hiring over 1,000 employees and signing on almost 6,000 new agents – Compass CEO Robert Reffkin said the brokerage won’t enter new markets this year, instead focusing on hiring and growth in its current markets.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/17/carolyn-block-ellert-joins-compass-to-head-new-dev-division/
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SC Johnson family buys condo at Muse Residences

SC Johnson CEO Herbert Fisk Johnson III and a rendering of Muse Residense

The family that owns the SC Johnson company paid $10.61 million for a condo at the newly completed Muse Residences in Sunny Isles Beach.

A wealth management firm tied to the Johnson family, which controls the Racine, Wisconsin-based household cleaning products company, bought the 5,431-square-foot unit 4301 for $1,953 per square foot, records show.

Property Markets Group and S2 Development completed the 68-unit, 49-story luxury condo tower at 17100 Collins Avenue in early 2018.

Samuel Curtis Johnson Sr. founded S.C. Johnson & Son in 1886 and through the years the company expanded its household cleaning products portfolio. It owns brands such as Drano, Glade, Pledge, Shout and Windex. The family reportedly has a net worth of $30 billion according to Forbes in 2016. That makes them the sixth richest family in the United States and the wealthiest in Wisconsin.

A number of wealthy buyers have purchased condos at Muse. In October, New York real estate investor Irving Langer paid $14.1 million for a penthouse unit.

The luxury development features a gym on the third floor, sauna, children’s play room, a residents lounge, outdoor pool cafe and pet services. Dr. Deepak Chopra, a New Age and alternative medicine advocate, designed the finishes for some of the units at the tower.

The building was designed by Carlos Ott and Sieger Suarez.

Muse Residences was completed at a time when there was and is a large amount of luxury condos in Miami-Dade County, especially in Sunny Isles Beach. The beach town north of Miami Beach is saddled with 17 years of inventory of condos priced at $5 million and up, according to a report from EWM Realty International.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/sc-johnson-family-buys-condo-in-muse-residences/
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The week in luxury: A map of Miami-Dade’s priciest condo sales

The condo market held steady last week in Miami-Dade.

A combined 129 units sold for $61 million, compared to the previous week’s 127 closings for $55 million. Condos last week sold for an average price of about $472,000 or $352 per square foot.

The top sale was on Fisher Island. Unit 15612 at Seaside Villas traded for $4.2 million, or more than $2,700 per foot. Denise Levine represented the seller, and Lazaro Rivero brought the buyer. The two-bedroom, 1,550-square-foot unit was on the market for 1,273 days before it sold.

The second most expensive condo sale was at Jade Signature in Sunny Isles Beach. Unit 3001 sold for $4.1 million, or $1,207 per foot, after 234 days on the market. Monica Velasco was the listing agent, and Ludmila Bogatov was the buyer’s agent.

Here’s a breakdown of the top 10 sales from March 7 to April 13. Click on the map for more information:

Most expensive
Seaside Villas #15612 | 1,273 days on market | $4.2M | $2,710 psf | Listing agent: Denise Levine | Buyer’s agent: Lazaro Rivero
Least expensive
Blue Diamond Condo #2002 | 122 days on market | $1.3M | $850 psf | Listing agent: Claudia Whitechurch | Buyer’s agent: Claudia Whitechurch
Most days on market
Seaside Villas #15612 | 1,273 days on market | $4.2M | $2,710 psf | Listing agent: Denise Levine | Buyer’s agent: Lazaro Rivero
Fewest days on market
Yacht Harbour #PH-C | 14 days on market | $1.33M | $776 psf | Listing agent: Alexander Blanco | Buyer’s agent: Erika Meyer

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/16/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-218/
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Construction materials from Residences by Armani/Casa allegedly crashed through neighboring property and hit resident: lawsuit

Jorge Perez, chairman and CEO of the Related Group, and 19051 Collins Avenue (Credit: Google Maps)

The developers of Residences by Armani/Casa and their contractor are facing a lawsuit from a neighbor who alleges building materials from the Sunny Isles Beach luxury development crashed through the roof of his home, striking him while he was in bed.

Carlos Pedotti filed suit last month in Miami-Dade Circuit Court against RDR Seashore LLC and Coastal Construction for negligence, seeking a judgment for unspecified damages that would include the costs of hospitalization, medical and nursing care and treatment.

According to the suit, Pedotti lived at 19051 Collins Avenue in Sunny Isles Beach at the time of the December 2017 incident, next door to Residences by Armani/Casa, a 56-story luxury tower under construction at 18975 Collins Avenue.

The Related Group, Dezer Development and Rockpoint Group are developing Residences by Armani/Casa.

A spokesperson for the developers declined comment on the lawsuit and a spokesperson for Coastal also declined comment.

According to the suit, on Dec. 7, 2017, construction materials, including two steel post shores and a wood plank, crashed through the roof and ceiling of Pedotti’s home and a steel post shore “forcefully struck” Pedotti and “caused Pedotti to forcefully fall to the floor.”

Pedotti’s attorney, Danny Marin, said his client lived in a second-story apartment of the two-story building, and was in bed at the time of the alleged incident. Marin declined further comment.

The suit alleges that the developers had a duty to exercise reasonable care in the maintenance of the construction site and ensure it was safe, and to warn Pedotti of dangerous and unsafe conditions. It also alleges that it owed Pedotti the duty to properly train, supervise and monitor employees to perform their jobs in a safe manner.

According to the suit, because of the developers’ breach of duty, Pedotti suffered “severe bodily injury, resulting in pain and suffering, disability, disfigurement, mental anguish, loss of capacity for the enjoyment of life” as well as expenses for hospitalization, medical and nursing care and treatment and lost income.

“Pedotti’s injuries and damages are permanent and Pedotti will continue to suffer injuries and damages in the future,” the lawsuit states.

Residences by Armani/Casa is planned to be the first Armani/Casa branded building in the U.S. It is expected to be completed this year.

The tower is planned to have 308 units, priced from $2 million to more than $15 million for the Giorgio Armani-furnished penthouse that comes with a trip to Italy to meet Armani. The developers broke ground in 2016 and secured a $305 million construction loan. That year, the project also opened a $10 million sales center.

from The Real Deal Miami & Real Estate News News | & Curbed Miami - All https://therealdeal.com/miami/2019/04/15/construction-materials-from-residences-by-armani-casa-allegedly-crashed-through-neighboring-property-and-hit-resident-lawsuit/
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