Serge's Blog Serge's Blog

Page 1 Of 2

12 Articles Found

Search results '2014/09'
< Back to All Posts

Buyers beware: the process of buying a preconstruction condo from a developer can be far from transparent or smooth. Price lists for preconstruction condo units frequently change, the result being that buyers often end up paying significantly different prices for similar units in a building.

Fledgling projects are often reconfigured as they go along, with the number of apartments and floor plans changing. When these changes happen, buyers holding reservations can either accept the changes and pay more, or they can settle for a deposit refund with no interest.

“A reservation agreement is a means by which people can express interest in buying a unit. It’s not enforceable,” said a Miami attorney who often deals with condo sales. “Either side can cancel."

It is best to deal with a Licensed Realtor who you can trust. Serge Kay and his Team of professionals will help you through the transaction process and will be there to answer all your questions and ensure you are properly protected.

www.sergekay.com or email: team@sergekay.com



 

Ziel Feldman’s HFZ Capital Group plans to reposition South Beach’s Shore Club with a mix of about 85 luxury residences and 100 hotel rooms located at 1901 Collins Avenue.

Reservations for a limited collection of oceanfront residences at the Shore Club are expected to start in October. A full sales launch is scheduled for early December to coincide with Art Basel Miami Beach.



 

Fortune International Group received a $284 million construction HSBC loan for its Jade Signature condo project in Sunny Isles Beach. The 192-unit Jade Signature is at least 80 percent presold. Pritzker Prize-winner Herzog & de Meuron collaborated with Parisian interior design firm PYR and landscape architect Raymond Jungles on the project The project is slated for a 2017 completion. Units range in price from $3 million to more than $26 million.



 

Ritz-Carlton buys out One Bal Harbour

Next month, One Bal Harbour Resort & Spa is turning over management to Ritz-Carlton.

The 124-suite property will be the operator’s 10th in Florida. No major changes or renovations to the 18-story tower, located at 10295 Collins Avenue, are planned. However, its name will change to the Ritz-Carlton Bal Harbour.

The Lionstone Group and Flag Luxury Group, owners of the Ritz-Carlton, South Beach, are buying the property from One Bal Harbour Hotel Facilities, an entity owned by the One Bal Harbour Residential Condominium Association.

Financial details have yet to be revealed.



 

Miami brokers anticipate Chinese buying surge

Until recently, Chinese investors lagged far behind the South Americans and Europeans who dominate the most active foreign buyers of Miami real estate rankings.

But brokers are bracing for a surge in Chinese buying that could get a big boost this fall.

Next week, a Miami brokerage is hosting a group of 10 Chinese journalists on a tour of Miami residential offerings. Later in October, the Miami Association of Realtors is co-sponsoring a trade mission from Miami to Shanghai and Beijing.

The goal is to spur interest in the fastest-growing group of international buyers in the U.S. Until now, Chinese investors have done more looking than buying in Miami, preferring to concentrate their purchases in Los Angeles, San Francisco and New York.

Until this year, Chinese investors were not among the top international buying groups in the Miami market. But through the first six months of 2014, Chinese buyers represented about 1.6 percent of properties sold in Miami-Dade County, good for 10th place behind Mexico, according to the Miami Association of Realtors.

An overbuilt Chinese market and slowing national economy are driving many buyers from China to purchase overseas investment properties. With 12 percent of foreign purchases in the U.S. in 2013, China was second only to Canada (23 percent) among foreign buyers, according to the National Association of Realtors. A quarter of Chinese purchases in the United States have been in the range of $470,000 to $800,000, according to the Soufang Report for Chinese overseas buying.

Most of those purchases were not made in Miami. Local Brokers, including Serge Kay and his Team of realtors, are betting this Chinese media tour will stoke interest back home. The group includes decision-makers from nine radio, television and social media organizations, including Xinhua News Agency and CCTV News.

The tour will include Miami Beach and the Port Miami, Brickell City Centre, Sunny Isles, Bal Harbour and Surfside condo developments and other developments in downtown Miami and Biscayne corridor.



 

Four residential properties Miami Beach have hit the market, each asking over $25 million - these are listed on www.sergekay.com.

The priciest unit is a penthouse at One Bal Harbour, which listed for $30 million. The penthouse includes five bedrooms, five-and-a-half baths and more than 7,770 square feet. The unit also features a hot tub on a wraparound balcony, a sauna and private two-car garage.

At the opposite end of Miami Beach, an 8,229-square-foot duplex is listed for $29.9 million at the Continuum. The apartment has seven bedrooms, six-and-a-half baths, a home theater, custom security and audio-visual features.

At 2920 North Bay Road, a recently completed mansion is listed for $29.5 million. The 9,815-square-foot house features a feng shui design, a 60-plus-foot saltwater pool, an elevator, a wine cellar, a dock, a roof deck with bar and 170 feet of Biscayne Bay frontage.

Finally, a historic Mediterranean Revival estate built in 1932 is listed for $26.77 million. The house includes a large courtyard, putting green, six bedrooms and a tower containing a private office.

Call or email Serge Kay for further information. 786-512-5555 or team@sergekay.com



 

A group of Brazilian developers is bringing yet another new condo building to downtown Miami. Dubbed Krystal Tower, the proposed structure would have 153 units and 35 stories, according to the South Florida Business Journal.

Krystal Investment Solution paid $3.5 million for the 22,500-square-foot site, located at 530 Northwest First Court, in February following a foreclosure. Pricing starts in the $200,000s, and units range from 907 square feet to 1,330 square feet.


 

Miami Worldcenter first phase rendering

Miami Worldcenter first phase rendering

Miami Worldcenter’s developers want to build up to 25 bars and nightclubs throughout the 17-acre project without having to seek City of Miami approvals for each one. The venues would join restaurants that serve alcohol, according to a proposed development agreement with the city. The agreement is up for first reading before the City Commission Thursday afternoon. Commissioners will also vote on new zoning rules that would allow the developers to begin construction.

The Worldcenter developers hope to transform a blighted neighborhood by building 3,000 residential units, a convention center with a hotel and 750,000 square feet of retail anchored by Macy’s and Bloomingdales.



 

Miami Worldcenter cleared its second-to-last governmental hurdle on Thursday. Despite objections from some project critics, Miami commissioners voted unanimously to grant preliminary approval to zoning changes and an agreement that would allow the developers of the 17-acre mixed-use project to begin construction. The developers said they will build 1,083 condos, a 1,800-room hotel with a 600,000 square-foot convention center and a 765,000 square-foot shopping mall anchored by Macy’s and Bloomingdale’s from Northeast Sixth to 11th streets between Northeast Second and North Miami avenues.



 

Palm Beach County saw the fourth biggest jump in home asking prices in the nation in August. Year-over-year asking prices in Palm Beach County rose 14.5 percent in August, according to Trulia data. Miami-Dade County and the Birmingham, Ala., metro area tied for the largest increase at 15.6 percent, according to the Sun-Sentinel. Lakeland was third, with a 14.8 percent increase, and Broward County ranked 24th with a 10.4 percent increase.



 

Page 1 Of 2

12 Articles Found

Scan this QRCode to visit our Mobile Site!

At long last, I have the pleasure to announce there are seven residences on the...


Last month, NAR reported that home sales were at a high not witnessed since the...


The National Association of Realtors announced the indices today regarding pending...