miami Archives - Luxury Home Digest

Miami: Playground of Rich and Famous

Roberta Murphy Thompson — Thu, 22 Oct 2015 19:14:16 +0000

By Hannah Goodman of Trulia

As one of the top luxury real estate markets in the world, Miami has become the playground of the rich and famous. Celebrities and business moguls alike invest in Miami real estate to get their own piece of Magic City’s incredible vistas, beautiful beaches, and nightlife. Those who seek a secure home with all of the latest technology and furnishings will find all of that and more in most Miami luxury buildings and developments, in addition to privacy and unobstructed ocean views. However, that kind of prestige comes at a heavy price tag, and in some areas of the city, it is not unusual to pay upwards of 10 Million Dollars for a home. So which areas in the city boast the best amenities? The following neighborhoods are just a few popular destinations for those who seek to join the Miami elite. South Pointe

(South Beach)

Located at the far end of the world famous Miami Beach is South Pointe, better known as South Beach. A popular neighborhood for those looking to take in Miami’s world famous nightlife. The area is known as one of the most affluent areas of Miami, and thus is home to many celebrities. The current average listing price for a home in South Pointe is $2,516,716, and the area is almost entirely walkable, with most housing only steps from upscale dining and the beach.

Downtown Miami

Downtown Miami is split into two major districts, Downtown and the Brickell Financial District. The area is a culturally rich, urban center that has seen immense growth over the last few years, thus attracting many young professionals to the area. In fact, the Brickell District is one of the fastest growing financial hubs in the country. Real estate in Downtown Miami ranges from affordable old fashioned studios to multi-million dollar newly-constructed condo and penthouse towers. The stars in Miami are everywhere, even in its architecture. “Starchitect” Zaha Hadid constructed his first residential tower in the United States. The current average listing price for the Downtown Miami Area is $1,694,105.

Coconut Grove

Coconut Grove is a quiet, historic neighborhood of Miami, known for its exquisite 20’s style homes. It is a great place to raise a family. According to local Miami Real Estate agent, Ines Hegedus-Garcia, “Coconut Grove is not only home to the best private school in South Florida, Ransom Everglades, but also has some amazing single-family homes.” The area is safe, private and pricey, with an average listing price of $1,081,997.

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Miami : A City for Luxury

Roberta Murphy Thompson — Fri, 01 May 2015 19:27:25 +0000

by Audrey Ross

Miami is quickly becoming a global city known for its luxurious residences.

According to the Frank Knight, LLP’s wealth report, Miami ranks number 7 in the top 10 list of cities that matter the most to high net worth individuals, and it is expected to remain on the top 10 list of global cities through 2025. New York and Miami are the only two USA cities to make the global 10, beating out San Francisco, Los Angeles, Chicago, Boston and Washington DC. Miami is a rising global city with a thriving economy. The number of net worth individuals with $25 million or greater in assets continues to grow each year. With a strong concentration of Latin Americans as well as American and European transplants moving here, the world’s high net worth individuals drive the luxury real estate market.

But what makes a city global and significant to the world markets? The factors that earn a city its stripes as an influential place in the world economy are the economics powering it. Global cities are headquarters to multinationals, and possess the following characteristics: strong banking and financial services, a major port, high percentage of residents employed in the information and service sectors, superior medical and legal services, major universities, strong trade and global media influence. Global cities have decision-making power. Miami possesses all of the above. According to the Miami Herald, financial services are projected to grow four percent this year, an unheard of rate of growth at this time even in New York. There’s also been an influx of hedge fund managers into South Florida to serve the new wealth and financial firms are hiring.

While Miami’s reputation as a global vacation and tourism spot is firmly established and these industries comprise a significant part of the economy, the city has become much more than a playground for the rich. It’s become a significant player in global trade. South Florida’s total world trade in 2013 was a staggering $120.49 billion. There are deep economic at forces at work, in part, because the city is the global gateway to the Americas where emerging economies are becoming powerful participants in the global economy. Zero city and state taxes also make the city very attractive to the wealthy.

In addition, residents have a long-term interest in Miami, which is also a significant piece of driving and maintaining a strong real estate market. The Miami City Ballet, The Miami Symphony Orchestra, Perez Art Museum, Art Basel and the Wynwood district are all signs of the city’s thriving cultural scene. Miami has a deep-rooted history as a place supportive of artists and designers that attracts intellectual capital and creative types to its shores. It is now also working to become an international technology capital and place to incubate start-ups. These signs all point to a real estate market that is backed by a city in the midst of a major growth spurt that is grounded real economic development.

Another very positive factor, Miami’s real estate development is backed by equity as opposed to debt financing. In addition, tougher lending practices mean the banks and mortgage companies are standing on firmer ground. Gone are the days of zero down financing, which is good news. The city’s luxury real estate market is stable with little threat of a bubble or collapse in the foreseeable future.

Miami’s influx of high net worth residents and strong economic development forecasted into the next 10 years is good news for the luxury real estate market. As vast numbers of construction zones signal, Miami is in a golden era. The luxury market-building boom signals a bright future for this gateway to the Americas. Miami is a world-class destination where more and more people are coming to not just play but also to live, work, build and create.

Audrey Ross is a specialist in Miami’s luxury real estate market–and is one to follow if you follow Miami real estate trends.

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Urban Luxury Near the Beach

Roberta Murphy — Sun, 19 Oct 2008 20:46:31 +0000

by Roberta Murphy

When the combination of urban luxury and sandy beaches come together, we might think of high rises in Miami, Los Angeles, La Jolla or Honolulu.

San Diego County now boasts a second urban and beach destination: Oceanside Terraces, the new luxury midrise residence in downtown Oceanside.

We spend a great deal of time here and think we are in heaven, because we are dealing with amazed guests and interested buyers all day long.

Many step off the new Sprinter train next door, having come for a day trip from inland Escondido, Valley Center, San Marcos or Vista-or from San DIego to the south, They cant resist checking out Oceanside’s version of luxurious high rise living. Others come from Los Angeles, Orange County, North Dakota, Connecticut, Manhattan, Tucson, Las Vegas and Scottsdale–and are no less amazed.

The most excited guests, though, are Oceanside residents, who watched the construction of Oceanside Terraces over the last few years.

They understand the significance of this six-story multi-use building with prime retail on the first floor, offices on the second, and residences and penthouses on the fourth through sixth floors. They know that downtown Oceanside is becoming a walkable community and is on its way to becoming a shining model for urban living. They also know they have 3.5 miles of great beaches, the longest wooden pier on the West Coast, a balmy year round climate, and some of the friendliest people in San Diego County.

They are also savvy and know that Oceanside Terraces offers the coastal urban lifestyle so many buyers are seeking:

They want spacious single level homes large enough for guests, entertaining and long-term living.
They want close proximity to the beach. (How about 400 yards?)
They want a walkable community that offers fine dining, shopping, museums and farmers markets.
They want secure buildings, adequate covered parking and large lockable storage for bicycles, surfboards and other toys.
They want to be close to public transportation. (How about a train and transit center on the adjacent block?). They want an easy train ride to downtown San Diego to see Padres games, San Diego Civic Center theater productions, or perhaps enjoy dinner or a day in San Diegos Old Town or Gaslamp District. The appeal of more distant travel also beckons as a possibility with Amtrak.

Oceanside Terraces offer floorplans that range from 1730 to almost 2600 square feet. Prices range from the high $500s to $1.7 million and many boast sparkling ocean views.

For additional information, call Roberta Murphy at 760-402-9101 or Eve Simnski at 760-518-2264.

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