Miamism

I have to start part II of this series with the same paragraph as Part I:

The question of buying old or buying new in Miami Beach Real Estate always comes up. Some people have a misconception that because the South Florida Building code (SFBC) was updated in 2005, you should buy real estate built after that to make sure it's built right.

Condos are very different from homes when it comes to old vs. new, but they also have a lot of similarities. One thing to keep in mind is when a condo needs to do a major upgrade whether it is a roof, pool, finishes, balconies, etc., the whole condominium will share the cost of that upgrade, and therefore special assessments are given to each condo owner.

Miami Beach Condo Construction Quality

Unlike homes, Condo construction quality has remained strong through the years, and this is especially visible in Miami Beach Luxury Condos where finishes are the best and attention to detail is high. Keep an eye out for condo-conversions though, sometimes modern finishes are thrown together as upgrades that are not very well orchestrated and leave a lot to be desired.

New Miami Beach condos will have advantages like impact resistant windows and doors that were not available years ago - and it makes a difference to have to install shutters to a condo-unit on the thirty-something floor of a high-rise as opposed to needing no hurricane protection at all. If you are an absentee owner, there is major peace of mind not having to worry about installing shutters before a predicted storm.

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The question of buying old or buying new in Miami Real Estate always comes up.  Some people have a misconception that because the South Florida Building code (SFBC) was updated in 2005, you should buy real estate built after that to make sure it's built right.

The South Florida Building Code

Well.....I could not disagree more.  Construction methods, through the years, have gotten worse and worse. Many Developers, in order to make more money, have found ways to cut corners and decrease the quality of construction.  The Building code many years ago was used as a minimum standard, but it got to a point that the same building code started being the top of the standard instead and contractors used it as a maximum.  In order to protect the consumer, that building code became stricter and so the change of the SFBC was inevitable.  Every time you complain about an inspector giving you a hard time and not approving a job done by a contractor, you should thank them instead, because they are there to protect you.

Sturdy Old Construction

Now that the building code question is out of the way I have to tell you that older established neighborhoods in Miami are known for their old construction.  From Miami Beach to Miami Shores, Coral Gables, Miami Springs....these neighborhoods were developed in the 1920's and their construction is as solid as it gets.  They have homes built in the 20's, 30's, 40's and 50's while Miami was evolving. These homes that have been there for at least ½ a century have withstood numerous hurricanes and most of them without even shutters!!   Please don't misunderstand this to mean that you don't have to get hurricane protection for your homes, it means that those old homes have lived through many storms with little damage and we can attribute that to the superior methods of construction of those times.

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The question of the day!! Has Miami Real Estate Hit Bottom??

Most of you that know us know that we are not the type to follow NAR's latest REALTOR bandwagon with "Now is the time to buy" campaign - we just don't see how a National Campaign of that magnitude can generalize about every real estate market since each one is so local in nature.

With that said, there are tell-tale signs that you, as a buyer, should be aware of:

• Investors buying

• Renters buying

• Sales Increasing

We have seen the numbers of Investor movement increasing at a drastic pace. Although we are also hearing the known phrase "Buy when no one else is buying"..... others are also catching on. These investors are not only local, but they come from other parts of the US, from Canada, Europe and South America.

We are also seeing those people that chose to rent 8 months to a year ago (because they wanted to wait for the market to stabilize), making their move now, or at least are beginning to consider to buy.

Miami Real Estate Sales have also increased and numbers don't lie. Here are some examples taking into consideration sales in the first 4 months of the year (from January 1st to April 30th) and the second third (which is not done yet) from May 1st to Today - August 16, 2008. You can see how sales are slowly creeping up.

• Miami Beach Real Estate - single-family homes
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    • First 1/3 of the year - 28 closed sales
      
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    • Second third of the year - 40 closed sales.

• Miami Shores Real Estate - single-family homes
  
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    • First 1/3 of the year - 26 closed sales
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    • Second third of the year - 35 closed sales

• Miami Real Estate - single-family homes
  
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    • First 1/3 of the year - 907 closed sales
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    • Second third of the year - 950 closed sales

• El Portal Real Estate - single-family homes
  
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    • First 1/3 of the year - 1 closed sale
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    • Second third of the year - 4 closed sales

• Aventura Real Estate - condos
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    • First 1/3 of the year - 208 closed sales
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    • Second third of the year - 266 closed sales

Please don't misconstrue this to mean that we are telling you to rush out right now and buy a property. The truth is that prices may keep dropping a bit in certain neighborhoods, but if you are looking for a long term Miami real estate investment, the signs of a stabilizing market are starting to show.

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This week's Miami Beach Luxury Condo pick is located in SoFi (South of Fifth) in SoBe (South Beach) - It's so Miami to abbreviate everything from places, to architecture to food. The Continuum has to be the best located condo in South Florida (that's my opinion of course) - located at the tip of South Beach right on the ocean with unbelievable amenities. Designed by architect Fullerton Diaz Architects, Inc, The Continuum is "the" Miami Beach Luxury Condo in a gorgeous location on the ocean with beach, amazing views and top notch amenities:

• 1,000 feet of sandy beaches
• full-service beach club with beach furniture and cabanas
• expansive free form lagoon swimming pool and spa
• sundeck with pool furniture and umbrellas
• pool pavilion
• landscaping and site design by renowned landscape architects Bradshaw, Gill and Associates
• 3 har-tru clay tennis courts
• 20,000 sq. ft. of state of the art Spa and Exercising facility including
  • fully equipped world class fitness center
  • complete selection of classes to choose from and personal training
  • men's and women's lounges complete with treatment rooms, sauna, steam room, whirlpool, cold plunge, relaxation lounge and shower facilities
  • spa treatments
  • roof top infinity lap pool
  • sundeck

The Continnum on South Beach Condo - 100 S. Pointe Drive - residence 1606

Listed for $7,499,000

This is what the MLS description reads:

Magnificent 4 bedroom plus den and 4.5 bathrooms with floor to ceiling windows and 800 sq. ft. of wrap around balcony allow for unobstructed panoramic views of the Atlantic Ocean, Fisher Island, Cruise Ship Alley and The Miami Skyline from every major room. Kitchen features include Italian cabinets, granite counters, Miele appliances, and Sub-zero refrigerator.

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There are some older buildings in Miami Beach that make a statement, Miami Beach Luxury Condos are known worldwide and the The King Cole is one of them. Built in 1963, it represents the MiMo style (Miami Modern) because of its concave shape where the views from the waterfront units are framed beautifully.

There are a lot of people that argue that the building was designed by Morris Lapidus, because its shape resembles Lapidus' Fontainebleau, but it wasn't. I am still doing some research to find out who the original architect is - if anyone reading this article knows, please feel free to jump right in and let me know. I even asked known architectural critic, Beth Dunlop and she confirmed The King Cole was not designed by Morris Lapidus.

Now to the details. The King Cole Condo has an incredible marina and you can see from this aerial that it accommodates big boats. The slips are privately owned, some are for sale and can dock up to 83 foot vessels. It is a full amenity building with:

• heated pool
• 24-hour valet-parking
• gym overlooking the water
• children's playroom
• solarium
• saunas
• marina
• doorman security

It is located on the Southeast corner of Normandy Island in Miami Beach at 900 Bay Drive.  Most of the interest we get from the King Cole are people looking for dockage since docking a big 65+ vessel in Miami can be expensive.  The King Cole's private Marina makes it convenient to dock your boat year round and although the slips are not always for sale, we have contacts within the building if you are interested.

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