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Archive for the 'Luxury Real Estate' Category
What Do Elizabeth Taylor, Christies, The Pearl Islands, and EWM Have in Common?
Okay, this blog is one of those “six degrees of separation” instances.
Elizabeth Taylor was given La Peregrina Pearl, which was found in the Pearl Islands off the coast of Panama. Christies will be auctioning off her collection this week in New York.
EWM is Christies exclusive affiliate in Miami-Dade and Broward Counties. EWM is the listing agent of second largest island in the Pearl Islands, San Jose Island.
Related blogs:
Elizabeth Taylor Collection Auction Taking Place This Month
San Jose Island, Panama: How Big Is 11,000 Acres?
San Jose Island, Pearl Islands, Panama
Over 57 beaches on the island
Deering Bay – Relaxed, Luxurious, Country Club Living
Beautiful Views
I feel like Deering Bay has been forgotten among all of the hoopla regarding bargains on Brickell, Biscayne, and the Beach. I know there have been and still are some great deals in these urban areas, but if you are looking for a little more relaxed pace, take a look at the condominiums and villas in the various buildings in the Deering Bay Yacht and Country Club community. These are spacious units, most with water views, and are surrounded by an Arnold Palmer Signature golf course. Located in the southern part of Coral Gables, it is one of the best public and private school districts in Miami-Dade county and is close to both the Falls and Dadeland Malls. If you would rather live in a single family home, Deering Bay has those too. They also have a small boat marina as well as one for large yachts, tennis courts, pools, gyms and a restaurant with a Sunday Brunch that is delicious!
San Jose Island, Panama: How Big is 11,000 Acres?
San Jose Island, Panama For Sale
Okay, I have already posted that it is twice the size of Key West, but maybe that is still hard to put into perspective. So, I will compare it in size to other famous islands. Using AskNumbers.com conversion table, I came up with the following:
Cayman Brac: 14 square miles =8,960 acres
Little Cayman: 10 square miles = 6,400 acres
St. Barts: 10 square miles = 6,400 acres
Virgin Gorda: 8 square miles = 5,120 acres
Basically, 11,000 acres is big enough for you to build your own town, or two!
Miami Real Estate: Waterfront Homes
Whether you have a mega yacht or a dingy, Miami is a great place to own a boat. In addition to the many marinas, the ultimate in boat ownership is to be able to pull up right to your own dock. There are many waterfront homes in Miami that have ocean access.
Private Islands: What The Rich and Famous Are Buying
The Exhumas, Bahamas is where the rich and famous are buying islands, according to an article in the July 28 edition of the Wall Street Journal.
Some of the issues that arise with developing these islands, such as importing electricity, cell phone towers, water purifiers, the building materials and even, in some cases, the palm trees, can make development extremely costly.
San Jose Island, in the Pearl Islands off the coast of Panama, does not have a lot of these issues. Granted, at 11,000 acres, approximately twice the size of Key West, it is a much larger island than the ones in Exuma. It has its own rivers and streams, providing fresh water, as well as a water treatment facility capable of producing 3,000 gallons of water an hour, and a 10,000 gallon storage tank. It has a 5000 linear foot landing strip, lots of trees, including palm trees, mooring facilities, and a boutique resort, Hacienda del Mar.
A short 20 minute flight to Panama City, Panama, means you are in close proximity to world class entertainment and medical facilities, including John Hopkins at Punta Pacifica Hospital.
Compared to the most expensive island for sale in the Bahamas, Cave Cay, at $440,000 per acre, San Jose Island , at $22,545 per acre, seems like a downright bargain. Oh, I almost forgot…Panama doesn’t have hurricanes!
One of 57 Beaches on San Jose Island
Ever Dream of Owning Your Own Private Island?
Miami Beach Real Estate: Market Summary for Single Family Homes
We are half way through the year and the market has been moving. Sales are up, mostly due to lower prices. As of June 30, the single family home market in Miami Beach for the year so far is as follows:
Closed sales: 94. Low of $190,000 to a high of $25,500,000. 9 of the closed sales were foreclosures, 6 were short sales. Only 16% were distressed sales. 49 closed in the second quarter.
- Pending sales: 57. Low $200,000 to a high of $14,900,00. 2 of the pending sales are foreclosures, 23 are short sales. Almost 44% distressed. 21 went pending in the second quarter.
- Active sales: 282. Low of $205,900,high of $49,995,000. 16 are short sales, 1 is a foreclosure. Only 6% distressed. 76 of the active sales were listed in the second quarter.
What does this mean if you are a seller? The good news is that the majority of the closed sales are not distressed sales. If you are priced right for a buyer’s market, you have a closing window of opportunity to sell at a higher price than you will get later this year. I think prices of active listings are going to come down as we come closer to the end of the summer buying season.
What does this mean if you are a buyer? Many buyers are still looking for a “deal” without realizing that they are already looking at one. Just because a property is not a foreclosure or a short sale, does not mean it is not a good deal. A lot of sellers have come down significantly in their pricing, in large part due to the pressure of distressed properties on the market. As the distressed properties listed for sale decrease, they become less of a factor on the overall market. If you are financing your property and only looking at distressed sales, you are going to have even more frustration as you are competing with cash buyers.
Note: These numbers are going to change a bit due to fluctuations at the end of the month when a lot of properties status changes, but those changes don’t get recorded in the MLS until the following month.
Private Island For Sale, Pearl Islands, Panama
Increase in Stock Market Results in Increase in Luxury Properties
According to a CNNMoney.com article all 20 major metro areas saw an increase in sales of million dollar plus condos and single family homes, rising an average of 18.6%.
The increase is largely attributed to the increase in the stock market since 2009 and cheaper financing for jumbo loans.
Miami Real Estate – Good News, The Wealthy Are Spending Again!
Two articles in today’s Business Monday add more evidence that South Florida is starting to pull out of the recession and, though we fell farther and therefore have further to go to actually feel that the recession is over, there are positive signs in South Florida’s economy.
The first article, Brazilian buyers put the luxe in real estate, describes the influence that wealthy Brazilians are having on high end real estate as well as on design and furniture stores.
Dophin Mall has gone from bust to boom, the second article, describes how this mall has turned its sales performance around 180 degrees by catering to the luxury consumer and recognizing the importance of the tourist.
These articles emphasize the importance of the wealthy tourist to South Florida’s economy. These tourists are going to help excel our recovery by spending large amounts of money, which will eventually trickle down throughout the economy. The only problem I see with this is that it is the start of another boom cycle that, unless we find industries in addition to real estate and tourism, will eventually bust in Florida’s typical fashion.
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