I was on the phone with a friend the other day and we were both talking about how grateful we are that we live in Miami/South Florida. Our main reasons were for the cultural diversity, the environment, the vibrancy of the city and people, and the ease with which you can travel anywhere in the world.
Traveling is one of my favorite pastimes, but I always love coming home. If you don’t love where you live and work, now is the time to consider a move. I invite you to come to Miami and see why so many people and companies are relocating to South Florida.
New Restaurants from Groot Hospitality Coming to Coconut Grove
New Restaurants from Groot Hospitality Coming to Coconut Grove
You can’t open a newspaper these days without reading about another company that is either relocating or expanding in South Florida. From hedge funds and private equity firms to tech companies, Florida’s business friendly environment is luring people to move here. The Miami-Dade housing market has surged, with total home sales up 16.2% year-over-year in October. Miami single-family luxury home sales transactions over $1,000,000 increased a whopping 122.1% year-over-year in October.
What does this increase in the housing market mean to commercial real estate? Although the virus has had an effect on hotels, restaurants, offices, and other businesses, which in turn bodes poorly for the real estate these businesses occupy, the number of people relocating here will eventually translate into increased demand for commercial real estate. I currently have investors looking for second generation restaurant space, which, amazingly enough, is not as easy to find as news headlines suggest.
Make it easy for consumers to find what they are looking for. In a recent blog Is Veganism Going Mainstream, I discussed how Marshalls was making it easier for vegan shoppers to identify purses that coincide with the shopper’s values. In addition to Marshalls highlighting vegan purses, Whole Foods also makes it easy for consumers following specific dietary guidelines, such as Paleo, Whole 30, Gluten Free etc., to find products that meet their requirements without them having to read every label.
Make it experiential. Whether you own or operate an individual store, a chain of them or a shopping center, the consumer has to experience something beyond the shopping itself. Retailtainment was first used back in 1999 by sociologist and author George Ritzer
Make it interactive. Books and Books, the independently owned local bookstore is amazing at interacting with their customers. In addition to having knowledgeable staff, they have a cafe with great food, spaces for getting together and socializing and they offer book signings and readings by authors. Patrons come early have dinner or a cocktail, socialize, buy the book, and interact with the author. You can’t get that from online shopping and, in spite of technology (or maybe because of it) people want to have places where the can interact.
Make it Instagram and Pinterest worthy: Instagram, Facebook, Pinterest and the rest of social media has made it essential that whether it is food, clothing, real estate, spaces and places, whatever it is you are selling has to be Instagram and Pinterest worthy. Two places in Miami do that extremely well. Miami Design District and Wynwood. Don’t believe me? Go into Instagram and #miamidesigndistrict to view 158,000 posts or #wynwood to view over 2.4 million posts.
Make it about community. Several of the places already discussed such as Books and Books, the Miami Design District, and Wynwood are great examples. FootWorks in South Miami has running clubs and helps train you for half and full marathons, Dharma Studio in Coconut Grove offers free yoga classes three times a week in the Grove, and Aventura Mall has all sorts of events scheduled throughout the year. If you are in an area that has one, check with your local Business Improvement District and see how you can get involved to bring more traffic to your store.
The other day I went into Marshalls and saw a whole display with purses. I thought it was a bit strange, since this particular display was front and center and quite a bit away from the other racks full of purses. As I looked closer, there was a sign that read Vegan Purses. Now it made sense. Marshalls was making it easier for vegan shoppers to identify purses that coincide with their vegan values.
Apparently, many businesses applied Forbes’ advice in Here’s Why You Should Turn Your Business Vegan in 2018. Although some industry leaders and innovators started well before 2018, the trend has definitely increased and become more visible this year. The number of vegan restaurants in Miami continues to grow with Planta opening and joining a list of other vegan eateries.
In addition to retailers and restaurants, other businesses are also finding a niche with vegan consumers. One of my favorite local designers, Deborah DiMare, is a leader in the vegan design space and her interiors, pictured here, are gorgeous.
So, in answer to my original question “Is Veganism Going Mainstream”, I think the answer is: “It’s already it already has”.
Spacious, open kitchen in Country Club Estates home
Spacious, open kitchen in Country Club Estates home
Looking to buy a home in Country Club Estates in Aventura, Florida? Then you need to call Cindy. She has sold 4 properties in the last two months; two of which never made it into the Multiple Listing Service and were sold off-market.
Country Club Estates, a luxury enclave of 80 single-family homes, is the only community of it’s type located on the prestigious Turnberry Golf Course. This private, gated community of luxury homes is an oasis in the heart of Aventura. Also known as Aventura Estates, this enclave is a wonderful place to call home due to both its size and location.
Cindy not only sells a lot of the homes in this luxury community, she also lives in the community and sits on the homeowner’s board, which gives her great insight into what is going on in the neighborhood. She loves living and selling in Country Club Estates because, “It is the only luxury single family home community in Aventura where we live and vacation all year long!” If you want more information on the lifestyle here, call her at 305-469-3222.
If you are buying or selling a home in Pinecrest, why would you use anyone other than the #1 brokerage in Pinecrest? I am a Realtor with EWM and a Pinecrest resident. I have lived here for over 27 years and can’t imagine living anywhere else. Want to learn more about this wonderful neighborhood? I would be happy to meet with you and tell you all about it.
ewm.com
EWM Realty International’s #1 ranking is based on total sales transactions and total dollar volume sales. Data was supplied by the Miami Association of Realtors, The Greater Fort Lauderdale Association of Realtors, and the Southeast Florida Regional MLS for single-family homes and condos sold within the Village of Pinecrest for the period beginning 1/1/2018 and ending 6/30/2018.
I love the Sunset Harbor area of Miami Beach. It is a non-touristy part of Miami Beach, right before you get on the Venetian Causeway. I have been going there for years, when it was just a bunch of auto repair warehouses with a great Italian restaurant, Sardinia. Then came Scott Robins with his vision for the neighborhood. Soon Barceloneta and Pubbelly Sushi moved in and the locals started coming. Needless to say, it is no longer full of auto repair warehouses, though there are a few. Now, new, fun, tasty restaurants, boutique clothing shops, yoga & pilates studios line the streets. Popular workout and hangout spots like Flywheel and Panther Coffee, as well as both Publix and Fresh Market are here.
Work in Sunset Harbour, Miami Beach
For your working convenience, and a really short commute if you live here, there is buro, the community building co-working space. Or you can work at any of the shops, restaurants, warehouses, or offices nearby. Finally, and probably most importantly, if you live and work in Sunset Harbour, you don’t have to go too far to play.
Play in Sunset Harbour, Miami Beach
In addition to all of the shops, restaurants and workout places, Sunset Harbour is surrounded by water, spas, parks, running and walking paths. Paddle board or kite surf in the harbor and if boating is your pleasure, there is the Sunset Harbour Yacht Club. So, whether you are looking for a new place to live, work or play, or want a charming place where you can do all three, check out the Sunset Harbour District. You won’t be disappointed!
Coconut Grove has been experiencing yet another revitalization. It has been through at least three cycles of boom to gloom since I moved here in the early 1990’s but, thanks to the commercial property owners, who formed the Coconut Grove Business Improvement District and agreed to tax themselves, this boom feels different. Why? Because the Coconut Grove BID has worked hard to create a community by taking on projects and neighborhood improvements that the City of Miami was not able or was unwilling to. From fixing sidewalks, trimming trees, and sponsoring three free community yoga classes a week through Dharma Studio, the BID has made the Grove a hangout for locals and tourists alike.
Popular Spill Over Restaurant
Since the BID formed in 2009, new restaurants such as Lokal and Spill Over, both by Matthew Kushner, Glass and Vine by Giorgio Rapicavoli, Strada, and Atchana’s to mention a few have moved in and prospered. SapientRazorfish, one of the largest interactive advertising companies in the world, moved into the Shops at Mayfair and Cocowalk is getting a much needed redesign and tenant mix. Any evening or weekend you can stroll through the shops, parks and restaurants and see the vibrant diversity of this popular neighborhood. If you like what you see, thank the commercial property owners and their BID!
If you haven’t been to the Miami Design District lately and still need a 2018 New Year’s resolution, here is an easy one. Go visit the Miami Design District. It is so Miami! In case you need more reasons than that, here are 5:
Interesting architecture – Okay, between Miami Beach’s art deco district and an abundance of starchitect buildings Miami is full of interesting architecture. However, in the Miami Design District just about every single building is interesting. Some have textured exteriors, others vivid colors or geometric designs. No two buildings are alike and unlike some areas of South Florida that crave and even demand uniformity, the Miami Design District is definitely outside of that box.
Plenty of public art – If the architecture isn’t enough to keep you entertained as you explore, there are public art installations sprinkled throughout the district.
Carole Feuerman Sculpture – photo credit: House & Hive
Unique stores, shops, and restaurants in addition to the luxury brand names. If small, local, independent shops appeal to you, don’t let the concentration of luxury, brand name designer shops fool you. There are plenty of small delightful stores and restaurants with a variety of products that you won’t find elsewhere. The spaces themselves are inviting and the people that I met manning them were helpful, charming and friendly.
Institute of Contemporary Art It is free! A generous gift to Miami’s entire community by Miami Design District Associates, who donated the majority of the land, and Norman and Irma Braman, ICA is a bright, open space with installations sure to get you thinking and an outside sculpture garden perfect for selfies.
The art starts on the outside of ICA MIAMI
Great public spaces to sit and chat, people watch, or enjoy our beautiful weather – the sculpture garden at ICA, the walls around the various planters and water fountains and the meeting bowls are just a few places to grab a seat. If sitting around is not active enough for you, come up with creative videos to post on #MeetingBowls. For inspiration, click on the link below.
Two changes made to the U.S. Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) will go into effect February 17. While one affects foreign investment in publicly-traded real estate investment trusts (REITs) and should make commercial property in the U.S. more attractive to foreign buyers, the second one affects foreign buyers of residential properties.
The change relating to ownership of U.S. REITs is the doubling of the maximum amount of stock a foreign investor may have in REITs from 5% to 10% and allowing foreign pension funds to invest in REITs withoug having FIRPTA apply. Ralph W. Holmen, associate general counsel for the National Association of Realtors® (NAR) states that these changes “… are conservatively estimated to boost foreign investment in U.S. commercial real estate by $20-$30 billion per year'”.
In order to cover the costs associated with the two commercial provisions, the withholding amount for residential properties will increase from 10% up to 15% on properties that are over $1 million, whether it is used as a primary residence or not. For properties $300,000 or less or $300,000 to $1 million, the rules don’t change. Under $300,000, no FIRPTA tax is paid if it is to be used as a primary residence. From $300,000 – $1 million, the current 10% FIRPTA tax will not change as long as the property is used as a primary residence.
Buyers need to know that although most settlement agents do withhold the FIRPTA tax, if they do not, the buyer is the one that is legally responsible for the tax owed if it is not withheld.
