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Brickell/Downtown Miami Coconut Grove Coral Gables Florida Life Key Biscayne Miami Beach Things To Do

5 Tips to Surviving The Dog Days Of Summer In Miami

In case you hadn’t noticed, summer in South Florida is in full swing and the dog days of summer, the hottest time of year, starts today!

The rich smells of mangoes, mixed with the briny smell of the ocean, flowering jasmine, and bug spray are held in the humid air that surrounds us.  School has been out for a while, the streets are less chaotic at rush hour times, and the beaches are a lot less crowded.  Still, the heat and humidity can get the best of us.

Here are some tips to surviving the dog days of summer.

  1. Relax!  Miami Spa Month is actually two full months of discounts and special deals at Miami’s top spas.
  2. Chill out – There are so many great ice cream spots to help you cool off.  Two not in that link that I like are, for 21 and older only, Aubi & Ramsa, and Wall’s Ice Cream Parlor, which has good old-fashioned ice cream.
  3. Spice it up – Miami Spice Month is also two full months of discounts and fixed-price menus are many of Miami’s award-winning chef restaurants.
  4. Dive in – Don’t want to go to one of our beautiful Miami beaches?  Then head to one of these 10 best pools in Miami
  5. Take it to new heights – take advantage of the sultry evenings and visit one of these amazing rooftop bars Miami has to offer

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Commercial Real Estate Florida Life

6 Florida Laws That Go Into Effect Will Impact Commercial Real Estate

Part of what I do every year is travel to Tallahassee and Washington D.C. to lobby for private property rights and issues that affect commercial real estate.  This year, we had a lot of wins, especially at the state level, with Governor DeSantis signing several bills we supported into law in the last month.  These laws will be going into effect between July 1, 2019 and January 1, 2020 and all have an impact on commercial real estate.

Florida Gov. Ron DeSantis signed several bills into law that have a direct impact on real estate.  The results include the following:

  • Reduction to the state tax on commercial leases to 5.5%.  Known as the business rent tax (BRT), the decrease will take effect January 1, 2020. (HB 7123).  If you are a landlord, remember to adjust the sales tax on your invoicing.  If you are a tenant, make sure the adjustment has been made.
  • Allowing local governments to close a permit six years after issuance, as long as there are no apparent safety hazards, and preventing local governments for penalizing property owners for open permits applied for before they owned the property.  This law will take effect Octover 1, 2019. (HB 447).  This is great news, as closings should not be delayed for permits that were opened and not closed long ago.
  • Authorization of online remote notaries while protecting the integrity and security of documents being notarized.  You can start using online remote notaries beginning January 1, 2020. (HB 409)  This is especially good news for our international buyers and sellers as notaries in other countries are quite different from notaries and the U.S., making getting documents notarized abroad a challenge.
  • Allocation of $682 million for environmental projects specifically for improving water quality and for Everglades and beach restoration.  This is wonderful news for all Floridians.  After all, people come here for our beaches and water activities, not our mountains!
  • Developers in areas lacking private wetlands mitigation credits may now partner with local governments to mitigate on publicly-owned conservation land. Goes into effect July 1, 2019. (HB 521)
  • Legalization of self-driving cars.  Effective July 1, 2019 (HB 311).  How will this change parking requirements in buildings, cities, and neighborhoods?

If there is an issue in your neighborhood or that you are facing that restricts your private property rights or that affects how you conduct business in a negative way, give me a call to discuss.

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Buying Coconut Grove Commercial Real Estate Investment Real Estate Selling South Miami

Commercial Real Estate: Renovate, Re-purpose or Rebuild?

Renovation is nothing new to investors who look for value-add properties. Sometimes a fresh coat of paint, new fixtures, or an exterior update are all that is needed for a new owner to be able to boost rents.

Renovated Office Building on Red Road in South Miami, FL

I have read several articles lately about re-purposing buildings, and there is a great example of one in Coconut Grove. Touzette studios designed a mixed use office and retail building out of a parking garage.

Previous parking garage being repurposed to office – Mary Street, Coconut Grove, FL

The Shoppes at Sunset Place and Cocowalk are a combination of all three.

Construction of new office space at CocoWalk – Coconut Grove, FL

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Commercial Real Estate Investment Real Estate

Have A Warehouse You Want to Sell?

If you do, congratulations!  Warehouse is currently the most sought after asset class in South Florida.  So many of the older warehouse areas, such as Wynwood, have been re-imagined into vibrant neighborhoods and the warehouses have been replaced with new offices, condos, and retail space.  In an area where PortMiami and Miami International Airport are top international freight gateways, warehouse space is critical.  I have buyers for both large and small warehouses.





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Commercial Real Estate Investment Real Estate Selling

MIAMI Realtors and FIABCI Arabic Countries Sign Collaboration Agreement

MIAMI Realtors with FIABCI World President Walid Moussa

MIAMI Realtors with FIABCI World President Walid Moussa

Today, several MIAMI Realtor Board members were present for the visit of Walid Moussa, who is FIABCI Arabic Countries President and FIABCI World President Elect.  The MIAMI Association of REALTORS signed an international collaboration agreement with FIABCI Arabic Countries to promote Miami as a place to do business and create opportunities to work together to sell properties in South Florida.

At a time when commercial real estate investors from around the world are showing an interest in Miami, these agreements help create the relationships required to get deals done.





Categories
Commercial Real Estate

Commercial Real Estate Insights From NAR Convention in Boston

Prudential Building - Boston

Prudential Building – Boston

NAR’s annual conference was held in Boston earlier this week, and there were several takeaways for those of us who buy, sell and own commercial real estate.  Like the light shining forth to the Prudential building pictured above, Florida’s economy is strong and the future for bright.

  1.  Florida was the top state in the country for job growth rates for the 12 months ending September 2018.  The 4.83% in job growth will result in more real estate sales across the board.   Florida is well over a full % point ahead of the second state.
  2. Opportunity Zones (OZ) are still the talk among investors.  With two distinct tax advantages, deferral of capital gain tax with a portion (10% or 15%) escaping the tax depending on how long (5 years or 7 years) investment is held, and no tax on the appreciation if the asset is held for 10 years or more, there will be a lot of money flowing into these areas. Clarification from the Treasury is needed on a variety of the nuances of investing in these zones.  If you are considering investing in one of the funds, remember that the fact that a property is in an OZ won’t make a bad project good or even better, but it will make a good project very good.





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Commercial Real Estate Florida Life Investment Real Estate Renting in Miami

Early Voting Starts Today – Vote Yes On Amendment 2!





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Commercial Real Estate Investment Real Estate

Commercial Real Estate Challenges Of Medical Marijuana

Today, Canada becomes the first G7 Country to fully legalize marijuana.  Canada had already legalized medical marijuana in 2001 and the law to legalize recreational marijuana, which was passed in June of this year, goes into effect today.

Although Florida and several other states have legalized medicinal use of marijuana, and nine states plus Washington D.C have legalized recreational use, marijuana is still illegal in the United States.  This dichotomy between state and federal law creates a variety of legal hurdles, especially in banking and real estate,  for marijuana growers and businesses.

CREW-Miami ‘s October luncheon featured an expert panel that discussed some of the legal challenges as they pertain to commercial real estate.  Since Florida requires medical marijuana treatment centers be vertically integrated, they have to not only grow and process the marijuana, they also need to have retail locations, making the commercial real estate crucial to the business.  However, purchasing the property with a mortgage can be a challenge, since most banks will not issue a mortgage for property that is involved in an illegal activity, landlords may be afraid of leasing property for the same reason, and many cities have moratoriums or ordinances that limit where these facilities and growers can be located.

Global spending on legal cannabis is expected to hit $57B by 2027.  Now that the United States is sandwiched between two countries, Mexico legalized medicinal marijuana in June of 2017, that have legalized marijuana, the US is starting to revisit it’s policy on cannabis.

 

 

 





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Aventura Brickell/Downtown Miami Florida Life Miami Beach Miami Design District Neighborhood News Things To Do

6 Places To See Free Art In Miami – North

The art starts on the outside of ICA MIAMI

The art starts on the outside of ICA MIAMI

With cooler weather and Miami’s “in” season almost here, I thought it might be appropriate to give us all a jump start on Miami Art Week, by listing some places where we can see art.  Year round.  In our own back yard.  Without crowds. For FREE!

Other than the obvious Wynwood, there are so many places to see art in Miami.  Thanks to Miami-Dade County Art in Public Places and astute business owners who also happen to be art aficionados, there are plenty of places to see art in Miami.  In no particular order, and by no means all inclusive, here are a few of my favorites:

Aventura Mall art collection – Better known for world class shopping, Aventura Mall has an extensive and impressive art collection

Institute of Contemporary Art – In the Miami Design District, this museum is ALWAYS free.  The art installations are sometimes trippy, but always thought provoking.

Miami Beach – I think the ocean and colorful life guard stands on the beach are art enough, but Miami Beach Art in public spaces include sea inspired as well as modern and art deco pieces.

Miami Design District Art Tours – In addition to being able to see great, fun architecture for free as you stroll through the MDD, they have regular art tours in conjunction with Arts Encounters.

PAMM – Perez Art Museum Miami free second Saturdays.  The second Saturday of each month you get to see their art exhibits for FREE!

Is your favorite free art space in the northern part of Miami-Dade not on the list?  Please share it with us!





Categories
Commercial Real Estate

Retailers Can Learn From RH’s Efforts To Revolutionize Physical Stores

RH New York - The Gallery

RH New York – The Gallery

 

I just received my copy of RH’s catalogue and immediately loved the building pictured on the front.  I liked RH as a brand even more when I opened the front cover and read CEO Gary Friedman’s piece, The Death of Retail Is Overrated.  In it, he states that “…most retail stores are archaic, windowless boxes that lack any sense of humanity” fresh air or natural light.  Just that description of a retail store would make me shop more online, from the comfort of my home or office, both of which have plenty of windows and light.

However, he goes on to state that since we are both social and physical creatures we still like experiences.  This of course ties in to the whole “experiential retail” trend that the industry is pursuing to keep the customers it still  has and bring new customers in. RH New York – The Gallery is the building featured on the cover.  It is RH’s latest space that integrates food, wine, art and design in the Historic Meat Packing District.

In addition to 5 Ways Retailers Can Engage Consumers, brick an mortar stores can follow RH’s example by creating spaces that:

  • “blur the lines between residential and retail, indoors and outdoors”
  • “are more home than store”
  • “are filled with fresh air and natural light”
  • have “garden courtyards, rooftop parks, restaurants, wine vaults and barista bars”
  • “activate all of the senses, and spaces that cannot be replicated online”

In Don’t Hold A Funeral For Retail Just Yet,  I emphasized that retail wasn’t dead but rather shifting and that brands that provided their customers with options and experiences would fare well.  Mr. Friedman worded it eloquently when he wrote: “… the physical manifestation of a brand will prove to be the most compelling and cost effective way to engage and inspire customers in a physical world.”