In case you are planning to party the entire New Year’s weekend, you may want to consider taking in The Coconut Grove Art Stroll on January 2, 2010 from 7-11 p.m. It promises to be fun but not too high key if you are still recovering from the 31st.
Just when we start making a dent in the huge inventories of residential condo units in downtown Miami, we are about to be flooded by commercial office space. Several projects are coming on line next year, resulting in approximately 2 million square feet of office space. Under good economic circumstances, the normal absorption rate of office space is around 250,000 square feet. Needless to say, tenants are going to have a favorable advantage for negotiating leases for a very long time.
This is one of the many beautiful views from the 516-unit Marina Blue Condominium on Biscayne Boulevard. This brand new building sits directly across the street from the Port of Miami, Miami Arena, and site of the future Miami Art Museum. It is walking distance to Bayfront Park, Bayside Marketplace and the Adrienne Arsht Center for the Perfoming Arts. Convenient to South Beach (see it the the background to the left), Miami International Airport (15-20 minutes), and Brickell. Easy access to public transportation.
There are currently 39 units listed on the MLS ranging in price from $299,00o for a 950 square foot, one bedroom one-and-a-half bath unit up to $3.3 million for a 4,198 square foot three bedroom three-and-a-half bath unit on the 57 floor.
The Pinecrest Farmer’s Market at Pinecrest Gardens has been open every Sunday since December and I finally got by this weekend. It is open every Sunday from 9-2 p.m. through April, and I plan on being a regular. In addition to the fresh fruit and vegetables that are grown locally, there are food vendors with everything from conch to tropical ice cream, herb and vegetable plants for the home gardener, spices, and green products to clean your home or make it more energy efficient. My favorite part was the burst of color all around me. I know where I will be shopping for my produce for the next several months.
The Pinecrest Farmer’s Market at Pinecrest Gardens has been open every Sunday since December and I finally got by this weekend. It is open every Sunday from 9-2 p.m. through April, and I plan on being a regular. In addition to the fresh fruit and vegetables that are grown locally, there are food vendors with everything from conch to tropical ice cream, herb and vegetable plants for the home gardener, spices, and green products to clean your home or make it more energy efficient. My favorite part was the burst of color all around me. I know where I will be shopping for my produce for the next several months.
An interesting article by Robert Shiller, Yale Economics Professor and one of the creators of the Case-Shiller home price index, discusses the idea that perceptions as to land value is what has driven a lot of the housing market increases. He argues that a growing global economy and increasingly transient population that values economic freedom versus the perceived land value will create a more volatile housing market.
What do you think about the issues raised in the article?
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Merry Christmas
Icon Brickell, the three-tower 1800-unit complex with views of the Miami River and gorgeous grounds is being turned over to the developer’s lenders in a friendly foreclosure. Only two of the three towers have been built.
The Fed’s Mortgage Backed Security (MBS) purchase program ends on March 31, 2010. This purchase program is what has kept mortgage rates so low for the better part of 2009 and once the Fed stops purchasing MBSs the demand will drop. Since the supply of MBSs is still high, this will have a downward affect on bond prices which, in turn, will make home mortgage rates rise.
This will affect the purchasing power of home buyers.