Looking for a contemporary home in Weston? Botaniko is the place to be

For those buyers looking for a large home in the Weston area there is a lot of choice. In Doral, Weston Hills and Parkland Country Club we find many superb and large single family homes. Most of these homes however are Mediterranean style homes. Today’s buyer or at least a majority of buyers prefer the modern, more contemporary lay out and aesthetic. Many buyers also prefer brand new homes over resale properties. With personal taste or resale value in mind many buyers are therefore looking for contemporary and luxurious homes.

Click here to see all Botaniko Weston videos

A high-end community like Parkland Country Club for example has few contemporary homes. Even the brand new homes are constructed in the Mediterranean style. Homes in Parkland Country Club very between $500,000 and $2,5M or $124 – $400 per SF.

Building a contemporary home here or remodeling a Mediterranean home into a contemporary home will costs you about $300 to $400 per SF (this is without the demolishing costs of the old home) and that is beside the cost of land which will approximately have a value of $700,000 to $800,000 for a 20,000 SF lot. As the average home size is 4,500 SF or more, you easily spend $3M on a brand new and contemporary home.

The Best and Most Affordable Modern, contemporary and expansive homes in Weston

Botaniko in Weston offers expansive single-family homes in a gated community which all cater to the requirements of today’s demanding buyers. The modern day lay-outs or so called flows, the latest in finishes and that contemporary feel in a private setting.

For example a 4 bedroom home at Botanika with media room, staff quarters and a summer kitchen, offers 4,188 sf of exquisite indoor areas and 2,547 sf of expansive outdoor areas, totaling 6,735 sf of combined living space with an integrated swimming area and attached three-car garage.

• 4 Bedroom residences start at $1,898,900
• 5 Bedroom residences start at $1998,900
• 6 Bedroom residences starts at $2,800,900

You could not construct a home like this at your own account as these prices are very competitive and due to the projects great economies of scale.

A comparison of 1-bedroom luxury condos on Miami Beach

Miami Beach is known for its ultra-luxurious condos with great views. Most of these condos however offer massive floor plans with 2 or more bedrooms leaving investors that are looking for a 1-bedroom condo out of scope.

One condo that offers luxurious one bedroom units on Miami Beach is Eighty Seven Park.  Eighty Seven Park is a brand new luxury condo in the North of Miami Beach designed by architect Renzo Piano. The luxury condo offers the finest finishes, services and amenities and provides for a private beach and a private park.

More information on Eighty Seven Park
Why is Eighty Seven Park so desired with buyers?

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With this in mind we decided to compare five different resale and two pre-construction condos (indicating how hard it is to find a pre-construction project with 1 bedrooms) to the 1 bedrooms at Eighty Seven Park. First of all, we want to provide you with an overview of the scarcity of one bedrooms (and therefore the great investment value of these units), but we also want to compare the different units with one another to be able to provide you with a better overview of price/value ratios.

The 1 Bedrooms at Eighty Seven Park

As mentioned before 87 Park is one of the few ultra-luxury condos that offers 1 bedroom units.
The one bedroom units at 87 Park offer 1,5 bathrooms, 1,018 SF of interior space and a very expansive 564 SF of terrace that includes a summer kitchen. The 03 line offers a North exposure which means indirect ocean views.

Prices for a one bedroom start at $1.8M

Click here for the floor plan of the 03 Line of 87 Park (One Bedroom Units)

Miami Resale Condos

The 1 Bedrooms at the St Regis in Bal Harbour

One bedrooms at St Regis vary between 1,261 SF and 1,478 SF. These units provide for ocean views and asking prices are ranging between $2,750,000 and $2,799,000 or $1,894 or $2,212 per SF

Impressions of the 1 bedroom units at St Regis

The 1 Bedrooms at The Setai

One bedrooms at the Setai vary between 767 SF and 821 SF. The units provide for indirect ocean views and asking prices are ranging between $1,675,000 and $2,150,000 or $2,040 or $2,803 per SF

Impressions of the 1 bedroom units at the Setai

The 1 Bedrooms at Continuum North and South Tower

One bedrooms at the Continuum North Tower vary between 609 SF and 1,412 SF. The units provide for indirect ocean views and asking prices are ranging between $899,000 and $2,350,000 or $1,231 or $1,929 per SF. These units offer garden and/or ocean views and there is no direct correlation between the type of view and the asking price

One bedrooms at the Continuum South Tower vary between 1,201 SF and 1,365 SF. The units provide for indirect ocean views and asking prices are ranging between $1,750,000 and $2,350,000 or $1,457 or $1,722 per SF. These units offer bay and/or ocean views.

Impressions of the 1 bedroom units at Continuum 

The 1 Bedrooms at 1 Hotel and Homes

One bedrooms at the 1 Hotel and Residences vary between 886 SF and 970 SF. The units provide for city, bay or ocean views and asking prices are ranging between $1,290,000 and $1.650,000 or $1,400 to $1,700 per SF. The average listing price is $1,570 per SF

Impressions of the 1 bedroom units at One Hotel and Homes

The 1 Bedrooms at The W Hotel and Residences

One bedrooms at the W vary between 730 SF and 1,151 SF. The units provide for city, bay or ocean views and asking prices are ranging between $1,549,000 and $2,385,000 or $1,500 to $2,260 per SF. The average listing price is $1,910 per SF

Impressions of the 1 bedroom units at the W

Miami Pre-Construction Condos

It needs to be mentioned that very few of the brand new Miami pre-construction condos are offering 1 bedroom units.

The 1 Bedrooms at The Ritz Carlton Miami Beach

Currently two 1-bedrooms left. The units offer1,969 SF interior and a 151 SF terrace They are priced at $1,763,000 or $895 per SF. These units provide for South-West views (no water views) and are located on a low floor

Impressions of the Residences at Ritz Carlton
(Not uniquely 1 bedroom units)

The 1 Bedrooms at Surf Club Residences

There are two types of 1 bedroom units at the Surf Club residences

The units at the Four Seasons Hotel Residences. The units offer 1414 SF interior and a 198 SF terrace with views over the skyline and the bay. There is one unit that offers 1 bedroom and a den and that unit measures 1823 SF of interior and 303 SF of terrace with views over the ocean. They are priced between $4M and $4,1M  ($2,835 – 2,905 per SF) while the unit that offers the den is priced at $6M ($3,210 per SF)

The units at the residential tower vary between 1,845 and 1,960 SF of Interior space with 253/254 SF of terraces and skyline/bay views. These units are listed for $3,75M and $3,8M or $1,913 to $2,032 per SF.

Impressions of the Residences at the Surf club Four Seasons
(Not uniquely 1 bedroom units)

Weston – Why this City is a preferred choice among many families

Weston is located at about 35 miles from Miami. This picture perfect community offers a great community life, clubs, parks, entertainment and A-Rated schools. Despite most investors focussing purely on Miami, Weston has become a favorite among local families. Many families or even young professionals are looking into Weston as the range of real estate options is broad and prices are only a fraction of those you will pay in likewise neighborhoods in or around Miami such as the Gables or Coconut Grove. You will find a large variety of homes in prices ranging from $320,000 in a popular community such as Savanna to $5 million dollar homes in Windmill Ranches and even new construction such as Botaniko Weston starting at 1.8 Millon.

In this blog we will explain you a little bit more about the community of Weston

Take the helicopter ride above Weston!

Weston is Family Friendly

One of the best Miami suburbs for families is Weston. The most western city in Broward County, Weston is home to 65,300 residents and shares its western border with the Florida Everglades.  Weston has been ranked in CNNMoney’s “Best Places to Live in America” and Family Circle’s “Ten Best Places for Families”.  This is a also a safe choice to make a home – ranked no 5 in the most safest list in the whole of florida, with a violent crime rating of 91.9 and the chance of being involved in a property crime less than 1%.

Weston has a great “small town” vibe. Most of the communities are very tight knit and you get to know your neighbors. Weston is a very family-minded city and residents take pride in the synergy between families and the community and almost everything seems to revolve around the families – BBQ’s in the back yard, family picnics etc. There is a number of golf course and sports clubs such as ‘Midtown Athletic Club’. Weston is also home to a good amount of cozy restaurants.

There are plenty of soccer clubs, parks, social gatherings and I noticed it is very easy to park. I went there during what I figured would be rush hour traffic, but there was no traffic to speak of. Come evening time there is no crazy ‘South Beach’ vibe going on.

It’s not overpopulated like a lot of areas in South Florida but it’s still close to shopping centers, restaurants, night life, malls, and major highways. You can easily get on the highway and head to Ft. Lauderdale, Hollywood, or Miami beach all within a 20-30 minute drive.

Schools in Weston

Weston offers a great choice of schools which are located in and outside of the city. There are public schools, charters schools, private schools and religious schools. Naturally the biggest element when choosing a city best suited for the raising of children is the school system. Top schools include: American Heritage and Cyprus Bay, which has increased its student population by over 1,000 new students in the last couple of years.

As can we seen by clicking on the link on the right hand side, Weston as a city scores 9 out of 10 for their schools, based on the test results of Weston Schools. All of Weston’s public schools can be seen in this report as well as their ratings.

Some excellent Private schools are:

♦ American Heritage
♦ Cyprus Bay 

According to new rankings released by U.S. News & World Report, Cypress Bay High School in Weston, ranks No. 19 in the state and No. 253 in the nation.

http://www.greatschools.org/florida/weston/

Parks and Entertainment in Weston

The City of Weston currently maintains 14 park and recreational facilities. The Parks Chart (In the attached Visitors Guide) highlights the amenities provided at each location, the address, hours of operation and size. Visit Westonfl.org/Parks

Weston Community Center Located within Weston Regional Park offers a wide range of programming and special events for residents and visitors alike. Events range from Spanish classes to various workshops and from sports and cultural activities to SAT preparations .

Weston YMCA Family Center also located within Weston Regional Park at 20201 Saddle Club Road, the YMCA is a 42,500 square foot family center that includes fitness classes, adult and youth sports and an outdoor aquatic facility. Visit ymcasouthflorida.org.

Weston Tennis Center Located at 16451 Racquet Club Road, this center offers 15 lighted hydroclay courts and one lighted hardcourt. The Center offers tennis lessons, social events, school-break camps, clinics and tournaments. A full-service pro shop is also available onsite. Visit westontennis.com

The Weston Visitors Guide

Real Estate in Weston

Weston is visually distinctive, Weston’s extensive landscaping is without dispute one of the City’s greatest assets: rows of prestigious Royal Palms and city entry signs surrounded by lush foliage which also lines the berms, medians and rights-of-ways throughout the city.

As the city itself is well-maintained which encourages residents to take care of their properties as well. The majority of Weston’s homes are well kept with superb landscaping

Initially conceived as a master-planned community, Weston was incorporated in 1996. Well managed growth has given rise to one of South Florida’s most desirable communities, both residential and corporate. As the city is relatively new, so are most of Weston’s homes which means you don’t have to worry too much about having to deal with a lot of the problems that are associated with older buildings.

One of our favorite projects in Weston at this moment is Botaniko. Botaniko in Weston is a 120-acre gated community. The elegant and private enclave offers 125 modern and luxurious single family homes. Botaniko Weston has been created and designed for the whole family to enjoy together. Being surrounded by open green spaces makes it a wonderful place to live, play, and entertain, with a quality of life and natural beauty that are unsurpassed in the surrounding area.

Read more about Botaniko Weston

The 2 best Condos in Coconut Grove go head to head!

Grove at Grand Bay Vs Park Grove

These 2 titan’s of real estate dominate the Coconut Grove luxury condo market. The 2 projects are now being frequently compared to each other and being located within 800 meters of each other, both facing the Bay and both with 12 ft ceilings and high grade finishes it is no surprise that even the most discerning buyer is getting confused and indecisive when deciding which project to buy into!

I wrote this blog to highlight both projects and help you figure out which one is right for you!

Park Grove

Grove at Grand Bay

The Architects

Born from the same school of achitecture – Rem Koolhaas and Bjarke Ingels (Rem’s prodigy) designed these 2 projects. Bjarke’s BIG firm built Grove at Grand Bay and Rem Koolhaas designed Park Grove. What makes this such an interesting ‘Architectural comparison’ is that both architects are hugely well respected and Bjarke actually worked under Rem until he branched out on his own!

Grove at Grand Bay has the unique element of twisting itself towards the water as the building rises. In the same way a sunflower turns itself towards the sun, each unit gets maximum exposure. In order to achieve this architectural feat the units have columns within the units that line at an angle, although this can be easily worked with and is a neat feature it does take up some space.

When it comes to Park Grove the biggest difference is that all the columns are external so there is no space lost on the interior. This ultimately gives a better sense of interior space to Park Grove.

The winner: Park Grove
The teacher remains the master!

The Finish Date

Grove at Grand Bay is now finished and has opened. You can physically walk in and see the final product. For those clients who find comfort in seeing a finished product before buying, then this is for you. Park Grove has broken ground and although construction is moving at a very fast pace it is still at least 12 months away from being completed.

The winner: Grove at Grand Bay
For those who don’t want to wait

The Finishes

I have been around a lot of construction, and although Grove at Grand Bay has excellent finishes compared to every other condo in Coconut Grove I prefer and believe that Park Grove finishes are superior. From the cabinetry in the kitchens to the marble and stone used in the bathrooms and kitchen I honestly prefer Park Grove. You can call me anytime and I can meet you at the Park Grove Sales center and show you in person as well as take you inside the Grove at Grand Bay resale units.

The winner: Park Grove.
Both are excellently finished but the edge goes to Park Grove

The Prices

Grove at Grand Bay is completely sold out and offers resale units while Park Grove is still under pre-construction. As nothing has sold in Grove at Grand Bay we will be comparing listing prices in both condos.

• The average listing price of Grove at Grand Bay is $4,45M or  $1,210 per SF
  • Ranging from $1,375M to  $8,2M or $934 – $1595 per SF
• The average listing price of Park Grove Tower 2 is $2,95M or $1,218 per SF
  • Ranging from $2,2M to $3.8M or $933 – $1,646 per SF
• The Average listing price of Park Grove Tower 1 is $4M or $1,350 per SF
  • Ranging from $2.9M to $5.3M or $1,181 – $1,468 per SF

The Winner on Price is: It’s a TIE
The prices per SF for the newer Park Grove are slightly higher on average, but the actual prices are far below the Grove at Grand Bay Project

The Floor Plans

With the lack of columns and with a large amount of moveable drywall, Park Grove gives more flexibility for unit change. With that said Grove at Grand Bay has a wider variety of units including some unusual 2 and 3 bedroom loft units

The winner: It’s a TIE
Park Grove has open floor plans, but Grove at Grand Bay offers a wider variety of floor plans

Amenities

Park Grove offers 50,000 SF of amenities. The three condos in this project are located within a newly developed waterfront park and offer state of the art amenities like three luxurious pools with private cabanas, a large dining area with a full service kitchen and acclaimed chef, private residents club, curated events and speaking appearances by top leaders in diverse industries, private musical performances by acclaimed artists, private movie screenings and epicurean events, concierge services, a wine cellar / wine lockers for residents and much more.

Grove at Grand Bay offers highly personalized services designed to be the perfect compliment to the opulence of the 95 residences. The condo offers three swimming pools of which two roof top pools, a tennis court, a fitness center and spa, a pet spa, a full-time concierge, butler staff, a library and a private chef onsite.

The winner: Park Grove.
Both condos offer the finest in services and amenities but nothing beats 50,000 SF of amenities in the middle of a Park with views over the bay.

The Land Size and Density Rate

Grove at Grand Bay sits on 3 acres, while Park Grove sits on 5.2 Acres. Park Grove offers 298 units over 3 towers (Tower 3 being the most densely populated and Tower 1 being the most private).  Grove at Grand Bay offers 96 units with 58 units in the North Tower and 38 units in the South Tower.

• The density rate of units in Park Grove is 1 unit per 760 SF
• The density rate of units in Grove at Grand Bay is 1 unit per 1,361 SF

Please note that towers 2 and 3 at Park Grove offers 2-4 residences per floor with (semi) private elevators while Tower 3 offers the highest density. Tower 1 and Tower 2 will have the same levels of privacy as the Grove at Grand Bay Project.

The Winner is:
Park Grove for Land Size
Grove at Grand Bay for Density

The two homes below are both built by Chad Oppenheim, one of the world’s most renown architects. Both homes are located near Miami, One in Bal Harbour and one in Weston. How come one is listed for $36M and one is listed for $2,8m

One house is in Bal Harbour, the chic oceanfront town just North of Miami Beach once known for its excellent shopping at the Bal Harbour Shops and pre-dominantly a condo market. One house is located in Botaniko Weston, a gated and brand new luxurious residential community in a new and upcoming Miami area that is ideal to raise a family. We must note that the house in Bal Harbour offers 13,500 SF of living area while this specific home in Botaniko Weston is just over 7,000 SF. Also the Bal Harbour home is waterfront which isn’t the case for the Botaniko Weston homes.

Now the Bal Harbour home by the exact same architect is listed for $2,667 per SF while the Botaniko Weston homes are listed around $500 per SF. That is 5 times the price!!

Compare both properties here:

252 BAL BAY DR in Bal Harbour

8 Bedrooms |  9,5 Bathrooms | 13,500 SF | $36M / $2,667 per SF

The ultimate subtropical modern oasis. This just completed, museum-quality residence was impeccably designed by award-winning architect Chad Oppenheim in the most exclusive and secure community in Bal Harbour. The residence was masterfully designed to seamlessly blur the lines of indoor-outdoor with over 17,000 sqft of living space. Experience spectacular water and sunset views from a vantage point just 300 yards from one of only 2 inlets in Miami Beach, where the ocean meets the bay.

The Residences at Botaniko Weston

6 Bedrooms |  9,5  Bathrooms | 7,138 SF | $3M / Around $500 per SF

The Botaniko Residences are located in a 120-acre gated community. The elegant and private enclave offers 125 modern and luxurious single family homes. The superb team involved in this project, the quality of life that the city of Weston has to offer and the elegance of the community are just some of the points that make this project stand out.
The one – and two- story residences range between 4,200 and 7,200 SF in interior space and offer staff quarters plus 2 or 3 car garages. The community’s security is provided by a gatehouse staffed 24 hours a day with security cameras and state-of-the-art closed circuit television. Residents also enjoy concierge service, interior designs by V-Starr Interiors, founded by Venus Williams, outdoor entertaining with a private pool, summer kitchen, and premium appliances and lush landscapes and master plan by Jefre Figures Manuel.
Botaniko Weston has been created and designed for the whole family to enjoy together. Being surrounded by open green spaces makes it a wonderful place to live, play, and entertain, with a quality of life and natural beauty that are unsurpassed in the surrounding area.

David Siddons, a top producing Coconut Grove Realtor, was interviewed by an journalist about Coconut Grove and more specifically the Park Grove condo project.

The interview focuses on several aspects of life in the Grove and then continues to discuss the Park Grove project.

Questions include:

• Who is David Siddons and what does he like about real estate?
• What is life like in Coconut Grove and who lives in Coconut Grove?
• Why is living in the Grove so wonderful?
• What do buyers in the Grove look for when it comes to design or other aspects of architecture?
• Why are buyers interested in Park Grove?

Park Grove is a brand new luxury condo project consisting of 3 towers in a 5.2 acre waterfront park. The project provides the best of amenities and finishes and is truly a superb condo. Not only is Park Grove desired for the great residences in a wonderful and tranquil setting, is is located in one of Miami’s most desired neighborhoods. David Siddons speaks about this and more in the above video.

 A Look at the Park Grove Pre-Construction From The Rooftop

The Park Grove condo project in Coconut Grove is being constructed as we speak. We provide you with this unique video, taken in the middle of the construction site to show you the progress of this master project, which is expected to be delivered between quarter 4 of 2017 and quarter 1 of 2018

The Park Grove Condo project will feature 3 luxury condos towers with 298 completely finished residential units located in a 5.2-acre waterfront park with over 50,000 Sq.Ft of amenities.

The video shows you the location of the three towers at Park Grove and the location of the amenities such as the garden and the 4 pools. It also provides you with a good idea of how elevated the units at the 3rd or 4th floor are and how they overlook the waters of the Biscayne Bay.

The Best Miami Neighborhood for Boaters and Boat Lovers

Coconut Grove is one of the most popular neighborhoods for boaters and boat lovers in Miami. The Marina can hold boats up to 75 ft and gives anyone who lives and owns a boat easy route to the ocean and the open water straights down to the Bahamas, Bimini and beyond.

For many ‘life on the water’ is one of the biggest pulls for home buying in South Florida, but not everyone wants to have their boat stuck in the water all year round, or can afford to buy a single-family waterfront home with direct ocean access (this means no bridges) and have a boat lift. Some marina’s in Miami can also be quite expensive.

I have experienced many scenarios with boaters and boating in Miami over the years. From the hassle of getting out on the water to seeing friends’ boats sink due to lack of preparation with storms or correct servicing. Boating life is great, but for many it can come with a hefty and expensive downside if you don’t know what you are doing.

If you decide that Coconut Grove is the place for you then as a boat lover there is one building you should seriously consider that might be the answer to your boating prayers! This building is Park Grove.

This is why Park Grove is excellent for boat lovers

1) It is right opposite the Marina. You can walk from your Condo to your boat.

2) The marina is large enough to house big boats, and has a big enough area to take and store your boat out of the water.

3) It is much cheaper to hold your boat here than some comparable Marina’s, Key Biscayne and Miami Beach for example.

4) If you don’t want to own a boat the Marina has an excellent boat membership plan, which is very affordable.

5) Coconut Grove is well located for local inhabitants to enjoy many waterfront dining restaurants that are very close by, for example Sea Spice and Garcia’s, The Yacht River Club are all very chic and beautiful waterfront restaurants that locals love to flock to.

These are the 10 biggest lies told in Miami Real Estate

I have been selling Miami real estate for nearly 10 years and I still cannot believe it. I have always tried to tell it like it is, purposefully shying away from the entertainment side of the business that sensationalizes the market or the people involved within it.

I have written a number of controversial blogs over the years (we have been writing pure Miami content for 6 years now) and have found that many buyers like the ‘grit’. They don’t want to be told how wonderful things always are. They avoid the easy pitch and often want to be warned of the dangers, which many agents find all too easy to avoid talking about as they don’t want to appear negative. I don’t see it like that, I think that silence creates pessimism and over-skepticism, and that exposing the pitfalls actually gives confidence to buyers who know that they want to buy real estate, but just need to know how to decipher the good from the bad. So, here are my top 10 biggest lies that exist in Miami real estate.

1. Everybody wants to buy a Luxury Condo on Miami Beach!

If you are reading this article you’ve probably done your fair share of researching real estate in Miami. It’s a city that has been often portrayed as immeasurably sexy and desirable, all sandy beaches and buzzing clubs. Miami is often ticketed as an ‘aspirational’ purchase for home buyers. Less of necessity, but often more of a second home or investment location. This is just not the case anymore; permanent relocations are becoming increasingly more common (especially in light of the current economic climate) where uncertainly and rising taxes across both the US and the world has driven many to move to Miami on a more permanent basis, and one with a greater level of stability than it previously experienced.

With that caveat in place I can tell you that it is narrow minded to think as Miami as one dimensional, and not everyone is focused on the beach. Believe me many people are, but there is a great number of investors and end-users who definitely are looking into other neighborhoods, which offer just as much appeal. It is important to be aware of these markets: Coconut Grove, Weston, Coral Gables to name a few. As I say on my video “its a whole different life once you live here – a totally different environment.”

2. This is the best Condo AND there is none better. 

Misdirection is a trick I have seen time and time again. Be wary of developers who promote ‘unique’ (see point 11), but not long-term advantages of their building features. By virtue of fashion, trends, art or a branded name. These developers like to charge higher prices than the competing buildings, and their sales agents happily claim that they beat out better finished condos just because they are newer, well branded or have some new cooler technology. To do so is to stand on the shoulders of giants and claim you are the tallest. The truth is that the core of any project must be good; the location, the architecture and the floor plans. Everything else is window dressing and adds only a small percentage of value to a project.

3. That this is not 2008 and that the market will keep going up because everyone wants to live here!

4. That renderings and floor plans are a precise representation of the finished product 

Just look at those views! They look great in the picture don’t they? But I have seen condo projects with renderings that bear little actual representation to the reality. A building that promises ‘Bay Views’,  but has none. If you are looking to buy a unit, get on a plane and come into town, pay a little attention to the neighborhood and with the help of someone like myself figure out exactly what view you will be left with. Condos are sold, knocked down and replaced all the time and if you buy a condo that ends up with another condo right in front you better be aware of it.

Know the difference between a ‘marketing floor plan’ and the ‘floor plan attached to your contract’. I have already this year picked up clients furious with developers and the agent who sold them a unit in a new project which turned out to have a giant column running through the center of their living room! It is not what they expected or what the marketing floor plan showed. It did however magically appear on their contract, but they never paid attention to it, nor did the agent bother to pick up on it because they were too busy focusing on the commission.

5. Celebrity Branding

Mr ‘X’ put his name behind this project so you should feel happy buying here. Oh, and they are so incredibly rich and successful, that it means it’s GUARANTEED to be successful!

This is probably one of the biggest lies I hate the most. I have been told this by a number of agents over the years: ‘Mr X the owner is so rich that of course it is going to be successful’. This is not always the case. Sure he may have made his money from owning car parks or fashion houses on the other side of the world, but that does not make him an expert in buildings or high quality condos! Maybe he is so wealthy he got bored and wanted to do something different, perhaps expand his portfolio, tie money into the currency or get a tax break or two. Wealth in not transferable through constructional osmosis and just because a developer is very rich it does not mean he is going to spend the money.

6. I am perfectly positioned to give you investment advice (because I have 63 hours of training!).

63 Hours is all it takes to get a real estate licence in Florida. Using a newly licensed agent who is your friend, family member or fellow parent from your kids school is akin to using your life savings to trade stocks with your friend who has just signed up for an e-trade account! Or making someone run the kitchen in a Michelin level restaurant because they own a frying pan! Its insane people, so don’t do it! Market knowledge does not come from training, it comes from real world ‘on the ground’ experience as well as a willingness to analyze and understand the market in all its complexity.

7. The agent who works in the sales center and ‘knows the market’ with your best interest at heart.

Don’t get me wrong, there are some agents who work outside projects as well as inside the project and know the markets well, but then there are many of those who are ‘freshly licenced’ but feel well poised to tell you exactly what is happening in the neighborhood, Miami and even the US or greater Global economy. I have seen so many of these over the years. Sure they are well dressed and well presented young professionals, they want to please you and are also willing to give strong advice on forecasted future market values, finalizing on why you should buy their project (but not anyone else’s).

Unless they are some kind of secret global economics savant they are not likely to be able to give you solid advice on what the exact $ per sqft prices will do in 2 years from now when the project is finished. The best thing to do is quiz them on market stats (feel free to use my 2016 Report!). Ofcourse they may also tell you only their project is great and all the others are ‘questionable’,  that’s their job, its what they get paid to do. You would not call the CEO of a company and ask if you should invest in their stock and expect fair advice? Of course they say yes! It is called a vested interest. So be careful, allow for a margin or error and don’t just trust someone because they look good in a suit and speak with authority.

8. The newspapers say that the market is going – up, down, sideways. So it must be true. 

No, its not! Much of the material put out through media and news channels is very general and none specific. It is something that the masses can understand easily, but it wont serve you well if you are serious about knowing the numbers for buying or selling. Markets are way more complicated than simplified stats that comment on a whole city. You need to drill down to a micro level to understand the best strategy. Sadly, most people would be bored to tears with the ‘facts’ so the newspapers have to sensationalize a little to make the reading more palatable. Its dumb to generalize and its dumb to listen to people who generalize. Pay attention to the person who wrote the article: “Do they actually sell real estate”?, “Do they even live in Miami”? and “Do they have a professional base of economics”?

9. I am right 100% of the time. 50% of the time! 

We all love stats, and nobody loves quoting stats more than developer agents or real estate experts. We are 80% sold, we are 90% sold, we are 110% sold. Reservations are not sales and numbers can be misled and misleading. When we talk stats we always add a point of reference, without that the stats are meaningless and the interpretation of those stats can be highly manipulated. That is why my reports always have a significant amount of narrative.

Here is one example: ‘We are asking $800 per sqft for our Biscayne Bay new Condo, but that’s so cheap compared to the South Beach boutique luxury condos, which charge $2,000 per sqft’, so of course it’s a deal. They are not the same thing! These are in two completely different parts of town with completely different views and potential dynamics. If I sell you a bicycle as a mode of transport and ask for $20,000 saying it’s cheap because a Ferrari costs your 20 times more, its not good justification for buying my insanely expensive bike. YET sales agents use it all the time. Apples to apples comparisons please!

10. The maintenance fees wont go up! 

If you hire a cleaning lady to clean your house once a week, then decide to hire 5 more cleaning ladies your cleaning bill will go up. Simple math! Luxury buildings that offer amazing services yet charge the same price per sqft on maintenance as buildings that have a low level of service will find it is impossible to maintain the level of cost. Initially developers carry the burden of the maintenance for the first 2 years, once an association is in place then the gloves are off and the maintenance fees can change. If you are investing be sensitive to this. Your income on your unit might be great, but if your costs escalate then this can change your CAP rate very quickly. A penny saved is a penny earned.

A bonus point:

11. It is unique so it must be good! 

Let me say I firmly believe that unique and highly desirable condos or homes are worthy of praise, but the key word here is ‘desirable’. Being told that everyone desires it does not make it so. A property that is just unique has no intrinsic value above one that is not, unless the attribute that makes it unique is one that people universally appreciate. My daughter makes unique painting every day but that does not mean I can sell them at a Christies Auction! I have seen many buildings that scream unique features. We have unique Art work, we have a unique service or we have unique technology. If that unique attribute does not add real value, to not just a few but a large number of that market, then it is redundant!

The Miami Condo Market – Looking for Hidden Elements in the Details

I’ve been selling Miami real estate for nearly a decade and have been through two cycles of Miami condo construction. I feel like I have seen it all, and in the course of 10 years have been surprised both pleasantly and not so pleasantly with the outcomes. I have made it my business to ‘tell it like it is’, but have been careful to not name names on paper for fear of being slapped with a defamation law suit. I am definitely entitled to my opinion (just as everyone is), but I feel a stronger sense of duty to inform and educate. One phone call with me will allow me to voice my concerns and opinions and I encourage anyone who wants to get a sincere inside opinion on the market to call me. Politically correct I am not, but facts, analysis and inside workings knowledge of the market is what I will give you. THATS EXACTLY WHAT BUYERS AND SELLERS NEED TO HEAR. It’s too easy to go to a developer showroom and be ‘romanced’ with renderings, models and any array of marketing paraphernalia.

So let’s peel back the curtain of the new condo market and reveal what you really need to look at….

How do you make sure your brand new Miami condo is exactly what you expected?

If you think it’s expensive hiring a professional try hiring an amateur!

Even before getting out of the starting gate you should engage with a well-experienced realtor. This is especially true when it comes to investing in a new Miami condo. In order to avoid the proverbial devil, one must work with an experienced, ethical and well-connected realtor. A good agent knows the Miami condo market and the team behind ALL the projects. It does not cost the buyer anything and is paid entirely by the seller, so why wouldn’t you profit from the expertise of a true professional? The other benefit about using an experienced and knowledgeable professional outside of the project is that of objective impartial advice; comparable data of the market, opposing projects and opposing opinions.  If you come to me and ask for my advice it does not matter to me if you buy one project over another, but believe me many developer agents will want you to buy their project regardless because their driving focus is the commission. If you don’t buy there, then they don’t get paid.

The art of misdirection

When you see a project for the first time it is easy to overlook minor details on a contract or even a project’s attributes. I feel almost immune to the razzle dazzle of the sales pitch in a developer’s showroom and can help you get right to the core of the project.

Step outside the project and notice the neighborhood for heavens sake!

I have seen so many sales centers many blocks away from the construction site. There are always many promises of what is to come in the surrounding area, but in truth developers have no control over this and so it is important to be careful when speculating the changing demographics of an area, especially if the project is being built towards an end of an economic cycle. When you are looking at a new condo in an emerging neighborhood be more cautious than when you are dealing with a condo in an already evolved and mature location. Neighborhoods can and do improve over time, but be aware of the likely speed of change. Putting a new condo in an economically struggling neighborhood does not automatically mean this neighborhood will go from run down to ultra-luxury overnight. Do not assume that the renderings are a good representation of the environment. We often see condo renderings that showcase an environment awash with luxury and glamour around the project, affluent pedestrians and high-end cars are everywhere. The reality may be boarded up shelters and low-income housing, which may improve over a period of time, but it takes many years and is not going to change overnight so be aware.

So much technology is not always a good thing!

The more complicated something is the more chance something can go wrong, just ask owners of an iPhone7!  Joking aside the reality is that sometimes pioneered technology means being a guinea pig to a developers fanciful idea. Personally, I don’t like being anyone’s guinea pig, and well thought out, well designed buildings are timeless and don’t need to stand on the shoulders of gimmicks to be No1.

How much risk is the developer taking and how involved are they?

If the developer is not heavily vested in the project how ‘hands on’ are they going to be?

Being vested does not just mean financially, but being on site and around the project. Absentee developers are often ‘out of site and out of mind’. I can attest that the projects that I have seen do well have had the developer on site almost every day watching everything happen.

Avoid heavily ‘investor occupied’ condos like the plague!

I really don’t need to explain this, but some investors are really speculators (very short-term investors who have no interest in holding real estate long-term). A strong balance sheet of these kinds of buyers should be of concern as it tends to result in high turnover and in my experience high turnover inhibits long-term property value. As the saying goes, “when others are bold, be fearful and when others are fearful, be bold”, I would say for real estate, “when many are investing in a building don’t invest and when many don’t, do”. I have found that when you are in a highly desirable property or location with few renters around you, if you do decide to rent out then the returns can be truly ground breaking.

Know the (development) team of your Miami Condo for sale

Always ask yourself: “Who is the architect?” “What has he/she created before?” and “What are his levels of details/Quality of work?”.

Also have a look at the interior designer of the project. Is this a flamboyant designer who likes many colors or is he or she a more subtle designer who maybe looks more at details?

You will also want to check up on the developer. How many buildings has the developer built in the city?, Do they deliver on time? Do they deliver what they promise?

Although some of this research is less obvious and sometimes hard to obtain, an experienced Miami realtor will know the good from the bad and will have seen and been into a number of delivered projects of the architect / designer or developer and have seen them not just when they were new but years after. Your agent will be able to tell you who has the projects that are still prized and respected and whose projects are long forgotten.

Don’t just look at the contractors but the subcontractors too

If you’ve ever built your own house you know this to be true. Often the primary contractor is a good guy, but the subcontractors can really mess the project up. In the last construction cycle we have heard reported faulty car lifts, cracked swimming pools caused by faulty plumbing and a number of other things. All down to poorly chosen subcontractors.

Have a look at the finishes provided

Can the developer provide you with a list of detailed finishes? Are the finishes worth the sales price or are they too cheap for the type of Miami condo you are investing in. Also very important to know is whether everything is put down black on white or “to be determined” or “subject to change”. Look at previous projects from the developer, check out the model units or ask for samples. When you are an out of town buyer, ask your realtor (again please use a buyer’s agent) to visit the project for you and update you on the levels of detail.

Have a look at the floor pans provided

Are the floor plans of the project confirmed already or might they change after you buy? Have a critical look at the plans, be careful that your views won’t be blocked in the near future because of a brand new construction being build next to or in front of your condo tower. Again, an experienced agent can tell you about the reputation of the developer but also please do not shy away from asking critical questions

Make sure you work with an experienced Miami Real Estate agent who can tell you more about the team behind your preferred Miami condo project

Have a look at the amenities

Miami Luxury Condos are known for their amenities. When looking to resell your unit or rent it out, you must know that many buyers value top notch amenities. Have a look at the amenities promised and whether they are confirmed or under negotiation. Have a look at other projects from the same team to see how they deliver different amenities at different price levels. Also have a look at the design team and if possible the landscape designer. This will give you a feel at how “high-end” the amenities and the common spaces will be.