Archive for November, 2012

How To Purchase Miami Real Estate

Posted by ricardo on 11/15/2012 | |

 

Further supporting its foreign investors, Manhattan Miami Real Estate has recently launched The Foreign Buyer’s Guide Infographic,

In the infographic, Manhattan Miami Real Estate breaks down the buying process into 6 easy steps, relieving a lot of the angst that foreigners experience when trying to decifer the Miami real estate market. As foreign buyer experts, Manhattan Miami Real Estate distills just the right amount of information in this visual depiction of the buying process.

The graphic presentation also highlights the most important things that a foreign buyer should know when it comes to buying a property in the US, including the costs involved, financing options and types of properties that a foreign buyer can buy.

Buying Miami real estate is not as terrifying as one may think coming from another country. With the release of the Foreign Buyer Guide Infographic, Manhattan Miami Real Estate illustrates just how easy for a foreign national to buy Miami real estate.

 

Foreign Buyers Guide Infographic

 

FAQ’s of Foreign Buyers and Sellers of New York Real Estate

 

Search Miami Real Estate Listings For Sale

M|M Launches Infographic Guide For Foreign Buyers

Posted by ricardo on 11/14/2012 | |

Manhattan Miami Real Estate has launched The Foreign Buyer’s Guide Infographic, which supports foreign investors interested in purchasing Manhattan real estate. Experts in assisting foreign buyers, Manhattan Miami Real Estate decided to simplify the process by creating a visual illustration summarizing the costs involved, financing options, and explanations of the types of properties a foreigner can buy.

In addition, Manhattan Miami Real Estate’s Infographic breaks down the buying process for Manhattan real estate in six easy steps, making the process much easier to understand. With links to Manhattan real estate listings and additional FAQ’s of Foreign Buyers and Sellers of New York Real Estate, The Foreign Buyer Guide Infographic is a vital resource to the foreign buyer exploring the Manhattan real estate market.

Buying Manhattan real estate is not as difficult as one would imagine.  With the release of the The Foreign Buyer Guide Infographic, we illustrate just how easy it can be.

 

Foreign Buyers Guide Infographic

 

FAQ’s of Foreign Buyers and Sellers of New York Real Estate

 

Forecast Still Sunny in Miami

Posted by ricardo on 11/14/2012 | |

 

They have started to build condos in Miami again. For anyone familiar with the Florida real estate market, this statement should be met with some surprise. It was only three years ago that the market in Miami screeched to a halt, with developments left unfinished and projects bottoming out. Now, in 2012, Miami has seen an unprecedented boom. Sales are up 40 percent from last year. And Q3 recently reported that condo prices were up 28%.

What are some of the reasons for this boom? One is population growth. Miami is now one of the fastest growing cities in America. Thousands of foreign immigrants flock to Florida’s sandy beaches each year, mostly from Spanish-speaking countries such as Argentina, Colombia, Mexico and Venezuela, as well as Europeans and even recently Chinese. It has the highest foreign-born population of any major city in the United States. The favorable weather plays a factor, as well as the fact that there are no state income taxes.

Foreign capital has become interested in the investment potential of this boom. Private equity firms from as faraway as Turkey, Brazil and Peru are snapping up luxury real estate in Miami, with hopes that this rebound will keep its momentum.

There is no reason to think otherwise. Miami has shown double-digit growth over the last three years, and it has no signs of slowing down. The Miami Association of Realtors (MAR) has statistics that pending listings for foreign buyers is up by 40 percent, in just the last month.

“There are not a lot of amazing $10 million or $20 million homes out there that don’t need a whole lot of renovations or have land on the waterfront,” says Vanessa Grout, the chief executive of Douglas Elliman Florida. “Brokers are going nuts because their clients are seeking something really special.”

Even bombshell Kim Kardashian has been looking for real estate in Miami. She was spotted a few weeks ago with her sister looking for a little piece of the beachfront dream for herself.

Miami Association of Realtors residential president Patricia Delinois has been quoted as saying “In Miami, we have experienced consistent double digit price appreciation for more than 10 months, which means those who sell now will see considerably higher returns than they would have a year ago, particularly for condominiums.”

Additional reading about condos in Miami:

Condos being built in Miami

Kardashian property hunt

Foreign Buyers Love Miami

Miami Condos For Sale

How One57 Is Portrayed Internationally

Posted by ricardo on 11/12/2012 | |

 

You could define ‘fame’ as when people are talking about you. But imagine the pressure of being watched, with great interest, from countries all over the world simultaneously. That’s the price of being a legend. The richest, most powerful, and most influential people on earth have taken stock in the rise of a building that has attracted billionaires, survived savage storms, repaired notorious cranes, and garnered gallons of press ink, even before its birth. One57 is the world’s newest star. Its most prestigious, expensive, and exclusive suites have not even been built yet. Yet the world is talking. Let’s find out what they’re saying.

In Canada, the damage to the crane working on the building, and the impending drama around its precarious hanging, was big news. It is almost as if this reporting was very symbolic of Sandy’s impartial destruction. Interestingly, the Canadian’s described One57’s elite potential by its vicinity, as opposed to its height. “The nearly completed high-rise is known as One57 and is in one of the city’s most desirable neighborhoods, near Carnegie Hall, Columbus Circle and Central Park.” Not one mention of its size or views.

In New York, they chronicled a survival story. The East Coast had just survived one of the worst storms in the country’s history. Sally ravaged Manhattan, and One57 was not without its battle scars. The crane outside of the building was struck by the storm, and like an actor injured on set, there was no end to the press about its wellbeing. This only helped to add to its celebrity. At last news, the crane has been secured, and it will soon be back to work.

China, even after the storm and the crane-dangling incident, was talking about how One57 was a tower that could attract the ‘super rich’. The record-holding title was important: One57 will be the tallest building in the world to host residential suites. Price records are important too, and with the sale of the penthouse for over $90 million, new city sales records were set as well. It is also the world’s most exclusive club. They call it the ‘Billionaires’ Club’ – the world’s hardest club to enter. It is also a place to safeguard wealth for long-term plans. To quantify One57 by these statistics alone, there is no question – in China’s eye, One57 is the #1 building in the world.

In England, they describe the most desirable location in the world as a building  “which is set to be luxury flats”. In Singapore it’s a “US$1.5 billion (S$1.8 billion) luxury high-rise in midtown Manhattan” In India it’s called a “global billionaires’ club” because the nine full-floor apartments near the top have all been sold to billionaires. Among them are two duplexes under contract for more than $90 million each.

We wonder what the world will be saying about the soon to rise ultra-luxury 432 Park Avenue when the world catches on to its recent launch. How this building will be portrayed internationally will be critical to its success. After visits to the sales office and analysis of its detailed plans, we have no doubt that 432 Park Avenue will be at least as famous as One57.

How many buildings have achieved international fame? When you own a piece of a legacy, it’s like owning a piece of art. The prestige alone is enough to secure undiminished interest.

 

 

For more information:

 

One57 resumes construction

One57 attracts the super-rich

One57 long-term investment for Chinese

Billionaires’ Club

What Billionaires Don’t Want You to Know About One 57

New Development Highlight: 432 Park Avenue

 

Cost Of Living Comparisons

Posted by ricardo on 11/12/2012 | |

 

Traditionally, you’d never really know how expensive a country is until you’ve been there firsthand. Luckily, in the Internet age, it is easier to get a taste of an economy by looking at the little things. Despite astronomical housing prices in Hong Kong, it is still possible to feed yourself for a few dollars a day. Can you say the same thing about Oslo? No! The price of a movie, a can of Coke, cigarettes, and gasoline: these are also important measurements in determining the overall cost of living in a city. While New York may seem like a millionaire’s paradise, it still has to sell milk and eggs at a price that will keep the millions of regular folk alive and fed, as well as frequenting their stores. Looking at the cost of a few regular items from the home cities of Hong Kong, Taiwan, Singapore, Vancouver, and Oslo we can compare these items with Miami real estate, to find some surprising conclusions.

Comparing the cost of living to real estate is not a new idea. A few years ago, The Economist introduced a concept called the Big Mac Index. The thinking is the same. You can gauge an economy based on how much it charges for a burger with fries. It shines some light into some less explored corners. After all, if cost of living is not keeping pace with its real estate, is that indicative of a bubble?

There is a brilliant website called Numbeo. This site is devoted to gathering information from people around the world, who keep track of the cost of everyday things, from rent to cigarettes, in the cities they live in. It’s one thing to have an exorbitant mortgage. But it’s a completely different issue if the amount you are paying is disproportionate to the cost of living in that city. Let’s do a quick comparison.

In Hong Kong, the cost of a can of Coke is HK $10. This is about $1.29 in USD. This price is what you’d pay at a corner store. A pack of Marlboros is HK $50, which works out to $6.45 USD. A cinema ticket is $9.35. And a liter of gasoline is HK $17.56 ($2.27 USD or $8.60 a gallon). Besides taking the Rolls Royce out on a Friday night, very few people drive in Hong Kong. It’s mostly taxis. So gasoline might not be the best comparison in this instance. Otherwise, the cost of these items seems fairly comparable to American standards. However, housing in Hong Kong is expensive: on average, $1,049 per square foot. It is estimated that the average Hong Kong resident spends 47% of their income on housing.

In Taipei, prices are lower. A can of Coke is 68 cents. A movie ticket is $10.29. Gas is $3.98 a gallon. And smokes are $2.00 a pack. Taipei is one of the most densely populated places on earth. Downtown apartments are $765 per square foot.

In Singapore, a can of Coke is $1.23. A pack of cigarettes is $9.80. A gallon of gasoline is $6.52. A movie ticket is $8.17. And the average cost per square foot is $1,608. The cost of having a car on the island can double or triple the cost. And, Singapore is probably one of the most expensive places to own real estate in the world.

In Vancouver, Coke is $2.00. A movie ticket is $12.75. Gas is $5.31 a gallon. And an apartment downtown is roughly $710 per square foot.

In Oslo, Marlboros are $14.95 a pack. Cokes are $5.23 a pop. Gas is $9.40 a gallon. A movie ticket will set you back $17.44. Yet the cost of housing is on average $863 per square foot.

In Miami, Cokes are $1.50. Marlboros are $6.50. Gas is $3.97 a gallon. Movie tickets are $10. And at an average of $240 per square for all and $657 per square foot for luxury properties in Miami, Miami real estate is the most affordable of the international cities listed here.

In conclusion, the best value, it seems, can be found by comparing the difference between the most basic costs of living such as gasoline, Coke, and cigarettes, to the cost of ownership. In Singapore and Hong Kong there is a wide gap between the cost of living and the cost of real estate. This does not seem like a sustainable model. The best bet is to find a balanced, habitable economy, like Miami.

For more reading on the subject & Miami Real Estate:

Number

The Economist

Why Invest in Miami

Making Sense Of Life In The Sky

Posted by ricardo on 11/3/2012 | |

 

A few weeks ago, we wrote an article about the benefits of living close to the ground, and how single-family mansions are becoming the new rage in New York. However, with this week’s launch of the new ultra-luxury 432 Park Avenue super-tall tower and the hubbub regarding dangling crane at One57, we thought we would write about all the benefits about having a place in the sky. The difference between life near the streets and a cloud palace can be broken down in the most primal of terms. Lifestyle, at its core, revolves around the five senses. In real estate, it revolves around three of those – hearing, sight, and smell.

First off, there is the sense of hearing. Construction crews can be noisy. The sounds of taxi horns, fire engines and ambulances, however, are faint from the 60th story of a luxury building. Trucks backing up late at night and rowdy revelers spilling out of nightclubs at 3:00 AM can hardly be heard from up above. In contrast, life near the street can be a cacophony of noisy cats, clanging cans, sirens, and honking horns.

Second, there is the sense of smell. While Manhattan may have a sterling reputation, it is not without its human truths. One of the problems of living near to the street is the proximity to unpleasant smells. Trash is picked up every day, and the streets are very clean, but you can’t ignore the fact that it sometimes emits a bad odor, regardless of how much you spent on your townhome.

Smell is rarely discussed in real estate, but it is the most important sense that the brain uses to determine if something is luxurious or not, something imparted to me by the head of the Wynn Hotel and Casino in Macau. A bad smell in an expensive home, will make the experience anything but luxurious.

Then there is the sense of sight. What do you see when you look out the window of a second-story building? Another building! In Manhattan, the odds are high that you will see just a brick wall. Maybe a tree, but they are pretty scarce in Manhattan these days unless you are living at 15 CPW. When you are living on the 60th floor, you have more daylight and privacy (if you are above neighboring buildings). It can also be very entertaining to watch, day after day, the landscape below change with clouds rolling in and out. That multi-million view is simply priceless.

How does it feel to be above it all?  They say that nothing tastes sweeter than success. For the self-made man or woman, it doesn’t get better than sitting above it all, knowing that you finally made it.

 

For more reading:

Single family mansions in New York

New Development Highlight: 432 Park Avenue

Forbes Tours One57 Sales Center

 

 

 

New Development Highlight: 432 Park Avenue

Posted by ricardo on 11/1/2012 | |

 

432 Park Avenue, the long awaited ultra-luxury super-tall tower, across from the Four Seasons Hotel, has quietly begun sales. This 96-story trophy building will be one of New York City’s most iconic buildings. Almost 400 feet taller than its main competitor, One57, we don’t expect anything to top this building for many years to come.

Located on one of the most expensive blocks in New York – between Park Avenue and Madison Avenue and 56th and 57th Streets, 432 Park Avenue is surrounded by the most elegant shops and best restaurants in the world.

While the finished showroom won’t be open for a few more weeks, the sales team is, nonetheless, selling apartments. From what has been reported by the Wall Street Journal, the building has already sold approximately 10% of the units. We hear rumors that sales at 432 Park Avenue have been significantly higher and the project hasn’t even been open to the public yet.

While the average prices have been reported to be $5,800 per square foot, we understand the prices to be closer to $5,300 per square foot if one excludes the pricey penthouse. Although I wouldn’t be surprised if the developer raises prices soon based on their sales success to-date.

432 Park Avenue has a good mix of apartments, from 1 to 5 bedrooms, most with incredible views out of their enormous 10’ x 10’ windows. The building was designed by architect Rafael Vinoly and is being developed by CIM Group and Macklowe Properties. Macklowe is also the exclusive sales agent for the project.

Related News About 432 Park Avenue:

“Manhattan Tower Builds on a Foundation”

“Super-Tall Ultra-Luxury Drake Tower to Rise at 432 Park Avenue”

“What Billionaires Don’t Want You to Know About One57”