Miami Beach

One Mansion, many lives: the former Versace Mansion bought to become retail spot.

Posted on by gzirealestate in Miami Real Estate News Leave a comment
Versace mansion david

There aren’t many 23,000-square-foot, 10-bedroom mansions waiting around to be converted into Apple stores or Victoria Secret locations. Thus, the Versace Mansion is a high commodity and may become a spectacular retail spot on Ocean Drive.

The former home of Versace on Ocean Dr. could be the hippest, coolest new retail space on the beach. Possibly, it will house an Apple store and Victoria Secret. In a time where recycling re-vitalizing has become part of many industries (the fashion industry with hipsters and vintage clothing, interior design with 70s vinyl’s, etc.) it might not be surprising that the iconic Versace Mansion on Miami Beach is being discussed as the next Apple fanatic it stop. Imagine the line of people waiting for their new IPhone, IPad or any other Apple product on the steps of the notorious icon of South Beach!

Jordache Jeans’ investment office won the bid at the auction with an offer of over 41 million dollars, saving the estate from bankruptcy. Even though originally the idea was to continue the life of the Versace brand and legacy (converting the place into a boutique hotel), this was prevented by family rights. Nevertheless, the location assures the project to become a spectacular retail location. The competitors at the bid were Donald Trump (who is also on the venture of renovating the Doral golf course) and Glenn Straub (Palm Beach club owner).

The Nakash brothers began the empire in 1969 with a jeans store in New York City. Today they provide denim for Gap, Levi’s, and Abercrombie. Over the decades the empire has expanded. The family has been making ideas into reality with their substantial financial ability. Considered a “billion-dollar empire,” they have purchased the Santa Monica Apply Store for 60 million, the Bond Building in Washington DC. priced fom over 100 million, and the Port of Eilat in Israel for 105 million.

Versace Mansion Store

Why Apple? Perhaps because of their ability to convert spaces and construct homes to their stores that pick up the local flare. As a creative company, there is an expectation that they will add something extra to the real estate. In an attempt to blend the old and the new, Apple might just be the candidate for the job.

Versace Mansion

However, locals have been presenting their case. This retail monster is seen my some as a mockery of south Florida history. Casa Casuarina, the original name of the property, has stood in South Beach long before the time of Versace. It was a 1930s residency of artist part of The Amsterdam Place. Only later, the fashion designer fell in love with the property and renovated it.

Miami Mansions

The property is simply amazing and speaks top the culture and history of the area. The three-story villa has been so far protected from demolition (and alterations in its exterior). The interior of the villa, however, are not protected, implying that the newcomers could potentially tore down the luxury detail added by the designer, mosaic pool, ceiling frescoes, and others.

Jordache’s has promised not to make any structural changes to the landmark and include a plaque in remembrance of the designer’s death in 1997. We have to wait and see…


Miami Real Estate Prices Continue to Rise as Demand Surpasses Supply

Posted on by gzirealestate in Miami Real Estate News Leave a comment

High Demand for Miami Real Estate

Miami’s Real Estate has always been an exclusive investment, due to our beautiful beaches and sunny weather. Over the last year Miami’s Real Estate market has rebounded as demand for Miami properties has risen. Local Properties are being sold quickly due to the scarcity of properties available. The scarcity of supply has led to an increase of Real Estate prices over the last year.
According to MLS and Miami Association of Realtors, single family homes and condos have been increasing over the last 16 months. For instance, the median price for single family homes rose 25.1% to $225,000 compared to last year, with a 16% price increase in March alone. This has been the biggest price increase of single family homes since the boom of 2005.
Due to the high demand of Real Estate, we have seen an increase in Property Values. With the recent increase in your property value, now is an ideal time to sell. According to MLS 40.85% of homes sold within 30 days from January 1st to May 31 of 2013, with a median of 45 days in the market.

Rising Property Values in Miami-Dade County

Due to the high demand for Miami Real Estate the median asking prices for single family homes in March was $225,000, that is a 25.1% increased compared to last year, and a 16% increase compared to the month of February.
The median listing prices for Condos has been increasing steadily for the last 21 months. In march the median price for a Condo was $167,000; that is a 19.3 increase from last year, and a 1.2% increase from February.
In addition due to high demand homes sold within 30 days are sold at 98% of asking price, or 96% if sold within 90 days.

Strong Sales Continue in Miami

In 2013 we have seen an increase in property sales in Miami. Residential Sales in Miami-Dade County increased 2.7% in march, compared to record sales of last year. Single Family Residential sales in Miami-Dade increased 6.1% from 963 to 1022 homes. Condo sales increased 0.5% from 1451 to 1458.

Good time to Sell

The number of houses in the market at the end of March decreased 5% from 13760 to 13607 compared to March 2012, when there was already a scarcity of homes in the market. The inventory of single family homes decreased 9.7% whereas the inventory of Condos decreased 1.7%. At this rate there is a supply of 5.1 months for family homes and 5.9 months for condos in Miami-Dade. This present increases 19.1 and 6.6% respectively, compared to last year.

Decrease in ROE and Foreclose Sales

We are seeing an increase of prices in ROE and foreclosed homes, thus the demand for them is falling. In March 41% of closed sales were ROE, short sales and foreclosures, this is a decreased of last year in which closed sales for march were 49%.
Median prices of Condos and Residential Homes in mortgage rose 10.1% 144,000 and 23.6% to 105,000 respectively.

 


Miami Beach

Posted on by Pablo Rainer in Miami Communities Leave a comment

Miami Beach Real EstateLiving in Miami, its sometimes easy to lose sight of all our beautiful city has to offer. When you need a quick vacation, don’t forget that South Beach is close to home. While others need to travel the world over to visit the clear blue waters and unique art deco landscape, we can simply take a weekend to rejuvenate in our own backyard! Here’s how to make the most of your weekend South Beach get-away. The best time for locals to visit is off-season, May through August. You can get great rates
at this time, and the streets and restaurants are quieter. Spring break weeks are the worst time for locals to visit, in March
and April.

Your best bet for tonight after checking into your hotel is dinner and people-watching on Lincoln Road. Full of stores,boutiques, art galleries, and museums, seven blocks of this ten-block mall have been closed to auto traffic. The unique atmosphere lends to some interesting people showing up, and you never know who you may see!

Most restaurants offer outdoor seating so you can enjoy the ambience and beautiful weather. Whether you feel like
Italian (TiramesU Restaurant, Da Leo Trattoria), Cuban (Yuca Restaurant), New World (Pacific Time), or a blues cafe (Van Dyke Cafe), you can find it here on Lincoln Road! Spend the rest of the evening here so you can be refreshed for a full day tomorrow.

You’ll want to wake up early on Saturday to make the most of your day. Most hotels offer continental or full breakfasts, or you can make your way to Ocean Drive to one of the many restaurants open for breakfast.
The News Cafe (800 Ocean Drive) is a popular early-morning hangout. Breakfast is served 24 hours a day, making it also a very popular place for late-night munchies! Get a paper, magazine or book from the store and enjoy your meal outside.