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Former F1 driver Enrique Bernoldi sells Continuum South Beach condo for $6M

Former Formula 1 driver Enrique Bernoldi just sold his Miami Beach condo for $6 million, a 24 percent discount off the original asking price.

The Brazilian professional race car driver sold the three-bedroom, 2,508-square-foot unit to an undisclosed Canadian buyer, said listing agent Eddy Martinez of Worldwide Properties. Martinez and Roland Ortiz co-listed unit 1006 in the south tower of the luxury condo development at 100 South Pointe Drive. It hit the market in January for $7.9 million and was reduced to $7.25 million.

Sorah Daiha of Douglas Elliman represented the buyer, who owns other properties in Miami and was looking to purchase a unit in the Continuum. It sold for nearly $2,400 per square foot.

Bernoldi’s MBRB Investments LLC paid $5.55 million for the condo in 2014, property records show. He invested more than $1 million into the unit, including its design, floor plan, media, technology and furnishings. The unit, which includes a 718-square-foot wraparound terrace, sold furnished.

The Continuum, completed in 2001, sits on a 12.5-acre waterfront site with three tennis courts, an 18,000-square-foot gym and spa, a private beach club and restaurant.

Bernoldi is in the process of buying another home in South Florida, Martinez said. He’s among a handful of professional drivers to call the Miami area home, including IndyCar driver Helio Castroneves, F1 driver Eddie Irvine and IndyCar racer Milka Duno.

Original Article

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Worldwide Properties opens 3rd Miami Beach office

Property broker and manager Worldwide Properties opened its third office in Miami Beach at a South of Fifth location.

Worldwide opened the office at 400 Alton Road, TH 104, next to the Miami Beach Marina. The company also has Miami Beach offices at 1500 Bay Road and 225 Collins Avenue.

“Known for its water frontage, beaches and world class boaters’ paradise, it made sense to open our third location in South Beach on a marina-front location,” J. “Eddy” Martinez, broker and chief executive officer of Worldwide, said in a prepared statement.

“With the opening of our marina location, we will be focusing on recruiting agents that specialize in waterfront real estate,” Roland Ortiz, director of sales at Worldwide, said in a prepared statement.

Martinez and Ortiz founded Worldwide Properties in 2008.

Original Article

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Dreamy Miami Beach condo owned by former race car driver sells for $6M

Enrique Bernoldi, a former Formula 1 driver, sold his stunning Miami Beach condo for $6 million, according to The Real Deal.

The 2,508-square-foot unit faces southeast, featuring sensational views of the ocean and beach. Located on the 10th floor of the Continuum, it has three bedrooms, four bathrooms, and a wide-open main living area. The unit has $1 million in upgrades, per the listing, including a new chef’s kitchen with Gaggenau and SubZero appliances; marble flooring; and motorized window treatments.

It originally listed in January for just under $8 million and last sold for $5.5 million in 2014. Building amenities include multiple tennis courts; a large gym and spa; and a private beach club and restaurant.

 

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Selling Miami – Ocean Drive Magazine July Edition

Worldwide Properties Broker Eddy Martinez was recently quoted in Ocean Drive on current real estate market conditions in Miami.

“But real estate professionals report that 2017 is already sizing up to be better than last year. One reason is that sellers are adjusting prices—creating opportunities for buyers. “As soon as a seller becomes flexible, we see movement,” says Eddy Martinez, CEO of Worldwide Properties. “But there has to be a nice price break for the buyer to make a move.”

Martinez recently sold a condo at Murano at Portofino that had been on the market for eight months at $2.9 million, but ultimately went at a discount of $300,000. “Once the sellers started being not so firm on their price, it traded,” he says.

Original Article

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Ornate Las Vegas palace rented by Michael Jackson for sale

A unique and ornate palace for sale in Las Vegas was home to Michael Jackson in the strange and isolated years before his death. The King of Pop was the last tenant in the 24,000-square-foot estate, and his portrait still hangs above the fireplace.

Jackson eschewed the main house and lived in the guest villa while he was rehearsing for his Las Vegas show, The One, from 2007-2009, according to listing agent Eddy Martinez of Miami Beach-based Worldwide Properties. To avoid the paparazzi, Jackson traveled through a tunnel under the main house and got directly into a car parked at the end of it, Martinez said.

The Hacienda Palomino has only had two owners since theater developer Horst Schmidt built it in 1952. The home at 2710 Palomino Lane is “enchanting,” said Martinez, and the property’s unique features — including a musical note insignia used as an architectural feature — intrigued the late superstar.

The home was built first in Mexico, then transported brick-by-brick and reassembled as a 1.7-acre estate with free-ranging horses, a 74-seat medieval chapel and a secret art vault.

As Curbed reported, Jackson moved into the estate when he returned to the U.S. after living in Bahrain in a desperate effort to escape public scrutiny.

Jackson rented other properties in Las Vegas during the same time period, and even considered buying there, according to reports after his death.

The owner of the estate, who is offering it for $19.5 million, is a diplomat from El Salvador who has used the home only occasionally since Jackson moved out in 2009.

Original Article

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Michael Jackson’s Las Vegas pad with secret underground tunnel hits market for $19.5M

Another one of Michael Jackson’s former homes is hitting the block, a week after it was revealed that the singer’s iconic Neverland Ranch will come on the market.

Jackson’s Las Vegas compound, where he lived between 2007 and 2009, has been listed for $19.5 million.

The Spanish Mediterranean-style estate, at 2710 Palomino Ln., has a secret underground tunnel and even a Medieval chapel that can seat 74 people.

The mansion is owned by philanthropist Aner Iglesias, an Honorary Consul of El Salvador, who leased the property to Jackson when the superstar returned to the United States from Bahrain, where he fled following his trial on child molestation charges.

The 1.7-acre estate has a guest house and recording studio facilities, a cobblestone esplanade, several outdoor barbecue areas and a giant sculpture of a crescent moon. The main 24,000-square-foot house has 12 bedrooms.

The home has been vacant since Jackson moved out. He spent much of his time there rehearsing for an upcoming tour prior to his death.

Jackson used the tunnel to avoid helicopter paparazzi, said broker Eddy Martinez of Worldwide Properties, who is listing the home for sale.

“It was a huge factor in him choosing this house,” Martinez said.

Meanwhile, a real estate investment firm is set to put Jackson’s sprawling Neverland Valley Ranch, modeled after the fantasy island in the story of Peter Pan, on the market in order to recoup an investment it made in the property six years ago.

Experts said the 2,700-acre Los Olivos, Calif. estate could fetch as much as $60 million as a result of its celebrity owner.

Original Article

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Build the ultimate billionaire’s compound at Frazer’s Hog Cay, 164 acres of private beachfront in The Bahamas.

Build the ultimate billionaire’s compound at Frazer’s Hog Cay, 164 acres of private beachfront in The Bahamas.
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A ‘billionaire’s compound’ in the Bahamas’ Berry Islands is on sale for $41 million

164 acres of private land in the Bahama’s Berry Islands is now going on sale through luxury Miami Beach realtor Worldwide Properties for $41 million. Spotted on the Wall Street Journal, the estate is known as Frazer’s Hog Cay and is located off the coast of South Florida roughly 25 miles off the coast of Nassau. What’s really special about the listing, however, is that in addition to the gorgeous beaches and landscape, the property has plans for a 22,000-square-foot, eight-bedroom compound that is currently in development. Original Article

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Property in Bahamas’ Berry Islands Is Listing for $41 Million

An undeveloped 164-acre property in the Bahamas’ Berry Islands with plans for a ”billionaire’s compound” is going on the market for $41 million, according to the listing agent. Located on the eastern end of Chub Cay, about 25 miles from Nassau, the vast majority of the property is raw land, with some infrastructure and roads leading to an airport on the island. The owner, Ervin Knowles, a former member of the Bahamian Parliament, said he began amassing the property in the late 1960s. Mr. Knowles, 81, who is also semiretired from the construction industry, said his plans were interrupted over the years by more pressing projects. Original Article

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China’s Crazy Rich House Hunters

You almost want to call it a bubble, don’t you? In the global real estate biz, China is the buzz. Every other week there is a story about how much money the Chinese are spending abroad on real estate. I’ve done them here a number of times myself. And it seems there are companies sprouting up designed to cater to China’s uber-rich; from Affinity China to Bomoda, there’s a savvy entrepreneur out there luring starry-eyed, super rich and a little impractical Chinese from buying a part of the Western dream. Like Honiley Hall in Warwickshire in the U.K. It’s only about $15 million dollars. But that comes with 35 acres of land and a driveway that is bigger than most back yards at 1,312 feet long. This isn’t a house for the curious to go look at it and dream big. This is by appointment only. This is a house for the rich. And judging by an ad from the Peter D. Warwick’s namesake luxury property firm PDW, it’s mostly for the Chinese with lots and lots of crazy cash to burn. These guys are just over-the-top now, aren’t they? If they’re not buying up Sunseeker yachts just because they are the ones seen in the latest Bond movie, they’re out spending hundreds of thousands of dollars on American style weddings. Remember the Happy Meal toys and the dollar-a-day Chinese? Apparently, those people no longer exist in China. Everyone in China now is a millionaire and Americans and Europeans want to sell them the high life. Starting this weekend, some 14,000 high-net worth Chinese will attend the Top Marques super luxury expo in Shanghai and guess who is going to be there? How about Miami real estate firms? How about realtors from the English countryside? Miami real estate broker Jorge Martinez of Worldwide Properties, together with co-founder Roland Ortiz, and senior agent, Olimpia Zanardi, will be the first American real estate agents at the expo to showcase property alongside private jets and Ferraris. They’ll be touting their wares: $10.7 million South Beach penthouses at Venetian Way. If you’re from Miami and thought your real estate values weren’t priced to match the state’s 7% unemployment rate, blame a rich foreigner. This isn’t to incite riots, of course. But the rich love Miami, and the Chinese love Florida, second only to California as their go-to state for second or third homes. “For wealthy Chinese, a Miami penthouse is as much a lifestyle purchase as a $500,000 car, luxury purse or a case of $5,000-per-bottle wine” said Martinez. ”Our intention is to penetrate a new market. Chinese are investing in the U.S. more now than ever before and we want Worldwide Properties to be the agency that brings them to South Florida.” Top Marques is usually just for expensive toys. But this year, expensive housing is up for a look, too. It’s one more expression of how Chinese high-net-worth individuals have become so internationally sophisticated, and so wealthy, that they can pick up second homes in other countries like they would a designer purse or car. It is also a sign that Western real estate agents are waking up to the Chinese market, and starting to target these guys aggressively. “Top Marques is a a very select audience,” said Andrew Taylor, CEO of Juwai.com, an internet portal helping Chinese buyers peruse international real estate listings. “At Top Marques, you know you are marketing to people who want the very best — and can afford it.” Chinese buyers will spend $8.2 billion on American houses this year, according to the National Association of Realtors. That translates into $492 million in commission for American real estate agents thanks to China. Approximately 70% of Chinese buyers will pay cash. And while most of them are not buying multi-million dollar manors, the U.S. is the number one destination for Chinese property investors in 2013, according to Juwai.com data. The Miami Association of Realtors says Florida is “a top state” for foreigners, with Miami claiming the most investment. This year, the Association is traveling to China for property shows and business meetings in Chengdu, Guangzhou, Shanghai, Beijing and Hong Kong. Original Article

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Listing Named Estate of The Day

Magnificent one-of-a-kind corner flow-through penthouse commands breathtaking 340-degree views of Miami & Miami Beach! The new owner will have the opportunity to bask in a masterful $2 million restoration by Thrasher Design. This glass home in the sky boasts 20′ soaring ceilings, dramatic linear architecture, Thassos marble subliminal floating stairs, a back-lit semi-precious quartz wall, Kreon lighting, Lutron Shades, Crestron SmartHome, dual Miele Subzero appliances, Arclinea custom cabinetry & hood and a wine vault. A rare 400-pound sculpture sink and 20′ drop bay shower will surely enhance the art of penthouse living!Original Article

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Pawpurrazzi 2014: A “Tail-Wagging” Success

Over 500 guests and their dogs attended Pawpurrazzi 2014, the “fur-tastic”and over-the-top event at Jungle Island. Pawpurrazzi, which raised more than $600,000, benefits the Humane Society of Greater Miami and is chaired by Pat and Milton Wallace and Bunny Bastian, three amazing people who know the meaning of excelence and how to throw a fabulous party. Representing The Batchelor Foundation, Sandy Batchelor, and Nancy and Jon Batchelor, accepted the Golden Hall of Fame award.Original Article

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Buying Burst Eats Into Downtown Miami Condo Supply

Bulk sales are tapering off, but brokers say a burst of buying activity since the beginning of the year is eating into the downtown condo inventory and, in some cases, even leading to appreciation. According to a residential closings and occupancy study prepared for the Downtown Development Authority by Goodkin Consulting and Focus Real Estate Advisors, at the end of 2010, of the 14 residential condominium buildings in Miami’s central business district, 71% of units were sold and 78% were occupied. Since then, brokers say, business has been brisk. “This year has been phenomenal. Sales velocity is up at least 100%,” said Jeff Morr, CEO of Majestic Properties. “We haven’t seen price rises across the board, but it is happening in some buildings.” Eddy Martinez, CEO of Worldwide Development Services, said his company “did a couple of deals on two-bedroom units at Epic around November for around $650,000-$850,000. By February or March, the price for similar units had gone up $40,000-$50,000 more. “At the Marquis, an investor bought 21 units in November. When we tried to repeat the same deal in February, they refused it, asking for an increase of 15%-20%.” There’s still a flow of distressed inventory coming through from properties that closed between 2005 and ’07, Mr. Martinez said, but lenders have timed their release so that they’ve never overwhelmed the market. Because only buyers with very high credit scores are getting financing, he said, most deals are still all cash, and foreign buyers predominate. “Our top buyers are Latin Americans, then Europeans, and also New Yorkers and Californians,” Mr. Morr said. “Their intent is to rent them out and hold them for three to five years.” Many of those buyers are investors, Mr. Morr said, though buildings that are able to offer FHA financing are attracting end users. Investor demand for bulk sales is dying out, said Zach Sackley, director of operations for the multi-housing team at CB Richard Ellis, because there’s not much opportunity left. “The last was in Everglades on the Bay,” he said. “Other than that, most of the other properties are selling out units at a velocity where they don’t need to do a bulk sale.” Investors will probably have to hold units a few years, Mr. Sackley said, and renting them may not cover all their expenses, but since their strategy is to sell when the market recovers, these buyers have an interest in paying their association fees and “the overall status of the buildings is going to be a lot cleaner than in the past.” Original Article

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Chinese target Miami residences

Miami’s smoking hot real estate market and its savvy realtors paired with Asia’s astute investors are proving to be a match made in long distance realty heaven. Just back from the Top Marques expo in Shanghai – where all things luxury were on display for wealthy attendees including cars, jewelry, art and real estate – is Eddy Martinez, CEO and founder of Worldwide Properties. Joining Mr. Martinez on the trip was Worldwide co-founder and director of sales Roland Ortiz, senior agent Lily Zanardi and a Chinese speaking member of their Miami Beach-based team. Mr. Martinez returns to Miami – by way of Las Vegas, where he toured his new listing, the $19.5 million “Hacienda Palomino” home Michael Jackson leased from late 2006 to the time of his death – with a few luxury pre-construction sales pending. The condos of interest include one in downtown in the $4 million to $5 million range and one in the Brickell corridor in the $1 million range. The potential buyers, he said, are in the process of speaking with their attorneys and have all the necessary paperwork. Mr. Martinez said he is expecting purchase agreements to come through in a few weeks. The response was not something Mr. Martinez was anticipating, as he said he heard that doing business in China was all about creating and building trust with clients and he expected to nurture his relationships upon returning to Miami. At the invitation-only show, Mr. Martinez said, he joined firms from Australia and England in the real estate section. He said he and his team showed 10 properties, all pre-construction, from just under $1 million to $14 million in the non-penthouse category and penthouses ranging from $35 million to $50 million. Also at the show, the team announced the listing of Michael Jackson’s former Las Vegas residence. The Chinese, he said, are more accustomed to traveling to Los Angeles, San Francisco and New York but are becoming increasingly open-minded about coming to Miami. Most potential customers, he said, didn’t know how much Miami had developed culturally but were impressed to learn about the thriving arts scene. Also appealing, Mr. Martinez said, was that Miami has a large concentration of international banking and no state income tax. Mr. Martinez said for the past year he had been reading market trend reports in the media that indicated Chinese were looking more and more at Florida. He said according to data compiled by Chinese real estate websites and reported by journalists, Miami was coming it at number two, behind California, as a place where investors were looking. On US soil, the numbers have been indicating a slight increase in Chinese buyers entering the market. Ralph De Martino, president of Ocean International Realty, said according to data complied by the National Association of Realtors, as a percentage of international buyers, Chinese buyers in Florida had grown from 0.05% in 2008 to 3.7% this year. This year, he said, 21.1% of international purchases in Florida were in the Miami/Miami Beach market, with Asian buyers for 5% of those. Also this year in Florida, Mr. De Martino said, 6.9% of all international buyers were from Asia. L. J. Rodriguez, Midtown Sales Director for Fortune International, said he has seen a recent uptick of Chinese buyers in the market. Up until about 2½ months ago, he said, buyers were almost exclusively Latin American. But now, he said, Chinese investment groups have purchased properties in Midtown. Chinese investors, he said, are looking to diversify their investments. This, paired with the “steps Miami is taking to put itself on the global map, is what is resonating on their radar, and then they see the prices.” The majority of Midtown prices are in the $300 per square foot range -– $356 per square foot for a one bed, one and a half bath in 4 Midtown and $375 per square foot for a one bed, one bath in Midblock . This, he said, has attracted the Chinese investment buyer to the area due to its relative value compared to competing pre-construction projects. Also, most units have tenants in place, which provides the opportunity for investors to begin earning on their investment immediately. Getting the business from so far afield is all about relationships and referrals, Mr. Rodriguez said, adding that a Fortune International representative was traveling in Asia for meetings with top brokers. Saddy Delgado, vice president of Sotheby’s International, travels to varying parts of Asia for business at least three times a year. She visited China four years ago when her son moved there and said she was “mesmerized” by Shanghai. Miss Delgado said she saw the potential for Chinese buyers to invest in Miami and has seen this occur naturally, little by little. Earlier this year, she said, China placed restrictions on property ownership to “cool down” the market. Miss Delgado said Chinese buyers are starting to see Miami as a hot spot and are realizing prices aren’t as high as New York and other major cities. They are looking for safe, long-term investment, she said, and aren’t looking to flip a property. Most of the buyers, she said, pay all cash, but if they do require financing they typically secure it from a New York-based institution as they aren’t generally first-time buyers. Original Article

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J. “Eddy” Martinez Rejoins the Exclusive Haute Living Real Estate Network

Recognized for his market knowledge and his sharp negotiating skills on behalf of sophisticated buyers and investors, J. “Eddy” Martinez continues to be the exclusive Downtown Miami and Miami Beach Realtor for the prestigious Haute Living Real Estate Network. This elite circle of leading real estate agents brings opulent estates and über-luxurious condominium homes to Haute Living readers. As a select member of this Network, Haute Living Magazine will feature Eddy as an exclusive Haute Living real estate professional. Haute Living Real Estate Network specializes in tapping the region’s top real estate professionals in order to create the most renowned directory of exclusive listings. The Network website is an online destination for all things real estate related and features daily blog posts providing up-to-date news and information on affluent markets and real estate developments. Original Article

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Worldwide Properties Hosts First Annual “Bark in the Park” Adopt-A-Dog Event

On Sunday, June 23rd, Worldwide Properties held the first annual Bark in the Park event at Washington Park in the South of Fifth neighborhood of Miami Beach. A successful fundraiser and dog adoption event for the Humane Society of Greater Miami.Original Article

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Local Real Estate Market is setting records once again

It’s difficult fer one to survey the local landscape in Miami and Miami Beach and not notice that the real estate component of the global recession, at least, has been alleviated. Construction is underway, units are being sold and new records are being set in the high-end market. Wire Magazine decided to have a conversation with J. Eddv Martinez and Roland Ortiz, founders of successful Worldwide Properties, about the market, supply and demand and what’s hot in the once-again burgeoning industry. Original Article

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Brazil Booms, and Brokers Smile

DOMINIQUE BENZ and her husband are looking forward to hosting a Brazilian barbecue on their downtown Manhattan deck sometime later this year. Their ambitions for the affair won’t be constrained by space. Last year, the São Paulo couple bought two adjoining apartments at the Caledonia in Chelsea. They plan to combine them, creating a 2,800-square-foot deck — one of the largest private outdoor spaces downtown, brokers said. Nor will they have any trouble finding fellow Brazilians to invite. Already, 8 of the 181 condo units in their building have been bought by fellow countrymen, part of a Brazilian buying spree in New York that shows no sign of slowing. The city is already teeming with Brazilian tourists, and many of them, flush with cash from a booming economy back home, are snapping up their own pieces of Manhattan. While Russians like Dmitry Rybolovlev, the buyer of an $88 million penthouse at 15 Central Park West, boast in press releases about their trophy properties, Brazilians have quietly become steady clients for higher-end brokers in New York and Miami. When I was living in São Paulo and Rio de Janeiro the past five years, well-to-do locals talked incessantly about New York as the ultimate status symbol. Walk into a trendy restaurant in either city and the words “Nova Iorque” seem to be spoken more slowly and loudly than any other (just in case, hopefully, somebody is eavesdropping). Even with soaring fares for flights from the Brazilian cities to the Big Apple, everyone, it seemed, was either going or coming from New York. “For many, Manhattan is their dream town,” said Marcos Cohen, a Brazilian broker at Prudential Douglas Elliman who said he had closed more than 15 deals over the past two years for Brazilians paying from $5 million to more than $15 million for Manhattan apartments. For Ms. Benz’s husband, a native of Rio de Janeiro who works at a São Paulo investment fund, buying a New York apartment was a passion project. “Having an apartment in New York was a dream of my husband since he was a little boy,” said Ms. Benz, 35. “It is his gift at the end of working so hard to be able to buy.” With three children, the couple were willing to pay more than market value for the second of their two apartments in order to create one of the larger spaces in the building, said their broker, Fredrik Eklund of Prudential Douglas Elliman. They paid a combined $4.1 million for the apartments, with 2,133 square feet of interior space in all. Ms. Benz said she and her husband were looking to the future, hoping that their children could someday use the apartment for internships or to work in the city. For now, she is happy to have a place to take them a few months out of the year where they can visit Chelsea Piers and ride bicycles without the fear of kidnappings many Brazilians feel back home. Many of the Brazilian buyers in New York are professionals in their 30s and 40s, often tied to commodities or the finance sector, which has made many Brazilians rich from a flurry of I.P.O.’s in recent years. Brazilians favor addresses along Central Park on the Upper East Side or in Midtown near Lincoln Center, where many have season tickets, brokers say. Many also look downtown at full-service buildings with concierge services, Mr. Eklund said. After they close on an apartment, Brazilians often bring in their own architects and interior designers. Fernanda Marques, a São Paulo-based architect who is well known in Brazil, is currently doing two projects for Brazilians in New York and one in Miami. Brazilians are also scooping up hundreds of units in high-end developments in Miami, helping to prop up a moribund market wracked by the 2008 financial crisis, brokers and developers there say. At the W South Beach Hotel & Residences, about one-fifth of the buyers since 2010 have been Brazilians; they have purchased 31 units totaling nearly $50 million, said David Edelstein, a co-owner of the project. At Paramount Bay, whose lender had previously foreclosed on the project, about one-third of the buyers over the last six months have been Brazilian, said Anthony Burns, a senior vice president at iStar Residential, which co-owns the development. Alan Araujo, a broker in Miami with Worldwide Development Services, said he sold 12 units in the Epic development to a single Brazilian client who works in the oil industry. He bought an additional 17 in another building, Infinity, about a month later. His total spent on Miami property last year: about $20 million. “Brazilians have been waiting like 100 years for this opportunity,” Mr. Araujo said. “They are in invasion mode.” Original Article

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Real Estate Round Table: THE FULL MONTY

Architect Bernardo Fort-Brescia, founding principal of powerhouse firm Arquitectonica & J. Eddy Martinez Balda, CEO of Worldwide Properties, discuss what is trending hard in Real Estate. Original Article

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Apogee Condo Sells for $6.2 MILLION

The corner unit at the Apogee condominium in Miami Beach’s SoFi (south of Fifth Street) district is remarkable for a number of reasons. It’s a 4,154-square-foot unit that features four bedrooms and three-and-a-half baths. Across the 2,400-square-foot, wrap-around terrace and outdoor summer kitchen are southeast views Fisher Island, Government Cut, the Atlantic and the Miami skyline. The money that fueled the deal also was noteworthy. After less than three months on the market, it sold for $6.2 million in an all-cash transaction. Worldwide Properties’Alan Araujo represented the Brazilian seller; the buyer plans a complete remodeling, the company reported. The sale equates to almost $1,500 a square foot, said broker Eddy Martinez, Worldwide Properties CEO. The region is an “extremely desirable location for these investors from overseas, and many of them are paying cash in order to get the best value for their dollar,” he said in a news release. All-cash deals are nothing new in South Florida. “Ninety percent of the deals south of Fifth are all cash,” said Kevin Tomlinson, VP with One Sotheby’s International Realty in Miami Beach. The all-cash buy was one of several recently. A four-bedroom, five-bathroom unit at Continuum Miami Beach sold for $6.575 million. The unit, at 100 S. Pointe Drive, No. 3007, had some 4,004 square feet and was built in 2003. Tomlinson was the all-cash deal’s listing agent. What the Brazilian purchased at Apogee was a luxury lifestyle in a unique location. Spanning 3 acres of waterfront at the tip of Miami Beach, the Sieger Suarez Architectural Partnership-designed property features a fitness center, infinity-edge lap pool, private and climate-controlled two-car garages, and private elevators to each unit – with only four residences per floor. Cash remains king for many buyers, online real estate news site World Property Channel noted in an August report. Countywide, all-cash sales accounted for 64 percent of total closings in July, up from 59 percent a year prior, the site reported. The money often flows in from Latin America or Europe. Nine in 10 international buyers in Florida purchase properties all cash, World Property Channel founder and CEO Michael Gerrity said. With more than 150,000 millionaires in Brazil, and “flight of capital” from volatile markets like Venezuela, sellers and Realtors can expect some continuation of cash deals, he said. A slowing of the Brazilian economy has led some investors to “tap the brakes,” but not in significant numbers, he said. Argentines also are joining the buying trend, according to a June report in the South Florida Business Journal. The Related Group hired Fortune International, led by Argentine Edgardo Defortuna, to lead the sales charge for its 42-story, 382-unit Millecento Residences. One consultant said Argentines, like Brazilians, are helping fuel a fever for high-end condos, the paper reported. The practice has moved up the state – and East Coast, he said. Brazilians are the dominant buyers of properties in Orlando and Kissimmee, and today they’re outpacing Russians as top buyers of New York residences, he said. You can’t beat the math, Gerrity added. Between condo fire sales and the strength of the Brazilian real versus the dollar, some buyers have gotten condos at “20 cents on the dollar relative to their own currency,” Gerrity said. With that kind of discount, “they’re buying one for themselves and four others as investments.” Original Article

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Sky-high condo, single-family home prices rise to new heights

News that a penthouse at Grand Venetian Miami Beach just listed by Worldwide Properties hit the market for $9.7 million, or just over $2,000 a square foot, would have been remarkable a few years ago. Today, the price is about half that of Miami Beach’s record-setting condo prices. Across the market, condos and single-family luxury homes are setting or approaching record-breaking status at a fevered pace. Dora Puig with Puig Werner Real Estate just sold Ocean House penthouse 702 for $16.9 million furnished, or $3,592 a square foot. The 9,737-square-foot unit at 121 Ocean Drive in the South of Fifth Street (SoFi) neighborhood includes four bedrooms, 5.5 bathrooms and a negative-edge private pool. Puig admits her sale was not the market’s highest. Earlier this year, Jeff Miller with Zilbert International Realty handled the sale of penthouse villa B at Setai Miami Beach for $27 million, or $3,800 a square foot. That sale exceeded the Setai’s previous record – the $3,704 a square foot Netscape Communications Corp. founder James Clark fetched for his penthouse there in late 2011. “Two thousand dollars per-square-foot was almost unheard of, even in the boom time of the mid-2000s,” Worldwide Properties CEO Eddy Martinez said in a news release. On nearby Fisher Island, One Sotheby’s International Realty associate and resident Sandra Fiorenza represented the seller in the sale of the highest-priced condo sold on the island since a $13.5 million sale in 2009. The 7,924-square-foot penthouse at 5171 Fisher Island Drive sold for $9.85 million. In Fort Lauderdale’s Harbor Beach, 2400 Del Lago Drive reportedly sold for $14.5 million, or $1,169.35 a square foot, plus the cost of furnishings and commissions. The actual sale price was the most expensive home sale in Broward County since Tim Elmes with Coldwell Banker Previews International sold 1 Isla Bahia Drive for $17.1 million in 2008, Elmes said. Elmes represented the buyer in the sale of 2400 Del Lago Drive. He previously sold the home several years ago for $8 million, he said.Original Article

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