Ivan 
Mike
The snowbird lifestyle used to be largely reserved for retirees. But in the wake of the pandemic, more people are working remotely full time. This gives people of all ages the opportunity to split their time between two cities or locations. Often, those who primarily reside in the northern part of the country choose to escape to regions with warmer weather during the wintertime months.
Pro No. 1: Building Equity in Two Homes:
When you own a home, there’s the potential to sell it at a profit over time. When you own two homes, you have that opportunity times two.
Ivan Chorney, partner and real estate advisor of the Ivan and Mike Team at Compass in South Florida, has seen some property values skyrocket in his neck of the woods. If you can afford to own a second home, it gives you more financial options down the line.
FLORIDA’S SURGING HOME INSURANCE COSTS RATTLE SENIORS WHO WANT TO KEEP HOUSES: ‘DO I START PACKING?
Homeowners insurance in Florida ranges from $1,700 to $2,700 per year based on $300,000 in dwelling coverage and $100,000 of liability coverage, according to US News.
The insurance is required for those seeking a mortgage, forcing many buyers to reconsider how much they are willing to spend.
“People are using cash and foregoing insurance on single-family homes,” said Michael Martirena, a luxury real estate advisor at Miami-based realtor Compass.
9 ISSUES YOU ABSOLUTELY MUST FIX BEFORE YOU SELL YOUR HOME
The health and safety of all occupants is paramount whether you’re selling or buying, and making sure smoke detectors, carbon monoxide detectors, and radon systems are working is crucial.
“Safety is critical, and we encourage all sellers to check local requirements for guidelines to eliminate some of the guesswork,” says Ivan Chorney, luxury real estate advisor with Compass in Miami. “Always test smoke detectors and install them according to local code. Carbon monoxide detectors are encouraged but may not be required.”
3 REASONS WHY THE FROZEN HOUSING MARKET OF 2024 IS ACTUALLY MORE ACTIVE THAN BEFORE THE PANDEMIC, ZILLOW SAYS
Low inventory levels, high mortgage rates, and rising home prices have left the U.S. housing market frozen for the past year. But a new Zillow report suggests that the housing market today is actually more active than it was before the pandemic—even with inventory levels bottoming out in late 2023.
“People are not entering the market expecting to get everything they want,” Michael Martirena, a real estate agent with Compass Florida, tells Fortune. “This results in bids and offers on less desirable properties and keeps inventory tight at multiple price points.” Plus, nearly 30% of all listings sold above asking price in December 2023, according to Zillow. Only 16% of listings had price cuts, which was the lowest share since April 2022.
SURF CLUB FOUR SEASONS TOPS MIAMI-DADE WEEKLY CONDO SALES
Four Seasons Residences at the Surf Club, unit N-819, at 9111 Collins Avenue in Surfside took the top spot with a $15.9 million closing. The buyers are the owners of Total Wine & More. Records show Robert Trone and Anna Marie Parisi-Trone bought the unit from Mona Eid Alsheetan.
Dora Puig with Luxe Living Realty had the listing. Michael Martirena with Compass Florida represented the buyer. The sale closed after 108 days on the market at $4,703 per square foot.
Ritz Carlton Residences, Miami Beach, at 4701 North Meridian Avenue, unit LPH02, closed for the second highest amount, $8 million. It sold for $1,764 per square foot, after 173 days on the market.
3 REASONS WHY THE FROZEN HOUSING MARKET OF 2024 IS ACTUALLY MORE ACTIVE THAN BEFORE THE PANDEMIC, ZILLOW SAYS
Low inventory levels, high mortgage rates, and rising home prices have left the U.S. housing market frozen for the past year. But a new Zillow report suggests that the housing market today is actually more active than it was before the pandemic—even with inventory levels bottoming out in late 2023.
“People are not entering the market expecting to get everything they want,” Michael Martirena, a real estate agent with Compass Florida, tells Fortune. “This results in bids and offers on less desirable properties and keeps inventory tight at multiple price points.” Plus, nearly 30% of all listings sold above asking price in December 2023, according to Zillow. Only 16% of listings had price cuts, which was the lowest share since April 2022.
TEMPORARY BUYER WINDOW OPENS IN SLOWING SYDNEY LUXURY MARKET
Worldwide, luxury markets are facing a year likely to be driven by election uncertainty and interest rates, however, there are signs many markets are turning around after a mixed 2023.
Miami was the only US city in the quarterly index to see luxury home prices rise year-over-year.
Ivan Chorney of the Ivan and Mike Team at Compass said “Miami is just on fire”.
He said demand remained strong, and many buyers were looking to buy off-the-plan to get the right unit.
“If it wasn’t for pre-construction, we’d have very little to sell,” Mr Chorney said.
HERE’S WHAT’S IN STORE FOR THE WORLD’S LUXURY REAL ESTATE HUBS
In contrast to subdued activity in San Francisco, “Miami is just on fire,” according to Ivan Chorney of the Ivan and Mike Team at Compass.
And it’s true: Miami has been a standout city in the U.S., with prices rising roughly 1% annually, according to Knight Frank’s third-quarter prime cities report—making it the only U.S. city in the quarterly index to see luxury home prices rise year over year.
Demand remains strong, and many buyers are looking to buy off plans to get just the right unit. “If it wasn’t for pre-construction, we’d have very little to sell,” Chorney said.
MICHAEL MARTIRENA’S PASSION FOR CONNECTIONS RESULTED IN A PROMISING REAL ESTATE CAREER
Michael Martirena may come from a family of real estate investors, but he has proven to have a natural talent for entrepreneurship in a broader sense. Martirena, who also runs his own real estate investing company, is a luxury real estate advisor with Compass in Miami, Florida. He has developed a successful track record in real estate investing and has been ranked in the top 1.5% of agents nationwide.
Martirena has had such success within the industry as a result of his passion for connection and building meaningful relationships with his clients throughout Southeast Florida.
ESTATENVY recently spoke with Martirena to learn more about his story.
FLORIDA REAL ESTATE’S RECORD 2023 HELPED BY NEW WAVE OF INTERNATIONAL BUYERS
One in five of all U.S. international home sales happen in Florida and, of those, one in two are in the Miami metro market. In 2023, $5.1 billion worth of homes were sold to international buyers in South Florida, according to a report by Miami Realtors.
The state as a whole brought in $12.6 billion in real estate transactions with foreign buyers, according to another report by Florida Realtors.
“Miami has always been international,” said Michael Martirena, a luxury real estate agent with Compass. “But Miami continues to grow and blow people away with how quickly it evolves. It’s becoming a much more sophisticated city — the lifestyle, the finances, the tech hub, the shopping.”
WHAT IS A CONDO? EVERYTHING YOU NEED TO KNOW
A simple condo definition, according to Michael Martirena, luxury real estate advisor at Compass in Miami, is as follows: an individual unit within a larger building or community that is privately owned. “Condo owners share ownership of amenities, common areas, and property facilities with other owners and have a say in how they are maintained and programmed,” Martirena says. “A condominium’s common spaces usually include hallways, lobbies, elevators, and amenities like swimming pools, fitness centers, tennis courts, lounges, and coworking spaces.”
High-end condominium buildings in big cities, like New York and Los Angeles, may also offer over-the-top amenities like pet spas and rock climbing walls…
THE ART (BASEL) OF THE DEAL: MEGA-EXHIBIT IS NOW A MAJOR REAL-ESTATE-SALES EVENT
This year, with Miami established as the hottest luxury real estate market in the world, agents and developers got more creative than ever, throwing lavish parties and extraordinary exhibits to draw attention to multi-million-dollar homes for sale — both in Florida and beyond.
As home prices surge in Miami — with the average in Palm Beach at more than $20 million — agents couldn’t wait for three-day Art Basel, which wrapped up Sunday. Some held off on putting properties on the market until the event, when some 76,000 people from 76 countries arrived in the city.
“The private sector, the hedge funds, the level of education and quality of people that are coming to Miami is really changing the Miami market versus what it was 10 years ago,” Martirena said. “Sexy, flashy, shiny — that’s really starting to go out the window.”
IVAN CHORNEY REAL ESTATE TITANS WITH GREG FOWLER
“Greg Fowler is traveling throughout the marketplace, interviewing the top real estate Professionals in our field, and his special guest and feature Titan for episode 280 is none other than Ivan Chorney. Ivan is truly honored, flattered and once again his energy is unmatched.”
“Tony Robbins talks about the need for certainty and uncertainty and how some people thrive on uncertainty. After graduating college I was 215 pounds and played college Lacrosse. I had it in my head that I should be out there on the cover of Fitness magazines and I got my first spread in Exercise and Health Magazine within four months.”
“Miami has transformed in so many ways, including architecture, and now there are many top architects, including Renzo Piano and Zaha Hadid. Mike and I personally specialize in new construction homes.”
MIAMI’S RENTAL MARKET ROLLERCOASTER IS HEADED DOWNHILL
New inventory, a return to the office and a general slowdown from the Covid housing craze are causing prices in the city’s luxury sector to drop.
Compass agent Ivan Chorney said he currently has two listings above $30,000 a month in Sunny Isles that are priced lower than they were in 2022. One is a 3,100-square-foot, three-bedroom at the Turnberry Ocean Club; it is asking $31,000 a month, down from around $39,000 in February.
When people were flocking to Miami during the peak of Covid, renters wanted to be anywhere in the area, Chorney said; now they are choosier about location. “They want to be in Surfside, or close to the Bal Harbor shops. When you’re in Sunny Isles, you get a little bit removed from that,” he said…
FIVE NEW LUXURY PROJECTS LAUNCH SALES IN MIAMI AMID A MARKET SLOWDOWN
“The market has slowed down and we have some inventory constraints,” said Michael Martirena, of the Ivan & Mike Team at Compass. “Because of that, we’ve been able to get some discounts from developers for the first time in five years.”
Further, some developers are now asking for a 40% down payment for pre-construction sales instead of the traditional 50%, Martirena said. “Our niche is pre-construction sales. We have a team of 10 and that’s 80% of our business.”
Martirena also said the downtown market has really picked up. “People started to see all of the restaurants and everything that’s happening downtown. It’s been exciting to see what downtown has turned into. It’s a new Miami,” he said.
THE TOP REAL ESTATE COMPANIES IN MIAMI
Known for its fabulous restaurant and nightlife scene, Miami is an appealing city for relocation. The average home value in Miami is about $561,000, according to Zillow. That’s a nearly 6% increase from a year ago.
But if you’re going to buy a home in Miami, it’s important to find the right real estate agent. Here are some of the top companies in Miami you may want to work with.
The Ivan & Mike Team: Affiliated with Compass, the Ivan & Mike Team was founded in 2015 by Ivan Chorney and Michael Martirena. With a focus on luxury real estate and new construction, the Ivan & Mike Team, which consists of seven professionals, is dedicated to helping Miami buyers find their dream home.The firm focuses on areas that include Miami Beach, Singer Island, Sunny Isles Beach and Weston.
MUSE CLOSING TOPS WEEKLY CONDO SALES IN MIAMI-DADE
Muse unit 4301 at 17141 Collins Avenue in Sunny Isles Beach took the top spot with a $12.4 million closing. The sale came to $2,283 per square foot and closed after 569 days on the market. Sylvia Fragos with Great Estates International Realty had the listing, and Ivan Chorney with Compass Florida represented the buyer.
Parque Towers snagged second place with a $4.5 million sale. Unit 5-TS02 at 330 Sunny Isles Boulevard, also in Sunny Isles Beach, closed at $1,205 per square foot after 148 days on the market. Eyal Chai with Residential Realty Group had the listing, and Karen Vivas with Lifestyle International Realty represented the buyer.
ONE REAL ESTATE AGENT’S UNEXPECTED TIP FOR BUYING A CONDO RIGHT NOW
Thanks to their smaller size, condos have long been some of the most affordable homeownership opportunities available. In today’s high-priced market, they’ve become an even hotter commodity for those looking to buy a home.
This has created some fierce competition, leaving many would-be homeowners out in the cold. But the news isn’t all bad, according to Mike Martirena of the Ivan & Mike Team at Compass. There are a few things you can do that will help you in your hunt for a new home.
It’s important to understand just why condos are in such high demand before getting into the how of it all. “Condos are an ideal starter home for buyers who want simplicity in running their properties,” says Martirena…
WANT TO BUY A HOME IN THIS MARKET? YOU MIGHT HAVE TO BUILD IT YOURSELF
Homebuyers frustrated by the lack of existing houses for sale are finding relief in the form of brand-new ones.
New construction homes have been a bright spot in this year’s otherwise lackluster housing market. About one-third of all single-family homes listed for sale in the U.S. since the beginning of 2023 have never been lived in before, according to a recent report from brokerage Redfin.
“I’ve seen a lot of frustrated buyers . . . just not finding the space or the design they’re used to,” says Michael Martirena…
HOW MUCH IS YOUR HOME WORTH? THE INTRICACIES OF DETERMINING PROPERTY VALUE
I had a client selling a home, and the house directly across the street could not be considered a comp despite square footage, bed, and bathroom count being the same,” says Michael Martirena, a top broker with Compass in Miami. Why? “Because the county line was through the middle of the street,” explains Martirena.
We’ve recently dealt with many waterfront home sales, and I’ve found that a key element for appraisers is the condition and age of the sea wall,” says Ivan Chorney, a broker with Compass in Miami. “If it’s up to code, it adds tremendous value to the property and can save time for someone wishing to build their own home.
IVAN CHORNEY SHARES WHY HE LOVES MATCHMAKING PEOPLE WITH PROPERTY
ESTATENVY: Why you? How do you stand out above the competition?
Ivan Chorney: It’s about the relationships, not the transaction. I am deeply passionate about delivering beyond expectations. I love matchmaking people with properties.
ESTATENVY: How did you get into real estate?
Chorney: My friend in St. Petersburg was buying and selling properties during the housing boom. I witnessed his success, and he convinced me to go in a deal together. I saw firsthand the unbelievable opportunity for agents and ultimately gravitated toward the exciting world of new development in Miami, which was just beginning its ascent. The Magic City’s place on the global stage was unimaginable at the time, and it’s been unbelievable to watch the sophistication of the market evolve.
THE ONE THING YOU NEED TO DO TO GET READY TO BUY A HOUSE THIS FALL
Between back-to-school shopping, barbecues, vacations, and just generally trying to squeeze every last drop out of the end of summer, buying a house may be the last thing on your mind.
But if you’re hoping to make a big move this fall, time is of the essence. You want to get the ball rolling now so that you’re prepared to sign on the dotted line once the leaves begin to turn.
Get on the same page. If you’ll be buying with a partner or a family member, make sure to sit down and have a detailed conversation so everyone understands what they’re signing up for, says real estate agent Michael Martirena. “Know what you want, what you’re open to, and what you’re willing to settle on, both dollar-wise and location,” he says. “Understand your must-haves and agree on them before you start looking — it will save you time and headaches.”
TIGHTER FEDERAL REGULATIONS COMING TO LUXURY REAL ESTATE MARKET SOON
Privacy is definitely paramount to our clientele,” Ivan Chorney of Compass in Miami told Inman. “We primarily work with high-net-worth and ultra-high-net-worth buyers and sellers, and thankfully [my clients] don’t have anything to hide — I don’t have any oligarchs or terrorists who have employed my services. But I have had CEOs of major brands and Fortune 500 companies and privacy is just as important to them.
Despite potentially more stringent requirements that title insurers will face across the country with FinCEN’s anticipated new rule, Chorney said that, based on the somewhat limited information currently available about the new rule, not much should change for luxury agents and their clients.
The savviest buyers and sellers have ways to keep their name out of the public, Chorney said. As long as agents continue to behave with discretion and vet all parties they work with, he said he doesn’t see the new rule as posing a huge risk to his clients’ identities.
19 FAST TIPS FOR FIRST-TIME HOMEBUYERS
Be Careful When Buying New Construction: The idea of buying a newly built home can be appealing. But Ivan Chorney, luxury real estate advisor at Compass and partner in the Ivan and Mike Team in Southeast Florida, says that a new construction home can be a mistake if you go about buying one the wrong way.
“Don’t buy new construction from a developer directly,” Chorney says. Instead, get an agent to negotiate on your behalf – ideally, one who knows builders in the area. And also, prepare for delays.
Chorney says that new builds are commonly delayed, sometimes by a year or more. Gear up for that and make sure you have alternate housing arrangements.
WHAT TERRA’S EXIT FROM RECORD $1.2B MIAMI LAND DEAL SIGNALS FOR THE MARKET
The shock is wearing off from developer David Martin’s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami. A reality check dusted with disappointment is setting in, brokers say.
Smart City Miami, the Terra-led group that canceled its contract to acquire Genting Group’s 15.5-acre partially bayfront property north of downtown Miami, had sought an extension and amendments to the terms of the sale, which Genting denied, the developer and Genting confirmed.
“I think either David [Martin] will step back into the arena, or perhaps another world class developer like Related or Starwood,” said Ivan Chorney, a Compass agent. “Whatever comes in its place will be amazing.”
HERE’S WHY LIFE IS SO GOOD IN 15-MINUTE CITIES
Picture this: You walk out your front door, hop on your bike, and ride to a doctor’s appointment. On your ride home, you drop by the grocery store to pick up a few veggies for dinner. Later, you walk to the park for a little sunset stroll.
This fantasy could be your reality if you move to a “15-minute city.”
“The closer you are to the action, the higher the prices are — that’s the typical give-and-take scenario,” says real estate agent Ivan Chorney. “If you want it all, you better be prepared to give more from your wallet.”
Depending on the type of development, you may also have to settle for a smaller home and property, and that just won’t work for everyone. “If having a big home and a big yard are the most important things to a buyer, then they’ll likely need to be farther away from the action,” Chorney says.
THE IVAN & MIKE TEAM AT COMPASS RANKS #1 IN MIAMI-DADE COUNTY
The Ivan and Mike Team at Compass, led by Ivan Chorney and Michael Martirena, announced that they were ranked first in Miami-Dade County and fifth in the state of Florida for residential deal volume according to RealTrends The Thousand, a program showcasing the top 1,000 agents and teams in the United States – as published in The Wall Street Journal. Nationally, the team ranked 26th for sales volume in the Medium Team category.
“Working primarily with buyers on new construction sales, we’ve witnessed the growing appreciation of trophy-level assets in spectacular new developments. This has been particularly exciting as South Florida has transformed into an international cultural hub with a world-class food scene, star architects, and a maturing business sector.”
IVAN AND MIKE TEAM INCLUDED IN THIS YEAR’S REALTRENDS THE THOUSAND
We are honored to be included in this year’s RealTrends The Thousand, a program showcasing the top 1,000 agents and teams in the United States – as published in The Wall Street Journal.
We have been awarded a rank of 26 for sales volume in the Medium Team category. We are nothing without our incredible team consisting of Michael Martirena, Ivan Chorney, Selen Arditi, Haydar Alchalaby, Demi Lee Antelo, Cindy Summer Perez, Jisele Hernandez and Jay Brandt.
And, we thank our valued clients for propelling us to this milestone! Your trust in our service encourages us to continually create an exceptional home buying and selling experience.
LUX EXPOSÉ: UNLOCK THE RITZ CARLTON LIFESTYLE IN SUNNY ISLES FOR $6.9 MILLION
An exclusive residence at the Ritz Carlton in Sunny Isles offers an unparalleled living experience that combines opulence, breathtaking views, and world-class amenities. Priced at $6.9 million, this magnificent three-bedroom, five-bathroom home spanning over 2,688 square feet is a testament to refined living. The agents are The Ivan & Mike Team at Compass.
Upon entering, a private elevator whisks you away to your sanctuary, where a grand foyer awaits. The attention to detail is evident throughout, with every aspect carefully crafted to evoke a sense of sophistication and elegance. As you step further inside, the mesmerizing vistas of the ocean and city skyline will leave you in awe.
MANSION GLOBAL FEATURES MICHAEL MARTIRENA
“In the Miami market, September is by far the worst time of the year to list a home because you’re fully back in the swing of things such as school, activities and other commitments,” said Michael Martirena, co-founder of the Ivan and Mike Team at Compass in Miami. “It’s less than ideal to disrupt the busiest month of life to put a home on a market.”
For home sellers, attempting to time the market amps up the pressure during what’s already an extremely stressful period. List too early, and you may give up some profit. List too late, and your home could linger too long on the market.
IVAN CHORNEY SPEAKS IN FOX NEWS
Fox News taps into our own Ivan Chorney for his take on the impact of Spring Break in Miami. City officials have moved forward with creating regulations for 2024 and beyond to keep all residents and visitors safe.
“Whatever the Pandemic was letting out in people, they were letting it out here in Miami Beach. We can’t just sit by and let people destroy the beach and destroy the reputation, the ability to go about doing businesst the ability for someone like me to sell some of the finest real estate in the world…”
THEY NEVER USED TO COOK. NOW WEALTHY HOMEOWNERS WANT TWO KITCHENS
The heart of the home is getting a lot more love.
Kitchens have gotten ever more elaborate over the past several years, since the pandemic forced people to spend more time there. These days, luxury residences not only have custom cabinetry, bespoke backsplashes and top-of-the-line tools, but features like extended pantry and prep spaces, two of every appliance—preferably hidden—and adjacent wine cellars.
The kitchen has usurped the living room as the focal point of the home, he noted. But the kitchen’s growing role as a place to gather and relax—maybe over a glass of wine and a butter board…
BOAT-FRIENDLY PADS ARE HEATING UP SOUTH FLORIDA REAL ESTATE
Where does Miami’s high demand for real estate come from? During a recent interview with NY Post, Michael Martirena stated that while Miami’s real estate market is booming, the demand for boat slips “truly unprecedented.” Check out the link in our bio to read the full article.
“Miami’s real estate market is booming, but what is truly unprecedented is the demand for boat slips,” said Michael Martirena of the Ivan and Mike Team at Compass. “The hottest real estate out there now is a boat slip,” added Filippo Incorvaia, founder of FI Real Estate Brokerage. “Miami is starting to rival Monaco for the prices, allure and nautical prestige.”
MICHAEL MARTIRENA’S EVENT TIP FOR HOUSINGWIRE
“The most important thing is to prepare for events in advance. You need to do your research on attendees and be laser-focused on what you want to achieve. Have a goal in mind, such as a number of meaningful contacts that you want to leave with. Hope is not a strategy.”
In his recent interview with Housingwire, Michael Martirena stresses the importance of researching attendees and setting clear goals in order to make meaningful contacts. He cautions against relying on hope alone, reminding readers that a solid strategy is necessary for achieving success at any event. Start preparing for your next industry event today to maximize your opportunities and leave with valuable connections…
INMAN BROKER SPOTLIGHT: IVAN CHORNEY, IVAN & MIKE TEAM, COMPASS
“How You Do Anything Is How You Do Everything” ~ Ivan Chorney
Ivan Chorney with Ivan and Mike Team at Compass talks about his own life journey and his transition from a bartender to moving to Miami from LA as a developer. Ivan discusses the importance of networking and communication as keys to a successful relationship with his own team and clients. He also emphasized a quote he repeats to his team ”How you do anything is how you do everything“, because that will determine how they will be as an agent. Last, Ivan talks about delegating work and how important it is to have a good relationship with clients and not feel neglected.
IVAN CHORNEY: KEEPING IT REAL PODCAST
What’s something you know now that you wish you knew when you started?
I wish I knew that my only limitations are in my mind. There is no sale that I cannot handle and there is no level of wealth that I cannot work with. I have all of the intangibles to work with the best and sell with the best. Anything that I do not know, I am willing to learn. I am constantly growing, learning and taking courses.
Tell us about a high point in your brokerage career.
A high point in my brokerage career was selling my most expensive property ever which was a $20.5 million home on Palm Island, Miami. In order to get there, I am constantly working on myself and my own belief systems. I had to gain the confidence to know that I could handle something of this caliber.
