No Comments

The Miami Beach Experience – How good is it?

The Miami Beach Experience - How good is it

There’s a misconception that the city of Miami and Miami Beach are one and the same. It’s understandable because when one conjures up a vision of the sun, sea, and carefree frolicking, Miami is likely to come to mind. More than any other area in the region, Miami Beach genuinely exemplifies the best of these qualities. We are talking here about a map line that stretches from South Beach going north to around 88th street, tracing the edge of the azure blue Atlantic Ocean. Parallel to this ocean line, a few blocks west, runs the Intracoastal, commonly referred to as Biscayne Bay. Miami Beach, more or less, is the land strip in the middle of the two – overlapping into the bay, taking islands into its fold.  

The Miami Beach Experience - How good is itThe aggregate real estate value of Miami Beach is enough to make your mind boggle. For example, one single-family home in a select neighborhood recently sold for $50 million and condos overlooking South Beach go for multi-millions. Let’s put it this way: if you’ve made it up north and you want to smell the roses while basking in the sun, Miami Beach should be high up on your shopping list. Smelling the roses in this piece of paradise can keep you busy no matter what meets your fancy.

  • If you like to eat well, there are elegant and casual dining options to test your taste buds for years without going back to the same establishment.  Read Eating like kings in Miami
  • The party life is legendary, energized by the vast Latino influence that promotes dancing into the early hours every night.
  • Miami Beach is the home to all of them if you want to spend your money on iconic brands. Names like Louis Vuitton, Chanel, Hermes, Gucci, Cartier, Prada, and Burberry are in the Bal Harbour Shops but other centers as well.
  • Lamborghinis, Bentleys, Porches, and Bughatis cruise the ocean avenues regularly, demonstrating the massive wealth that resides in Miami Beach communities. 
  • Exotic foods are available at specialist Russian, Greek, Peruvian, kosher delis, and more.
  • Health clubs, spas, beach walkways that stretch for miles, green spaces, art museums that align with Art Basel that shows up annually, fill in numerous lifestyle gaps.

Living in Miami Beach

Living here, even for half the year, and vacationing, are two different things. So let’s talk about outdoor activities, community benefits, waterside and country club living as options when settling down in Miami Beach. Did you know that the most sought-after residences are on a series of islands that dot the landscape? In no particular order they are:

We are not going to deal with them individually, but rather discuss the best things that they all offer, and give you a taste of what you can look forward to.

Privacy

That’s a priority consideration for wealthy real estate buyers in Miami Beach. Yes, they may love the South Beach vibe for hours at a time, but then most want to escape to a luxury retreat. You’ll get it here in spades on almost all the islands. They offer gated security as a given, and some take this to an extreme. Indian Creek Island, for example, has its own private police force patrolling the community.

Waterfront Living

If that’s your thing, you’ve come to the right place. The only difficulty you’ll have is selecting from hundreds of options and a wide range of prices. Views of the Miami skyline are yours from any number of the islands, along with docking for your yacht. You don’t have to spend gazillions to look out at bay water, or kayak, jet-ski, and skim over the water with the wind in your ketch’s sails from your dock. That said, you also won’t get any change for $1.5 million in most of these places, unless you are ready to settle for a dry lot close to but not on the water.

Golf

Golf and country club living go hand-in-hand. Whether you’re a seasoned hacker or a scratch handicap, you will find a private links challenge within spitting distance of where you choose to live. Here are a few for your consideration: 

There are numerous golf tracks if you venture a little further. The wider Miami area is your golfing oyster.

Culture

  • We’ve already mentioned Art Basel as a world-class international event supported by the foremost galleries on all continents. When it comes around to your neck of the woods (i.e., Miami Beach), it’s like the united nations arrived, creating a buzz and air of opulence that’s truly unique.  
  • The Faena Hotel on Collins Avenue around 36th street is a must-see art experience. Murals are astounding, leading to the Faena forum with close to fifty thousand square feet of performance space. It features a combination of art, flora and fauna, architectural design, and technological spectacles.
  • The South Beach Art Deco District houses The Wolfsonian – FIU, which is a museum, library, and research center focusing on art’s impact on the modern world. It displays close to 120,000 items from an array of American and European decorative and fine-arts, pop-art posters, and contemporary design creations.
  • The Bass Museum of Art displays an impressive collection of Basque and Renaissance works over 35,000 square feet. 

Conclusion

Miami Beach’s cultural centers, although high quality, may not match NYC or Chicago in magnitude or diversity. However, come to Miami Beach for a load of other significant benefits. It provides endless lifestyle options that boost your well-being and put a spring in your step. Get with the Miami Beach vibe that’s a mosaic of indoor/ outdoor activities and fun events. It promises you a level of relaxation, health, and stress release few resort locations can provide.

No Comments

Ivan Chorney’s Take on The Luxury Real Estate Market With Covid-19

Ivan-Chorney-Real-Estate-Market-Miami

Ivan Chorney
Partner Ivan and Mike Team
ONE Sotheby’s International Realty

So, Real Estate in Miami I would say it’s a 95% stand step, things that were already in the pipeline, things that were already in motion, those businesses are closing. So if you get an email from your realtor like “Just Sold”, those deals were in the pipeline before. I don’t think we are fooling anybody that things are steaming along over here in Miami with Real Estate, and I don’t think they pretty much are anywhere in the world right now.

And that makes sense. As an investor myself I’m putting that (investment) on hold for the moment. To put a 20% investment on a piece of property when I don’t quite know what is going on doesn’t seem like the right thing to do right now.

Recommended: Miami Beach Luxury Condo Prices

I think there will be a moment of opportunity just like the stock market, but nobody has a crystal ball. We don’t know if we are at the bottom of the “stock market”, we do know that there was a huge dip, and for people who bought on that dip they might be seeing some danger right now.

So I think it’s going to be very similar here in the Miami Real Estate Market. I also think there will be a window of opportunity, and you are going to see discounts that go anywhere from 15% to 20%. Perhaps if this goes longer, if we continue in this roller-coaster of Covid-19 where we get quarantined, and then released and then quarantined again, I think that is going to elongate things. You might see discounts in certain buildings in some areas that have a little bit more supply. You might see discounts up to 30%.

Everything is hyper-local and whenever I am talking to clients and friends I tell them that is the most hyper-local market out there. Miami you have South Beach, Bal Harbour, Surfside, Sunny Isles; even in South Beach you have these micro-markets like Sunset Harbour, South Of Fifth, Venetian Islands, Coconut Grove. So what happens will depend a lot on how things go with Covid-19, if things go roller-coaster and the behavior of specific markets. The Miami Riviera from South Beach to Bal Harbour always seem to stand tall during the tough times.

Se Also Ivan’s Home Office During Covid-19: