Real Estate

 There will soon be a fresh new way to cool off in the Middle East-via an $1 billion dollar ski resort.  Yes, the government and private sector partnership in Dubai has announced its plans to bring the winter sport experience to Dubai.  Dubai is famous for its excess-luxury hotels, exotic rental cars, exquisite cuisine, and now it is about to add even more indulgence.

Plans include an oversized ski dome set to rise from Dubai’s mega tourism development project-Dubailand.  The project is called “Dubai Sunny Mountain Ski Dome”, and it is the first of its kind in the Middle East.

Star Island is located in the Bahamas, and is announcing exciting plans for an eco friendly future-in the form of a luxury resort powered by trade winds, sun and currents.  But it gets more fabulous. 

Star Island is a 35-acre cay near the Bahamian island of Eleuthera.  Developers intend to transform this island of sand, coral rock, and trees into the world’s first carbon-neutral island resort.  This eco friendly luxury resort will define green, with no reliance on fossil fuels that add carbon dioxide to the atmosphere.

South Beach real estate sales are up for June. The Miami Herald has reported that for the last nine months overall sales were up. Buyers are collecting luxury properties at substandard rates. New lending programs are making purchases somewhat easier. Plus, new buyers can get tax credits and all Miami property owners can take advantage of caps on property taxes. As the dollar is still comparatively weak, an influx of international buyers have swept Miami properties. Be on the lookout for forclosures and short sales, buy it up Miami Beach!

We have mentioned the luxury address that is the Continuum, 50/100 Pointe Drive on Miami Beach, many times. And we need to now mention that one of the most absurd Continuum Penthouses, PH-1, is up for sale. To recap, the Continuum is the only residential luxury building right on the sand, although, the W Hotel & Residences will soon be open not far away (technically it's still a hotel). Besides the most exclusive beach club, the Continuum has the best five-star amenities without being anything like a hotel! The Continuum consists of a 13-acre gated property which features European spa, gym, three tennis courts, three pools, two restaurants, concierge and 24-hour valet.

It gets better, like that's even possible.  The 7,000 square foot, three level Penthouse has 360 degree views of Miami Beach, 13 foot ceilings, a private elevator and pool.  Plus, some real serious technology; Smart House touch panels for audio and video, automatic shades, plasma TVs and a movie theater. Oh and two professional grade bars and a champagne bar. Just in case your head wasn't spinning, the five bedroom, seven bathroom unit is priced right around $15 million which is a very reduced rate. Good luck with that one!

Cab driver-turned-billionaire Tamir Sapir and his yacht were both seized by customs officials last week, in Miami. Tapir Sapir's $26 million yacht, the Mystère, was reportedly furnished in Versace and then some. According to the Miami Herald, the yacht also included "zebra skins, a jaguar skin rug, Bengal tiger and African lion heads, cigar boxes covered in elephant hide, a reticulated python cigarette holder, and large carved ivory tusks." Thanks to the Endangered Species Act of 1973, it is illegal to "kill, hunt, collect, injure or harass any endangered animals, or to destruct their habitat in any way. It is also illegal to buy or sell any species (or products made from species) listed as endangered."

The yacht will, of course, be returned to the billionaire sans the endangered animal heads and skins. Additionally, Sapir will have to pay a $150,000 fine, which is pretty irrelevant considering he is ranked number 522 on Forbes' Richest Americans list, net worth $1.4 billion.  After amassing a fortune bartering fertilizer and oil in the 1980s, his hobby is collecting dead lion heads, mind-blowing. Whatever happened to collecting Ferraris?

A few blogs ago we told you about Apogee luxury living, the new-ish residency building on South Beach. Penthouse A is on the market and arguably the best luxury condo residence on the beach. The Apogee is one of the most privileged addresses in one of the most desirable neighborhoods - South of Fifth (SoFi), also known as South Pointe.

The Apogee Penthouse is an ultra glamorous, three level corner home with ocean, bay and city views. The Penthouse is 6,853 square feet with six bedrooms and seven and a half bathrooms. Plus, an 11,000-plus square feet rooftop terrace with private pool and summer kitchen.

The main living area boasts 22-foot ceilings with floor to ceiling windows. Plus, the luxe Apogee Penthouse has a private elevator,  two-car private air conditioned garage and staff quarters. This Penthouse is like the ultimate dream home but up high in the sky. As the Apogee modo goes, "More than you need. All that you desire." The Apogee, Penthouse A, dream home could be yours for $22 million.  If you can afford it then go take a look, if you can't then keep dreaming.
 

The good life in Miami Beach is just a sale away because one of the most expensive homes in Miami is on sale. The luxurious pad was designed by Maurice Fatio and sits on the exclusive Sunset Island 1. There are four Sunset Islands which are located in the heart of Miami Beach. This specific home sits on the tip of the first, northernmost of all the islands which is one of the best locations to be. The lot is 70,886 square feet, with 453 linear feet of land on Biscayne Bay. The home itself  is 11,388 square feet and is listed for $29,900,750. That price tag includes 7 bedrooms, 7.5 bathrooms, Olympic size pool and the expansive tropical grounds. This property which is named La Tranquilla, not Tequila, sold in June 2000, for $8,425,000. Less than two months later, the property was listed again, for $11,500,000 and the price was raised once more before the listing was cancelled. Now the property is one of the most expensive in Miami Beach, something doesn't add up. The home is nice and all but not $29 million nice, maybe the listing is a mistake. Maybe somebody involved needs to fix or re-think the listing price if they actually intend to sell.
 

The Apogee, at 800 South Pointe Drive is one of the premier residential buildings on South Beach.  The Apogee has only 67 luxe residencies,  four apartments to each floor, each with a private elevator.  All Apogee units feature 10 foot high ceilings, a midnight kitchen in every master bedroom, and a summer kitchen on each balcony.
 

Most recently an Apogee unit on the 11th floor sold for $6 million which was down from the $8 million asking price or at a discount of 12%. In former times, a 12% discount didn’t happen but not so in the currently depressed Miami real estate market.  Apogee unit 1104 was a spacious 4,154 square feet divided into four bedrooms and five bathrooms. The luxury unit was said to have intoxicating Biscayne Bay and Fisher Island views. One of the best assets about this apartment was its terrace which extended 11 feet beyond the apartment’s exterior wall, making the terrace 2,400 square feet alone. This was an incredible unit, in a more incredible building at an even more incredible price. Luxury real estate bargains are happening all over Miami Beach as we speak.  Get in on the real estate free-for-all!
 

The Setai Hotel is a 40-story extreme-luxury, high rise on prime Miami Beach real estate. The Setai houses 175 residencies with panoramic ocean views, floor-to-ceiling windows and on-site five star hotel amenities. There are studio, one, two, up to five bedroom units, which range in size from 850 to 6,000 square feet. The Penthouse units have private terraces and decks with lap pools. More to look forward to at Setai: 24 hour security and valet, SubZero and Gagenau Appliances, posh beach club and sexy, lounging bars. Right now there are about 47 Setai units for sale, thanks to the economy. Listing prices are way down and buyers should take serious advantage now. A few deals worth looking into would be, unit 2105 which is an 821 square foot, one bedroom unit, listed for $1,350,000 which is 10% lower than its original purchase price. There is 1801, a two bedroom, two bathroom, 1,198 square foot unit listed for $1,575,000 which is 19.2% lower than the original price. Then, there is unit 360 which is a five bedroom, five bathroom that is listed for $5,995,000, down 14.3% from its original purchase price. The moral of the story is take advantage of Setai deals and short sales! The question isn't why but why not? The Setai is the building to be in on Miami Beach, get in while the getting is good. 

The Continuum North Tower is still selling. The new oceanfront building on South Beach is a gorgeous building with resort amenities. Prices have dropped and buyers are finding deals on Continuum units. Units with partial ocean views are averaging $750 per square foot and direct ocean view units, $1,200 per square foot. Keep in mind Continuum North is new construction, not a hotel and right on the beach! The address is South of Fifth which is absolutely the best residential neighborhood to live in on South Beach. Continuum is one of our favorite, if not our favorite building on South Beach. Go grab a unit at a reduced price before they are all gone and then you regret it. 

Thanks to the hazardous economic environment, people are picking up property at bargains. Bank loans are near impossible to get but people are finding ways around the bank. Some sellers are offering financing. Such is the case with units in the Fontainebleau Hotel and Residencies, Miami, Florida.  Fontainebleau turn-key units are starting at $495,000. Buyers will get everything from financing down to towels, sheets and silverware, how do you like them apples? The Fontainebleau Hotel and Residencies sits beachside. The space features three restaurants, two clubs, revamped spa and gym, following a $1 billion renovation project. Make your next move into the lap of luxury, or at least, your next property pick up. 

Lenny Kravitz has made his mark on Miami Beach and maybe it's his time to move on. What we mean is, Kravitz just put his Miami home up for sale but lets go back. Lenny Kravitz was behind the Delano Hotel's chic piano lounge, Florida Room. The Florida Room was opened in Decemeber 2007 and has remained popular on the South Beach social circuit. In 2008, Kravitz designed a full recording studio in the luxurious Setai Hotel. The Setai Recording Studio is a 2,500 square foot, two-story penthouse featuring the latest music equipment and Atlantic Ocean views.

Kravitz purchased a Sunset Island 2 property in 2001, for a reported $8.9 million. In 2005 the Sunset Island 2 property was sold to developer Steve Muss for $14.5 million. Kravitz the retreated to his Biscayne Point property which he had purchased in 1997 for $725,000.  The 5,717 square foot Biscayne Point home has three bedrooms and three baths. Plus, a personal recording studio and a rockstar white fur and mirrored lounge. Lenny Kravitz just listed the property on the market for $2.85 million. Biscayne Point is a guard-gated neighborhood that is just 10 minutes north of South Beach. For those of you channeling your inner-rockstar, buy Lenny Kravitz's house. Then add alcohol, loud music, topless girls and voile, a rockstar is born. Where will Kravitz go next?

Shaquille O’Neal’s house on Star Island, is for sale, again. Star Island is an oval-shaped man-made island in Biscayne Bay, between Miami and the island of Miami Beach, Florida. The island lies within city limits of Miami Beach just East of Palm and Hibiscus islands. Star was designed by Carl Fisher, co-founder of Miami Beach and was completed in 1922. There are only 35 homes on Star Island. Many belonging to celebrities like Shaquille O'Neal, plus,  Will Smith, Gloria Estefan, Rosie O'Donnell, Madonna, Alex Rodriguez, P.Diddy and Sylvester Stallone.
 
 

Shaquille O’Neal’s property has been on the market for over three years with an original asking price as high as $35 million. The listing expired a few months ago at $29 million. The price fell again and the property is back on the market at $25 million. Shaq’s property sits on 2.5 acres, with a tennis court. The 20,000 square foot house features a gym and indoor racquetball court. Not to mention, a couple appearances on MTV’s Cribs. Star Island is a gated neighborhood with pretty famous neighbors. Go take a look around Shaq’s property if you’re interested.
 

Donald Trump claims “now” is the time to buy property, if only it were that easy.  Many who still have the money to buy “now” can’t find financing. If financing isn’t stopping you, consider yourself lucky and look to South Beach. Right now in South Beach properties are being sold for way less than asking price.  Take, for instance, luxury building Murano at Portofino, located at 1000 S Pointe Drive in the South Beach area of Miami Beach. Where a penthouse unit with an asking price of $12,000,000 just sold for $7,600,000. The spacious three bedrooms, five and a half bath unit is just one example of what’s going on in South Beach, there are lots more just like this. The question is, when will the real estate market finally hit bottom? The question is tough to answer but it seems like buyers are moving towards the beach. Activity is gradually picking up, more inquiries, and more viewings, will sooner or later translate into more sales.

        

What's new in New York? The Smyth TriBeCa Hotel at 85 West Broadway is on the radar. Famous bachelor and hip hotelier Jason Pomeranc is behind the edgy-luxe New York hotel. For the deaf, dumb and blind, Pomeranc, 37, is co-owner Thomson Hotels. He has a knack for capturing the essence of a neighborhood in his upscale hotels and has become something of a cultural barometer.

For those flying into the city for the annual April Robert de Niro-founded TriBeCa Film Festival keep the Smyth Hotel in mind.  The Smyth features loft-style rooms with flats screens, iPod dockting stations, and Kiehl's bod products. What's more, restaurateur Frederick Lesort is in on the project. The industrial district turned celebrity homing ground of TriBeCa borders SoHo and Lower Manhattan. If you're not transient then look to the Smyth residencies. There are a few units for sale on the top of the fourteen-story building. Buying into the contemporary aesthetic would also buy you into the rooftop bar and ultimately a hip scene.