The reporter stated that condo construction has slowed in recent years after a decline in sales volume. Developers have been waiting for much of the existing inventory to be sold before launching pre-sales on new projects.
As of June, there were 1,988 unsold condos in new buildings, with 537 in completed buildings, 1,271 under construction and 180 in pre-sales.
In terms of the total market, sales account of 95% of recently-completed buildings, 71% of units under development, and half of units in pre-sales.
The number of unsold units declined by 133 from an April. Nearly all of the sales were in buildings either completed or under construction.
Prices are ripe for buyers looking to find a deal.
If you are looking to move to Miami, give me a call. Id love to help you find your next home or condo at a great price!
If you are in town, make sure to check out Miami Spice. Fixed priced meals at the top restaurants ! See details below
Wishing you a fantastic August!
Bal Harbour Shops lands $500 million construction for its long-awaited expansion
By Rene Rodriguez - The Miami Herald
Rendering of the Barneys New York store that will be part of the $500 million expansion of Bal Harbour Shops. WHITMAN FAMILY DEVELOPMENT
Bal Harbour Shops is about to get a lot bigger.
The upscale mall, located at 9700 Collins Avenue, has secured a $550 million construction loan for its long-awaited expansion, which will add 300,000 square feet of retail space to its existing 463,000 square feet.
Among the new tenants: A 57,414-square-foot Barneys New York, the first flagship store of the luxury department brand in the southeastern U.S.
Although Barneys first announced it was coming to Bal Harbour in 2017, the expansion loan - one of the largest in Miami-Dade history - did not close until this week.
Spectacular top-floor Towerhouse unit on the prestigious Aventura Circle, with soaring views of the Aventura skyline, mesmerizing sunsets, and 12 ft ceilings. This 3 bedroom, 3 full bathrooms is the largest condo in the tower. Granite kitchen and baths, open kitchen, hurricane high impact floor to ceiling windows. The building offers great amenities and lifestyle: two pools, cardio and free weight equipment fitness center and SPA. Massage, therapy, body treatments available. Beautiful resort-style pool overlooking the golf course,on-premises playground, billiards room, conference center, media room, business center, club room, study room, and BBQ area. 24-hr concierge and valet.
One Thousand Museum by Zaha Hadid, Miami's most prestigious new residential tower, pushes the limits of innovation and blurs the lines between art and architecture. This limited collection of museum-quality homes offers an unprecedented level of service and amenities. This 8,360 sq ft duplex townhome features a flow-thru floor plan with unobstructed Biscayne Bay views, a floating staircase designed by Hadid,20-ft ceilings, library, loft, 5 bedrooms, smart home technology and custom closets and flooring.
Planning parties just got a lot easier and more elegant. The Grateful Palate, Fort Lauderdale's trusted service for catering and events, renovated its waterfront digs. Local interior design firm Mountainside Design decorated the 4,000-square-foot venue in an organic theme that links directly to its stunning natural setting. Depictions of blue herons greet guests at the entrance, as if they're the real deal flying toward the space's floor-to-ceiling windows with a 180-degree view of the Intracoastal. The nautical, blue-and-white color scheme culminates in a blue agate bar centered on a white peacock wall installation. Three-dimensional butterflies and a flower sculpture of metal and wood adorned in gold leaf also express regional flora and fauna. Since the same family owns the adjoining Shooters Waterfront restaurant, guests can arrive by boat and use the 340-foot dock. A separate culinary team oversees the Grateful Palate, however.
Year Built: 2019 Architect: Zaha Hadid Architects Total # of Units: 84
This Iconic tower has just started closings.
One Thousand Museum, South Florida's most prestigious new residential tower is redefining Miami's skyline. This infusion of Art, Architecture & Design comes from the prolific imagination of Pritzker Prize-Winning Architect Zaha Hadid. Over the past 30 years, Zaha Hadid has become internationally renowned for her designs of sensuous, soaring buildings that push the limits of innovation and blur the lines between art and architecture.
Located at 1000 Biscayne Boulevard on a coveted property overlooking Museum Park and Biscayne Bay, One Thousand Museum will be Zaha Hadid's first residential skyscraper in the Western Hemisphere. Rising to more than 60 stories, it will be comprised solely of half- and full-floor residences. Museum Park (formerly known as Bicentennial Park), the home of the Peréz Art Museum Miami and the Frost Museum of Science, is rapidly becoming one of Miami's most prestigious cultural destinations.
One Thousand Museum will offer iconic architecture, unprecedented amenities, stunning skyline and ocean views, and close proximity to Miami's finest museums and performing arts institutions.
MIAMI AUGUST CALENDAR OF EVENTS
Aug 1st - Sep 30th
August kicks off two months of Miami Spice when restaurants in all corners of the destination offer special three-course, prix-fixe menus featuring their tastiest dishes at marked down prices (lunch/brunch $23, dinner $39). Make a reservation, get out there, and taste, taste, taste!
It's your last chance to book a treatment through Miami Spa Months. Services ranging from massages to state-of-the-art skin treatments are up to 50% off at spas, some of which are located inside world-famous hotels.
AFRICAN DIASPORA DANCE AND DRUM FESTIVAL OF FLORIDA
The African Diaspora Dance and Drum Festival of Florida is back on the first weekend in August. People travel from all over to enjoy family-friendly music and events by artists from Guinea, Senegal, Mali, Ivory Coast and Haiti, all right here in Miami. Held at the Little Haiti Cultural Complex, this event features a non-stop schedule of dance workshops, live music performances, a bazaar, performances, children's activities and so much more. Be sure to secure your tickets now for the Saturday night concert!
Come hungry (and thirsty) to the Coconut Grove Food & Wine Festival, where you'll be eating and drinking as you move through Coconut Grove at this progressive food festival. Start at the Coconut Grove Woman's Club with tastings and demonstrations and then make your way to the Mutiny Hotel's pool area for a tropical taste from the rum bar, craft beer stations, restaurant samplings and live music, with the sounds of the pool's waterfall in the background. It's a perfect way to spend a day in one of Miami's waterfront neighborhoods.
he Homestead Miami Speedway hosts Florida Track Days, one of the few opportunities motorcycle riders have to check out their bike's full potential in a safe and supervised environment. Test your skills on the track at this world-class facility without a speed limit or stop signs. Booking a spot in advance is recommended, especially if you're interested in taking a private lesson or joining the Advanced Rider School classes.
Cool down on a hot August day with the 3rd Annual National Rum Day Festival. Experiment with new rum brands and flavors poolside at The Confidante Miami Beach hotel. Sip on sweet cocktails from the best rum brands on the market and celebrate Miami's favorite spirit.
Ballet companies from all over the world perform during the International Ballet Festival of Miami, a three-week-long festival celebrating the past, present and future of this dance form. More than 20 ballet companies are represented in one of the best ballet festivals in the country. Experience a performance from local talent or visiting dancers in modern, contemporary and classic styles. Check out the site-specific performance on Lincoln Road on August 2 for ballet beyond the stage.
Hard Rock Stadium is hosting one of the greatest rock bands of all time on the last day of August. Tickets may be hard to find by now, but not impossible. It will be worth the effort and expense to see these icons grace the stage. The legendary band will close out its summer tour with this performance.
"Working with Joelle was an absolute pleasure. We bought and sold one unit in six months for a substantial gain, Then repurchase a newer better "Off the Market" unit. She is tenacious and honest and has the utmost integrity. The key is to trust their ways and it will all come together. She knows the market well and is "in the know" of deals happening. The people that make up this business are hard-working and accurate. I chose Joelle for all these reasons and is my realtor I will continue to use in the future."