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A WORD FROM JOELLE
 

Hello 2020!  The start of a new decade!

Wishing you and your family a wonderful new year of health,  personal growth & happiness, and prosperity. 

As we wrap up 2019 in a buyers market, and head into 2020, I’d like to share insights from a recent Bloomberg and Knight Frank report about the real estate market. 

Rich homebuyers laid low in 2019 as economic uncertainties turned global cities into risky propositions.

But don't be surprised next year to spot the world's wealthiest people beginning to spend money again as home prices in relatively stable economic areas continue to sink into bargain territory.

In a few cities, prices are even set to rise, according to global property consultancy Knight Frank.

New York's Still a Buyer's Market

New York City prices will fall 3% next year, a continuation of this year's trend. (In the third quarter of 2019, prices were down 4.4% from the same period the previous year, according to Knight Frank.) To sell all the newly built condos in Manhattan at the current sales pace, it would take nine years. And the uncertainty of the presidential election will likely keep buyers on the sidelines, according to Jonathan Miller, president of appraiser Miller Samuel Inc.

Without Foreigners, Vancouver's Stuck, Too

Sellers of pricey properties in Vancouver next year will likely still be feeling the hangover from the drawback of Chinese buyers and foreign buyer tax measures that were introduced in 2016 to cool runaway prices. Luxury values in the city will fall 5% next year, according to Knight Frank's forecast.

Hong Kong Will Deflate

The political unrest in Hong Kong has hurt the luxury market, but it's still unlikely to crash in 2020, according to Knight Frank, which projects a 2% drop for luxury prices next year.

Philip White, president, and chief executive officer of Sotheby's International Realty, says buyers are putting purchases on hold while they watch to see what happens with the pro-democracy protests. In the meantime, they're starting to look for opportunities elsewhere in cities such as in Vancouver, Los Angeles, San Francisco, and London.

Miami Will Have a Comeback

Miami's high-end condo market, on the other hand, is poised for something of a comeback in 2020, helped by President Trump's tax overhaul, which capped federal deductions on state and local taxes, according to Knight Frank.

While South Americans pulled away in recent years as the strengthening dollar added to the cost of buying in the U.S., domestic buyers are making up for it: Florida, which has no income tax, is drawing wealthy buyers from high-tax states like New York and New Jersey. Those buyers will push up Miami high-end prices by 5% in 2020, Knight Frank says.

Los Angeles's Bright Spot Is in the $2 Million-$10 Million Range

Los Angeles's market, from Beverly Hills to Bel Air, will show moderate price increases in 2020–amounting to about 2%. It might have been higher but for a pullback of foreign buyers, particularly Chinese who face restrictions on moving money abroad. That's tended to weaken the highest end of the market.

California's wildfires, including one in 2018 that tore through Malibu, have also hurt by pushing up the cost of insurance, according to Sotheby's White. Demand has been particularly weak for properties above $10 million. Homes priced below $10 million have a more bullish outlook, according to Knight Frank.

Central London Will Have Modest Success Across the Board

Central London, where prices fell 3% in the 12 months through November, will stabilize slightly next year as the fate of Brexit becomes clearer, says Tom Bill, Knight Frank's head of London residential research. Prices are likely to rise by about 1% next year, according to Knight Frank's research, now that Conservatives have won in a landslide.

"Once the Brexit deal is completed, we forecast rising momentum across all markets, with price growth reflecting this from 2021 onwards," the company's 2020 forecast report says.

"Next year we could see the disorderly Brexit risk recede," he says. "If that is the case, there's an awful lot of pent-up capital ready to buy in London, and that will translate into higher levels of activity.”

Once again, wishing you a fantastic 2020 and looking forward to continued success together. 

Warm Regards, 

Joelle 


 
IN THE NEWS
- - - - - - - - - 
 

Sterling Building on Lincoln Road scores hotel approval

TRD December 27, 2019 04:30 
 
 
 
 
 
 

Sam Herzberg’s proposal to add a hotel to the 91-year-old Sterling Building on Lincoln Road cleared another hurdle.

The Miami Beach Planning Board last week approved the 144-room project by a 6-1 vote. The hotel is one of two currently in the planning stages for the popular pedestrian mall. City leaders and Lincoln Road business owners say the hotels will attract more visitors and supplement the new convention center hotel that will be built couple of blocks north of the Sterling Building.

Under Herzberg’s proposal, a hotel would be built on top of the Sterling Building near the back of the property facing Lincoln Lane. The Sterling’s ground floor retail is home to Books & Books and a Penguin clothing store, and features a courtyard the bookstore uses as an outdoor seating area.

Full Article

 
 
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MIAMI JANUARY 2020 CALENDAR OF EVENTS
 
 
South Beach Jazz Festival
Jan 3rd - 5th
 
 

 
The Original 
Miami Beach Antique Show
Jan 4th - 8th



 
YoungArts Week
Jan 5th - 12th




 
 
Miami Jewish 
Film Festival
Jan 9th - 23rd

 
Art Deco Weekend
Jan 17th - 19th
 

Beaux Arts Festival of Art
Jan 18th - 19th


World Cup 
Series & Festival
Jan 19th - 25th


Splendor in the Garden 
at Fairchild
Jan 23rd


International Chocolate
Festival at Fairchild
Jan 25th - 26th
 
TESTIMONIALS
"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."
 
- Gary A.                                                                                                                      Read More Testimonials
 
JOELLE OIKNINE
Senior Global Real Estate Advisor
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