Office market picks up steam, gained strength.

The Office market has gained strength throughout Miami-Dade County and the outlook is bright based on good employment growth, limited new construction, scarcity of premium space and new-to-market tenants. Office vacancy fell to 16.1% in the first three months of 2014 from 16.5% in the fourth quarter of 2013, with an average asking lease rate of $30.72 per square foot in the first quarter, up 29 cents quarter over quarter, with highest asking prices in the Central Business District. Asking rates reached $60 per square foot for Class A sublet space at the Southeast Financial Center in downtown Miami. Miami’s Class A segment has posted a relatively steady reduction in vacancy since midyear 2010, declining from over 22% to the current direct rate of 16.6%. Leasing activity in general continues to be captured by Class A buildings, where two-thirds of the city’s total transactions have occurred” in the past 15 months. As the market continues to improve, with rents rising and vacancy falling, except in Class B buildings in Brickell (fluctuating in the 17% to 18% vacancy range), the vacancy rate for Class B buildings in Brickell might be artificial, possibly due to construction inconvenience in that area and landlords aiming at short-term leases because they plan to tear down buildings, she said. Generally speaking, Miami-Dade has a strong office market, particularly in the Central Business District, since 600 Brickell is just 65% leased. The flight of capital out of Latin America, so many projects being built with 50% cash down and the increased demand. New construction is low for the anticipated demand, with 128,850 square feet of new space expected to open in the Central Business District in 2015 and Brickell City Centre not due to be finished until 2018. Market demand drivers are coming together at the same time in an intricate and positive way that herald the arrival of Miami as a true global destination, said Ken Krasnow, South Florida managing director for CBRE. He said all the sectors – including residential, hospitality and retail – are healthy, and the improving office market is just one part of the equation. (http://www.miamitodaynews.com/2014/04/23/office-market-picks-steam). Lazaro Lopez Fortune Int'l Realty (786) 525-9430 http://www.MiamiPropertyConsultant.com

Jade Signature, Condos in Sunny Isles Beach, Florida

Jade Signature, Condos in Sunny Isles Beach, Florida. Soaring fifty-seven stories above Sunny Isles Beach. Jade Signature is an invitation to the avant-garde. 1 Bedroom Residences starting at $1.95 million. 2 Bedroom Residences, 2,065 sq.ft. + Terraces. Price range: $2,912,000 - $3,212,000. 192 Ocean front Residences ranging from 1 to 5 bedroom Residences plus Sky Villas and Penthouses 1 Bedroom: 1,378 sq.ft. + Terraces. N/A 2 Bedrooms: 2,065 sq.ft. + Terraces. Price range: $2,912,000 - $3,212,000 3 Bedrooms: 2,894 sq.ft. – 3,260 sq.ft. + Terraces. Price range: $3,746,000 - $5,036,000 4 Bedrooms: 3,312 sq.ft. – 3,795 sq.ft. + Terraces. Price range: $4,425,000 - $5,586,000 5 Bedrooms: 4,674 sq.ft. – 4,953 sq.ft. + Terraces. Price range: $7,229,000 - $8,403,000 Sky Villas: 6,305 sq.ft. – 6,735 sq.ft. + Terraces. Price range: $12,000,000 + Penthouses: 9,183 sq.ft. – 11,661 sq.ft. + Terraces. Price range: $19,000,000 - $28,000,000 Guest Suites: 560 sq.ft. – 670 sq.ft. Price range: $800,000 - $900,000 LOCATION: 16901 Collins Avenue. Sunny Isles Beach, Fl 33160 DEVELOPER: Fortune International CREATED BY: Herzog & de Meuron INTERIOR DESIGN BY: PYR led by Pierre-Yves Rochon LANDSCAPE DESIGN BY: Raymond Jungles STORIES: 57 RESIDENCES: 192 + guest suites Lazaro Lopez Fortune International Realty (786) 525-9430 http://www.MiamiPropertyConsultant.com

Miami condo prices rose in March, despite growing inventory...

The median resale price for a condo in Miami-Dade County rose 19.8 percent in March to $235,000 from a year earlier and was 13 percent higher than February, according to the Miami Association of Realtors. Still, the area’s hot condo market is moderating after more than two torrid years of increases in sales and prices. Existing condo sales in Miami-Dade fell 3.1 percent to 1,413 closings in March from a year earlier and were off 4.1 percent year-over-year in February. And the inventory of Miami-Dade condos listed for resale ballooned 33 percent to 10,805 units in March from a year earlier. For Miami-Dade single-family homes, the median resale price rose 4.4 percent to $235,000 in March from a year earlier and was up 3.5 percent from February, the Miami Realtors said. Single-family home sales in Miami-Dade soared 10.5 percent in March from a year earlier and were up 31.2 percent from February. Miami continues to experience strong demand for Miami properties in 2014,While additional inventory is creating a more balanced market, strong sales continue to drive growth, as Miami remains a focal point for buyers and investors worldwide. Lazaro Lopez Broker-Associate Fortune (786)525-9430 http://www.MiamiPropertyConsultant.com

Brickell Flatiron condo

Former California Golf Course In Miami Is Largest Land Deal Of The Year!

A Brooklyn developer has snapped up 181 acres in northern Miami-Dade County in a move likely to spur a residential development considered a "dream" just a few years ago. The Mazel Group LLC, a company tied to developer Yehuda Backer, paid $19.1 million for the unincorporated site of the former California Golf Club. The transaction involves six noncontiguous lots west of I-95 and southeast of the Broward County line and Northeast Second Avenue, where a residential community exists around the shuttered 18-hole golf course. The sale involves over 180 acres although as much as 30 acres is manmade lakes. The property is zoned to allow the development of 702 housing units, with up to six homes per acre. A 2013 agreement with Miami-Dade County states any developer building homes on the property must leave 61 percent as open space. Any development also must include plans for a community park with baseball diamonds and soccer fields, dog runs, pavilions and rest areas. The sale is a windfall for Venezuelan entrepreneur Liliane Stransky, who purchased the property from Boston-based Capital Crossing for $800,000 in 2010. Capital Crossing took over the property in 2004 after the previous owner defaulted on a $2.3 million loan. The financier let the golf club fall into disrepair after it was heavily damaged by Hurricane Wilma in 2005. First Foray Stransky, who immigrated from Venezuela in 2000 and runs a 10-acre horse farm in Wellington, purchased the land and pushed forward with plans to develop an equestrian-themed residential community. Plans required the approval of over 75 of the area's current residents under a covenant signed by the original developer in 1974 prohibiting residential development on the golf course property. As Stransky was starting to collect signatures in support of what she called her "dream" in 2011, the Miami Herald noted area neighbors were increasingly in opposition to the idea. That pushback does not seemed to have swayed county commissioners, who approved lifting the restrictive covenant and backed most of Stransky's plan last June. The venture was Stransky's first foray into real estate development. While her previous experience has been in marketing and public relations, she is related to a wealthy Venezuelan family with interests in clothing and machinery manufacturing. In various interviews, Stransky emphasized the proposed development would have a strong recreational component centered on horseback riding with a state-of-the-art riding facility and stables. Lazaro Lopez (786) 525-9430 http://www.MiamiPropertyConsultant.com

Tishman Speyer sells Brickell Key office complex

An Orlando investor announced its acquisition of the Courvoisier Centre office complex in Miami’s Brickell Key. Parkway Properties released a statement on Wednesday revealing it paid about $146 million, or $422 per square foot, for the two-building complex at 501 Brickell Key Drive. New York-based Tishman Speyer sold the Class A buildings to Parkway. The transaction has not been recorded by Miami-Dade County. The transaction was first reported locally by South Florida Business Journal. JLL brokers Jeff Morris, Denny St. Romain and Jubeen Vaghefi arranged the sale. A $10 million renovation of the complex was completed last year, according to Parkway. The 346,000-square-foot Courvoisier Centre is more than 83 percent leased. “The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt,” Parkway president and CEO James Heistand said in the company’s announcement. “The buildings’ high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset.” Lazaro Lopez Http://www.MiamiPropertyConsultant.com (786) 525-9430.

Tommy Hilfiger completes Raleigh Hotel purchase

Fashion icon Tommy Hilfiger officially purchased the Raleigh Hotel in Miami Beach for an undisclosed price. Hilfiger closed on the acquisition of the 105-room hotel at 1775 Collins Avenue on Friday, the Miami Herald reported, citing an announcement from real estate firm HFF. The seller, a partnership between W South Beach developer David Edelstein and sbe founder, chairman and CEO Sam Nazarian, paid $55 million for the property in December 2012

The List: Top South Florida Golf Courses

A Jupiter golf course topped the rankings on the South Florida Business Journal’s 2014 golf courses list. The course earned the top spot based on its United States Golf Association rating of 76.8. Newcomers to the list, and those that returned after renovations, include: Blue Course - Trump National Doral Miami, Crandon Golf Key Biscayne, Links Course - Bear Lakes Country Club, South Course - Hunters Run Golf Course, New Championship Front - Trump International Golf Club, Fazio Course - Jonathan's Landing Golf Club and Sunset Course - The Country Club at Mirasol. To see who topped the list, click through the photo gallery included with this post. The complete golf courses list includes USGA slope ratings and contact information. It is available online and in print for subscribers only. We are currently surveying for the following 2014 lists: alternative dispute resolution firms, litigation support accounting firms, landscaping companies, commercial printers, chambers of commerce, and executive office suite centers.