Escape the Cold: The Best of Miami Real Estate

For those in the Northeast East and Midwest, winter can be quite brutal and feel seemingly longer than any other season of the year. The winter season thus far has been brutally cold in New York City, yet those looking for an escape only have a 2.5-hour plane ride to be transported to sun and sand.

Miami is often times referred to as the 6th borough of New York City given the quick and easy plane ride. Some of the hottest developments are under construction or nearing completion in South Florida. Similar to New York, some of the biggest names in architect and design are backing these new projects in Miami.

Looking at the Miami luxury market, we see some similar themes to what we have previously shared for our outlook for the Manhattan luxury market. One of those is opportunity as a result of uncertainty. There is no doubt that cranes have been dotting the South Florida skyline from Sunny Isles to Brickell. Some of these projects have foreign investment, with a large proportion in Miami being from South America, which has caused concern for some as it relates to foreign exchange rates and the ability of those invested to maintain their stake and close. We do not feel overly concerned about this, but rather look at the opportunity of a Buyer’s Market that has resulted in South Florida and the opportunity to purchase some of the best product the area has seen at the best prices.

The Victoria Shtainer Team is pleased to market 3 of the most notable new developments in the Miami area – The Ritz Carlton Residences Sunny Isles, Muse Sunny Isles, and Echo Brickell.

The Ritz Carlton Residences Sunny Isles

The Ritz Carlton Residences is a collaboration between some of the best names in the industry including development by Chateau Group and Fortune International, Architecture by Arquitectonica, design by Michele Bönan, and lifestyle services by the renowned Ritz Carlton Hotel Company. The property is situated on 2.2 acres with 250 feet of pristine beachfront. Rising 52 stories tall, the Residences will be a new landmark along the Sunny Isles shore, positioned between Bal Harbour and the Aventura Mall. The property will be managed by the Ritz Carlton Hotel Company, offering residences an unparalleled collection of lifestyle amenities and services. 

Notable Features:

• Each Residence has a private elevator lobby
• Italian designed kitchens outfitted with Gaggenau appliances
• Ceiling Heights clear 10 feet in residences and 13 feet in penthouses
• Very extensive amenity and service list including cabanas with butler service, club level lounge and fitness center, housekeeping, yacht charter, and restaurant
• Ocean, City, and Intercostal views

We are pleased to market one of only a few of the crowning penthouses in the building. Penthouse 5002 is a full-floor 5 bedroom comprised of 6,085 interior square feet with 3,730 exterior square feet. 

Residence Features:

• Ceiling height clearing 13'
• Summer Kitchen
• Enormous Terraces
• Private Garden
• Private Swimming Pool
• Service Quarters
• Italian designed kitchen with Gaggenau appliances including wine cooler and cappuccino maker

Muse Sunny Isles

Muse, a monumental gem in the heart of Sunny Isles Beach, co-developed with partner S2 Development, offers the most unique living experience.  Soaring more than 650 feet high, this boutique residence will offer curated amenities and large living spaces exclusive to only 68 residents. With a focus dedicated to the highest level of luxury, comfort, and service, Muse is a boutique oasis, reflecting the grace and style of the discerning few who call it home. Muse offers residents’ unobstructed views and a variety of spacious floor plans from two to five bedrooms starting at 2,360 square feet. In addition, Muse consists of two- full floor penthouses with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet. With east and west views, these penthouses have been built for only two lucky buyers. The residences at Muse are delivered fully finished, with up to 12' ceilings with floor-to-ceiling windows, outdoor living spaces complete with summer kitchens, 2 private elevators with biometric technology, marble/wood floor throughout, and a midnight bar in master suites.

Notable Features:

• 12-ft ceilings with floor-to-ceiling windows
• Outdoor living areas spanning 60 feet
• Interior design by Antrobus + Ramirez
• Wellness Living from renowned Deepak Chopra
• Amenities include vanishing edge infinity pool, fitness center, resort-style poolside food and beverage service, and automated parking system

Echo Brickell

Echo Brickell is the result of a first-time collaboration between conceptual designer Carlos Ott and the esteemed innovators at yoo Studio. With only 180 residences, Echo Brickell is the most exclusive architectural icon south of New York. Echo Brickell will further distinguish itself by offering larger floor plans than those that are typically found in the Brickell and Downtown condominium markets.  Featuring a variety of one-, two- and three-bedroom floor plans from the 9th to 42nd floor, 28 opulent penthouses will sit atop the highest floors of the sculpturesque tower. Echo Brickell’s state-of-the-art residences will redefine the standard of excellence for South Florida high-rise living. 

 Notable Features:

• Residences delivered fully finished with high tech security
• Expansive terraces
• Ceiling heights between 10-14 feet
• Top penthouse designed by acclaimed architect Carlos Ott
• Amenities include 4,000 square foot fitness center, spa, resort-style poolside food and beverage service, and pet walking services.

Interested in these properties or others in South Florida? Contact Us:

 

NYC Restaurant Week: Everything You Need to Know

Everything You Need to Know About NYC Restaurant Week

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If you have ever been to New York City, New York, you know that there is prestigious food at every corner. But for a price. The city that never sleeps is saturated with many people which means high demand, and ultimately, higher prices on food and things to do around the city. No need to worry. The food is incredible. New York City knows this and wants to allow people to be able to get the incredible savory food for a cheaper price. This is where New York City restaurant week comes in. Twice a year, the New York City restaurant week is held to allow people from all over to come and try delicious food for a fair price. However, there are many things to consider when attending the restaurant week.

What qualifies a restaurant

There are just about 400 restaurants that participate in the infamous restaurant week. Not every restaurant is able to participate though. In order to participate, NYC takes a few things into account. The chef’s background, the overall restaurant rating and reviews, and awards or other information. This makes it something that restaurants desire to become a part of. On top of that, the restaurant must offer a discount of 20 to 50 percent off the regular menu price to be picked.

The discounted food is pre-chosen

The menu will be chosen by the restaurant which is known as a prix fixe menu. It must include a three course meal and three choices for appetizers, three choices of entrees, and at least two dessert options. All participating restaurants will price their three-course prix fixe menus at $29 for lunch and $42 for dinner. You should be aware that not all restaurants will offer dinner and lunch at a special price. That’s why one should check ahead of schedule. You could also come across some restaurants with discounts on drinks as well. It is delightful to be able to have a choice of what kind of food you can have. You will also be able to find the NYC restaurant week dining guide in all participating restaurants a week before the event. Just keep in mind that beverages, gratuity, and taxes are not offered in the price.

Times

Restaurant week will take place from January 22, 2018 to February 9, 2018. During this time, you will find all the affordable, awesome meals. Just be sure to reserve your spot because all restaurants will most likely be very packed. Just in case one is looking to walk in, the discounts still apply.  There is a little bit of a catch. The restaurants will not offer the discounts on Saturdays, and Sundays are completely optional.

How to ensure a good time

Restaurant week is packed and hectic. You want to be sure that you could have the best possible experience. Most would start with choosing the kinds of foods they would desire to eat. This will help you get closer to which restaurants to choose. If you already have a specific restaurant in mind, then you should set your sights on it. Once reservations open (January 8th) you should try to book that specific restaurant immediately. Try to keep your options realistic. It might be very stressful to get a restaurant that is very prestigious and just ruin the thought of it all together. When you make your reservation, try to confirm what exactly they will be serving so you have an idea. Most menus are available for viewing online in advance. 

The best restaurants to visit

Most restaurants are going to be very rewarding when you take in their savory flavors, but you might want the challenge of getting to taste the best of the best. There are lists that you can find all throughout the internet of which restaurants should be chosen. Maybe classic New York City restaurants are on your mind and your taste buds, or perhaps those ranked as the best experience, and taste. There are even lists for getting the options that only go for lunch. No matter what you choose, you are going to find some incredible meals.

The Victoria Shtainer Team Picks:

• Tao Downtown
• Lavo
• Bagatelle
• Fig & Olive
• Mr. Chow

Broadway

How about a dinner and a show? Luckily, this year, broadway week is going on during the same time as New York City Restaurant Week. This will create the ultimate dinner and a show date scene. Tickets will be two-for-one to the best Broadway shows you can think of! This combination of 380+ restaurants and 19 Broadway shows will have you and a partner hitting the city almost every day. Try out this guide to see some awesome combinations of food and Broadway shows. It’s all about the experience in the end. 

All-in-all, the Restaurant Week in New York City is an incredible time. You get to enjoy food from all over that most never thought they could afford. So, whether you live in New York City, or live far away, attending the experience of restaurant week should really be considered. Hopefully, you  will have a wonderful time in the city that never sleeps.

Guest blog by Jeremy Alderman

LEED Certification: Sustainable Developments Building the Future

In a world where global warming and climate change headlines have gained more and more media presence and the top industrial nations gather to discuss climate, sustainability is a topic that is not only top of mind but one that is here to stay.

From corporations to individuals, the movement to live a more environmentally sound and sustainable is a priority for many. The movement towards sustainable living has trickled into the real estate industry in the form of “LEED.” From new developments to existing constructions, LEED certification is a mark representing a degree of sustainability.

So, what is LEED and how is New York City getting on the map with one of the highest LEED certified buildings?

What is LEED?

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You may notice when shopping for real estate in New York City, whether a new development, condo, or rental building, a mark stating that the building is LEED Certified – what exactly does this mean?

LEED stands for Leadership in Energy and Environmental Design and was devised by the United States Green Building Council. This rating system is the most widely used green building rating system in the world, and the LEED certification is a globally recognized sustainability achievement.

The rating system evaluates the environmental performance of a building, and through this process, encourages market transformation. The evaluation looks at things such as materials, water efficiency, and performance such as indoor quality for occupant comfort.

Sustainability has been a growing area of interest for developers to appeal to the needs of environmentally conscious consumers. The biggest development project in New York’s history thus far, Hudson Yards, is, in many way, one of the greenest projects as well.

Hudson Yards

Continued progress on the far west side mega project is something to look forward to in2018. 15 Hudson Yards is expected to top out while construction will begin on the 30 Hudson Yards sky observation deck. Landscaping is expected to arrive around the much talked about Vessel.

What do we expect from buildings that are surrounded by lush, green parks? Sustainability of course! All  buildings within Hudson Yards have been strategically designed in pursuit of the highest levels of certification by LEED.

10 Hudson Yards, the fully rented office building that really put Hudson Yards on the map, is the first commercial office in New York to achieve the coveted Platinum rating from LEED. This is the highest rating available under the program. As one can imagine, the list to achieve this distinguished award is lengthy. Some examples of how 10 Hudson Yards is leading the green initiative include a system for hot and cold water that is twice as efficient as a traditional one and a storm water retention system that is used to water the building’s landscaping.

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The Platinum status of 10 Hudson Yards shows the commitment of the project to be innovative and forward thinking while establishing it as a model of what great buildings should strive to be.

Of course, the Hudson Yards project is not the only LEED certified one in New York. If sustainability is important to you and your next home, we can discuss other buildings that meet the LEED certification requirements. 

Want to live in a LEED certified building? Please contact us.

2018 Outlook: What to Expect for the New York City Real Estate Market

Many people have been asking what we expect for the Real Estate market in 2018. While it is a bit early to tell the impact of one of the major items at play in 2018, namely tax reform, 2018 looks to be favorable for the real estate markets largely due in part to a strong job market and strengthening economies globally. We have broken down our 2018 outlook into 4 key areas – tax reform, economic backdrop, inventory, and rentals

Tax Reform

The new tax law is likely to be the most impactful to the 2018 real estate market compared to our other key areas, and is a large element of uncertainty for the housing market. This sweeping overhaul with changes from personal to corporate taxes has provisions that are expected to impact real estate markets, especially in high tax states such as New York, New Jersey, and California.

The 2 changes to be most aware of in the bill are the capping of State and Local deductions to $10,000 and the reduction of the Mortgage Interest Deduction from $1MM to $750,000. Both of these changes could make owning a home more expensive than previously planned for some individuals and impact the amount being considered to mortgage a home.

We are only 10 days into the New Year, so the impact of changes are still unclear. Q4 2017 activity was strong, and historically Q4 momentum carries in to the beginning of the following year. We see 2 possible scenarios that could unfold as a result of the tax changes:

• Pace of sales slows at the beginning of 2018 as buyers might pause and speak to their accountants in an effort to try to better understand their new tax picture before making a purchase. In this scenario, we see downward pressure on pricing.
• Volume and Pace of transactions from Q4 continues into 2018 as buyers may recognize that the uncertainty that may be instilled in some regarding tax reform creates opportunity, and they seize this opportunity. Additionally, buyers are likely armed with padded investment accounts and year-end bonuses.

Regardless of scenario, the largest impact of the tax bill is likely to influence buyers in the $1M+ to $5M price range.

Economic Backdrop

Moving into 2018, there are a lot of favorable economic indicators that create a favorable backdrop for housing. It is important to remember that the real estate markets are highly correlated to both the job and stock markets. Economies around the world are expected to grow in 2018 with some foreign economies outpacing U.S. growth – could foreign buyers increase in 2018?

Here in the U.S., the Fed increased their growth outlook for 2018 in their minutes released in December. Their notes utilize language that suggests a job market that will continue to remain strong, and, perhaps, grow slightly while being accompanied by rising wages. This is a positive for the housing market. Additionally, the Fed is currently suggesting 3 rate hikes in 2018 as Yellen’s term comes to an end.

The consensus among analysts is that equity markets will continue to rise in 2018. While the magnitude of the rise may not be as large as in 2017, gains will continue to add to already large investment accounts.

Inventory

We expect high inventory in the luxury market to persist in 2018, or increase with additional new condo inventory coming to market.  Developers are continuing to reshape the New York City skyline in partnership with some of the best names in architecture. Projects like 125 Greenwich and 262 Fifth Avenue will increase luxury condo inventory. Increased inventory at the higher end of the market will continue to pressure pricing at this level.

To remain competitive with the pool of wealthy buyers, we expect developments to continue to push the bar. Central Park Tower is a great example of this as they are trying to allure global titans to call the building home for their pied-a-terres or place to park money in the US market. Over-the-top amenities will continue to be the norm in both condo and rental buildings.

Rentals

The rental market peaked in 2017 after being on a march higher for quite some years. We all saw the rental market take a turn in 2017 with rents seemingly dropping across the board. We expect concessions to remain at all-time highs throughout 2018. Landlords will need concessions to lure tenants to their units. The continued pipeline of new inventory that will come on the market should cap rental prices from overly rises in 2018. However, the continued attraction of New York – labor market, culture, etc. will serve as a floor for rental prices so we do not expect any large scale drops in 2018.