Real Estate for Sale in Miami & South Florida Miami Residence Realty Knows Miami

Ricky Martin sells Miami Beach mansion for $10.6 million

Singer Ricky Martin has sold his Miami Beach mansion for $10.6 million to an undisclosed buyer.The property, which is located at 5130 North Bay Road, has 7 bedrooms and faces the bay. 10,000 square feet of living area.

See pictures of Ricky Martin home in Miami.

The name of the buyer has yet to be published in Miami-Dade County records. However, news reports indicated that Jay-Z and Beyonce took a long, hard look at the house.

North Bay Road is the home to many Miami celebrities, including two members of the Miami Heat: Dwyane Wade, Chris Bosh and Bee Gees frontman Barry Gibb. Martin previously sold another Miami-area property in Golden Beach for $6.3 million last year.

See pictures of Ricky Martin home in Miami.

Miami Heat Pat Riley sold his home for $16.75 million

Miami Heat President Pat Riley and his wife, Christine, have sold their 13,000 square foot Gables Estates home at the tip of Arvida Parkway for $16.75 million, according to public records.

See pictures of Pat Riley home in Miami.

The five-bedroom, eight-bathroom waterfront home was sold to a company called 180 Arvida, which is represented by Miami attorney Mark Hasner. A call to his office prompted a “no comment” from his assistant.

The home is located at 180 Arvida Parkway. Built in 1991, it sits on an 80,150-square-foot lot that is surrounded on three sides by water.

In 2011, the property had an assessed value of $12.6 million.

Riley bought the house in 1996 for $6.3 million according to public records.

Pat Riley and his wife, Christine, may have just sold their Gables Estates home, but Miami Heat fans shouldn’t be worried that he’s on his way back to Los Angeles, just yet.

Riley still owns a 5,325-square-foot condominium at Apogee in Miami Beach that he bought for $11.75 million in 2008.

Like a lot of single-family homeowners who can afford it, the Riley family has moved from the west side of town to the east. Riley, president of the Miami Heat, seems to have traded what could be the challenging upkeep of a single-family home, which is a long drive from his office at the American Airlines Arena, for one just a short boat ride away.

See pictures of Pat Riley home in Miami.

Economist: Florida existing home prices could rise 10 percent in 2012

Existing home prices in Florida could increase by as much as 10 percent by the end of this year, according to Lawrence Yun, the chief economist for the National Association of Realtors, the Palm Beach Post reported. “Compared to other parts of the country, the Florida market, particularly South Florida, is recovering very rapidly from oversupply to a shortage of inventory,” Yun said at a conference in Palm Beach. “That clearly implies we will begin to see some modest turnaround.”

[Palm Beach Post]

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Two new potential condo preconstructions in Miami Beach

A real estate investment group has paid $50 million, or $715 per square foot, for three beachfront parcels in Surfside along Atlantic Ocean.
These three contiguous parcels in Surfside have a combined 70,000 square feet at the 9300 block of Collins Avenue.

In another transaction Aventura-based Palermo Beach purchased an oceanfront site in Sunny Isles Beach for $20 million, or $625 per square foot.
This oceanfront parcel has a 32,000 square feet development site at the 17100 block of Collins Avenue. The site is located between the Jade Ocean and Ocean Four condominium buildings. At this parcel another preconstruction project named "Da Vinci Sunny Isles" was planned in 2008 but never started.

Developer of 40-story waterfront project in Hollywood Beach seeks partner

The developers who got approval for a 40-story, 477-room waterfront hotel or condo-hotel in Hollywood Beach have tapped Ackman-Ziff to help find a joint-venture partner for the project.

Shefaor Development announced it wants an experienced, deep-pocketed partner to help complete the project, slated to be designed by Carlos Ott, at 4111 South Ocean Drive.

“This is such a once-in-a-lifetime opportunity so we are seeking a partner who has intimate experience with luxury oceanfront hotel development to make sure that the opportunity is maximized and that the project is done right,” said Marc Schmulian, the executive director for Shefaor Development. The firm was founded by Jacques Claudio Stivelman and Gilbert Benhamou, and developed the Artech Resdiences and Uptown Marinal Lofts.

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Video illustration of ten billion dollar boom coming to Downtown Miami.

01 Line in Trump Hollywood, only 2 left.

Trump Hollywood

This is certainly one of the most talked-about new condos in Hollywood Beach, Florida. The Related Group has built one of their showcase properties on an ideal beach location, situated between South Beach and Fort Lauderdale. Trump Hollywood features 200 exclusive residences, featuring either 3 or 5 bedrooms and ranging from just over 2000 square feet to over 5000 square feet of indoor space.

• Elegant 2 story lobby designed by Yabu Pushelberg
• Spa / Gym
• 24 hour valet and concierge services
• Oceanfront Cabanas
• Tennis court overlooking the Intracoastal
• Business Center
• Bay and city view from private terraces
• Pre wired for cable TV, high-speed Internet and multiple phone lines
• Modern appliances
• Granite and marble coutnertops
• Stacked washer and dryer

Rentals are booming in South Florida

With more and more people looking to rent instead of buy, South Florida is one region that is seeing growth in the multifamily sector. South Florida is on most investors' preferred market list. The market is performing very well from an occupancy standpoint. We are starting to see a little bit of rent growth, and significant rent growth is expected going forward. The Class A multifamily market has a vacancy of just 5 percent. Condos for sale and rent in Miami Beach.

Miami Residence offers income producing rental properties in Miami Beach. We know Miami.

HGTV Looking for American Homeowners Who Have Purchased Homes in Italy, France, or Morocco

HGTV is currently casting for a new American television show and looking for American Homeowners (20s - 50s and young retirees) who have purchased homes in Italy, France, or Morocco.  The buyers should be planning to renovate at least one room in their home.  They are hoping to shoot the renovations before they begin.

HGTV is offering $500 to the family who is on the show. This will be offered to the family after the family is approved by Network and taping of show is all complete.

 If you know anyone who meets the above criteria, please contact us