![\"\"](\"http:\/\/philipgutman.com\/wp-content\/uploads\/2019\/10\/19-MIAMI-RIVER020515-Miami-River-property-ADD.jpg\")
<\/p>\n[vc_row][vc_column][vc_column_text]<\/p>\n
<\/p>\n
Miami\u2019s real-estate market continues to evolve and, as it does, so too does our great city. Developers have been reawakening once-blighted areas and refashioning industrial and forgotten neighborhoods including Sunset Harbour, Miami\u2019s Design District, Wynwood, Edgewater and downtown. Now the\u00a0tide is rising on the Miami River as the next frontier of waterfront development.<\/a>\u00a0The river, the birthplace of Miami, is setting a new course for the city\u2019s future.<\/p>\n The river has played an important role in Miami\u2019s history, serving as the home of the Tequesta Indian tribe, a military installation during the Seminole Wars and the \u201cmother of Miami\u201d Julia Tuttle. From historical site to commercial hub, a new wave of city living is set to wash into the heart of Miami.<\/p>\n The\u00a0recent renaissance of the Miami River\u00a0<\/a>began quietly, with\u00a0popular eateries and hot spots sprouting along its banks,<\/a>\u00a0including the instantly popular SeaSpice and newly opened River Yacht Club. Duck and Waffle, Edge, Sushi Samba, River Oyster Bar and Fox Hole Marketplace and Deli will add to the lineup of longstanding establishments, including Garcia\u2019s Seafood and Casablanca.<\/p>\n Many developers\u00a0have revealed their plans for luxury high-rises\u00a0<\/a>for the riverfront.<\/p>\n One such developer, KAR Properties led by Shahab Karmely, unveiled their vision for the three parcels they assembled on the banks of the river \u2014 the Rafael Vi\u00f1oly-designed masterpiece, One River Point. Nestled within downtown\u2019s only private gated park on the Miami River, One River Point proves that landmark luxury doesn\u2019t have to be built on sand. The exclusive pair of glass-enclosed towers have already struck a particular note with New York buyers, who resonate Rafael Vi\u00f1oly\u2019s name with 432 Park \u2014 arguably Manhattan\u2019s most prestigious address \u2014 and can appreciate One River Point\u2019s relative value at a fraction of the price of comparable luxury living in Shanghai, Singapore and other global cities.<\/p>\n Just last week, plans were announced for a 69-story, 384-condo tower at 300 Biscayne Blvd. Way. \u2014 Epic 2. It is proposed by Riverwalk East Developments, led by German Coto and Gloria Coto.<\/p>\n Transformative projects like these\u00a0<\/a>will serve as the catalyst of the rejuvenation of the area, and the Miami River will soon join the ranks of the glittering river cities of the world including London, Hong Kong and Paris.<\/p>\n Just as Sunset Harbour emerged from a once-predominantly industrial enclave to one that is now alive with the trendy set frequenting some of the regions\u2019 best dining and retail spots, the Miami River will relive its heyday. Sunset Harbour is now known for its fitness outlets \u2014 spinning, boot camp, yoga and boxing \u2014 and luxury residential rising nearby. Close by, the once abandoned neighborhood that comprises the Miami Design District \u2014 is the center now known for cutting-edge fashion, food and art.<\/p>\n It\u2019s hard to believe, when perusing the\u00a0many shopping and dining establishments and looking up\u00a0<\/a>to the new condo buildings and sites slated for development in the Midtown area, that it was no less than 15 years ago the home of a dilapidated rail yard. The same could be said for the Wynwood area \u2014 although not a rail yard, a once equally undesirable neighborhood polished from rough stone to a rare gem and now counted among the many jewels in South Florida\u2019s cultural treasure chest.<\/p>\n Edgewater, once seen by many as a run-down neighborhood, was viewed by keen developers as a golden opportunity. They cut deals and assembled parcels and new residents will soon enjoy water views from their luxury condos. And then there is downtown, where the mega mixed-use Miami Worldcenter project will transform 27 underutilized acres into a live, work and play paradise.<\/p>\n Departures magazine named Miami the \u201ccity of the future,\u201d and the\u00a0Miami River is the perfect example of how the past\u00a0<\/a>is giving way to an exciting new future. Our city is ready for another booming neighborhood, as well as a reimagined riverfront. While we must always remember and honor our past, it is time for Miami to see the river through new eyes.<\/p>\n Philip Gutman is the vice president of sales in Florida for\u00a0Douglas Elliman Development Marketing<\/a>. He can be reached at\u00a0<\/em>Philip.Gutman@elliman.com<\/em><\/a><\/p>\n A market report<\/p>\n<\/div>\n In the Brickell area,<\/strong>\u00a0price trend indicators were mixed as sales rose nominally. \u201cDays on market\u201d and \u201clisting discount\u201d increased.<\/p>\n Luxury condo price trend indicators\u00a0<\/strong>continued to fall and inventory jumped. Condo \u201cdays on market\u201d and \u201clisting discount\u201d continued to rise.<\/p>\n Source: Quarterly Survey of Miami Coastal Mainland Sales in The Elliman Report. Miller Samuel Inc. Real Estate Appraisers & Consultants for Douglas Elliman Real Estate<\/p>\n<\/div>\n<\/div>\n Got a Broker\u2019s View?<\/p>\n<\/div>\n Realtors may submit columns for Broker\u2019s View of 700 words to to rclarke@MiamiHerald.com. This feature is intended primarily for residential brokers, who will be given preference, but pieces about commercial real estate will also be accepted as space allows.<\/p>\n<\/div>\n\n\n\n\n
\n Brickell condos<\/td>\n 4Q 2015<\/td>\n % change (qtr)<\/td>\n 3Q 2015<\/td>\n % change (qtr)<\/td>\n 4Q 2014<\/td>\n<\/tr>\n \n Average sales price<\/td>\n $547,312<\/td>\n -3.1%<\/td>\n $565,053<\/td>\n 2.7%<\/td>\n $532,798<\/td>\n<\/tr>\n \n Average price per sq. ft.<\/td>\n $470<\/td>\n 0.6%<\/td>\n $467<\/td>\n 1.7%<\/td>\n $462<\/td>\n<\/tr>\n \n Median sales price<\/td>\n $380,000<\/td>\n -10.1%<\/td>\n $422,500<\/td>\n -4.5%<\/td>\n $397,950<\/td>\n<\/tr>\n \n Number of sales (closed)<\/td>\n 224<\/td>\n -5.9%<\/td>\n 238<\/td>\n 0.4%<\/td>\n 223<\/td>\n<\/tr>\n \n Days on market (from last list date)<\/td>\n 52<\/td>\n 8.3%<\/td>\n 48<\/td>\n 2.0%<\/td>\n 51<\/td>\n<\/tr>\n \n Listing discount (from last list price)<\/td>\n 5.9%<\/td>\n <\/td>\n 5.8%<\/td>\n <\/td>\n 5.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n Luxury condos<\/td>\n 4Q 2015<\/td>\n % change (qtr)<\/td>\n 3Q 2015<\/td>\n % change (qtr)<\/td>\n 4Q 2014<\/td>\n<\/tr>\n \n Average sales price<\/td>\n $1,340,435<\/td>\n -0.7%<\/td>\n $1,350,105<\/td>\n -5.6%<\/td>\n $1,419,285<\/td>\n<\/tr>\n \n Average price per sq. ft.<\/td>\n $612<\/td>\n 0.5%<\/td>\n $609<\/td>\n -4.2%<\/td>\n $639<\/td>\n<\/tr>\n \n Median sales price<\/td>\n $950,000<\/td>\n 1.2%<\/td>\n $938,500<\/td>\n -13.6%<\/td>\n $1,100,000<\/td>\n<\/tr>\n \n Number of sales (closed)<\/td>\n 225<\/td>\n -9.6%<\/td>\n 249<\/td>\n -15.1%<\/td>\n 265<\/td>\n<\/tr>\n \n Days on market (from last list date)<\/td>\n 56<\/td>\n 7.7%<\/td>\n 52<\/td>\n 7.7%<\/td>\n 52<\/td>\n<\/tr>\n \n Listing discount (from last list price)<\/td>\n 7.6%<\/td>\n <\/td>\n 7.6%<\/td>\n <\/td>\n 7.0%<\/td>\n<\/tr>\n \n Listing inventory (active)<\/td>\n 2,871<\/td>\n 28.2%<\/td>\n 2,240<\/td>\n 84.7%<\/td>\n 1,554<\/td>\n<\/tr>\n \n Absorption period (months)<\/td>\n 38.3<\/td>\n 41.9%<\/td>\n 27.0<\/td>\n 117.6%<\/td>\n 17.6<\/td>\n<\/tr>\n \n Entry threshold<\/td>\n $580,000<\/td>\n -9.7%<\/td>\n $642,000<\/td>\n -16.4%<\/td>\n $693,500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n\n