Miami General Real Estate Upate- Summer 2007

There are many signs that Miami’s general real estate market continues to thrive despite the sales trend toward a “buyers” market. We have found that properties that are priced right, and have the potential for additional value for their future owners, continue to sell in both the residential and commercial real estate markets.

A few notable examples from the Summer months of 2007:

Hotel Properties Sell for Record-Breaking Prices in Miami Beach

Locally based Catalina Hotel & Beach Club has acquired the 190-room Dorset Hotel at 1720 Collins Ave. for $10.5 million which closed in June, 2007. The new owner plans to renovate the property and combine it with a property next to it. The Dorset Hotel will be merged with the Catalina Hotel at 1732 and 1756 Collins Ave., but will remain open during renovations. A grand opening for the project is planned for the fall.

A Maryland real estate company bought South Beach's Clinton Hotel for $19 million closed in June, 2007. In acquiring the 88-room hotel at 825 Washington Ave., an unknown number of investors pooled their money to make the purchase.

North Miami apartments sell for $43 Million

Six five-story apartment buildings in North Miami have sold for $43 million to an offshore entity represented by a domestic pension fund adviser. The purchaser is California-based Atherton-Newport Real Estate. The brokerage said the buyer intends to keep the buildings as apartments and improve the property to increase profit. Current features include a two-story clubhouse with fitness center and meeting rooms, two pools, two lighted tennis courts, two indoor racquetball courts and gated property entrance. The buildings last sold in 2003 for $29.25 million, property tax records show, with a net appreciation in value of over 11% per year!