Miami Beach hotels at crossroads

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A hotel guest enjoys having the pool practically to herself at Fontainebleau Miami Beach. The hotel reopened on June 1 after having to shut down due to the coronavirus pandemic.

jiglesias@elnuevoherald.com

After more than two years of delays, the Esmé Miami Beach was supposed to open in time for this year’s Art Basel.

A retrofit of the former Clay Hotel, the Esmé had suffered setbacks due to Hurricane Irma but was poised to return as a focal point along Española Way.

Then came COVID.

Now, the Esmé is slated to open in March — but with contingency plans should the pandemic linger.

“We are still optimistic,” said James Stuart, director of hospitality for Infinity Collective, the hotel’s developer. “We hope that in three to six months things will have improved, and there are potentially fewer protocols needed.”

Still, the hotel is prepared to implement all the safety

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Rich people are buying Miami homes just for a place to park their yachts

When the 4,000-square-foot, four-bedroom waterfront house at 518 Palm Dr. in Hallandale Beach, Fla., sold for $2 million in July, Compass broker Chad Carroll got a surprise. The NYC-based buyer wasn’t looking for a holiday home. He just wanted a place to park his yacht. In Fort Lauderdale, a five-bedroom, 8,494-square-foot mansion at 1500 SE 10th St. sold late last year for $6.5 million, also with Carroll. (It’s currently on the market for $10 million, with Compass’ Tim Elmes.) Once again, the buyer was just looking for somewhere to park their yacht.

1500 SE 10th Street in Fort Lauderdale
1500 SE 10th St. in Fort Lauderdale, Fla.Daniel Petroni/Courtesy of Compass

Throughout South Florida, a surge of boat sales — especially since the pandemic — has led to a slip shortage, spurring buyers to spring for waterfront single-family homes with yacht parking, brokers say.

“We have a finite amount of developable waterfront, and they aren’t building mega-yacht

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For the rich, waterfront Miami mansions have become yacht parking lots

  • Afraid that their marinas will shut back down if COVID-19 cases continue to spike, the ultrawealthy are snapping up waterfront mansions just so they have a place to store their yachts.
  • One Miami-based broker told Business Insider that he had sold two homes in recent months to buyers more concerned with their yachts than the homes themselves.
  • Yacht sales spiked early in the pandemic as the ultrawealthy looked for outdoor, socially distanced entertainment.
  • As the pandemic wears on, community-based amenities common in luxury condos — like shared pools and gyms — have lost their appeal to high-end buyers.
  • Visit Business Insider’s homepage for more stories.

While many Americans were busy hunting down bikes during coronavirus lockdowns earlier this year, the ultrawealthy were shopping for yachts.

Now, they need a place to park them.

Marinas are both costly and subject to local shelter-in-place orders, meaning that in the case of another

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Weekly Condo Sales Volume In Miami Drops Below $40M

Condo sales and closed dollar volume fell again last week in Miami-Dade County.

A total of 110 condos sold for $35.8 million last week, down from the 123 units that sold for $50.3 million the previous week. Condos last week sold for an average price of about $325,000 or $269 per square foot.

The most expensive sale was for unit 7633 at Oceanside on Fisher Island. The unit sold for $3 million, or $1,049 per square foot, after 566 days on the market. Saddy Abaunza represented the seller while Karla Abaunza represented the buyer.

The second most expensive sale of the week was for unit 705 at Murano at Portofino. The South Beach condo sold for $1.6 million, or $1,166 per square foot, after 73 days on the market. Candida Revilla represented the seller, while Lisa Van Wagenen represented the buyer.

Here’s a breakdown of the top 10 sales from

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Miami Condo Sales Down In October 2020

Condo sales and closed dollar volume both fell last week in Miami-Dade County.

A total of 123 condos sold for $50.3 million last week, a significant decline compared to the 151 units that sold for $73.7 million the previous week. Condos last week sold for an average price of about $409,000 or $305 per square foot.

The most expensive sale was for unit 3603 at the Setai in Miami Beach. The unit sold for $4.1 million, or $2,582 per square foot. Jeffrey Miller represented the seller while Seth Feuer represented the buyer. It was on the market for 283 days.

The second most expensive sale of the week was for unit 2501 at Jade Signature. The Sunny Isles Beach condo sold for $3.3 million, or $1,115 per square foot, after 167 days on the market. Fred Rossen represented the seller, while Michelle Small represented the buyer.

Here’s a breakdown of

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2 LexisNexis buildings up for sale in Miami Twp.

A building on the LexisNexis campus in Miami Twp. A CBRE “for sale” sign was in front of it Sept. 27. THOMAS GNAU/STAFF

Christian Rahe, a CBRE associate, said his firm is listing the first and second buildings in the complex, a fully-occupied data center and a vacant office building, respectively.

“We will be sending out to the national market this week,” Rahe said Monday. “Hoped to give the locals a little heads up prior to doing so.”

It’s not clear if the sale is driven at least in part by having more employees work from home or alternate locations during the COVID-19 pandemic. On Facebook, one employee says that colleagues will be “home-based, full-time on campus or sharing cubes/office.”

In early 2017, LexisNexis put up one of its campus buildings for sublease, a building known as B2. That was taken to be a sign that the company’s Dayton-area workforce

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Midtown Miami Land In Foreclosure Listed For Sale

3601 North Miami Avenue with Francisco Arocha

3601 North Miami Avenue with Francisco Arocha

The developer of the planned Triptych project that straddles the border between Midtown Miami and the Design District is listing the site for sale.

HES Group, which is facing foreclosure from its lender, is looking to sell or find a joint venture partner for the 1-acre property at 3601 North Miami Avenue, said Francisco Arocha, CEO and managing partner of HES.

A rendering of the project

A rendering of the project

“We’re working in good faith to find a good solution,” Arocha said. “We own the land and we control the land. Our goal is that during the next few weeks, the economy will come back during the election.”

Miguel Pinto of Apex Capital Realty

Miguel Pinto of Apex Capital Realty

Miguel Pinto of Apex Capital Realty and Daniela Lainville of Yaffe International Realty are co-listing the site.

In early September, LV Midtown LLC filed a foreclosure lawsuit against Aventura Hotel Properties LLC and

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