The real estate industry is gearing up for Miami Art Week, one of the biggest economic drivers in South Florida.
The week’s festivities have expanded so much that it has become more about the parties, brunches and private dinners — for some.
Brokerages and developers are continuing to tap into the potentially massive wealthy client base that the art fairs bring. Prospective residential buyers have scheduled appointments at sales galleries and luxury homes, agents tell me.
Some brokerage firms have pulled back from pricey sponsorships, as the residential market is still in a slowdown. (Not to sound like a broken record, but the market is not dead, to be clear. Records are still being set!)
Still, top agents and developers are hosting VIP events, including boat tours, to take advantage. Honestly, to beat the traffic, you need a boat.
This year, Coconut Grove-based Sotheby’s International Realty is sponsoring Art Basel Miami Beach. Sotheby’s replaced Douglas Elliman, a show sponsor for nine years. One Sotheby’s chief marketing officer tells me that the brokerage isn’t planning on letting the sponsorship go anytime soon. (Full story to come tomorrow.)
Dora Puig, owner and broker of Luxe Living Realty, told me in October that clients were booking appointments months in advance to do in-person showings for her listings on the Venetian Islands, North Bay Road in Miami Beach, and on Fisher Island, a ritzy island accessible only by ferry, boat or helicopter.
What we’re thinking about: I keep hearing about a wave of new condo projects that will stall in the next six months to a year, as developers will be unable to get financing or make a sold-out project pencil out because costs increased so much. Which ones could be in trouble? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: A hidden trust paid $32 million for the waterfront Sunset Islands home at 1826 West 23rd Street in Miami Beach. Developer and restaurateur Mathieu Massa sold the seven-bedroom, 6,100-square-foot home, which he had previously rented to the wife of former HFZ Capital Group developer Nir Meir.
Commercial: Holidays Network Group paid $27 million for the apartment complex at 2618 Collins Avenue in Miami Beach. A joint venture between investors Eli Dadon, Avi Dishi and Richard Waserstein sold the site, which has approvals for a 107-room hotel.
— Research by Adam Farence
NEW TO THE MARKET
Todd Michael Glaser and his partners re-listed their waterfront island estate in Palm Beach for $187.5 million, down from $218 million. Glaser took the property at 10 Tarpon Isle off the market over the summer. The 2.3-acre man-made island includes the original mansion designed by famed Palm Beach architect Howard Majors, which was built in 1930.
A thing we’ve learned
Sperm whales have their own culture, following a set of coded behavior like human beings. Sound and swimming patterns are two ways whales distinguish themselves. Some whale clans synchronize their diving, while others swim more directly.
Elsewhere in Florida
- State regulators put the city of Miami on notice that it has been operating without a valid budget and tax rate. The Florida Department of Revenue said that the commission’s Sept. 28 budget vote was invalid because only four of five commissioners participated. Ex-Commissioner Alex Diaz de la Portilla had just been arrested and suspended. If the city does not comply, it could cost taxpayers an estimated $56 million, the Miami Herald reports.
- Florida GOP chairman Christian Ziegler is under criminal investigation for allegations of rape and sexual battery, which Ziegler has denied. Following a debate with California Gov. Gavin Newsom, Florida Gov. Ron DeSantis said that Ziegler should step aside while the investigation is ongoing. “He's innocent till proven guilty, but we just can't have a party chair that is under that type of scrutiny,” DeSantis told reporters, according to BBC.
Billionaire Amazon founder Jeff Bezos’ yacht is so big he had to dock it at Port Everglades in Fort Lauderdale. Bezos paid half a billion dollars for the 400-foot long, 250-foot-tall mega yacht, which has two pools, a hot tub, lounges, dining areas and more.