A large amount of luxury condos have been built around Miami, causing a severe glut of inventory for those products. But a stop or pause in such projects might help the problem. According to The Real Deal, cancelled Miami projects include the Fasano Residence Miami Beach, which had about 45 percent of its units sold when the development was cancelled. Naranza at Edgewater and Spider’s Spark Edgewater condos also cancelled.
In other news:
- CC Homes is set to unveil three contemporary home models, according to Curbed. The Bali model offers six bedrooms and bathrooms and a pool. The Maui model has four-and-a-half bathrooms, five bedrooms, a detached studio and an optional pool. The Fiji model has four bedrooms and three-and-a-half bathrooms. The housed are priced from $590,000 to $1.5 million. CC Homes will unveil the models to potential buyers on June 1 and 2 in their sales office.
- Miami Beach is a leading city in combating the effects of climate change. According to Urban Land, the city has always been vulnerable to rising sea-levels and coastal erosion, but Miami Beach is taking efforts to prevent catastrophe. Miami Beach is currently 15 percent into a 10-year, $600 million multiyear stormwater management program, “Miami Beach Rising Above.” The program improves drainage systems, elevates roads and updates regulations that reflect increased elevation. Miami Beach’s efforts were recently applauded at an Advisory Services panel. The city’s plan is expected to help other global cities prepare for similar issues surrounding climate change.
- The finalists were chosen for the first annual Future of Real Estate Summit at the LAS Miami. LAB Venture chose finalists from five continents to present plans for innovative real estate technology startups. According to the Miami Herald, the finalists include: My Rent Hero, Date Nerds, Home61, GeoCV, Module, VeryApt, Gridics, BleauFire, Brickly and Skyline Robotics. The summit will have keynote speakers, panel discussions and a chance for the winner to earn various prizes and an exhibitor table at CREtech’s New York event.
- A haunted, historic home is set to be back on the Miami market. A former home of the Cuban Consulates, the Villa Paula transitioned from a home to an art gallery. Legend says the building is haunted by the former Cuban consulate’s wife, who is reportedly buried on the property. She and other spirits have been seen on the property, attracting visitors to the historic Miami spot. The house is expected to hit the market for $4.5 million. Jean-Louis Delbeke, an agent for Sotheby’s International Realty, is listing the property, according to the Miami New Times.