This week in Miami real estate: Second homes, high-rises and more

by Morgan Mereday

Second vacation homes can provide you with more than just luxury, but profit too if you know where to buy from. Realtor.com compiled a list of the top 10 most profitable markets for vacation homes, ranking the markets where sellers are making the largest profits. 

Two Florida cities ranked on Realtor.com’s list, with Port St. Lucie ranking No. 5 and Key West at No. 10. To compile the list, Realtor.com looked at the 500 largest metropolitan areas in which second homes contributed to 12 percent of all properties. The study then focused on all of the home sales that had occurred within the previous 12 months, and compared the most recent sale prices to their previous ones, dating back as far as 2008. Using these figures, the study calculated the annualized rate of return for each market and optimized geographic diversity by limiting the ranking to two metros per state. 

Port St. Lucie has an annualized rate of return of 11 percent with a median home list price of $279,300. Properties are selling fast as Port St. Lucie offers prime real estate for below $1 million with oceanfront homes starting as low as $500,000 and condos for even cheaper. Key West has an annualized rate of return of 9 percent with a median home list price of $687,100. Although buyers are coming from all over, the city mainly attracts second home buyers from colder states.  

In other local real estate news: 

  • Developer Jorge Pérez and his company Miami-based Related Group, announced their plan to buy three project sites to build apartment complexes in southwest Las Vegas Valley. The project is hoped to break ground next year, with more deals following in 2020. The Review Journal reported that Pérez and other developers are shying away from high-rises and focusing on apartment construction. 
  • Miami developer Habitat Group announced it had injected $11 million into its newest project, East River Living. Located in the Miami River District, the development will include 34 residential units and add to the growing housing stock alongside the Miami River.
  • Pordes Residential revealed itself as the exclusive sales partner for Palm Villas in Bay Harbor Islands. The brokerage will manage all sales within the community of luxury townhomes currently priced at $1.2 million and up. Palm Villas is the fourth exclusive sales deal in the Bay Harbor Islands for Pordes Residential.
  • A project that promises to deliver the tallest building in Fort Lauderdale is being led by an all-female development team. OneWorld Properties is leading the sales and marketing of 100 Las Olas, scheduled for completion in 2020. OneWorld is led by Peggy Fucci as CEO and Catherine Kohn as sales director. The building’s lead designer (Carrie Tolman of Simeone Deary), senior project manager (Diana Manning Yankee of KAST Construction), architect (SB Architects, with vice president Pinar Harris) and developer (Shannon Lee of Kolter Urban) are all women, a rare sight in a male-dominated industry. Upon completion, 100 Las Olas will rise 499 feet above ground and feature 113 luxury condos, as well as a Hyatt Centric hotel and retail space.
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