Market Snapshot shows not only the Real Estate Facts and Trends that happen in each city at The SouthEast Florida region but also involves another aspects like Business, Economics, Politics, Sports and Entertainment among others that make impact in the Real estate industry.

Real Estate

Local:

  • Timbaland buys waterfront Miami condo

    Grammy-winning rapper closed on combined unit listed for $4M

    Timbaland and 1770 North Bayshore Drive (Credit: Photo by Matt Winkelmeyer/Getty Images, the Melo Group, Public Domain Images)

    Grammy Award-winning record producer and rapper Timbaland just bought a waterfront condo under construction in Miami’s Arts & Entertainment District.

    Timbaland, whose real name is Timothy Zachery “Tim” Mosley, closed on two units at Aria on the Bay, Cervera Real Estate’s John Parsiani said. Parsiani, a senior sales executive for the project, declined to provide a price. Sources said the units were listed for about $4 million.

    His combined condo spans more than 4,700 square feet with an additional 1,300 square feet of terrace space. Tim Elmes of Coldwell Banker and Marc Hameroff of Engel & Völkers Miami represented the record producer. Elmes could not immediately be reached for comment.

    Timbaland, who has worked with artists like Ginuwine, Aaliyah, Justin Timberlake, Jay-Z and Ludacris, will be able to move in soon. The Melo Group plans to get its certificate of occupancy for Aria on the Bay by March, Parsiani said. The 53-story, 648-unit building at 1770 North Bayshore Drive is nearly 90 percent sold.

    Last year, former Miami Marlins outfielder Giancarlo Stanton also bought a unit at the luxury condo tower.

    Aria’s amenities will include two swimming pools, a spa, gym, yoga room, a bar and entertainment lounge, a screening room and a game room. The building was designed by Arquitectonica and will also have about 20,000 square feet of commercial space, including office, retail and restaurant space at the ground level.

    Prices for remaining units range from the $400,000s to about $1.8 million.

  • Ecuador’s former central banker sues Privé developers to cancel $3.6M condo contract 

    Privé at Island Estates

    A top South American banker is looking to back out of purchasing a $3.6 million unit at Privé at Island Estates, alleging that ongoing lawsuits between the developers and neighboring homeowners could have a significant negative impact on the condo’s value and marketability.

    An entity tied to Abelardo Pachano Bertero, a former head of the Ecuador Central Bank who now runs the financial and advisory firm Finanview, sued Privé Developers last month for breach of contract and cancellation of contract in Miami-Dade Circuit Court.

    APB Real Estate Holdings Inc. is seeking a court order to reclaim its $1.8 million deposit, which has been held in escrow since August 2014, when Bertero signed a purchase agreement for a 10th floor condo in the two-tower luxury high-rise in Aventura. The 150-unit project at 5000 Island Boulevard is 75 percent sold out and opened last month.

    “We were forced into a corner,” said J. Luis Quintana, APB’s lawyer. “[The developers] are pretending as if everything is great and people should close with no questions asked.”

    Daniel Lebensohn, a principal of BH3, the company developing Privé at Island Estates in a partnership with Gary Cohen, dismissed APB’s complaint as a prime example of buyer’s remorse. “This is just a case that is common to every single new development where a buyer here or there isn’t able to close due to their own circumstances, yet seeks to grasp any reason real or imagined to absolve themselves of their contractual obligations,” Lebensohn said.

    According to APB’s lawsuit, Privé Developers sent Bertero’s company an amendment to the project’s prospectus offering on Dec. 11 that disclosed the existence of five other pending complaints filed by the Williams Island Property Owners’ Association, the Island Estates Homeowner Association and island residents David Clarke and Dara Clarke. For the past five years, the two associations and the Clarkes have tried to stop the project by suing Cohen, BH3 and their related development companies. In turn, the developers have filed counterclaims. 

    Bertero’s APB alleges that the prospectus offering amendment materially alters the project in a manner that is adverse to the buyer because its contains a statement that “each buyer acknowledges that the outcomes of the lawsuits is uncertain and no representations or warranties are have been made by the seller.”

    “The existing lawsuits render title to the unit unmarketable and constitute a cloud on title,” APB’s lawsuit states.

    Last week, a jury awarded Privé Developers a $26 million verdict in one of its counterclaims against Williams Island Property Owners’ Association for breaching a 1982 agreement that it would not challenge future development on the 84-acre luxury enclave. However, in October, a judge ruled in favor of Island Estates Homeowner Association and the Clarkes in a lawsuit that alleged the city of Aventura allowed the developers to build an an illegal sidewalkthat encroached on homeowners’ properties.

    Since then, the plaintiff homeowners have obtained permits to demolish portions of the sidewalk that are on the utility easement in the front of their lots, APB’s lawsuit alleges. “The lack of sidewalk clearly makes pedestrian access to the North Island less attractive and limited, and it also changes the initial site plan approval for the project,” the APB complaint states.

    Glen Waldman, Privé Developers’ attorney, said APB’s lawsuit has no basis in fact or law. “There is nothing that has any negative impact on the project,” he said. “This lawyer is just trying to find a way to get the client out of a contract that he entered with his eyes wide open.”

    Lebensohn said Privé Developers will fight to hold APB accountable to its contractual obligations. “There is no cloud on title, otherwise the other 100-plus sold units wouldn’t have closed since December of 2017, and our construction loan would not be paid off as it was this past week,” Lebensohn said. “To the contrary, title insurance has been issued time and again without exception.”

Politics

North America:

  • President Trump delivered his first State of the Union address last Tuesday evening. In his speech, he covered potential agenda items for 2018 in broad terms, including a call for $1.5 trillion in new infrastructure spending, a commitment to immigration reform and border security and partnerships with states and the private sector. If you missed the State of the Union Address, you can watch it here.
  • The Virginia Senate voted unanimously, 40-0, Monday to pass  Joint Commission Health Care bill, SB 726, which allows Virginia physicians to recommend the use of cannabinol oil of THC-A for treatment purposes. Many Virginians suffering from a variety of conditions such as cancer, Crohn’s disease, and PTSD have lobbied passionately for this state reform.

Sports

North America:

National Football League (NFL):

  • David bested Goliath this Super Bowl LII, with the understated Philadelphia Eagles beating the New England Patriots 41 -33 Sunday night. The game was an offensive showcase by Patriots QB Tom Brady and Philadelphia’s QB Nick Foles but ultimately was decided by a turnover by Brady late in the game. Philadelphia hasn’t won a Super Bowl since 1960. For a recap of the game click here.

National Basketball Association (NBA):

  • Lebron James is frustrated with the Cleveland Cavaliers sub-par play this season. Following their nationally televised loss, 120-88, to the Houston Rockets, James said “They should take us off every nationally televised game for the rest of the season. We haven’t played good ball, and we get our butts kicked every time we play on national television, so I’m at a loss for words.” Lebron’s continual dissatisfaction has skeptics questioning where he’s going to land next season; maybe he’ll come back to South Beach.

Entertainment

  • Justin Timberlake performed at this year’s Super Bowl Halftime Show with a lively showcase of his repertoire of hits. Possibly more memorable than Justin Timberlake’s performance was the selfie seen around the world.

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This report gather information from different sources like The Real Deal, Cervera weekly report, New York Times, Washington Journal, Market Snacks among others.