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Top 10 South Florida Business Stories in 2015

by Hugo on Dec 31, 2015 Categories: blog (386 Views)

Top 10 South Florida Business Stories in 2015

Another fabulous year in South Florida with major changes from the slow down in the new pre-construction condominium market in Downtown Miami to the opening of formal relations between the United States and Cuba.   

Let the countdown begin ... the top 10 business stories 

10.  The world famous art-deco Lincoln Road, an iconic tourist destination in South Beach, is undergoing a major renovation to make the outdoor mall friendlier to pedestrians and bicyclists.   

9.  TotalBank, one of the biggest construction lenders in Miami, got off to an early firework display this year.  In November, they suddenly laid off close to 100 employees.  Could this be an early sign of troubles to come for local commercial banks in Miami as the South American markets struggle with their economies ?   

8.  Office-Sharing in Brickell Avenue and Midtown is the new wave and not just a temporary fad.  New start-ups from WeWork in Miami Beach to Buro in Midtown to Pipeline Workspaces in Brickell Avenue are expanding well beyond 100,000sf.  Almost all buildings in Brickell Avenue have co-working spaces in one floor or another. This entrepreneurial ecosystem offers small self-employed individuals the flexibility they need with the amenities of a large institutional tenant.    

7.  Real estate developers go to war and the weapon of choice is amenities.   This was the year of extravagant amenities from porsche elevators, bowling alleys, pool terraces to cigar lounges.  The leisure items continue on and on ...  and the winner is ... Faena House with a whopping $60m penthouse sale.   

6. The war of the roses continues with federal regulators rejecting the Staples - Office merger.  The FTC rejected the merger because it would increase consumer prices.  Let's see what happens next ...

5. Broward is undergoing a hotel boom.  With the availability of beachfront land at cheaper prices than in Miami-Dade, Broward has 54 projects with 8,910 rooms under construction with another 117 projects with 13,815 rooms in the final stages.

4. A big leap for Magic Leap, the South Florida start-up, who has raised more than half-billion dollars in venture capital, with an estimated market value of $3.7B, looking to move into new 260,000sf offices, made its groundbreaking ceremony in October.

3. With the historic opening of formal relations and embassies between the United States and Cuba, we saw an increase in tourism and US dollars pouring into the Cuba economy.  Although not everyone is in agreement with the Obama administration's decision, some see it as an opportunity for an increased cultural exchange.  Let's just see how this controversial decision develops and what the Castro's have up their sleeves ...

2. Carnival and Royal Caribbean set sail for China in order to service the fast growing Chinese market.  Hey ... as the saying goes, if you can't beat them ... join them. 

1. The new condominium market in Downtown Miami is slowing down.  After years of steady growth, we are now entering the fifth year of the real estate bull cycle and will probably see a soft landing. For many years, new sales were fueled by all cash foreign national buyers from Europe and South America but as these economies are slowing down ... so are sales.  Many new condominium projects are getting shelved or canceled all together.  The Related Group, one of the largest condominium developers, in South Florida, is lowering the deposits buyers must put down before the closing.   So what is the $64,000 questions ?   Are we going bust or this time it will be different ?  Let's just say, this time around, we have real buyers, with real cash down payments, who up to now - come rain or shine - are closing in a timely manner.

Happy New Year + God Bless,

Hugo     

For more information on South Florida and new pre-construction condominiums, please call 305.377.2100 or contact Hugo via email at HugoSellsMiami@gmail.com. 

Brickell Key Capital, a licensed mortgage lender, specializes in the origination, funding, closing and servicing of residential and commercial hard equity and foreign national mortgage loans in South Florida. For more information on mortgage loan financing in order to purchase a luxury condominium, home or commercial property, please call 305.325.1010 or contact Hugo via email at Hugo@BrickellKeyCapital.com.  

Tags: Brickell | Downtown Miami | South Florida | Pre-Construction | Condominiums | Mortgage Loans | Hard Equity | Foreign National | Mortgage Lender   

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