Tuesday, July 30, 2013
Just returned from Bimini Bay where I spent a mini vacation with friends. It had been over four years since my last trip to the island and immediately upon arrival I noticed the growth and transformation which had occurred during that time. All the development that was in the works then is now completed. You may have heard the chatter online regarding the numerous problems facing the resort, however, I must say there were none while I was there. Everything was in its place and working beautifully. We arrived and docked without any delay. Customs agents were friendly and quickly set us on our way.
One new addition since my last visit is the casino. It is now completed and operating at full steam. Although small, it is very nice and guest seemed to be enjoying themselves the times I was there. As is at all the amenities throughout the resort, the staff was accommodating and friendly. One of the things that impressed me the most is how well management has kept up and improved the general areas of the resort grounds. Everything was clean and well-manicured.
The casino is not the only change which has come about since Genting established the Resort World Bimini. Resort World now offers a daily two hour cruise to the island from Miami to Bimini. According to the brochure, the cruise includes 2 free meals plus world-class gaming (for more information go to www.rwbimini.com).
Future plans for the island include world-class golf, hotel and luxury single family home featuring beach, pool and private docks. This is under development now and I am told the first homes will be delivered by the beginning of next year.
Wednesday, July 17, 2013
Baltus House is Jorge Perez's most recent brain storm. A collaborate effort between the Spanish design house, Baltus House and his extreme talents as a developer. Baltus House offers high end design with some of the luxuries typically offered at some of Jorge's more upscale projects. The property will be located across the street from Baypoint, a private community on the Biscayne Bay and a short distance away from the infamous design district. Baltus House, the Spanish design firm currently has a design studio in the design district. There is no debt that the new development will bring a huge recognition to the firm. According to the developer’s brochure, Baltus House will give the property an authentic taste of Spain by featuring artwork by Lluis Barba, a Barcelona artist. Keeping with the love of art which Jorge Perez is known for, the garage will feature a gigantic mural by Venezuelan artist Jaime Gili . For renderings and more information of this project, click on the link for the brochure; https://www.dropbox.com/s/3eoso5ccgn1j0e3/BALTUS%20HOUSE%20Brochure.pdf
Tuesday, July 9, 2013
It just got a little more expensive to buy a home. You can forget the 3% interest rate on a 30 year mortgage loan – it is gone forever. I have been mentioning this for several months, possibly even as long as a year. It was never a secret, experts have been warning that the interest rate on home loans would go up and they did. In addition to higher prices for homes, now buyer will have to pay more for a loan. The current interest rate on a 30 year loan is up to around 4.48%, down slightly from around 4.61% a month ago and up from around 3.5% in the beginning of 2013.
Monday, July 8, 2013
Today’s market outlook continues to be positive for the Greater Miami area. According to new released information by the National Association of Realtors, Miami home prices are up more than 20% over last year in the first quarter. In Miami the median price is $219,900, $43,867 higher than that of the national. Also mentioned in this report is the increase in permits for new homes. In the 12 months leading to March of this year, the rate of permits for new housing construction of single family house rose by 17.2% over the same period the year before. All this is an indication that our local real estate market is in recovery. We have been seeing positive numbers for almost two years now. The one thing that seems to have been holding it back is a shortage of inventory. I believe this renewed interest in new construction by developer and builders will further intensify this momentum with jobs and inventory making 2013-2014 the true turning point for our local real estate market and economy.