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Yotelpad Says They Are Breaking Sales Records In Downtown Miami, With Chinese & Mexican Buyers Dominating

Brokers for Yotelpad announced yesterday in a press release that they have broken the sales record for downtown Miami, becoming the fastest selling project ever.

OneWorld Properties, which is leading sales, says that 75 percent of units have now been sold. The project will include 231 residential units and 222 hotel rooms, meaning over 170 condos have been sold.

The milestone was achieved in under nine months, with sales first getting underway in June 2018.

More than 46 percent of buyers are from Mexico and China, with a substantial number of buyers also coming from Argentina, Colombia and other South American markets.

Chinese are the second largest group of buyers. OneWorld Properties recently celebrated the one year anniversary of their office in Shanghai, and the project is popular there due to the strong name recognition of Yotel, along with the price point and location of the project.

A 31-story, 341-foot tower is being built, without any parking podium. Site work is now underway, and the developers obtained a $76.25 million construction loan from Bank OZK this month.

Completion scheduled for early 2021.

Stantec is the architect. Aria Development Group and Kuwait’s Aqarat are the developers.

 

 

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Anonymous

Didn’t Mana say it was impossible to attract foreign investors to Miami in the current climate?

Anonymous

Lackluster design but good for DT infill.

Anonymous

For Stantec, it’s pretty solid. More of this and 1111 Brickell please, and less Midtown 8 and Triton Center.

Anonymous

Building cycle continues downtown.

Anonymous

wow. you’re smart

Anonymous

ALL. CASH. CHINESE. BUYERS.

*broker swoons*

Anonymous

miso horni

Anonymous

I wanna buy something downtown Miami so badly before prices skyrocket. Just don’t have the money yet. I hope I’ll catch thia train before it’s too late

Anonymous

Prices are going lower, so you’ll probably have a better price in the future.

Anonymous

Prices are going lower? How long will that last

Anonymous

At the moment you can find some really good deals but the problem with those units is that the views are being blocked with new development.

Anonymous

Buy at Marina Blue downtown and you will have great views forever. Unless they built something on that parking lot right next to it. Anyone knows actually if anything is planned for that lot?

Anonymous

But you know what isn’t being blocked? His car… in traffic for 2 hours every day… cause he won’t live in or commute to homestead anymore.

Anonymous

why on earth would you want to buy something downtown Miami? better to rent and flee when the waters rise or before the next Cat 5.

Anonymous

Or buy on a high floor and once the water rises you’ll have a water front property🤪

marc

So rent and flee in 50 years?

Anonymous

He’ll be long dead before “the waters rise”. So will you.

Magazine

Just seems very very weird we continue to build a city on a house of cards catering almost entirely to foreign buyers. As Miami matures, my thought / hope was that the housing market would diversify out of a reliance on second home buyers, especially foreign. Just seems like a huge systemic risk and a sham economy – that may have been fine 20 years ago, but Miami should be able to do better today.

Having a full time residential community with growth of high(er) wage jobs seems like it should be growing faster than it is. Say what you want about how this cycle will be different, but second homes are the hardest hit in a macro slowdown. I am not sure what the advantages are of having new buildings going up that are 50% owned by investors 24-hour flights away.

Anonymous

Those foreign bought investments are rented out to the local population.

Rigo

Very true.

Anonymous

May be the low tax paradise doesn’t bring as many higher payed jobs as many seem to claim.

Anonymous

Don’t tell that to the Dallas Metroplex….they’re bagging F500 company relocations right and left and have lower corp. taxes than here.

Anonymous

It’s funny how some people aimlessly whine. Assuming your gripes are actual problems, what solutions would you propose? Mandatory wage increases? Restrictions on purchases by foreign buyers? The former would do nothing to solve your economic grievances and the latter would probably violate the US constitution.

Anonymous

i’d start with raising the building height off the ground… seems like a no-brainer… but since the developers only go 5 years out what do they care? and since the city officials are on the take, what do they care? i rest my case. order in the court!

Anonymous

but they are paying cash, so they won’t walk away… the buildings may sit empty or rents will go down (they already are)… but you are the smartest one in this forum by far.

Anonymous

You aren’t wrong but…

Miami has always existed on this boom-bust cycle. It won’t be the end of Miami by any means, it’s a lot more resilient than you give it credit for. Sure when hard times come a lot of these types will sell at the same time depressing prices further than would have been. But I assure you there will be plenty of Miamians sick of their 2 hour commute ready to swoop in and scoop up those units for a discount.

Actually my real worry is that when hard times come these unit’s wont come down ENOUGH in price as (current) sideline investors snatch up these units from distressed foreign sellers LONG before the “abuela” in Hialeah or Homestead has a chance to see this within their price range.

I think too many people who don’t live in this town, constantly underestimate how badly people who live here want to stop living half their lives in a traffic jam. I think it’s becoming true of most American cities actually. The inner core neighborhoods are becoming “forever expensive” like in Europe, where only the wealthy live close in and the rest live way outside the city.

Really???

I think Miami has reached a tipping point and transformed into a more mature market that will not see the volatile boom and bust cycles of the past. Sure it will be hit like any other metro in a recession but if you think there is going to be some big crash with prices plummeting I wouldn’t bet on it.

Anonymous

So, no parking… and STILL the fastest selling out. Is more proof needed that Miami doesn’t need more parking downtown?

Anonymous

Price point is key here. Like the Melos on the rental side, I think a developer could go bonkers on the condo side catering to this market.

Anon

Land and construction costs is too expensive. It’s why you don’t see many market rate condo developments without a rental income component.

Anonymous

Without any parking ? No way !

Anonymous

$600 per square foot for units with no views or parking. Something doesn’t add up. You can buy condos along Biscayne Blvd with direct, unobstructed water views for $400 per square foot.

Anonymous

Do the Chinese and South Americans know that? Viva the schmucks, errr foreign investors.

Anonymous

Advice please. Foreign investor here that eventually wants to move to Miami in some of years: Should I buy by the beach like south beach for example? Should I buy downtown? Or maybe Brickell?
I want to rent it for some years and then move there.

Anonymous

The best value is downtown.. and north into Edgewater, Midtown Miami area.

Anonymous

I’d probably wait… to buy until you’re ready to move here. Between property taxes and condo fess, you won’t be able to cover the carrying costs, IMO.

Anonymous

More brokerage-type folks can chime in but Brickell right now is almost certainly overpriced. Don’t know much about the Beach. Your money will go a bit farther on a PSF basis in Downtown, but there’s less inventory and the amenities aren’t all there yet like in Brickell (but you’re close anyway I guess).

Might be worth it to wait for a market correction?

Anonymous

Thanks for the advices but why the thumbs down? What did I say wrong?

Anonymous

By the water is more expensive, buy downtown. It’s easier to rent and once you move in you will love it, as it is becoming amazing! Plus you are 10 mins from the beach by car. Hopefully we’ll get the metromover there too but that’s a big “hopefully”.

Anonymous

10 mins by car? Maybe at 5 a.m. What a huge exaggeration. And what is amazing about a suburb with tall buildings aka downtown Miami? this is not city with grit and interest. It’s all the same like Dadeland Mall

Anonymous

Downtown the potential to be a better neighborhood than Brickell because its laid out more like a real urban environment (squared off grid of blocks, bigger sidewalks, more pedestrian access) but its gonna take quite some time for it to improve from being mostly dead…

Anonymous

I own a 1,100 sq/ft condo on the beach near the Fontainebleau that I rent out. With the HOA fees ($700/mo), insurance, taxes and some mortgage, I barely break even at $2,000/mo rent (the going rate in my building for long term rents). I just put this here for the person who posted for advice…I am not sure what rents and/or HOA fees are in Brickell/Downtown. BTW buyer beware, Miami Beach has a $20,000 first offense for Short-term rentals/Air BnB’s if you rent it out for less than 6 months…again not sure what fines they have on the mainland if any.

Anonymous

The guy won’t find a parking spot in 10 minutes, let alone get to the beach in 10 minutes from downtown.

Better to live on the beach if you love the beach

….awaiting thumbs down from the downtown realtors here

Anonymous

the absolute best value is my condo – please ping me privately for help! 🙂

William

A podium… with no parking structure…. hmmmm?

Anonymous

Right? Somehow they made the base looking like parking even though it isn’t.

Anonymous

Yes, to fit in with the rest of the “Miami style.”

Anonymous

hahahahahahahahaha you’re so funny!!!!!!

Anonymous

I don’t mind when the old renderings had a really ugly base, but I would also prefer if the tower continued downward, but it’s a different layout between multi-family and hotel.

Anonymous

China is very far from Miami. Can someone please enlighten me why someone would want a second home when there are much closer spots with a similar climate and beaches?

Anonymous

Because they aren’t as hot and trendy like Miami!

Anonymous

Most do want closer spots. Thats why there are so many Chinese buyers in California and up the West Coast to Vancouver.

Interested

Cash buy under $1M = Money wash, then you rent it.

Anonymous

Many perceive the US as the safest country to put their money in.
A water view in Miami is a lot cheaper than in LA.
I’m sure there are other reasons.

Anonymous

The Chinese are real estate MAD and have borrowed from any and everyone they can to buy in the ghost cities in China. However some are coming to realize the utter crap quality of Chinese construction (worse than Related.. lmao)

Anonymous

Because Miami has the best Chinese food outside of China

Master Angler

Our Chinese food is very good, but idk if it’s better than Honolulu’s Chinatown. PF Chang’s in Mary Brickell will give any Chinese eatery a run for it’s money though, definitely outclasses what NYC or San Fran have to offer.

Anonymous

What about that Chinese restaurant on the south side of Ft. Wayne?

Anonymous

Lol no parking podium, just designed so it looks like it has one.

Isos Stamelos-monroe

Congratulations to the entire team at Yotel Develooment and ONE World Properties. Attaboy!!

Anonymous

No mention of U.S. buyers !!?? We can’t afford it ? We don’t trust it ? They’re smarter than us ? ** I’ll go with choice A.

Anonymous

The trick to owning RE in Miami is doing it on anyone else’s BUT a Miami salary (preferably a NE USA salary like Boston or NYC).