Monthly Archives

June 2018

Millennials Lead Population Boom in Miami


Visionaries area taking advantage of a booming population, thriving services and comprehensive code while the opportunity lasts. Santiago Vanegas, partner at Habitat Group, predicts his upcoming three-part project Smart Brickell will be one of the few upcoming condo, hotel and commercial projects to rise. Smart Brickell is to break ground this winter, with completion set for 2020. Mr. Vanegas says supply for newly completed buildings such as the SLS Lux Brickell and Brickell Heights is running relatively dry, leaving his project and the Brickell Flatiron development to absorb remaining demand.
He said, “It’s a fantastic opportunity to make an investment on Brickell because the land is gone. There is not going to be more cycles in the future. Compared to downtown, you have land for more than 50,000 units. You have a lot of potential supply in downtown. Same thing in Edgewater. But not in Brickell.”
The lack of new options and competition works to his advantage, he says: “In the next cycle, Brickell is going to be very difficult to generate more supply. That means the price should go up.”

Home-sharing option is a growing cash cow for multi-unit developers, owners


South Florida real estate agent Sara Dorfman hit the jackpot this month when she arranged the sale of a multi-unit complex in Fort Lauderdale’s Victoria Park for $1.65 million. The chief selling point: The property was set up for vacation home rentals. And the buyer is eager to continue that business.
“We see more investors who are looking to do things this way,” said Dorfman, who works for Native Realty. “I call them the savvy investor.”
On a grander scale, home sharing is becoming an attractive option for South Florida developers who are installing liberal rental programs for would-be residential owners, including partnerships with Airbnb, the third-party booking company, and Pillow, a short-term rental management service that serves as property manager and listing expert for residents.
A sampling:
Newgard Development Group, which recently completed The Gale Residences on Fort Lauderdale Beach, entered into a partnership in October with Airbnb, the San Francisco-based, home-sharing company. Under the deal, Newgard intends to build a 324-unit rental complex in Kissimmee. Owned by Newgard, it will operate under the brand, “Niido Powered by Airbnb.” Niido would allow renters to lease their units on Airbnb for up to 180 days a year. Money earned would be shared between the renter and Niido.
YotelPad Miami, a luxury high-rise under development in downtown Miami near Bayside, expects to give buyers and investors the option to lease out their units without any restrictions.
Developer Santiago Vanegas, president of Habitat Group, is building a high-rise called Smart Brickell in Miami’s Brickell Avenue financial district. Owners will be allowed to sub-lease their units with the help of Pillow.
A joint venture between Urbis Real Estate and Domus Group, led by Flavio Rossato and Pablo Hoberman, is developing a six-story project at 6080 Collins Ave., Miami Beach, with a home-sharing component for owners.
“Historically speaking, a lot of people have had their second homes here since before the internet,” said Tom Martinelli, public policy manager for Airbnb in the Southeast. “If it’s a home or in a multi-family building, owners are getting smart to optimize their asset” so they can retire earlier or make additional income.
“Developers are seeing these trends and catering to this market as well,” Martinelli said.
But traditional hotel operators take a dim view of the home-sharing phenomenon, particularly through the increased use of multi-unit properties. They assert that the business distorts the playing field in the favor of Airbnb and its homeowner partners. Home sharing, they argue, has ballooned into a full-blown, multimillion dollar business, and is no longer just a side hustle for moms and pops in search of extra income.
“These are not people bringing someone into their spare bedroom to make a few extra bucks,” said Troy Flanagan, vice president of government affairs/industry relations for the American Hotel and Lodging Association.
“You’re seeing the conversion of residential quality of life into a tourist hotel,” he said. “That’s something the local governments have to take a close look at.”
A 13-city study by the hotels arm of CBRE, a national real estate services firm, leaves no doubt that the home-share business is booming, driven in large part by multi-unit residential complexes. The study — which included Miami and tracked the numbers of hosts, units and revenue between October 2014 and September 2016 — found that revenue generated year over year by Airbnb hosts almost doubled in 2016. And the multi-unit hosts were the fastest growing segment of the business in terms of numbers of hosts, units and revenue generated in 2016, the study found.
Hoteliers argue that many home-share operators don’t register with their cities as required, don’t collect and pay tourist and sales taxes, and don’t follow rules of the road set by local governments.
But Airbnb says it is making a proactive effort to collect taxes through agreements it has struck with counties and states. On June 8, it announced that it delivered more than $12 million in tax revenue to Broward and Miami-Dade counties during the first year of tax collection agreements with both jurisdictions. The agreements were signed in April 2017. Palm Beach County does not have a collection agreement with Airbnb.
Around the country, some local governments are taking drastic actions against home-share operators.

Last Wednesday, the Boston City Council voted to forbid investors from engaging in home sharing, triggering a bitter rebuke from Airbnb.
“The new ordinance unfortunately creates a system that violates the privacy of our hosts, and prevents Boston families from making much-needed extra income in one of the country’s most expensive cities,” said Airbnb spokeswoman Crystal Davis in a statement.
After Airbnb came on the scene, many local governments created ordinances mandating the registration of operators and rules of conduct.
Miami Beach is looking to impose tougher requirements on how properties are advertised.
Fort Lauderdale is considering additions to an existing code that governs vacation rentals. According to the city, the majority of complaints received by its staff stem from noise, parking and the number of people who occupy rental units at any given time.
In a set of recommendations issued last month, the staff urged that the maximum number of occupants approved by the city should be included in vacation rental lease agreements. It also recommended that guests of rental occupants be required to leave the premises by 9 p.m., or go indoors. The commission has yet to act on the recommendations.
South Florida developers who allow multi-unit owners to engage in short-term leasing say there is a rising demand for home-sharing among owners. Besides, they say, their partnerships with Airbnb actually ensure that local rules are followed and that taxes are collected.
David Arditi, founding principal of Aria Development Group, developer of the YotelPad project, said his high-rise’s home-sharing option is an outgrowth of Miami’s diversity.
“We acknowledged that, especially in downtown Miami, a large part of the ownership universe is not local,” he said. “It resides out-of-state and overseas. Absentee owners use their home several months over the years, and the ability to offer the buyer universe a flexible rental option is ideal. We know people want it. We know people like it. We said, ‘Why not be proactive about it?’”
“In our case, owners will have the ability to have their home professionally managed and administered through a program through Yotel or agents or services like Airbnb,” he said.
Harvey Hernandez, founder and owner of Newgard, and a co-founder of Niido, asserted that his firm’s partnership with Airbnb is a way to ensure that local rules governing rentals are enforced.
In addition to Newgard’s home-sharing project in Kissimmee, The Gale Residences Fort Lauderdale Beach is being marketed as a “flexible living” complex with a managed rental program that encourages tie-ins with Airbnb.
“It’s a way of allowing the activity in our properties and provides the opportunity to our tenants to basically monetize that asset that they lease from us when they’re not using it,” Hernandez said. “Instead of fighting the activity, we are controlling it.”
“We’re … making sure the municipalities get their taxes, and making sure everybody registers,” Hernandez said . “If anything, we see ourselves as a solution to the problem.”

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Residencias con Altura


Las comodidades de un hotel ya no solo son prioridades para los turistas, sino que en ciertos mercados las personas buscan los servicios y las atenciones propios de un hotel para vivir de manera temporal o permanente. A continuación, los clientes que las demandan, los sitios predilectos y un par de proyectos.

Lo que comenzó como un proyecto de conversión en Miami Beach en los años 80 se ha convertido en una tendencia inmobiliaria global. Este tipo de residencias atrae a muchos compradores que buscan intercambiar su segunda vivienda por un estilo de vida confortable, con una ubicación metropolitana y comodidades de lujo. Todo ello muy comprensible, pues los servicios hoteleros se van diversificando cada vez más con el fin de atender las necesidades cambiantes del mercado.

Según Santiago Vanegas, presidente de Habitat Group, una compañía que opera hoteles con actividades en Miami, la tendencia fue popular a finales de los años noventa, pero ahora está regresando. “Actualmente, la sociedad busca la eficiencia y la vida inteligente. Al respecto, los proyectos que desarrolla nuestra compañía en cuanto a residencias hoteleras han capitalizado la oportunidad de ofrecer todo lo que necesita el residente para vivir, trabajar y disfrutar en un solo lugar”, puntualiza Vanegas.

Para Vanegas, Miami es una de las principales ciudades del mundo en la que es común encontrar condominios con componentes hoteleros. El centro de Miami y Brickell han visto el lanzamiento de unos cinco nuevos proyectos en los últimos seis meses, incluido uno de esta organización. “Desarrollos de este tipo son claves para crear una ciudad global porque ayudan a fomentar el turismo y los negocios internacionales”, añade Vanegas.

Publication: Revista Catering
Title: Residencias con Altura
Author: Mónica Silva Saldaña
Date: June 2018
Link: PDFCatering Colombia- Residencias con Altura – June 2018 NEW

Smart Brickell, la inteligencia se confabula con el diseño en Miami


Smart Brickell, intelligence collides with design in Miami

Santiago Vanegas, CEO of Habitat Development Group, reveals the secrets of his new urban project in the vibrant Miami area of ​​West Brickell

The details of the new Habitat Development project in West Brickell are already known, it is a mixed-use building with three towers of 50, 60 and 70 floors, which will make up a complex of 150 homes at the base of which a modern hotel will be located.

The design of Brickell Smart is the work of the architect Hernando Carrillo, who left the interior design and furniture design in the hands of Arquitectónica, while the idea of ​​the facade comes from the Gensler firm, an internationally renowned English company.

Santiago Vanegas, president of Habitat Group, spoke with DIARIO LAS AMÉRICAS about his experience, expectations and peculiarities of its new construction.
Brickell Smart, as the name suggests, will be a smart building with a budget of $ 100 million that will be located at 229 SW 9th Street in Miami, in the area known as West Brickell. Its creators bet on the intelligent concept associated with the design, technology and use of the units.

“The market needs more and more smaller units,” explains Vanegas. That’s why we designed one and two-bedroom apartments, 600 and 800 square feet respectively, about 150 feet smaller than the average sizes of Miami condos, ”argued the Colombian businessman.
Minimalism is a trend that gains strength in current designs. It seeks to reduce the spaces to make them more efficient and achieve more affordable sale and rental prices.
For this reason, the houses in the three towers are sold fully equipped, with furniture designed and manufactured by Arquitectónica, which, with its unmistakable stamp, creates comfortable and harmonious spaces within each property.

From a technological point of view, Brickell Smart is ahead of similar buildings on the market today. The apartments will be equipped with an intelligent home automation system that will control the energy efficiency of the units and will allow the air conditioners to be controlled remotely and by voice command, turn the lights on and off, raise and lower the window blinds to regulate the entrance of light.
In this technological party, Alexa could not miss, each unit will be provided with an Amazon assistant, who will help its owner with the controls of the house, the music and his agenda.

In general in Miami, one of the big drawbacks when buying an apartment in a condominium is the regulations of the neighborhood associations. Many of them do not allow the rental of the properties or limit them to one or two occasions a year. At Brickell Smart it will be different. “These apartments, thanks to the flexibility and alternatives, will have an intelligent use. Those who buy it can choose to live or rent them in different variants. Thanks to the new legal regulations, we have achieved that they can be rented up to 24 times a year, in short or long-term rentals. It is the owners who will decide how they want to use their property. When they have them unoccupied, they can easily choose to register them on the Airbnb platform and thus obtain an additional return ”, he argued.
Habitat Hotel, the division of the Group dedicated to hotel operation, will be in charge of managing the hotel that will occupy the first floors of the building with the name Smart Brickell Hotel.

“We have created a program called“ lease back ”, within which Habitat Hotel would rent for two years at a preferential price the units of the owners who so wish. We will pay $ 2,200 for one-bedroom units and $ 2,700 for two-bedroom units, regardless of their occupancy or not. “

The amenities
The building, which will provide one parking space per unit, will have spectacular common areas. On the eighth floor of the first tower there will be two swimming pools, landscaped terraces in recreational areas and a large 3,500-square-foot spa. In the second tower, on the 24th floor, there will be a large events room and a modern gym. In the third, there will be a colossal restaurant, a lounge bar and a beautiful shared space office with 3,200 square feet.
On the ground floor, at the curb level, there will be a coffee shop, a nursery, a real estate office and an organic restaurant. In the lobby and on the amenity terrace you can reach WIFI signal.
Prices and target market
When speaking about sales, the graduate in Economics from the Colombian University of Rosario clarified: “We have an exclusive sales and marketing contract with Cervera Real Estate, the number one company in this type of market.”

The one-bedroom units will have a starting price of $ 300,000. Prices for the two-bedroom apartments will range from $ 390,000 to $ 450,000.
Interested buyers must pay 10% when reserving, 10% when reserving the contract, 10% at the beginning of the work, 10% when the 17th floor is reached, and 10% when reaching the top. The rest will be paid at closing, with the delivery of the keys to the unit.
The young builder avoided being politically correct by stating that “the target market for a construction in Brickell for many years is foreign investors. Pre-construction purchases are assets for investors from all over the world and especially from Latin America, especially those who aspire to have a solid investment haven ”.
But our indirect target is the tenant who is going to pay the rent to that investor. And that’s the young Brickell executive, the millennial who wants to pay a rent of $ 2,000 a month in a vibrant area of ​​the city and longs to live in a home that has all the home automation technology of the moment built in. We also address anyone with a millennial spirit who wants to live in a modern environment.

Unquestionably, in a project of this magnitude there are many challenges and purposes. There are many people who make up the team and for each one the completion of this work will have different meanings. It won’t be the same reading for architects, builders, designers, marketing people, or realtors.
“We have been working in the area for 15 years, we have been here since the last real estate crisis. 10 years ago we did the Habitat Residence. We have watched West Brickell develop with complicity and admiration. That is why we feel a mixture of satisfaction and pride in being able to deliver a construction model that the area is needing ”, he explained.
“I really don’t think this is the greatest of our challenges, nor do I think it’s the most futuristic, but I’m sure it marks a milestone, it constitutes the transition from a standard type of construction to smart projects,” he added.

“And on the other hand, it is a building that is ahead of a market cycle. It is known that there will be no new products in Brickell in 2020 and 2021. The last work of the current construction phase ends with the magnificent Flatiron building, which will be delivered next year. That places us at the head of the next construction cycle in this area, which will begin with the deliveries of our products in 2020 and 2021 to the privilege of our firm ”, he concluded.

Publication: Diario Las Americas
Author: César Menendez
Date: June 1, 2018
Link: -id-6063992