Development Pipeline

"The attraction to Miami is clear," says CEO of China's largest real estate brokerage firm

Nearly 20 top real estate brokers from Chinese brokerage firm, HomeLink, toured several Miami luxury condo projects this weekend during a visit organized by Cervera Real Estate. The trip comes on the heels of a newly established partnership agreement between both firms, which forges the bond between South Florida's and the Far East as Asian buyer interest in Miami continues to climb.  The attraction of Miami is clear to Chinese buyers.  “Just look at this,” said Gene Shi, president of international operations for China’s massive Homelink brokerage, as he gestured toward Biscayne Bay, its waters shimmering out the window of the Missioni Baia sales center in Edgewater. “This is something you could never dream of, even for a millionaire in New York City. But this is a typical view for a citizen of Miami.” In addition to offering much lower prices than Manhattan and San Francisco, the traditional U.S. hot spots for Chinese buyers. Mayor Tomas Regalado, Miami Downtown Development Authority executives, Commisioner Russel, and Miami Association of Realtors CEO, Teresa Kinney supported Cervera in welcoming the delegation to the city. The tour itinerary featured visits to several ultra-luxury pre-construction condominiums exclusively represented and sold by Cervera, including: Missoni Baia, Elysee Miami, Aria on the Bay and The Ocean Conrad Resort Residences Ft. Lauderdale.   Cervera's president of Development Sales, along with Vice President of Asia Buisiness Development, Frank Peng, led the company’s efforts to ink the strategic marketing partnership with Beijng-based HomeLink. With more than 60,000 agents in China, it is the largest real estate sales brokerage in the country.

Closings underway at Bjarke Ingels-designed Grove at Grand Bay; Only 1 PH available

Grove at Grand Bay will soon start recording closings, marking the first new condo tower for Coconut Grove in more than a decade and the first in the United States for Danish starchitect Bjarke Ingels. Terra Group completed the 98-unit, twin 20-story development at 2675 and 2669 South Bayshore Drive, developer David Martin told The Real Deal. It’s sold out with the exception of a penthouse currently asking $28 million. Cervera Real Estate is handling sales for Grove at Grand Bay, which launched in 2012. Martin said that about half of buyers are domestic, including empty-nesters looking to leave their homes in the Grove, Coral Gables and Pinecrest. The remaining 50 percent are international buyers relocating to South Florida. Among them are Fortune 100 CEOs, doctors, attorneys and entrepreneurs, Martin said. The building has its temporary certificate of occupancy with closings set for this week. Interior build-outs should be completed within three months, and move-ins expected for the next four to six months, he said. Units range from 1,300 square feet to the 10,000-square-foot, full-floor penthouse. Prices ranged from about $1 million to $14 million, excluding the penthouse. The glass towers are also conducive to art in a project that includes about $1.2 million of artwork in common spaces, he said. Ingels designed the twisting towers along with architect John Nichols of Nichols Brosch Wurst Wolfe & Associates. “Bjarke maybe did 100 study models of the building,” Martin said about the design. Raymond Jungles handled the landscaping, which includes roughly 500 trees and more than 15,000 plants. Amenities will include rooftop pools, a spa and gym, a pet spa and a bicycle space for every resident. The project is aiming for LEED Gold certification. Coconut Grove has come into the spotlight as of late with a focus on commercial activity. The demand for office space outpaces the supply, Martin said, and the restaurant and retail scene is also changing: the Shops at CocoWalk sold to Federal Realty and local partners; and Panther Coffee, Kit and Ace, and Harry’s Pizzeria are all new tenants to Coconut Grove.

Cervera's Le Parc in Brickell receives Fannie Mae approval, making home ownership easier for first-time buyers

Le Parc, a luxury condo tower in the Brickell neighborhood, has received conditional Fannie Mae approval in an attempt to open the project to local buyers.  Qualified buyers at Le Parc can now purchase units with as little as 10 percent, sales director Jacqueline Regnault of Cervera Real Estate toldThe Real Deal. Cervera is handling sales for Le Parc, a 12-story, 128-unit tower.

"The new real estate model works," Alicia Cervera says.

The area where locals may see fastest price relief is the downtown rental market. There are about 3,200 conventional rental units under construction downtown, with at least another 7,000 in the pipeline, according to the DDA study. Most are going up in Brickell and the central business district. The demand from young professionals who want to live near downtown restaurants, shops and bars is growing, developer Carlos Melo said. “These are people who aren’t ready to buy but who have good jobs and want to be close,” Melo said. “We really see so much room in this market because many developers have focused on condos.” In May, the Melo Group plans to open a 500-unit in the Omni area called Melody where two-bedroom apartments rent for about $2,000.  The new inventory could help constrain rising rental rates.

Video: Why is Miami’s real estate market stronger than ever? Alicia Cervera Lamadrid explains.

After the 2008 recession the real estate sector was paralyzed. It then underwent a frank recovery in which all parties involved, i.e., banks, developers, architects, dealers, and even consumers, learned a valuablel lesson in the process. Deposit structures have changed as have the dynamics of Miami real estate. > In this Telemundo 51 interview, Alicia Cervera Lamadrid and other Miami experts agree that the market is in good health and even if prices go up gradually, another crisis is not possible under the new model. How does the new model work? Watch the complete video of the interview to learn more. 

Cervera gives vote of confidence regarding Chinese buyers in Miami

Alicia Cervera speaks to the Wahshington Post regarding the state of the market , what $50 million can buy, and the potential of Chinese buyer's entering the Miami market. According to Alica Cervera. “I’ve been one of the holdouts,” said Alicia Cervera, managing partner of Cervera Real Estate and a member of the board of directors of Miami’s Downtown Development Authority. “I’ve been one of those who’s been saying, ‘China is a long way away. There’s lower-hanging fruit,’ and not really jumping on the China bandwagon all that quickly.” No longer, she said. “I do believe we’re at the tipping point and that there’s going to be a very strong presence of Chinese buyers in the Miami market.”