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The St. Regis Bal Harbour will have its grand opening Thursday, January 19, 2012. The staff made last minute preparations on Wednesday. Butlers at the St. Regis stand by the doorway rehearsing for the ribbon cutting ceremony. Butlers (from L-R) are Ewen Anderson, Steven Leon, Marine Guadalpi, and Justin McCray. Emily Michot / Miami Herald Staff
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Bal Harbour by the numbers
Incorporated: 1946
Size: Nearly one square mile
Population: 3,240
Hotels: One Bal Harbour, Sea View Hotel, Bal Harbour Quarzo, St. Regis Bal Harbour
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St. Regis Bal Harbour Resort
Address: 9703 Collins Ave.
Rates: Introductory rates start at $675 a night.
Website: http://www.stregisbalharbour.com
Hotel rooms: 243
Restaurants: J & G Grill, developed by Jean-Georges Vongerichten; Atlantico, a casual grill open for breakfast, lunch and dinner; Fresco, an oceanside restaurant and bar
Design materials: West African Movingui wood; Chinese God’s Flower marble quarried for the resort
Interior design firm: Yabu Pushelberg
Contemporary art: Includes silver cloud sculpture, “Cloud Prototype No. 4,” suspended from the ceiling of the entrance hall; “Eyes of the Stars,” a mural by Miami artist Santiago Rubino, in the bar and a bejeweled deer sculpture in the lobby
The tiny village of Bal Harbour, best known for its luxury shopping mall, has sought for years to be recognized as more than an afternoon stop for upscale shoppers — a task made more challenging by the lack of a well-known hotel.
Enter luxury hotel brand St. Regis Hotels & Resorts, which is in the midst of a worldwide expansion that includes Latin America, Asia, Africa, Europe and the Middle East.
On Thursday, Bal Harbour joined that growing list as the 28th St. Regis hotel, cousin to the 1904 Manhattan classic.
“It was clear to us and the research we did that this was a very special location — very affluent local suburb, attracts a very affluent international audience,” said Paul James, global brand leader for St. Regis, part of Starwood Hotels & Resorts. “It was among the best beachfront locations we had in our portfolio anywhere.”
The $1 billion development, which includes a 243-room hotel and two residential towers, opened Thursday after about six years of planning, demolition and construction.
Starwood, a global company with a market capitalization of nearly $1.8 billion, financed the project and owns the finished product. The company also owned the elaborately landscapedSheraton that once sat on the property (and started its life in 1956 as the Morris Lapidus-designed Americana.) The Sheraton was demolished in 2007, and while the project slowed slightly during the economic downturn, James said the company remained confident in their plans. A spokeswoman said early 2012 has been the target opening date all along.
The end result, at 9307 Collins Ave., is bedecked in antiqued mirrors, rare marble, coral motifs, rosebud ceilings, contemporary art — and expansive views from giant rooms that start, as an introductory special, at $675 a night.
“This is the worst view in the hotel,” said general manager Marco Selva, touring a fourth-floor standard room.
The balcony of the 650-square-foot room offers a wide view of sand, sea and sky. But it hardly compares to the 2,800-square-foot Presidential Suite, with a balcony wrapping around 1,200 square feet and a private elevator, kitchen, media room, two bedrooms and dining room. Guests with Presidential Suite aspirations can expect to pay anywhere from $5,000 (“on a Monday in September,” Selva said) to $30,000 a night.
With those rates and amenities, the St. Regis finds itself in the company of the market’s top luxury properties, including the Setai, Delano and W South Beach.
The hotel brings the region’s first restaurant from star chef Jean-Georges Vongerichten, J & G Grill, and its signature butler service. About two dozen butlers will serve on a staff of 500.Their jobs include everything that make a guest feel at home, unpacking or packing luggage, drawing shades, delivering coffee.
For a town with just three other hotels, all independent, the arrival of a major brand such as St. Regis is a boost to efforts to grow a reputation as a play-and-stay destination.
“For the destination, it’s huge,” said Carolyn Travis, Bal Harbour’s executive director of tourism. “In every way you look at it, it’s huge. It’s exciting.”
Travis has a nearly $2 million budget for marketing Bal Harbour as a sophisticated enclave near Miami Beach but distinguished by a focus on fashion, culture and food rather than partying. Six sales and public relations offices worldwide promote tourism for the village, and the new hotel will be a key part of that outreach, Travis said.
“This is a huge part of our story for 2012,” she said. “And it will continue to be.”
While the village has used resort tax revenues to promote tourism since 1968, a host of new initiatives have started since Travis’ arrival 2 1/2 years ago. They include free village-sponsored activities for visitors such as yoga and pilates classes on the beach, art events, a free shuttle that runs up and down Collins Avenue and free outdoor movies.
The Bal Harbour Shops are undergoing their own transition, as several longtime brands such as Louis Vuitton and Dior moved out and new stores, including Balenciaga, CH Carolina Herrera and Stella McCartney have moved in. Plans for an expansion that would bring about 50 new tenants are still in the works; negotiations are still under way to buy the neighboring land that is now owned by Church by the Sea.
Surrounding areas have also sought to draw tourists who want more than the South Beach experience; Surfside, nestled between Miami Beach and Bal Harbour, hosts a 3rd Thursday series featuring concerts and roving musicians between November and April. And 18 restaurants participate in “Surfside Spice,” a fixed-price restaurant promotion similar to the larger Miami Spice, from July to September. “A Taste of Surfside,” in August, will repeat this year with outdoor tastings.
For those who want to do more than visit, the St. Regis development includes 255 condo units in two residential towers, ranging from two to five bedrooms at prices between $1.9 million and more than $10 million. Slightly more than 70 percent of those condos are under contract and sales have closed on more than 40 units, said John Manrique, vice president of sales and marketing for Starwood Vacation Ownership.
The bulk are regular condos, but a few dozen are condo-hotel units in the hotel tower. Manrique said about 70 percent of buyers are international, mainly from Latin America and Europe.
That’s the norm these days for condo sales in general and in condo-hotel hybrids throughout South Florida, experts say, despite sales faltering during the recession.
Katy Stoka, director of residential sales for W South Beach, said about 60 percent of buyers there are international -— and at least 90 percent of buyers pay cash.
Of the $400 million developers plan to sell at the W project, they have closed $250 million so far. The hotel opened in 2009.
“Without trying to sound like a cheesy sales person, it’s just a really great time right now to be on the ocean selling real estate in Miami Beach,” Stoka said. “I have a full crew of sales people and we are never sitting down.”
The Four Seasons on Brickell has sold nearly all of its available units, and the Epic in downtown Miami has sold 304 of 342 units, according to Bal Harbour-based real estate consultancy Condo Vultures.
“Today it looks as if the luxury high-end, well-recognized flag operator on a condo hotel seems to be doing well,” he said. “A year or two ago, it would have been a completely different story.”
For their part, St. Regis executives say they are pleased to be opening now.
“We’re very confident this is the right time,” James said. “Miami is booming. It’s a very popular destination, it’s established itself way beyond a North American tourism destination: a vibrant city in its own right.”
La pequeña villa de Bal Harbour, más conocida por sus tiendas de lujo, ha tratado durante años de ser reconocida como algo más que una parada en la tarde para compradores de gustos caros, una tarea que ha hecho más ardua la falta de un hotel de renombre.
Es el momento en que hace su entrada St. Regis Hotels & Resorts, envuelto en una expansión mundial que incluye América Latina, Asia, África, Europa y el Medio Oriente.
El jueves, Bal Harbour entrará en esa lista con el hotel St. Regis número 28, primo del clásico establecimiento de Manhattan fundado en 1904.
“Quedó claro para nosotros y para las investigaciones que hicimos que esta era una ubicación muy especial, un suburbio local muy opulento, que atrae una audiencia internacional muy opulenta”, dijo Paul James, jefe de marca global de St. Regis, parte de Starwood Hotels & Resorts. “Estaba entre las mejores ubicaciones playeras que teníamos en nuestra carpeta en todo el mundo”.
El proyecto de $1,000 millones, que incluye un hotel de 243 habitaciones y dos torres residenciales, abre el jueves luego de unos seis años de planeamiento, demolición y construcción.
Starwood, una compañía global con una capitalización de mercado de casi $1,800 millones, financió el proyecto y es propietaria del producto terminado; la compañía también era dueña del Sheraton de elaborados jardines que ocupaba antes la propiedad (y que comenzara su vida en 1956 como el Americana, diseñado por Morris Lapidus). El Sheraton fue demolido en el 2007, y aunque el proyecto se retardó un poco durante la crisis económica, James dijo que la compañía conservó la confianza en sus planes. Una portavoz dijo que principios del 2012 ha sido siempre la fecha de apertura que se proponían.
El resultado final, en el 9307 Collins Avenue, está ornamentado con espejos a la antigua, raros mármoles, motivos coralinos, cielorrasos trabajados, arte contemporáneo, y magníficas vistas desde sus enormes habitaciones cuyo precio comienza, como especial introductorio, a $675 por noche.
“Esta es la peor vista que hay en todo el hotel”, dijo el gerente general Marco Selva, mostrando una habitación estándar del cuarto piso.
El balcón del cuarto de 650 pies cuadrados ofrece una amplia vista de arena, mar y cielo. Pero palidece en comparación con la Suite Presidencial de 2,800 pies cuadrados, rodeada por un balcón de unos 1,200 pies cuadrados, y con un elevador privado, cocina, sala de video y música, dos dormitorios y un comedor. Los huéspedes con aspiraciones de alojarse en la Suite Presidencial podrán pagar desde $5,000 (“en un lunes de septiembre”, dijo Selva) a $30,000 la noche.
Con esos precios y comodidades, el St. Regis está en compañía de las principales propiedades de lujo del mercado, incluyendo Setai, Delano y W en South Beach.
El hotel trae el primer restaurante de la región del chef estelar Jean-Georges Vongerichten, J & G Grill, y además su característico servicio de mayordomos. El personal incluye alrededor de dos docenas de mayordomos. Su trabajo incluye todo lo que haga sentirse bienvenidos a los huéspedes, desde desempacar o empacar su equipaje a cerrar las cortinas y traer el café.
Para una villa que apenas cuenta con otros tres hoteles, todos independientes, la llegada de una marca famosa como St. Regis es un fuerte impulso en sus esfuerzos de mejorar su reputación como destino turístico.
“Para el destino, es magnífico”, dijo Carolyn Travis, directora ejecutiva de turismo de Bal Harbour. “Como quiera que se mire, es algo grande. Es excitante”.
International buyers spurred Miami-area home sales to a new record in 2011, even exceeding sales volume during the height of the real estate boom in 2005, according to figures released Friday.
Broward County results were mixed, although inventory across both counties showed widespread depletions.
A total of 24,929 condominiums and homes were sold in Miami-Dade County, up 46 percent from 2010 and up 4 percent compared to 2005, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service. Condominiums sales surged 54 percent, to 15,009 in 2011, and home sales rose 36 percent to 9,920.
“We’re on the verge of a real estate boom,” said Miami Association of Realtors Residential President Patricia Delinois, citing an array of properties from the Design District and Brickell to Miami Beach.
International investors, with wads of cash, are behind the surge.
“Miami is a top market for international buyers,” Delinois said. “We are attracting people from Latin America, South America, Europe, all over the world. What could they not like in Miami?”
In December, sales of existing single-family homes in the Miami area jumped 16 percent, compared to December 2010. Sales of condominiums rose 22 percent. Those percentage increases beat the change in sales statewide, which dropped 2 percent for both condominiums and single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 3.6 percent from December 2010, according to the National Association of Realtors.
Overall, the inventory of residential listings in Miami-Dade dropped 39 percent from 24,278 to 14,087 over the last year, and 8 percent from November 2011 alone, figures show.
Bank-owned properties and short sales, comprising “distressed sales,” drove the rapid absorption, Realtors said. In December, 54 percent of all closed residential sales in Miami-Dade were distressed, compared to 59 percent in December 2010. Unlike a year ago, there are now more short sales closing than bank-owned properties, Realtors said.
“There is a waiting list of investors, with dual and triple offers on REO properties,” said Delinois, who is president and CEO of Century 21 Premier Elite Realty. “We have more of a demand for bank-owned properties than we have a supply.”
Cash sales continue to dominate in Miami-Dade, at 63 percent of total closed sales in December. Cash sales accounted for 42 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash, Realtors said, compared to 29 percent nationally, reflecting the stronger presence of international buyers in the Miami real estate market.
In the Miami area, the median sales price of condominiums in December spiked 31 percent to $129,900 from a year earlier. The median price of single-family homes jumped 16 percent to $182,300. Statewide median prices in December increased 4 percent to $91,900 for condominiums and 1 percent to $134,300 for single-family homes. The national median existing-home price for all housing types was $164,500 in December, a 2.5 percent drop from December 2010.
In Broward, single-family home sales increased 9 percent in December to 1,082, and condominium sales dropped 8 percent, compared to December 2010.
For the year, total single-family home sales in Broward fell 9 percent to 12,817 in 2011. Condominium sales rose 11 percent, to 16,714 in 2011.
Overall inventory in Broward dropped 35 percent for the year, to 12,997, the figures show.
In December, 46 percent of all closed residential sales in Broward were distressed, and there were more short sales than bank-owned properties.
Cash sales accounted for 38 percent of single-family and 81 percent of condominium closings in Broward.
In December, the median price of single-family homes in the Fort Lauderdale area was $189,600, up 7 percent compared to December 2010. The median price for condominiums dropped 3 percent to $78,200.
Whether you are considering a commercial real estate purchase for the first time, or if you’re a seasoned expert in the field, the process for investing in real estate is the same: finding an ideal property has everything to do with the time and effort spent researching about potential properties. The right investment can grow businesses and pay you back in more ways than you can imagine. Here are 5 time-tested tips for investing in commercial real estate to help you get started.
To ensure the most return on your commercial investment, make sure you are following the right advice.
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The real estate market Florida is offering foreign buyers presents a doubly good opportunity rarely seen in the region: Prices are flat or declining and foreign currencies are rising relative to the U.S. dollar.
Current conditions are especially attractive to investors who have seen prices rise sharply in their native countries to levels that now well exceed comparable properties in Florida.
Buying a bargain is not that simple. Real estate agents must guide foreign buyers through a complex maze of visas, real estate regulations and currency rules.
Prospective buyers need to be educated to avoid mistakes that will cause them to be turned away at U.S. Customs or the bank. And foreign buyers need to know that the U.S. government takes a different view of a real estate transaction when a foreign individual or corporation is involved.
• Structuring the deal
Even before viewing residential or commercial properties, a real estate agent should help the buyer structure the purchase. Tax experts advise that because of estate tax and other issues, a foreign buyer should hold the property in the name of a corporate entity.
Depending on the value of the property, the title holder could be an offshore company. It could also be a Florida LLC that’s owned by an offshore company. In any case, the companies should be set up well before settling on a home or a building so as not to impede the closing due to corporate paperwork.
The biggest possible mistake: Buying in an individual’s name. That could result in U.S. estate tax problems. Buying in a personal name could also create tax or political issues in the client’s native country. Last, the purchaser should use a corporation when buying an investment property to avoid personal liability.
• Financing the deal
After the mortgage crisis, lending institutions are no longer accommodating to foreign buyers. At best, they will get 50 to 60 percent financing from U.S. lenders.
More challenging is moving the money into the United States. Federal agencies will want to know where the money came from. When corporations transfer funds to a bank, whether a branch of a foreign institution or a U.S. bank, money-laundering regulations can come into play, especially if the sum is substantial or there are frequent transactions.
Most foreign clients keep funds offshore and transfer them bank to bank. It’s not that simple. They must comply with currency rules in their home country and may encounter withholding requirements. The more complicated the transfer process, the more time buyers should allot to get funds ready.
For commercial transactions, real estate agents must time the cash and the transaction. Buyers should understand that deadlines for escrow funds and closing cannot be moved.
For home purchases, timing is even more crucial. About 80 percent of deals are all-cash transactions. If the property is a second or third home, the client may seek financing, but the rate will be higher than an American client would pay. Tip: Foreign buyers or investors should establish an investment relationship with a private bank. The firm will be happy to lend based on the balance in that account.
• Visiting or managing the property
In working with a foreign client, real estate agents also need to be a bit of an immigration expert. After 9/11, the United States clamped down hard on visas.
Depending on how long the person wants to stay in the United States, a B-1 tourist visa of one to two weeks may suffice. The person can come and go through the state’s many international airports. But if the individual stays in the United States too many days, he or she could be taxed as an American. To avoid that trap the visitor can become a full-time student and get an F-1 visa.
Investors and property managers can also arrange long-term stays. The best visas require a direct investment in an American company in the United States or establishment of a local subsidiary of a foreign company.
The investment could cost buyers more than a downtown condo, but it will enable them to stay in the United States legally for a period of years — instead of a period of weeks. Business visa options include the E-1 Treaty Trader and E-2 Treaty Investor visas, L-1(A) Visa, TN Visa, H-1B1 Visa and the most popular, EB-5. The U.S. State Department provides basic visa definitions at http://www.travel.state.gov/visa/visa_1750.html that may help buyers understand their basic options.
Paperwork and complex rules shouldn’t scare away a potential buyer. When the right property is found at the right price, buyers can bring in legal and tax consultants so that the transaction goes smoothly, the property is managed properly and a visa is obtained with a minimum of trouble.
-Provided to High End Luxury Realty by Miami Herald
Q: I am getting ready to close on my new home. The settlement company is insisting that I wire the funds prior to the closing. The contract allows for a cashier’s check, but the company will not accept that. What’s the big deal? – Ray
A: Recently, most settlement companies and attorneys, including me, have gone to a “wire only” policy for closing funds. There has been a spike in fraudulent cashier’s checks and money orders, greatly increasing the risk to the closing agents. By accepting your file to work on, the closing company tacitly agrees to abide by the terms of your contract, which allows for cashier’s checks. But your contract also will speak to collected funds being necessary to complete the closing. Since collecting cashier’s checks can take five days or more, this will delay your closing and possibly even jeopardize it. If you insist on using a certified or cashier’s check, you will need to make sure to have it to the closing company in time prior to the closing. Because this in unrealistic given the last-minute nature of most closings, you will need to send a wire. Remember that your settlement agent is asking for the wire to protect all of the parties involved in the transaction, so it’s best for you to go with the flow.
The Sunshine State’s economy should further rebound in 2012, with South Florida outperforming what turned out to be a disappointing 2011, several indicators show.
“We see the momentum,” said Tony Villamil, principal economic advisor to the Washington Economics Group and dean of the St. Thomas University School of Business.
“Incomes and population growth will be up [in 2012] and unemployment is slowing declining,” added Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness.”
Here are four recent signs that 2012 will be better for Florida than 2011, that sputtered in the second half of the year after an initial burst of economic activity:
More people are moving to Florida, prompting increased economic activity. An estimated 256,000 people moved to Florida from April 2010 to July 2011, the U.S. Census Bureau reported in December. Florida was behind only Texas and California in attracting more people.
Sales are up in Florida and are expected to continue, said Villamil, dean of the School of Business at St. Thomas University. Sales tax receipts exceeded estimates in October and November, according to the state Department of Revenue.
More people have more money in their pockets after refinancing mortgages at historic low rates. Refinancing accounts for two third of new loans in Florida in November, according to the national Mortgage Bankers Association. That was even before a new federal program took affect that allows many to refinance even if their current mortgages may be worth more than their mortgages.
Consumer confidence is up in Florida and a continued drop in the unemployment rate should further boost Floridians’ sense of well-being, according to December’s report by the University of Florida. That would unleash increased spending which would bolster the economy, Villamil and other economists said.
UCF’s Institute for Economic Competitiveness is projecting the state’s economy will grow 1.7 percent in 2012 and accelerate to almost 4 percent by 2014.
Still, the state’s payrolls won’t recover to pre-recession levels for another four years, according to the institute.
Slow is the key word, according to its director, Snaith. He predicts the state’s unemployment rate won’t drop below 9 percent until late 2014.
South Florida should rebound faster than the state, with personal income jumping 4.2 percent in 2012.
The area “is expected to show strong growth,” according to UCF’s December report.
A caveat: A European crisis could dampen a recovery by the state and, indeed, entire nation, economists warn.
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