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Real estate developers ran out of waterfront property. Now they might want to buy yours


Gerard Yetming, a former broker at CBRE South Florida now working with Colliers ... he said you can expect to see more of this kind of strategy used in the industry as Miami's next real estate cycle gears up in the coming years. "This kind of development ...

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But the developers of Una argue that their tower is so unique, it can't be lumped in with the existing luxury condo towers struggling to close sales

By using private equity instead of relying on traditional bank financing and presales, these developers can launch their new project while other developers are taking a wait-and-see attitude. © GESI SCHILLING/Miami Herald/TNS Vladislav Doronin and Jonathan Goldstein are the principal partners on the new luxury condo tower Una, to be built on the location of an existing older building at 175 SE 25th Rd

in Brickell. "If you have confidence in a market - and we have a lot of confidence in Miami - you have to back it with your own equity," said Jonathan Goldstein, CEO of Cain International, a London-based funding and investment firm

"You're going against the grain a little bit

You've got to have the confidence of your convictions

It's during the times when other (developers) can't access the marketplace when you can hopefully do the best

But we would not be averse to third-party financing if it becomes available at the right time."Doronin and Goldstein believe the Una's unique location combined with timing - no other luxury tower is currently slated to break ground south of Brickell - will allow the project to stand out from the pack and buck market forces."This is a very established neighborhood, very private and quiet," Doronin said

"There has been no new construction here for the last 10 years

We were lucky to manage to purchase this site

And for the near-future, no one else is going to build here

We won't have any competitors in South Brickell."Doronin also points out that international buyers pay special attention to high-profile projects, such as OKO's $350 million Missoni Baia tower in Edgewater and the Aston Martin Residences project from the Argentine supermarket magnate German Coto under construction at the mouth of the Miami River.While Latin Americans still make up the overwhelming majority of foreign real estate buyers in Miami, Mansion Global reports that interest from territories such as Israel, Russia and Europe continues to grow

Miami is already ranked as one of the top six international home-buying markets for the super-wealthy (defined as having assets of $30 million or more), coming in third after London and New York and ahead of Monaco, Los Angeles and San Francisco.The recent federal tax reform bill, which caps deductions for property and sales taxes, could also help lure more high-worth U.S

buyers to Florida, where there is no state tax."The first 60 days of this year has been one of the most active sales periods we'd seen in a while," said Ken Krasnow, executive managing director for Colliers International South Florida, a commercial real estate brokerage that helps companies relocate

"The interest in Miami has always been global

But the impact the new tax laws are having on New York and other high-tax states are only going to make that interest stronger."How they did it © HayesDavidson/Miami Herald/TNS Architectural rendering of the lap pool at the new 47-story luxury condo tower Una, to be located at 175 SE 25th Rd

in Brickell. The process of identifying an older building and buying out its tenants for redevelopment is lengthy and involved

Gerard Yetming, a former broker at CBRE South Florida now working with Colliers, said the first step is to look at existing properties in desirable locations and figure out what the value of the land would be if it was vacant.You also need to make sure the zoning codes at the location allow enough development to make the investment profitable

The building at 175 SE 25th Rd

was built in 1971 at a height of 11 stories

But according to the Miami 21 Zoning Code, the land is entitled for construction of a building with a height of up to 48 stories. © JOSE IGLESIAS/Miami Herald/TNS Developers of the upcoming luxury condo Una built a sales gallery on the 11th floor of the existing building at 175 SE 25th Road they purchased for $48 million

They acquired the building by buying each of the existing condos from their owners. Once the potential worth of the land is calculated, the brokers figure out the price of improvements needed to bring the older structure to present-day building codes (stronger windows, new roofs, refurbished elevators).If the difference between cost of repairs and the value of the land is large enough, the property becomes lucrative to a developer, as long as a majority (90 percent) of the condo owners in the building are willing to sell.Yetming said he met with the condo association and its members in April 2015 to see if they were amenable to a deal

They made specific offers to each of the 61 owners based on the size and location of their individual condos (units with bay views or higher floors, for example, got more)."You have to put yourself in the owners' shoes," said Yetming, who is now an executive vice president at Colliers International

"The way they sell their condo should remind them of the way they bought it

You take everything into consideration from corner units to bay views in your offer, so the owners feel they are an active participant in the sale."Four months after the initial presentation, Yetming said 100 percent of the owners in the building had agreed to sell, for a total price of $48 million."There's more supply than demand in the market at the moment, so if you live in an older building and you're trying to sell, it's going to be harder to compete with newer units," Yetming said

"If you can sell your condo for more than it's worth, that's a great deal for anyone."Hurricane Irma's close call in September was a reality check for many waterfront property owners, who were braced for a worst-case disaster scenario and worried their buildings might not even be left standing after the monster storm."When Irma came through, a number of waterfront communities suffered damage and are still dealing with repairs and deciding how they're going to proceed," said Steven Wernick, a land use attorney and partner at Akerman LLP and past chair of the city of Miami's Waterfront Advisory Board

"Some of these older properties, especially buildings from the 1970s, often don't conform to recent building codes and are not well prepared for sea level rise

They're in flood zones."Irma has spurred some condo associations and owners to assess whether they want to spend the time and money to make upgrades to aging structures

In some situations, it might be in the best interest of current owners to just sell the property."Una is the latest luxury tower to be built on the former location of an outdated building, but it's far from the first

Edgardo Defortuna, president and CEO of Fortune International Group, said his company is currently developing a new project on the former site of the Playa de Varadero condo at 18801 Collins Ave., which was built in 1965.Other examples include the Residences by Casa/Armani in Sunny Isles Beach and the upcoming 17-story luxury condo at 5775 Collins Ave., which will be built on the site of the Marlborough House condo by Brazilian billionaire Jose Isaac Peres.While Defortuna won't go as far as to call it a trend, he said you can expect to see more of this kind of strategy used in the industry as Miami's next real estate cycle gears up in the coming years."This kind of development is a thing of the future: It's actually here now," Defortuna said

"Real estate in Miami is almost a new game now, because it's very very difficult to find a site that is readily available

Developers have to be creative and figure out a way to solve that issue

And this way of developing is a win-win, because the old condo owners are making a nice profit on their property."Visit Miami Herald at www.miamiherald.com Go to MSN Home require(["refreshPdpModules", "c.dom", "c.sso"], function(refreshPdpModules) { try { define("c.financeajaxrefreshstart", 1); refreshPdpModules(); } catch (e) { define("c.financeajaxrefresherror", 1); } }); require(["refreshPdpModules", "c.dom", "c.pdp"], function(refreshPdpModules) { try { define("c.financeajaxrefreshstart", 1); refreshPdpModules(); } catch (e) { define("c.financeajaxrefresherror", 1); } }); require(["jquery", "binding", "LocaleSettings", "c.pdpready"], function($, binding, utils) { utils.PostAjaxComplete(); }); require(["jquery", "binding", "LocaleSettings", "finance.ajax.done"], function($, binding, utils) { utils.PostAjaxComplete(); }); define("LocaleSettings", ["utils"], function() { var settings = {}; settings.numberGroupSizes = "3".split(" "); settings.numberDecimalSeparator = "."; settings.numberDecimalDigits = "2"; settings.numberGroupSeparator = ","; settings.currencyGroupSizes = "3".split(" "); settings.currencyGroupSeparator = ","; settings.currencyDecimalSeparator = "."; settings.currencyDecimalDigits = parseInt("2"); settings.currencySymbol = "$"; settings.currencyPositivePattern = parseInt("0"); settings.currencyNegativePattern = parseInt("0"); settings.percentGroupSizes = "3".split(" "); settings.percentGroupSeparator = ","; settings.percentDecimalSeparator = "."; settings.percentDecimalDigits = parseInt("2"); settings.percentSymbol = "%"; settings.percentPositivePattern = parseInt("0"); settings.percentNegativePattern = parseInt("0"); settings.shortTimePattern = "h:mm tt"; settings.monthYearPattern = "MMM yyyy"; settings.monthDatePattern = "MMM d"; settings.dayDatePattern = "ddd MMM d"; settings.negativeSign = "-"; settings.defaultDatePattern = " MMMM d, yyyy"; settings.monthDayYearPattern = "M/d/yyyy"; settings.longTimePattern = "h:mm:ss tt"; settings.dateSeparator = "/"; settings.timeSeparator = ":"; settings.indexdetailsurl = "/en-us/money/indexdetails"; settings.stockdetailsurl = "/en-us/money/stockdetails"; settings.funddetailsurl = "/en-us/money/funddetails"; settings.etfdetailsurl = "/en-us/money/etfdetails"; settings.commoditydetailsurl = "/en-us/money/markets/commoditydetails"; settings.watchlisturl = "/en-us/money/watchlist"; settings.commoditiesNewsurl = "/en-us/money/commoditiesnews"; settings.currencyConverterUrl = "/en-us/money/currencyconverter"; settings.serpUrl = "/en-us/money/serp"; settings.milestoneDigits = "1000,1000000,1000000000,1000000000000".split(","); settings.milestoneWords = "k,M,B,T".split(","); settings.isUserAuthenticated = "False"; settings.currenciesUrl = "/en-us/money/currencydetails"; settings.marketDetailsUrl = "/en-us/money/marketdetails"; settings.homepageScreenersUrl = "/en-us/money/homepagescreeners"; settings.screenerAddFilterUrl = "/en-us/money/getscreenerfilters"; settings.filterResponseUrl = "/en-us/money/getfilterresponse"; settings.presetScreensUrl = "/en-us/money/getpresetscreens"; settings.realTimeQuotesUrl = "/en-us/money/realtimequotes"; settings.autosuggestControllerUrl = "/en-us/money/autosuggest"; settings.searchresultsPageUrl = "/en-us/money/searchresults"; settings.heroChartUrl = "/en-us/money/stockdetails/herochart"; settings.stockDetailsFilmstripUrl = "/en-us/money/stockdetailsfilmstrippartialpage?symbol=BBK0OQG"; settings.partnerButtonUrl = ""; settings.locale = "en-us"; settings.language = "en"; settings.country = "us"; settings.PostAjaxComplete = function(alwaysReset) { var pagingSection = binding.get("pagingSection", ".pagingsection"); // }; return settings; }); .bingNewsContainer h2::after, [data-aop="financeportfoliobingnewsmodule"] h3::after, .bingNewsContainer #pdp-module h3::after { content: "News from the Web"; } //> 1); } } else { // if we got here, we didn't find anything but script

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