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Sincerely,

Paul Silverstein, P.A. , CDPE
Broker-Sr. Vice President
Commercial Division
RE/MAX Advance Realty
7220 Red Rd.
Miami, Florida 33143
(305) 444-7111 x 130 office
(305) 794-9773 cellular

(305) 663-1213 fax
paul@fctus.com
www.FloridaCommercialTeam.com

Member Green Resource Council

Member Master Brokers Forum

Member CCIM

#2 Top Commercial Associate in Florida Year 2012  by RE/MAX International

#1 Top Selling Commercial Associate in Florida 2009 by RE/MAX International

Top Five Commercial Associate in Florida 2009-2012

Top Ten Seling Commercial Associates in Florida 2009-2010-2011 by RE/MAX International

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The "Buzz" about Commercial Real Estate in Miami

There is a lot of “buzz” going on about commercial real estate in Miami. What’s the real story? Charts show commercial properties going down (See my chart @ FloridaCommercialTeam.com). Then you hear about old warehouses built in the 1960’s in Winwood selling for over $200 square foot. What gives? The short answer is that there is no short answer! Some areas of Miami are actually booming, with new apartment buildings, condominiums and big box retailers being built at the fastest pace in seven years. And yet some sections of Miami and its surrounds are still going down, or at best, stuck in the doldrums.

The best answer that I can come up with is that not only does the timeworn adage, location, location, location apply, but that the descriptive needs to go further. Not only is location a determining factor in affecting commercial real estate in Miami, but also the type and price point of the properties. While there may be a property that is as hot as a two dollar bill in one location, another type of property may not be hot.

The first half of the year has seen the strong resurgence in the purchase of small to mid-sized apartment buildings. Most of these sales have been for cash and the majority of them have been to foreign investors looking to take advantage of the final bottom in multifamily pricing and the sharp increase in rents. That increase in rents is being fueled by the tightening of mortgage credit requirements for marginal borrowers who are being placed back into the rental pool. Further, the fact that many of the newer high-rises in Miami that were thought to be investor driven purchases turned out not to be. They were purchased as second and third homes and are being kept as such, not rented. Fearful projections of a fifteen year supply of condos evaporated; it only took seven. Now we have an actual shortage of rentals, and where there are rentals, the renters pay dearly. Finally lenders are beginning to slowly loosen their purse strings and financeable multifamily purchases can take place although at a snail’s pace.

Land, the red haired stepchild of real estate, is finally on the mend, with a number of developers recognizing the bottom of the cycle and are again eagerly, if cautiously, acquiring development sites. Purchases are primarily in the East of I95 corridor as well as the few remaining oceanfront parcels for high-rises.  There is still plenty of developable property to buy.

One big change commercial property that is coming, is to the Design District, where Dacra Development is readying itself to break ground on almost One Million square feet of a high end retail/office and condominium project. This project shows the optimism, as well as the developers due diligence, to confirm that South Florida’s real estate recovery has finally raised its head off the sickbed.

While other areas of South Florida may show signs of still lagging, the question of South Florida’s real estate recovery is no longer questioned as an “if” or “when” moment, but a how fast?

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Three Miami Commercial Properties Sold to International Investors

Paul Silverstein, President of the Florida Commercial Team, sells three commercial properties in Miami, Florida.

 

Paul Silverstein, President of the Florida Commercial Team, sold a 16 Unit apartment complex at 8216 Crespi Blvd on Miami Beach for $1,650,000 to a Russian real estate investor. The Florida Commercial Team does extensive business with international investors seeking to purchase commercial real estate in Miami.

Paul Silverstein also sold a commercial site of 18,615 square feet at 3557 NE 2 Avenue, Miami, Florida to a New York investment group for $750,000. The Florida Commercial Team has extensive contacts with New York investors who purchase commercial real estate in Miami. This is one of several such sales completed by the Florida Commercial Team.

The Florida Commercial Team also sold a riverfront commercial site at 528 NW 7 avenue, Miami, Florida, consisting of 18,50 square feet for $1,787,000, to GLF Construction Corp, for the construction of their corporate headquarters in the U.S. Paul Silverstein was also the lead real estate broker on this sale.

“Buyers for these properties were both local and international investors who continue to view Miami as a buying opportunity,” Silverstein said, "and the Florida Commercial Team is well positioned to locate additional properties for these investors."

Paul Silverstein and the Florida Commercial Team have been successfully selling commercial real estate in Florida for over thirty years. He has been the recipient of numerous awards from RE/MAX International including the prestigious Platinum Award, 100% Club Award, the Executive Award, and the coveted 2008 Hall of Fame Award based upon sales.

In 2009 he was recognized by RE/MAX International as the #1 Top Selling Commercial Associate in the State of Florida based upon sales by RE/MAX International.

Silverstein has been named in the Top Ten selling commercial Brokers from 2009-2011 in the State of Florida.

He has been named by the National Association of Realtors as being in the top ½ of 1% of Realtors nationwide.

Along with the other members of the Florida Commercial Team, he has a unique depth of knowledge and understanding of the myriad changes that have made South Florida a national and international destination for investors and developers. On behalf of the Florida Commercial Team he has been instrumental in assembling properties for many development projects in South Florida and is the Senior Vice President of the Commercial Division of RE/MAX Advance.

Silverstein has created commercial real estate wealth portfolios for dozens of clients throughout his career, and particularly as part of the Florida Commercial Team.

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Commercial properites are moving in Miami!

Paul Silverstein, P.A.

Broker- Senior Vice President

Commercial Division

RE/MAX Advance Realty

www.FloridaCommercialTeam.com

305-794-9773 direct

 

Commercial properties of every stripe are selling in Miami. Multifamily properties are hot!  In my latest apartment building sale the apartment building units went for over $118,000/door! And these were one bedroom apartments! Demand is so strong that there is actually a lack of product, which of course is driving CAP rates down. It is not uncommon to see properties trading in the 6.5-7% range. Shopping centers, retail strip centers and even office buildings in the inner urban core of Miami are now difficult to find, and when we do find them the prices are aggressively high. Even land, the property type on the lowest part of the real estate totem pole, is beginning to make a comeback, especially properties in or close to the urban core.

New Projects such as Citicentre, a 3.5 Million Square Foot Office and Hotel project are underway, as is construction for several quasi luxury apartment buildings. A new Walmart is under construction in Miami, the first in six years, as well as a new Big Box Retail Center in Coral Gables.

What is driving these purchases and construction? The simplest answer is twofold. First, the interest rates offered for CD'S and Treasuries is ridiculously low. Earning  1/2 % on one's money is a sure way to lose money. Returns of 6-7% from returns on real estate become awfully attractive. Second, Miami is benefitting from enormous inflows of money from various South Amercian countries. Miami is, in fact, the financial capital for many of these countries, and South Americans appreciate the ease with which they can both do business in Miami and enjoy the returns offered by commercial real estate. While most South Americans have had to adjust to the lower returns offered by commercial real estate, they are nonetheless strong believers in the US econmy over the long term, especially in light of the political uncertainty facing their own countries. It is ironic that foreign investors seem to have greater faith in the performance of the US economy than their Northern, native cousins.

Many observers are noting that Miami real estate has bottomed out in many catagories and as steep as the decline was, the rise may be equally steep, leaving investors blinking their eyes and wondering what happened.

Now is the best opportunity to purchase commercial real estate in Miami, before a rise in pricing and interest rates locks investors out from the next upward cycle.

For more information on the state of the commerical real estate market please call Paul at 305-794-9773 or email me at paul@FCTUS.COM.

Feel free to visit me at www.FloridaCommercialTeam.com

 

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MARKET MOVING!

That's right! There is finally significant market activity for midsize office buildings, apartment buildings and portions of warehouse market.  We have been fortunate to get some agreements for office leases, with proposals on others. Offers are being made on apartment buildings, multifamily and warehouses.We hope to announce an interesting, and for the owner, sale of a warehouse in the near future. As always, price is the driving factor, and cash will continue to be king for smaller commercial properties, as the credit market still remains inhospitable for the small investor. For more information on the current state of the commercial real estate market and commercial and investment opportunities visit our website www.floridacommercialteam.com .

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The Florida Commercial Team' Perspective on the Commercial Real Estate Market While the news from many quarters concerning the current state of the commercial real estate market is unsettling, the opportunity for savvy investors of commercial property has never been better. Discounted property pricing of 15 to 30% is not uncommon for distressed properties. For those investors with captial to invest, local lenders are prepared to lend under the traditional lending guidlines that existed before the latest price run up on commercial properties. Patience will be rewarded for the commercial real estate investor who has the willingness to ride out the current down market. If you are an investor wanting to take advantage of this market, you are asking yourself what and where are the best real estate opportunities? The Florida Commercial Team, with over 45 years of real estate experience in South Florida real estate, provides their clients experience,personal service and innovative real estate solutions to assist investors in making the best possible real estate investments.

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Is Commercial Real Estate Bouncing Back?

By Ruchika Tulshyan

TIME

July 12, 2010

Commercial real estate is showing signs of a market bottom, says Mike Kirby, chairman of Green Street Advisors, a Real Estate Investment Trust (REIT) research firm. Kirby tells TIME which parts of the market are turning up and who's doing the buying. You've said commercial property values are up 20% from the lows. Other reports say we're still down 40%. So where are we, really? Our view on property pricing differs from conventional wisdom. Some other indexes, published by Moody's and MIT, show that property prices went down 40% and that they've generally stayed there. But we show they're now down 25% from their peak. The reason for the difference is that their indices track transactions — ours tracks deals that haven't yet closed. It takes an awful long time for their index to capture the essence of the news going on in the market right now. Buyers and sellers of commercial property are striking handshakes at prices that are substantially above where deals are closing, and that's part of what's missing from other indices. (See pictures of retailers that have gone out of business.) Are all regions bouncing back? Manhattan and Washington, D.C., in particular, have had very robust increases in value. Everyplace else, it's been weaker. And that's probably the defining differential. Manhattan took a bigger hit, so it had further to bounce back. Some of the buying activity has been foreign, and they typically flock to those two markets first. We're also seeing some activity in San Francisco and Boston, but not to the extent we've seen in the other two. Where's the foreign money coming from? It's mainly Arab money. They've been the main source so far. The German syndicators [i.e., investment pools] are back in business. They've been toeing around the market. There's also been interest from sovereign wealth funds of all stripes. But particularly it's Middle Eastern money. What about the nagging worry that commercial real estate is the next crisis? This whole premise that commercial real estate is "the next shoe to drop" is overstated. Clearly, we have problems, since there are many mortgages out there that were underwritten using very aggressive assumptions, and those will be difficult to refinance. But the good news is, if you look at our property index, we're back to 2005 pricing. So that means that most properties that were financed in '04 and '05 are not going to be much of a challenge to get refinanced. And, yes, the '06 and '07 deals, which some indices say are still underwater, will also need to be recapitalized. The good news is, there's a very long line of capital sources that have shown up in the last nine months that are ready, willing and able to play that role. (See pictures of Americans in their homes.) But weren't there some really bad deals? Pretty much anything Blackstone sold at the peak out of its equity-office portfolio. Then there was the Archstone deal — the privatization of a blue-chip REIT at a very rich price — that did a huge amount of damage to Lehman Brothers and Tishman Speyer. There's no shortage of headlines saying, "Boy, can you believe how stupid that deal was?" but I think in general everybody's taken a small hit but nobody's bleeding too badly. (Comment on this story.) What types of properties are rebounding? The biggest increases in value are the same sectors that had the biggest decreases in value. Hotels went down the most, offices went down the second most, and those rebounded the most. Apartments got hit the least, and malls didn't get hit too terribly hard, and their rebounds have been smaller. Even with the rebound, hotel and office land investors will continue to feel the pain over the next three to four years, more than apartment land investors. (See 10 big recession surprises.) How is the rental market? You're still seeing problems in terms of vacancy rates and stagnant rental rates. But the important thing is that a recovery is visible. It may take a while to play out — real estate does tend to lag the economy, but there are positive developments. The primary driver for real estate value is the low return requirements everywhere else. So a year ago, corporate-bond yields dropped from 9% to 6%. Real estate returns are now in their mid-sevens. It's the drop in bond-market returns that makes real estate look pretty darn good right now. So it's a good time to invest now? You get a decent return, and you're buying at the bottom of the cycle. Real estate being a historically cyclical animal, you know, it's not going to be a good year next year, or even the year after — the cash flows are going to stink — but eventually, what has gone down comes back up. So we're sitting at a historically low occupancy and rental rates, but barring a double dip, there's only one way to go.

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