Miami Rents Are Wildly Unaffordable for Average Residents

Categories: Unreal Estate

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Photo vis ISeeEvryThing's Flickr | MNT Flickr Pool
The old rule of thumb is that you shouldn't pay more than 30 percent of your income on rent and utilities, but in Miami that's becoming a near-impossible guideline to stick to. A new Zillow analysis shows that the median rent (not including utilities) in Miami is equal to about 43 percent of the median income -- an all-time high and one of the highest rates in the nation.

All those fancy, exclusive high-rises that developers keep building aren't helping matters much.

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Rickenbacker Marina Says City Is Trying to Force It Out of Virginia Key

Categories: Unreal Estate

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iCamPix.net/Flickr CC
For more than two decades on the tip of Virginia Key, Rickenbacker Marina has run its business providing boat storage, a rare longtime Miami operator during a period marked by rapid development and soaring property values. But now the marina is claiming the city is pushing it out to make way for a new lessee -- and using dirty tricks to do so. The marina filed a lawsuit yesterday in Miami-Dade civil court detailing its complaints against the city.

"This is not a case where we didn't pay them," David Haber, an attorney for the marina, tells Riptide. "This is a case where the guy's paying his rent for 30 years and they just don't like him anymore and they want someone else. You can speculate on why."

See also: Key Biscayne Wants to Levy Toll for Bicycles On Rickenbacker

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Miami Ranked One of the Least Sprawled Metros in America

Categories: Unreal Estate

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via Google Maps
While you wouldn't know it from rush hour traffic on the Palmetto and Dolphin Expressways, Miami is apparently one of the least sprawled out metro areas in America. According to a new study by Smart Growth America and the Metropolitan Research Center, Miami-Miami Beach-Kendall is the eighth most compact metro in the country. It's also the third most compact major metro area, behind only New York City and the San Francisco Bay area.

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Longtime Brickell Residents Say Restaurateur Plays Dirty to Kick Them Out

Categories: Unreal Estate

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Mayra Baruh, a single mom from Nicaragua, has raised two daughters in the heart of Brickell, in a diminutive building in the shadow of ever-taller towers sprouting up around the financial district. Gretel Hebbert, her oldest daughter, now 27, remembers a childhood of low-rise residences occupied by fellow recent immigrants, parties with friends, and people helping one another with offers of food or clothing.

"It was a neighborhood," Hebbert tells Riptide. "Everybody took care of each other... It's not what it is now."

For years her family's building has been one of the last old residential structures sandwiched among dozens of trendy new restaurants and high-rise towers. But change is coming, and Hebbert and Baruh say the restaurateur leading the charge is playing dirty to force longtime residents out.

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500 Alton's Fate Could Depend on Public Referendum

Categories: Unreal Estate

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The super developers behind 500 Alton, an ambitious development plan that focuses on what would become Miami Beach's tallest building, knew their plan didn't meet city codes. But, hey, it's only local government and they're super developers. There's ways of getting around those things, but it's quite possible things could get a lot tougher for those developers. The plans could go to a public referendum.

See also: 500 Alton: All the Details on South Beach's Proposed Tallest Building

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Miami Beach Community Church Courtyard Will Soon Look Like the Rest of Lincoln Road

Categories: Unreal Estate

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Touzet Studios
The Miami Beach Community Church courtyard will soon look like this.
In December, we broke the news that the Miami Beach Community Church was strongly considering leasing its courtyard to commercial developers. Church leaders called the $100 million offer a "miracle from God." Meanwhile, locals -- and even some church members -- said the church was selling its sanctuary for 30 pieces of silver.

Well, MBCC members eventually approved of the "miracle." And now architects have released their plans for a two-story retail structure where the church courtyard currently sits.

The building will be a modern mix of limestone, glass, and metal. In other words, it will look like all of the other new clothing stores on Lincoln Road.

See also: Miami Beach Community Church Is Considering Leasing Its Courtyard For as Much as $100 Million

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500 Alton: All the Details on South Beach's Proposed Tallest Building

Categories: Unreal Estate

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Because apparently Miami is always in desperate need of another gigantic skyscraper meant to house the 1 percent, developers Related and Crescent Heights have teamed up to bring a code-breaking new vision to a piece of primo South Beach real estate at 500 Alton Rd. Today they unveiled plans for what would be Miami Beach's tallest building -- a 50-story glass behemoth with condo prices starting around $2 million.

See also: Another Wynwood Megaproject Is Up for a Vote This Week

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Another Wynwood Megaproject Is Up for a Vote This Week

Categories: Unreal Estate

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250wynwood.com
250 Wynwood, one of many condo buildings already underway in the neighborhood.
Wynwood is changing at warp speed. Some walls are going up. Others are coming down. Galleries go out. Ducati dealerships come in. The only constant seems to be the neighborhood's ever-evolving coat of graffiti, shed periodically like a serpent's skin.

So it's no surprise that yet another controversial condo project is up for a vote this week. Wednesday night, the city's Planning, Zoning, and Appeals Board will consider a 264-unit condo building by developer David Edelstein.

See also: Wynwood's Identity Crisis: As Soaring Rents Shutter Galleries, Parking Garages and Luxury Stores Take Their Place

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Chris Bosh Owns Two of the Top Three Most Expensive Homes in the NBA

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Chris Bosh may not be the league's most valuable player, but he does own the NBA's most valuable real estate portfolio. Not only is Bosh's North Bay Road home on Miami Beach the most expensive home owned by a current player, but he also owns a home in California that is the third most expensive.

LeBron James and Dwayne Wade aren't that far behind. They also own the fourth and fifth most expensive homes in the league, meaning that the Heat's Big Three own four of the NBA's five most expensive homes.

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Stephen Ross Releases Stadium Statement, Doesn't Address Tax Issues

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Stephen Ross clearly wants to spin his decision to pay for renovations to Sun Life Stadium out of pocket as an act of something akin to charity. The Miami Dolphins owner has now issued his first public statement on the decision, and sidesteps the issue that the deal would see him skipping out on millions of dollars of property taxes a year.

See also: Report: Stephen Ross Will Pay for Sun Life Stadium Renovations Himself

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