Information for International Buyers
August 31, 2010 by Lucas Lechuga
We often work with buyers from all over the world who have questions regarding the buying process in the United States because it often varies from country to country. In today's video, Michael discusses a few misconceptions or questions that foreign buyers sometimes have when shopping for real estate here.
Bombay Sapphire to hit Biscayne Boulevard’s Omni area
The historic Sears Tower comes to life as Bombay Sapphire Lounge, a new gathering spot that hopes to become a local hang out on Biscayne Boulevard.
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BY ELAINE WALKER
[email protected]
The next piece in the revival of Biscayne Boulevard’s Omni area could be Bombay Sapphire.
We’re not talking about ice blue bottles of the super premium gin lining the street, but this week’s soft-opening of a new Bombay Sapphire Lounge at the Adrienne Arsht Center for the Performing Arts in Miami.
The goal is that the lounge, located in the historic former Sears Tower, will become a gathering place both for patrons of the Arsht Center and others in the neighborhood seeking a hip place to hang out.
“We are very much about creating a new downtown in our neighborhood,” said M. John Richard, president and chief executive of the Arsht Center. “Bombay will help establish our neighborhood as a destination. It’s the next step.”
The Bombay Sapphire lounge, at the corner of 13th Street and Biscayne Boulevard, is the first stand-alone branded venue for Bacardi U.S.A. in the country. It’s part of a $300,000 commitment to the Arsht Center, which gives Bombay the rights to the space for the next five years.
The partnership was a good fit for Bombay, the fastest-growing super premium gin on the market, which has always tied its marketing efforts to the art and design community.
Bombay Sapphire was the second-largest selling gin in the United States based on volume in 2009, behind Tanqueray, according to Impact Databank. But the brand still faces challenges to grow its market share in Miami, where vodka and rum get more attention.
“It’s another great opportunity to connect with a Miami audience and do so in a way that’s true to the brand,” said Giles Woodyer, brand managing director for Bombay. “You can build that recognition that Bombay is a leader in the cocktail culture.”
The Arsht Center spent $1.2 million on remodeling the 1929 historical building, which had never been used since the performing arts center’s opening. It’s now decked out in Bombay’s signature blue tones with seating for about 140 people, inside and on an outdoor patio.
The opening is great news for local residents like Jonathan Stern, who normally has to go to Brickell Avenue or South Beach to go out for a drink.
“I’m super excited because we don’t have anything like this, within walking distance,” said Stern, a 27-year-old attorney, who has lived in the neighborhood for two years. “I hope it’s going to be the first of many.”
Alyce Robertson, executive director of the Miami Downtown Development Authority, believes the Bombay Sapphire opening is another step in the redevelopment of the Biscayne Boulevard corridor.
“Having a company like Bacardi open here, shows that Biscayne Boulevard is making great strides,” Robertson said. “What’s starting to happen is that you’re adding some excitement to an area that hasn’t had much retail activity.”
Michael, if you shoot a video for international buyers where English is not their primary language in most cases, you might want to slow down a bit when you talk…
Does anyone know what is going on with the mint building . When will these units be for sale.
Where is everybody??? It’s lonely here.
Everyone is very busy selling real estate. Miami is #1 city in the world and the property prices are cheapest in the world. So the ferners are coming to buy……….. Brickell is sold out. Beach is not for sale. Only place available is downtown Miami now. Once it is sold there is nothing left. Don’t forget the Miami Herald headlines – There is no land left to develop in Miami.
Buy now or you will have to pay twice to buy it from the ferners in future!
no wonder you continue to remain poor and unemployed.
dillinger — LOL. “Poor and Unemployed” is our resident satirist. His comments are cautionary tales, not investment advice.
Thank you Joe. At least some one here has a sense of humor! Market sucks and unless we accept the situation as it is, there is no hope. I would rather see the bottom fall out, which will bring in the buyers. If the price is right – you can even sell the one bedroom house in Hialeah with all the code violations and the chicken in the backyard!
Poor and Unemployed — You’re right. There’s a story in today’s New York Times that says more and more people are agreeing with this point of view. It’s time for the phony-baloney government shell games and prop-up schemes to end.
I have a theory.
1. Bankers are either 90% republican or at least Repub sympathizers or their cronies.
2. They have absolutely every reason to help out their repub cronies by keeping the economy depressed at least for the time being by completely shutting out any loan activity. If the economy sucks, that will help the repubs take back Congress in November. That should help them in getting favorable laws written. Or in the least, Obama admistrations hands could be tied in passing tough regulations against financial institutions.
3. Come November, if Repubs take Congress, I will bet my bottom dollar that banks will open the spigots of credit again at least for prime and good borrowers (right now you cant get a loan even with stellar credit). They are making crap nothing sitting on all that money. Giving that money out at 4 or 5% to prime borrowers looks hell of a lot better than sitting and making 0% .
4. Heck, Even Paramount Bay will open sales after the elections and it has a good chance of selling a good chunk of condos.
why bother — I always love a good conspiracy theory, but if you take a look at where Wall Street’s campaign contributions went in 2008 and 2009, you might reconsider.
why bother, considering that lose lending is what got America in trouble, tougher credit has got to be good for this country… Furthermore, notwithstanding the fact that the Fed actually pays banks interest on their reserves parked there, making 0% sure beats losing the money.
Joe, Yeah, they might have greased the palms of Dems also. But not out of love or choice. They need to bet on both horses just in case. In their hearts they hate the Dems anyway. Giving money is not an indicator of giving approval.
BB Queen, Tougher credit- I am all for it. But I am totally against stupidity. When a bank refuses to lend to someone with a FICO score of 800, it is stupidity. Nothing prudent or smart about it. That is what is going on right now for no rhyme or reason. That is why I am willing to bet, that the credit will start flowing again to prime borrowers after this election. The banks just cannot sit on idle cash for ever.
why bother, if you have 800 FICO score, but can’t come up with 20% cash downpayment – the banks are absolutely right to refuse your biz. Now, maybe you know more eggregious examples of banks’ wrongdoing, but something is telling me that you are Obama’s honorary fan club member and as such are probably a bit too upset by golden boy’s precipitous decline to think clearly.
why bother — BB Queen is right: An 800 FICO is only part of the equation. If banks believe housing prices are going to drop again, which empirical evidence suggests is the banks’ collective belief, then it makes no sense to lend money to an 800-FICO borrower unless that borrower makes a very large down payment. (If you were talking about business lending or something else, that’s another story.)
Joe, banks need 20% hard cold cash down even in a rising market, just to cover all the costs associated with foreclosure, as well as fixing the place after delinquents vented their disapproval by ransacking it. I know it’s hard to see the road ahead by looking in a rearview mirror, but Florida will not be declining anymore. You should get out of Bolivian brothels tomorrow morning and get yourself a studio in Brickell as pronto as possible.
Well, the US house hold savings rate went up from -1% to +6.5%.
That means a house hold making 100,000 a year used to be $1000 in the hole previously but now they are actually putting away $6500 in the bank at the end of the year. Repeat the story for millions of households making between $50K to $250K a year. In fact such high savings rate is the reason for this economy not growing at all.
Now what are the banks doing with all those additional billions and billions of dollars pouring in to thier vaults (or books). They are paying out 1.5% in interest. Basically they are bleeding cash on this scenario. This situation cannot go on forever. They MUST redeploy this money and make at least 4-5% on it. If that means taking a bit of a risk and start lending to responsible people (prime borrowers but with lesser down payments such as 5-10%). That is a first step. Are there risks involved? Yes. But sitting on cash is a worse option.
Hello Why Bother
Let’s see! Banks are not individuals – some fat cats trying to decide who gets money and who does not. Most of the major banks are owned by Public. It is hard to believe but it is true. There are humble shareholders, young / old, rich / poor, some with their trust funds and some with their miserable 401K plans, pensions, children’s college funds, lifetime savings workign three jobs. All investors want to earn respectable risk / reward ratio on their investments. How about bailout of 401K plans? Lack of which is going to put many people on to streets during their retirement. Remember there is no pension in the private sector. Your entire savings are in 401 K over which one has very little control except investing in few mutual funds. Now you may ask why did the banks gave all those risky loans? Well! That would be a good question! Have you heard of anyone going to jail for it? Even after people VOTED for “CHANGE”.
At this moment, our wise president is giving the banks better returns on their money than what they can earn by locking up the funds at 4.5% for 30 years. With rising interest rates on the horizon, do you think that these mortgages are ever going to be refinanced in next 30 years? There is no demand for CMOs, CDOs. Fannie and Freddie are broke and are owned by the government.
Our government has decided that it is politically better to keep the deadbeat homeowners in their (?????) homes instead of forcing them in to rental properties. These are the hardcore supporters of this administration. After the elections in November, we may hear a different tune.
Banks are giving out mortgages on their own appraisals not what “Jimmy and Anna” what to pay for their dream house with banks money with option to default after one month and stay in the home for next 3 years for free. Half the Miami home sales in recent months were done with 3% down payment and are already in default.
So my suggestion to you would be to take a good look at your 401K. Unless of course you are a union member or work for government – then you have nothing to worry about. My family will have to live on one meal so you may get your pension and benefits for lifetime and be able to drive 40 miles every day in your taxpayer subsidized VOLT flying American flags on either side.
Well, the US house hold savings rate went up from -1% to +6.5%.
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Are these the people saving on housing expense – living in a home for free without paying mortgage, taxes etc?
Would you please check and let us know if this rate includes the trillions wiped out in foreclosures and being counted as savings?
why bother, there is one thing much worse than not making money – losing it. Why should banks go out on a limb and lend to someone who can’t come up with 20% downpayment? I wouldn’t. I’d rather buy Spanish or Irish debt – both yield more than US mortgages right now, with lower risk of default. Securitization is dead, so banks can’t sell their originations to suckers like you – and they don’t want to be suckers themselves. I don’t blame them. If Obama wants banks to lend, then he should let US economy shrink to a smaller size, from which it could start growing again. But of course, that would devastate majority of US population and put kibosh on his re-election, so he won’t do that – thus we are stuck trying to sustain the unsustainable by loading up on more debt. Only fools would be lending in an economy that is headed to eventual deleveraging one way or another.
P & U, As far as I know, these are real savings (as per one study). People are actually putting away money. They are not spending.
BB Queen — Just when I thought you might contribute something intelligent here, you head right off to Troll Land.
In post #15, you bashed me for suggesting housing prices could decline again. Then, shamelessly, you said this in post #19:
— “If Obama wants banks to lend, then he should let US economy shrink to a smaller size, from which it could start growing again.”
Um, what? In what real-world scenario could the “U.S. economy shrink” while housing prices remain stable or INCREASE? You’ve got to be kidding.
please could you speak slower or translate it into french thank you a lot
Why do I get the feeling that “THE ACE” is still alive and well and feeding this Blog????
P & U, As far as I know, these are real savings (as per one study). People are actually putting away money. They are not spending.
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Wow! Really????? No wonder Hummer sales are down! Oh! wait! They are out of business and so are the banks.
Do you know any good Mattress and pillow companies to invest in.
Joe, real estate HAD ALREADY SHRUNK, ahead of the economy. Might come as a surprise to you, but it’s true!!! Have a great time. I don’t have much time to argue with people whose brains are shrinking faster than their ability to operate a keyboard.
BB Queen — I was well aware that r.e. prices have already declined. The point is, it’s impossible to micromanage a shrinkage of the U.S. economy in a way that would exempt r.e. prices from further downward pressure. If you have a magic bullet, I’m all ears (and I’m sure Obama & Co. would be, too).
real estate polyannas would be shocked and bewildered by 2012…a blood-curdling global event on the way..brace for it
Hey ANDII……….if you know something..WHY DON’T YOU SHARE WITH US????
andii just watched 2012 on HBO
Allegations of Sarnoff being invoved in mortgage fraud:
http://blogs.miaminewtimes.com/riptide/2010/09/dear_mr_ferrer_banana_republic.php#comments
Actually, Andii is not far off – – although 2012 is not the year to fear. It is 2011.
The “global event” I am referring to is the “Hindenburg drop” that will occur in real estate prices. Brace yourselves folks – – it’s coming.
Grab a helmet, mouth guard, and parachute. Smoke’em if you got’em.
scriv