CMC Ugo Colombo | Ugo Colombo

04 Jun

Miami Luxury Real Estate Stays Hot During a Pandemic

COVID-19 has made many things uncertain, but one thing that remains clear is the increasing demand for luxury real estate in Miami. Even amidst a pandemic, the Brickell Flatiron (Ugo Colombo’s latest project), closed on a whopping $31.62 million in sales since March. As the US economy continues to drop, Miami’s luxury real estate continues to rise, and the Brickell Flatiron sales are proof of this fact.

Details on the Brickell Flatiron Sales

The Brickell Flatiron project first broke ground in early 2017 and finally opened late 2019. Since its opening the 64-story, 527-unit has sold 98 percent of its units which is equivalent to 516 units. In the last three months, four of the five penthouse units were sold and four more have gone under contract. The four units that have gone under contract since March have all gone to contract at asking price. The smallest unit of the four units under contract is a 900 square-foot one-bedroom, one-bathroom that went for $450,000. The largest is a 2,200 square-foot three-bedroom, three-and-a-half-bathroom condo that went for $1.88 million. There is one penthouse that remains available at the Brickell Flatiron and the asking price is $9 million. If the past three months are any indicator of what the future holds for Miami luxury real estate sales, that penthouse won’t be available for long!

Learn more about Italian-born real estate developer Ugo Colombo, President of CMC Group.

20 Apr

Is Miami’s Real Estate Market Taking a Hit From the Pandemic?

During the COVID-19 outbreak, many industries have been affected and will continue to be affected during these trying times. Since we are living in a time of uncertainty, people are feeling less optimistic and are worried about what the future holds. At the beginning of this year, Miami’s housing market was doing very well, but could this state of fear due to the outbreak cause it all to drop?

Pre-Outbreak Market

Before the coronavirus outbreak, Miami and all of Florida were experiencing an increase in home and condo sales in relation to the previous year. According to the Florida Realtors Association, there was a 9.1 percent increase in single-family home sales in February, and a 10.9 percent increase in condo sales. The average sale price for a single-family home also rose 7.9 percent, with an average sale price of $361,839. The Super Bowl helped spark this market growth for Miami and the surrounding areas. People have been drawn to Florida due to the year-round sunshine, beaches, and many tourist attractions.

The Future of Miami’s Real Estate

For the first time, South Florida saw their population hit 6 million, with Miami Dade hitting 2.7 million residents. Due to the rise in population growth, there will still be a large demand for homes and condos. With many people unsure of what the future holds, Miami’s real estate market is still expected to be strong, especially as everything begins to reopen.

Learn more about Italian-born real estate developer Ugo Colombo, CMC Group President.

30 Mar

How the Super Bowl Sparked Interest for Miami Real Estate

Thousands of football fans visited Miami for the Super Bowl this year, however, many fans turned into prospective Miami real estate buyers. With views of downtown Miami lighting up the skyline behind Hard Rock Stadium, countless Super Bowl fans extended their trip to explore the luxury condo market and potentially make Miami a future home. In the days leading up to the Super Bowl, inquiries regarding the competitive Miami luxury condo market skyrocketed given the appeal of Miami’s year-round sunshine and lack of estate taxes.

The condos of the Miami skyline were certainly feeling the buzz of the Super Bowl. Condos including real estate mogul Ugo Colombo’s latest addition, the Brickell Flatiron, offer residents an exclusive and luxurious lifestyle with a hotel-inspired living experience. With unmatched amenities including rooftop pools, elite lounges, and a unique architectural design, condos such as the Brickell Flatiron proved to be incredibly attractive to out-of-towners.

With an innovative architectural design soaring sixty-four stories high, condos such as the Brickell Flatiron were a beacon in the skyline for Miami tourists. In addition to the unrivaled structural appearance of the Brickell Flatiron, condos in downtown Miami offer visitors access to culinary conveniences, outdoor activities, and a plethora of shopping markets.

Learn more about Italian-born real estate developer, Ugo Colombo, and his Miami condo catalogue.

04 Mar

The Collection Set to Expand for Jaguar and Land Rover

The Collection is preparing to develop an expansion on their Coral Gables luxury car dealership featuring multiple stories to store separate floor-level Jaguar and Land Rover shops. According to the Miami Herald, the expansion project represents a significant upgrade for The Collection, who has been working to acquire a Land Rover outlet for over fifteen years. The upgraded dealership will be 500,000 square feet, which is sizeable enough to hold 850 new cars, and will be complete with neo-Mediterranean architectural design to merge with the street’s surrounding design.

The upgraded Collection will feature a collaborative design with a showroom faced with dark stone and Mediterranean accents such as vaulted windows, pointed cornices, intricate detailing, and shutters on top floors. The Collection’s continued success can be linked to owner Ugo Colombo’s infatuation with architectural detail and his commitment to spend extravagantly to achieve the opulent look he desires.

The expansion project is a testament to The Collection managers’ decade-long dedication to landing the Land Rover franchise. Given the addition of a Land Rover store, The Collection can expand their portfolio and reach a greater market of individuals interested in SUVs. With the expansion project and the addition of Land Rover, The Collection plans on continuing to expand in order to adapt to the growing market of Miami drivers.

Learn more about Italian-born real estate developer Ugo Colombo, CMC Group President.

04 Dec

The Brickell Flatiron is Officially Open

Ugo Colombo’s latest real estate project, the Brickell Flatiron, is officially completed. This building is a 64-story, 527-unit tower, and is a beautiful contributor to the downtown Miami skyline. This project broke ground in early 2017 and has since gone through exceptional progression to become the beautiful building you see today. Ugo’s passion for Miami real estate combined with Luis Revuelta’s eye for design has created a real estate masterpiece. The interior architect Massimo Iosa Ghini created a seamless transition from exterior to interior by introducing the concept of fluid, continuous space.

Successful Outcomes

The CMC Group has received its temporary certification of occupancy which means that closings will begin right away. The Brickell Flatiron is about 95 percent sold, with more than half of that percentage consisting of domestic end-user buyers. The lowering of deposit requirements to 30 percent at the beginning of this year has attracted more U.S. buyers to the building. This project has been a success story and Ugo Colombo already has another project in the works which is sure to be another beautiful contribution to the Miami skyline.

Learn more about Italian-born real estate developer Ugo Colombo, President of CMC Group.

20 Nov

Miami Real Estate Investment on the Rise

Ugo Colombo has been one of the most important figures in Miami real estate since the 1980’s. Ugo left his home country of Italy to enroll at the University of Miami and immediately saw the potential Miami had for real estate investment opportunity. Ugo Colombo has gone on to become a pioneer in the development of Miami’s bayfront skyline, re-invented the luxury condo market in the city, and acquired one of the most successful luxury vehicle dealerships in the U.S., The Collection, in 1994.

Fast forward to 2019; many new investors are starting to see and capitalize on the potential that Ugo Colombo saw in Miami real estate back in the 80’s. In fact, Miami ranked 3rd on a recent study from realtor.com highlighting the top 10 U.S. markets for real estate flipping. Many investors are purchasing single-family homes with the intention of renting them out or flipping them for a profit. According to the study, 17 percent of all Miami homes purchased are bought by these investors. With average profit at nearly $67,000, Miami certainly will be a real estate investment hot spot for years to come.

03 Oct

The Latest Trends of Miami Real Estate

In the early 1990s, Ugo Colombo saw the investment opportunity in Miami real estate, and now it is starting to reach its full potential. According to Norada Real Estate Investment, Miami real estate appreciated 57.70% over the last ten years, which is an average annual home appreciation rate of 4.66%, putting Miami in the top 10% nationally for real estate appreciation. Despite the downward motion nationwide in the housing market, Miami real estate appreciation rates are strong and have continued to appreciate in value faster than most places. The real estate market in Miami is doing well and has seen a dramatic increase in office locations.

Offices are Taking Over

Office development in Miami has hit its highest level since 2009, which is partially caused by the relocation of tenants from high-tax states. According to The Real Deal, 1.9 million square feet of office space is expected to be completed in the next two years. As of 2011, only 500,000 square feet of office space was expected to be completed, as opposed to the nearly 2 million square feet that is now expected. On top of the relocation of tenants from high-tax states causing this change, it is thought that corporations wanting to expand their Latin American business could also be another reason for this shift.

If you are thinking of investing in Miami real estate, especially in office space, it seems as though the statistics and numbers are on your side. Miami continues to become a “mini-Manhattan” and is seen as a good investment opportunity for the future.