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Monday, September 24, 2012

 

 

 

Zachary Fagenson

2012-09-24

 

Foreign buyers, particularly Latin Americans, were hailed as South Florida's saviors during the recession and the slow recovery of the condominium market.

 

Now, a new breed including Argentine developer Manuel Grosskopf is taking it a step further, making big bets on Miami-area real estate.

 

Grosskopf, along with his father, Sergio, plan to break ground on the Chateau Beach Sunny Isles at 17457 Collins Ave. in January 2013. The 35-floor, 84-unit oceanfront project is about 45 percent sold, Grosskopf said. He said the final cost of construction has not been determined.

 

Buyers paying an average of $850 per square foot for units ranging from 1,500 to 5,000 square feet are coming from across Latin America, primarily Brazil and Argentina, as well as from Russia.

 

Buyers are required to put down a series of deposits during the course of construction for a total down payment of 70 percent of value.

 

The Grosskopfs, prominent developers in Latin America, have built a number of residential buildings and shopping centers in Argentina and Uruguay. Those include two other high-end Chateau projects similar to the one planned for Sunny Isles Beach: The Chateau Libertador Residence and Chateau Puerto Madero Residence in Buenos Aires.

 

Their Hallandale Beach-based company, Chateau Ocean LLC, with Manuel Grosskopf as managing member, has been snapping up a variety of prime South Florida properties. They range from the Ocean Palm Motel site at 15795 Collins Ave. to the site of the proposed Paramount Park condo tower at 728 Biscayne Blvd., and an adjacent lot, in downtown Miami.

 

The Ocean Palm Motel has been torn down and by the end of the year will be the site of the Chateau Beach sales center.

 

Grosskopf said he's focusing on one project at a time, especially in Sunny Isles Beach, where buyers pay millions of dollars for luxury towers with numerous amenities. At the same time, he said buyers today aren't just investors looking to turn a quick profit.

 

"These buyers are not paying 20 percent cash down," he said. They're "much stronger than they were before. … Now you are seeing deposits from 30 percent to 80 percent, even 90 percent" of the cost of the unit.

 

"The market is real, it's the end user, it's the person that's" going to be living there, he added.

 

Despite holdings in both northern and central Miami-Dade, Grosskopf said his current focus is on the Sunny Isles area.

 

"In Sunny Isles, projects were sold at $250 per square foot and now those projects — even if they already are 10 years old — are trading in the $500 to $600-per-square-foot range," Grosskopf said.

 

Earlier this year he purchased the Best Western Oceanfront Resort at 93rd Street and Collins Avenue in Surfside for a staggering $50 million — nearly five times the assessed value of $11.2 million.

 

Grosskopf declined to give details about what will rise in place of the Best Western, saying only that it will be a "very, very high-end condominium, [with] low density, less than 90 units."

 

Chateau Beach and the Best Western projects should keep Grosskopf's company busy for the next several years. He said that's exactly the time frame he needs before considering developing the 728 Biscayne Blvd. property or any other holdings in downtown Miami.

 

 The plan is to "put two buildings, one on each site," he said.

 

Grosskopf said he won't consider moving forward with downtown projects until nearby developments, including the Perez Art Museum Miami and the Patricia and Phillip Frost Museum of Science, are completed in the 29-acre Museum Park.

 

"We believe the area is getting better and better," he added. "Miami is becoming more an international market and the weather, the security will continue to make it attractive for foreign buyers."

________________________________________

Copyright 2012. ALM Media Properties, LLC. All rights reserved.

 

 

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Friday, August 17, 2012

Premium content from South Florida Business Journal by Oscar Pedro Musibay, Reporter

Date: Friday, August 17, 2012, 6:00am EDT

 

Father-and-son real estate developers Sergio Grosskopf and Manuel Grosskopf are ready for a new challenge.

The family is now focused on its first solo luxury condo project in the U.S., with Manuel Grosskopf at the helm. Chateau Beach Residences, at 17475 Collins Ave. in Sunny Isles Beach, is an 84-unit, 33-story building that is expected to begin vertical construction in January.

Units are sized from 1,500 to 5,000 square feet (the penthouse and Sky Villa are much larger) and are priced an average of $850 a square foot. Monica Venegas of Venegas International Group is the sales broker.

During the last 15 years, the Grosskopfs have built high-rise condominiums in downtown Miami. As partners inTerra Group, they built Quantum on the Bay and 900 Biscayne.

Sergio, 67, and Manuel, 37, also closed on several purchases, including a corner site near Gulfstream Park in Broward County and the Florida Power & Light Co. building in western Miami-Dade County. Amenities at Chateau Beach will include a private restaurant, fitness center, cigar lounge, kids’ playroom, beach service and spa.

About 40 percent of the units have the 10 percent deposit required for a reservation, Manuel Grosskopf said. Buyers will be paying up to 90 percent of the market value of the units as the project progresses, with the money being used to finance construction, he said.

Buyers are coming from a diverse group of countries, including Russia, Brazil and Argentina. So far, none are from the U.S.

Beth Butler, president of One Sotheby’s International Realty, said the Grosskopfs’ plans fuel the luxury condo boom under way in Sunny Isles Beach. She said the city is a brand, like Ocean Drive or Brickell Avenue, to South Americans.

“The Sunny Isles area is known by name,” she said. “Brazil and Argentina especially know it and like it. The beach is a big draw. The proximity to Aventura Mall and Bal Harbour are also big pluses.”

Popular location

Several developers have launched sales on luxury projects in the same area including The Dezer Group, which is building the Porsche Design tower, and Jules Trump and Eddie Trump, who are building Mansions at Acqualina.

In South America, the Grosskopfs are known for shopping mall development and management, and condo development.

They built and managed the Alto Palermo and Alto Avellaneda shopping malls, and managed the Paseo Alcorta and Abasto shopping malls, all in Argentina.

In the late 1990s, The George Soros Group and real estate company IRSA S.S. bought the properties the Grosskopfs owned and managed. Manuel Grosskopf became director of the portfolio under the new ownership.

In addition to Chateau Beach site, the Grosskopfs own the Freedom Square site, next to Miami’s Freedom Tower. They also own 700 Biscayne, which has been approved for both condominium units and a hotel. But these projects will not be launched for several years, Manuel Grosskopf said.

They own a site at the corner of Hallandale Beach Boulevard and Federal Highway, next to Gulfstream; sites in Hollywood; and the Best Western Hotel in Surfside, among others.

As for the 635,000-square-foot FPL building, the property, at 9250 W. Flagler St., is about 70 percent leased by FPL-related companies. Grosskopf is looking to open a data center of at least 50,000 square feet on the ground floor, and may develop the surface parking lots at the property.

The Grosskopf family has a strong record of luxury condo development. In Punta Del Este, Uruguay, they built the Coral Tower, Beverly Tower and Millennium Tower and Le Jardin Residence. In Buenos Aires, Argentina, they built Chateau Libertador and Chateau Puerto Madero.

Despite their past volume of construction, the Grosskopfs are not like The Related Group, developing a wide spectrum of projects simultaneously. The family has focused on luxury condominiums and they plan to continue in that niche, Manuel Grosskopf said.

“We like to eat one strawberry at a time,” he said.

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Monday, March 19, 2012
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Monday, March 19, 2012

Welcome to South Florida!  The home of Miami the “Magic City”, “City Beautiful” Coral Gables, “Venice of America” Fort Lauderdale and many more.  South Florida is one of the most culturally diverse and unique places to live, full of great real estate for first time buyers and intrepid investors seeking worthwhile long term opportunities.

If you're looking to move to South Florida, we've got you covered.  At Venegas International Group, we specialize in working with clients both locally and around the world, using our years of research while assisting experienced buyers and newcomers alike in finding the best properties that fit their needs, wants and budget.  Condominium, commercial property, single family home, check out our services and the many listings we have available.

We'll be using our new blog to keep you informed of market updates, notable listings and the latest happenings with Venegas International Group and South Florida.  Please bookmark our blog and leave a comment, we'd love to meet you!

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Thursday, March 01, 2012

A veteran Developer "Chateau Group with a track record in South America developing the most prestigious buildings in Buenos Aires and Punta del Este and a growing land portfolio in South Florida plans to build an ultra-luxury condominium tower on an Oceanfront site in Sunny Isles Beach.

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