Miami agent shares good news for Miami buyers: fixed rate mortgages continue to be at low rate of 4.1%.

According to Freddie Mac's most recent Primary Mortgage Market Survey (PMMS), average fixed mortgage rates remained unchanged this week compared to the previous week amid light economic reports.

Frank Nothaft

Freddie Mac's chief economist Frank Nothaft said, "Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May."
 
Freddie Mac Report News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending June 5, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.

• 15-year FRM this week averaged 3.23 percent with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.4 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.

• 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.58 percent.

Sold in Miami

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The chairman and CEO of Investment Babk, Cantor Fitzgerald, Howard Lutnick, recently spent $22.75 million on a pad in the St. Regis Bal Harbour in south Florida.

Although it's not completely finished, the massive, 14,000-square-foot condominium was built in 2012 and can hold up to 11 bedrooms and 11 baths. It takes up the entire 25th floor of the Resort and Residences complex, and has 4,000 square feet of terraces with panoramic views of the beach and city.

According to the floorplan, the condo also has two elevator entrances, and can have two master bedrooms, a wine gallery and library, 16-seat dining table, media room, and indoor garden. Lutnick will also get five parking spaces.

 According to WSJ, Lutnick bought the property in early May from Yuriy Kosyuk, CEO of the Ukrainian agro-industrial company MHP.

The 25th floor apartment was originally divided into five separate units, which Kosyuk bought but never finished by the time he put it on the market for $24.9 million about a year ago.  

The St. Regis in Bal Harbour, which is northeast of Miami, has nearly 1,000 feet of ocean frontage. There is also a private gym, pool, "exclusive concierge," and housekeeping.

See some of the renderings below:

Indoor garden and dining room table

Another view showing the living area, bar, and fireplace

Master bedroom

Master bathroom

Another bedroom

Floorplan

Now it has become easier to receive a visa for a foreign investor in Miami

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Miami has received an EB-5 Regional Center for Foreign Investment designation, making it easier for foreigners – especially Chinese investors — to park their millions in South Florida.

Mayor Tomas Regalado said the approval by the U.S. Customs and Immigration Service is a “tremendous vote of confidence” and would help position Miami as a hub, according to the Daily Business Review.

The program allows the city to assist foreign nationals who inject capital in to the U.S. economy by granting them special immigration status. To be accepted into the program, investors must spend at least $500,000 and prove in two years that they created 10 jobs.

Good news for Miami and Sunny Isles Beach

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The developers of the Regalia oceanfront condominium residences have something new to celebrate this week; their project has just received a temporary certificate of occupancy. In addition, 85 percent of the project is currently under contract to close, with wealthy buyers coming both from the United States, and internationally from places like Brazil, Argentina, Canada, Russia and Venezuela.  

"The completion of Regalia brings to fruition our vision of 'limited-edition living' unlike anything else available on the current market," said Montello, who as a first-time developer was instrumental in assembling an impressive team of experienced design and construction personnel to develop the project in 2011. "We broke ground on Regalia during uncertain time for South Florida's real estate market and yet our confidence in the product proved to be well-found as evident from the overwhelming response we received from both domestic and international buyers."

Of the eight remaining ultra-luxury residences, include: six spacious luxury residences - one per floor - starting at $10 million; and two multi-story penthouses, including the Beach House, a two-story 9,915 square-foot under air oceanfront residence featuring eight bedrooms and night and one half baths, with 6,500 square feet of terraces offering a private plunge pool and Jacuzzi priced at $27 million; and the Rooftop Penthouse, a four-story, 10,447 square-foot under air residence featuring nine bedrooms and 10.5 baths, with 8,857 square feet of wrap-around terraces and private terrace complete with rooftop pool, sun deck and personal spa, priced at $40 million.

The 46-story tower is the product of a love affair with its designer, Bernardo Fort Bresca, founding principal of the world-renowned Arquitectonica. Bresca shaped the building in a manner that would emulate the essence of oceanfront living in Florida: water and wind. The exterior design of the construction appears to have a wind-sculpted organic shape with wrap-around glass balconies - positioned at a slightly different angle on every floor - that produce the illusion of dancing along the shore. A total of 39 fully customizable residences range in size. All residences feature 10-foot or more floor-to-ceiling windows that offer unobstructed 360-degree views of the Atlantic Ocean, Intracoastal Waterway and South Florida, along with a 10-foot deep wrap-around terrace that surrounds every residence.
 
Interiors and public spaces were designed and finished by Charles Allem, whose resolute determination to create a matchless masterwork resonates throughout every aspect of Regalia. The main lobby is centered by massive bronze archway portals that evoke visions of a Greek-Mediterranean palace, while still maintaining the feel of a private residence. A large social meeting room opens to the main deck entry infinity pool, which appears to flow directly into the ocean beyond. Private poolside cabanas protected by themed sand dunes as well as state-of-the-art fitness facilities, private spa, couples sauna and 24-hour concierge service adds to the luxury allure of life in Regalia.
 
First-class, resort-style amenities and services include cold plunge pool, heated pool, oceanfront Jacuzzi, private pool cabanas, state of the art fitness facilities, private spa, couples sauna and 24-hour concierge service
 
With more than 160-feet of shoreline, Regalia sits on more than one acre on the last oceanfront parcel in Sunny Isles Beach, fixed on the southern border of Golden Beach's two-mile stretch of residential houses that allow for unobstructed views to the north. The organic, flowing façade stands as an iconic fixture and anchor for the future skyline of "Billionaires Row."