The man behind South Florida’s newest oasis

Miami, FL, September 29, 2006 – In the same way that John Jacob Astor traded in his empire of beaver pelts for a gamble on uptown Manhattan real estate, Alex Jimenez-Ness is investing in North Bay Village, the Miami city that appreciated the most in the past five years and one that has the potential to become Florida’s own Laguna Beach, California.

Jimenez-Ness, President and CEO of Domus One Development Group, a Spanish real estate developer who is at the forefront of the reconstruction of North Bay Village, and the man behind the development of the 21story building, Eloquence on the Bay condominium on 1.8 acres at 7930 East Drive on Harbor Island, came to Miami from Spain to invest in the competitive real estate market of South Florida.

"Miami's real estate market is still proving to be a hotbed of activity that has seen strong levels of investment over the last six years," said Jimenez-Ness. "Despite reports of a real estate market slow down, the buyers market created continues to make this a great time to invest in South Florida."

"This might be explained by the fact that in terms of home price appreciation, Florida is the second largest after Arizona," added Jiménez-Ness. "Miami is a very trendy city, and as such, international jetsetters have turned the city into the place to be. Among the many current trends, there is one that catches our attention. It is evident that high-end home buyers are investing in revitalizing neighborhoods like North Bay Village, a series of waterfront islands that gained reputation of a winter paradise and a popular hot spot for restaurants and nightclubs that were frequented by celebrities such as Frank Sinatra and Judy Garland in the fifties."

North Bay Village, a destination for visionaries

Like much of Miami-Dade County, North Bay Village is taking advantage of a development boom that has seen assessed property values rise 253 percent over the last five years and is drawing new people to the area. "Younger buyers are seeking more of a cosmopolitan lifestyle," said Jimenez-Ness. "They're looking to work and play in a centralized urban location.With traditional suburban land at a premium, younger buyers are focusing on the benefits of condo living locations that adapt to their lifestyle."

With new residential towers, a growing number of luxury hotels and a vibrant business climate, North Bay Village is one of the world's top "live,work,play" destinations. Whether relaxing on the beach, boating on Biscayne Bay, dining at top restaurants, or sealing a multimillion-dollar business deal, the area offers a warm subtropical lifestyle with a unique flavor.

Property taxes run the gamut, too: according to the most recent figures supplied by Miami-Dade County, the City of North Bay Village tax rate is the 8th lowest of the 35 municipal taxing authorities in the county.

Despite this low rate, North Bay Village offers a high level of services to its residents. Only 20% of all property taxes go to the City with the remaining 80% going to Miami-Dade County, public schools and other agencies.

"For the real-estate savvy, moving into an emerging neighborhood has certain advantages," said Jimenez-Ness. "For one thing, it's decidedly cheaper, with far more of an upside than investments in well-established upscale neighborhoods. And it's more likely--in the beginning, at least--to be less crowded with people intend on jumping on the bandwagon once word gets out."

Jiménez-Ness said that investors with a visionary perspective are particularly interested in Harbor Island, within North Bay Village, where the project Eloquence on the Bay reflects the vibe of Miami and its dynamic dwellers yet is a secluded oasis that resembles a resort. "It is a sanctuary that can be perceived as a haven for boat lovers since it has its own private marina or as heaven for those looking to be close to the city, yet in a waterfront village that is quiet and serene."

Centrally located between the cities of Miami and Miami Beach, and surrounded by the dazzling waters of Biscayne Bay, North Bay Village is a three-island community formed by North Bay Island, Harbor Island, and Treasure Island. The island gems are linked by the John F. Kennedy Causeway; which gives the islands easy access to Miami International Airport and Fort Lauderdale International Airport, and are minutes away from the famous Miami beaches, the vibrant excitement of South Florida’s night life, the world renowned Bal Harbor Shops and downtown Miami’s business and new cultural centers.

Eloquence on the Bay provides a unique architecture, a wide variety of floor plans including flow-through designs, sumptuous water views and the finest finishes combined to create truly extraordinary residences and penthouses that radiate the essence of Miami. The amenities include all the appointments of a five star hotel taken to the next level of luxury. With a Mediterranean inspired pool deck and outdoor meditation area in combination with a full service marina Eloquence on the Bay embodies the definition of paradise.

"We felt we had to create something unique that would attract people to the area," said Jimenez-Ness. Indeed, the 21-story double-height building's design is decidedly modern; conceived by architect Kovi Karp, it will offer 18-foot ceilings and unobstructed views of Biscayne Bay. Units range in size from 2,012 square feet to about 3,111 square feet, with four pent-houses boasting square footage topping 4,440 square feet. "25% of the units have been sold to a crop of young professionals, north-easterners and people migrating from Europe and Latin America," added Jimenez-Ness.

North Bay Village's focus on infrastructure and services is helping fuel it's reputation as a desirable place to live. Jimenez-Ness, noted that more part time residents are opting to stay full time. "People that were using South Florida as a vacation spot, have made this their permanent residence," he commented.

Second Homes

Key statistics from the National Association of Realtors (NAR) show that 28% of all homes purchased in 2005 were for investment purposes, of which nearly half were vacation homes. So, truly, second homes remain a strong choice of investment and will continue to be a fruitful asset in the buyers’ long term investment portfolio.

The second home market has grown and continues to evolve. While many second home buyers in Florida purchase for their exclusive use, others buy to generate rental income. According to the report, 65% of buyers say they consider their second home a good investment, for Florida buyers the figure is 85%.

Buyers of Florida real estate hail from more than 100 countries throughout the world, the majority of all home purchases by foreign buyers in Florida – 58 percent – were made by Europeans. More than half of the buyers from Europe were based in the United Kingdom. In fact, the United Kingdom was the number one country of origin for foreign homebuyers, accounting for one third of all international purchasers. Eastern European countries, which include Russia and the former Soviet Republics, currently account for three percent of international homebuyers. While one third comes from Latin America.

"Florida is one of the major gateways for immigration to the United States," said Jiménez-Ness. "Whether it is to spend their vacations away from home, flee any political or economic instability, for security reasons, corporate relocation to Miami’s business hub or for investment purposes, buyers from all over the world recognize the lifestyle and financial benefits of owning a property in Florida."

About Domus One Development Group

Domus One Development Group is an international development firm, which together with its principals, has an impressive and well diversified portfolio of exceptional projects, mainly in Europe and Latin America. From high-end residential homes in Spain to recreational resorts in Venezuela, Domus One Development Group brings its unparalleled passion for building quality and value to the United States real estate market.

Working with Domus One as their construction managers and development advisors, is New York-based PHB Catalyst Group and its South Florida affiliate, Skyline Management Group, whose collective experience includes the construction management of the Lowes Miami Beach Hotel; the Intercontinental Miami Airport Hotel; the preconstruction of the JW Marriot on Brickell complex; the Grande Lakes Resort in Orlando; and the Ritz Carlton in Key Biscayne.

For more information about Domus One Development Group and its recent project Eloquence on the Bay, please check www.eloquencecondo.com