Latest news with #Wynwood
Daily Mail
14-07-2025
- Business
- Daily Mail
Why you should be buying 'ugly' properties in ritzy red state city revealed
A Florida city famed for its millionaire residents and celebrity allure is now an unlikely goldmine for investors - and according to one expert, there's no better time than now to buy up 'ugly' properties. Carlos Eduardo Rojas, a veteran broker who began investing 25 years ago in the conservative stronghold, revealed on a recent podcast episode that the future of real estate investing lies in one unexpected place - Miami. But the smartest investment isn't in the flashy, high-end homes, as reported by the Miami Herald. It's in the overlooked, less polished properties tucked away in up-and-coming neighborhoods - particularly Wynwood. 'Ugly things with potential are where the money is,' Rojas, who is Venezuelan, said during the episode of Miami Oculto, which was posted to YouTube. 'There isn't much money in beautiful things,' he added. During the June episode, the Miami Riches broker highlighed how the market has shifted over the past decade - and how what once attracted buyers is no longer the smartest bet for your wallet. In the early 2000s, for instance, investors who bought properties at pre-construction prices in Miami often struck gold. Then, the 2008 financial crisis, the market crash, and later the impact of Covid completely changed the game - turning many South Florida homeowners into millionaires as property values soared. This ushered in Miami's new identity: an exclusive playground for glamorous celebrities, executives and hedge fund elites - living in sprawling mansions tucked away in Miami Beach's gated enclaves. Some aspiring investors still hope pre-construction properties will bring the same returns as years past, but Rojas warns that's no longer true - regardless of what you've heard. He explained that, after multiple crises, a staggering 95 percent of pre-construction projects are marketed as great investments - but more often than not, that's misleading. Once you acquire the property, Rojas noted, you often find it's worth less than what you paid. This happens because builders set high entry prices early on, and when the buildings are completed, an oversupply floods the market - largely fueled by buyers misled into thinking they were making a smart investment, which simply isn't true today. But if pre-construction is no longer the golden ticket for your pockets, how do you make a smart investment in the so-called playground of millionaires? Rojas summed it up simply during the podcast: to succeed, you've got to 'get your hands dirty'. There are three ways to make money in real estate, Rojas described: property appreciation, rental income, and depreciation benefits. To truly succeed, an investor must maximize all three - creating value from every angle. When you invest in construction, 'you are buying a high point, meaning that in revaluation, it will be very difficult,' Rojas said during the episode. Second, rental profitability can be estimated in advance, since comparable buildings or properties are usually available to help gauge expected returns. However, one of the most unconventional - but valuable - pieces of advice Rojas shared came from a seasoned colleague, who once told him: 'Ugly has potential.' 'The formula isn't just to buy something cheap,' Rojas warned. 'Because you don't want to buy something cheap and wait 50 years.' Earlier this year, Miami's housing market stood on a knife's edge, as a wave of homebuyers backed out of deals - highlighting a volatility that, as Rojas explained in the podcast, can no longer be ignored. In April, inventory flooded the market - triggering price cuts and stalled sales - as fears of a recession grew in response to President Donald Trump's tariffs. In March alone, 18 percent of pending home sales in the city fell through. It gave the city the 20th-highest cancellation rate among the 50 largest US metropolitan areas. Sellers scrambled to close deals within 24 hours, knowing buyers were more likely to back out the longer they had to reconsider. Long inspection periods, drawn out closing times and weekslong mortgage approvals also caused buyers to bail. And Florida is currently undergoing the worst condo crisis in history. In the four years since the Surfside residential building collapse that killed 98 people, the condo industry has undergone a painful transformation. It's become a jumble of soaring insurance rates, complex inspection reports, surprise costs, and a tidal wave of inventory flooding the market. Basically, Florida homeowners have grown hopeless of ever unloading unwanted properties. It comes after the pandemic where Florida experienced a sales boom as remote work became common and buyers were drawn to its warm weather, low taxes, and affordable living costs. From March 2024 to March 2025, Miami's listings surged nearly 50 percent - 'a bigger increase than normal,' according to Rojas explained that, after multiple crises, a staggering 95 percent of pre-construction projects are marketed as great investments - but more often than not, that's misleading (pictured: painted buildings in Wynwood's art and fashion district) Meanwhile, homes staying on the market longer that are also priced too high oftentimes causes many buyers to hesitate. According to Rojas, the key to successful real estate investing in this sought-after city is spotting neighborhoods with the highest potential for appreciation - no matter how 'hideous' the properties may appear. The podcast wrapped up with one crucial tip: to avoid overpaying in neighborhoods still on the rise, follow the trail of foreign capital - but focus on areas beyond where it's already landed.
Time Out
10-07-2025
- Entertainment
- Time Out
Nude Nite strips down for Miami's Wynwood this August
Miami can get pretty steamy in August, but never more so than this year, when Florida's roving art pop-up Nude Nite makes landfall Thursday, August 14 through Saturday, August 16 from 7 p.m. to 1 a.m. each night. Nude Nite has roamed all across the state for the last 20 years, offering patrons and artists the chance to ponder, ogle, and question issues of body image, self-expression and the beauty of the human form. The evenings consist of approximately 150 pieces of artwork, from painting, photography, and sculpture to mixed media and textiles. Each event also includes interactive installations, body painting, and live performances, the latter spanning burlesque, aerialists and strolling models. Yes, there is artist nudity. No, patrons are not allowed to show up and undress. If you do, you will be asked to leave, so keep those trousers on! The event is more than just a gallery show; Nude Nite categorizes itself as a weekend-long 'pop-up interactive art exhibition,' where the art is found as much in the crowd as it is on the walls. This special summer edition at Wynwood (555 NW 29th St) is the first to take place in Miami since 2017, overseen by executive director and producer Sloan Waranch, whose mother, Kelly Stevens, founded Nude Nite. 'In today's world, where so much is curated and filtered, Nude Nite reminds us to pause, feel, and appreciate the honesty of the human form,' Waranch says. View this post on Instagram A post shared by Nude Nite (@nudenite) That may be even more relevant now than it was when Stevens founded Nude Nite in an Orlando pizza parlor. In an age where people are experts at Facetuning but likely don't know how to file their taxes, our exposure to fabricated physical perfection has reached an all-time high. Nude Nite looks to force attendees to confront bodies that exist outside of the confines of the Instagram grid, while simultaneously reminding everyone that real bodies are sexy. Or, as Stevens told The Miami New Times the last time Nude Nite came to town: 'This show is not a lifestyle or erotic show. It's also not a stuffy art fair with champagne. It's an art fair on steroids.'
CBS News
15-06-2025
- CBS News
Woman killed in Wynwood shooting involving police was out celebrating 28th birthday, family says
A woman who was killed during a shooting involving police officers in Wynwood over the weekend was an innocent bystander just celebrating her birthday, her family said. CBS News Miami spoke with the family of Evelyn Valdes off-camera on Sunday afternoon and said they are heartbroken as she just turned 28 on Wednesday and was out celebrating with friends when she was caught in the crossfire early Saturday morning. According to an online fundraising campaign set up by her mother, Valdes was known by those who loved her for her warm smile, personality, kindness and her ability to make everyone feel like they mattered. Valdes' family told CBS News Miami that they are working with an attorney. An altercation in the streets turned to gunfire City of Miami Police said the shooting happened around 3 a.m. Saturday on NW 23rd St. 1st Pl., right outside of the bars Electric Lady and 1-800-Lucky. Cellphone video shared on social media by ONLYinDADE showed a heavy police presence after the shooting. Investigators told CBS News Miami that it started as an altercation in the street, saying when officers arrived, they confronted an armed man and were forced to fire. Miami Police said the armed man and an unidentified woman were killed. While police have not identified the man who was killed, Valdes' family said she was that woman. Witnesses recalled what had happened early Saturday, saying they heard "a lot of gunshots." "About 10 gunshots firing back and forth. Next thing you know, you just see a bunch of people running," witness J. Slaughter told CBS News Miami on Saturday. "There were cars skirting off." Police said another man was also injured in the shooting but is expected to be okay. However, it's unclear who shot him. Per standard procedures regarding shootings involving police, the Florida Department of Law Enforcement is leading the investigation.
CBS News
12-06-2025
- CBS News
2 injured in overnight shooting at Wynwood high-rise, police say
Two people were shot overnight at a high-rise in Wynwood. According to Miami police, just before 12:30 a.m. they received a call about a shooting at 2150 N Miami Avenue. They said when officers arrived, they found two men who had been shot in their legs and a third man who had a head wound from being hit by a gun. All three were taken to the Ryder Trauma Center where they were listed as stable. A man who lives in the building said a security guard told him that the three people broke in and made their way to the eighth or tenth flood. That's where police said the two men were shot and the third man was hit over the head. The man who lives in the building said the trio made their way down to the lobby, but didn't realize they had to press a button to get out. He said they rummaged through some of the offices on the ground floor and then left through a side door. Police confirmed they had detained a person of interest. They have not said if the person is the one who fired the shots, or if there are any suspects who have not been apprehended.
Business Journals
30-05-2025
- Entertainment
- Business Journals
Latin music artist Zion to open fusion restaurant in Wynwood (Photos)
Wynwood will soon welcome another fusion restaurant that blends Latin and Japanese flavors, but this time it's backed by a reggaeton star.
