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In The News
2007
November Carlos Justo interview with CNBC
November A nice little $12 million guest cottage
September Near Miami, 1.6 Acres Bring $18 Million
June/July Just add Water. Shorefront homes retain their value
June SOL Sotheby's International Realty sells Coral Gables bayfront estate for $11,500,000
May $8.5 million record sale in Harbor Beach, Fort Lauderdale
May SOL Sotheby’s International Realty condominium in Miami, Florida sells for $7,000,000
March New Penthouse view for hip-hop producer
March SOL Sotheby's International Realty Miami Beach, Florida condominium sells for $6,400,000
March SOL Sotheby's International Realty condominium in Miami, Florida sells for $13,950,000
March SOL Sotheby's International Realty residence in Coral Gables, Florida sells for $6,000,000
January How Christie's Great Estates and Sol Sotheby's International Realty dominate real estate
2006
August On Golden Beach, for $26.6 Million
June Encore for Cheer's Old House
January Agents of Fortune- A roundtable discussion with four of the top real estate agents in Ultimate Homes.
May 35 of the Most Influential People in Luxury Real Estate
January Florida's Looking Out for 2006.
November 2007
Carlos Justo interview with CNBC
By: CNBC Power Lunch TV program, November, 30 2007
Please utilize the following link to watch the interview:
http://www.cnbc.com/id/15840232?video=601751427

Edited transcript of interview with Carlos Justo:

On the home front today, CNBC is taking a look at the state of the ultra-high end real estate market. When the rich & powerful want to buy a beachfront estate, a Park Avenue mansion or their own private island, they turn to these two experts: Dolly Lenz (DL) with Prudential Douglas Elliman in New York. Dolly is the number one broker in the U.S. in terms of dollar amount sales; and Carlos Justo (CJ) with SOL Sotheby's International Real Estate. He is in Miami with us today. Diana Olick, of course, this is your beat. You're with us too. So, welcome all. Dolly, you know, I'd like to start with you if I could because the last time we had you on, you kind of raised the red flags saying things are happening at the high end of the market - cooling off a little bit. Has it changed at - you were right by the way- um, has it changed at all? What do you see?

DL: Uh, I still see the high end of the market as 'cooled' uh however, interestingly, the below $6M market has heated up tremendously.

Announcer : WHY DO YOU THINK?

DL: I think its because people are afraid that they won't be able to get financing, so buying something now, before they're not able to get financing, Because the rates, um, while the rates have lowered, the amount of down payment has gone up tremendously.

INTERESTING...CARLOS, WHAT DO YOU SEE IN YOUR NECK OF THE WOODS?

CJ: Uh, the very high end a lot of activity. Um, and I think it's just a combination of Miami, being such a desirable location in the world today. There are a lot people coming over here with the idea of taking advantage of the "depressed" property that will be available. However, once they come here, they end up-the very wealthy, seem to be making moves and purchasing properties. We've had some of the highest activity EVER in the last five years occurring in the ten million plus range now in Miami. So, its really like we have two things, we have the oversupply of these condos that is news world-wide and a lot of wealth coming to Miami that seems to be buying very expensive properties.

CARLOS, YOU HAVE A BEAUTIFUL BEACHFRONT ESTATE THAT IS UP FOR BID AND IT IS ALSO SEEING A LOT OF EYEBALLS, IF YOU WILL. TELL US ABOUT IT AND HOW MUCH YOU'RE ASKING FOR IT.

Carlos: This is a property on North Bay Road. 5050 North Bay Road, I believe. It's $18.9 million and it is actually owned by a Frenchman and we're negotiating a deal by an Englishman. Now that is buying it. He actually came into the marketplace wanting to spend $5M, ultimately ended up buying a property closer to the $20M range.

I WAS GOING TO SAY, DID HE COME CLOSE TO THE ASKING PRICE - HOW MUCH WIGGLE ROOM , CARLOS, IS THERE IN SOMETHING LIKE THAT?

CJ: Well, it depends. Typically, I would say 10% but it could go as high as 20%. And another thing, the high end will be affected in different cities depending on the supply and demand. Miami, we don't have a lot of great supply of great homes. Most people have to go and create their estate. So, our prices are holding. If something, a great product comes on the market done properly there is a - it moves very quickly.
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November 2007
A nice little $12 million guest cottage
By: The Miami Herald, Talk of Our Town, November 21, 2007 edition
Adrienne Arsht, who sold TotalBank to Banco Popular Español on November 9 for $300 million, has a new acquisition. She paid $12 million for Villa Serena, a two-acre waterfront estate built in 1913 by William Jennings Bryan, former U.S. secretary of state and presidential candidate. The property, at 3115 Brickell Avenue, is next door to Arsht's own bayfront mansion on two acres at 3031 Brickell. Arsht, 65, bought the seven-bedroom home from Veronica Nagymihaly, an 87-year-old widow who lives in Coral Gables. The deal closed on Friday.

A perfect "guest cottage," Arsht says, "Maybe I'll live there on the weekends. It's so private." The residence sits on a coral rock bluff. "It overlooks Biscayne Bay from a natural prominence about 12 or 15 feet above the water," said a Dec. 19, 1913 article in The Miami Metropolis announcing that Bryan and wife Mary would be arriving for their first visit since the home's completion. The City of Miami's Historic and Environmental Preservation Board may designate the house an historic site. The city's historic preservation officer, Kathleen Slesnick Kauffman, prepared a 14-page report for the board's Dec. 4 meeting.

Jorge Uribe and Carlos Justo of SOL Sotheby's International Realty represented both the buyer and the seller. Arsht hired architect Richard Heisenbottle for the restoration. Heisenbottle says the two-story house is well-built but needs new electrical, a roof and basic updating. "There's no air conditioning," he says. "We're going to retro-fit it."
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September
Near Miami, 1.6 Acres Bring $18 Million
By: The Wall Street Journal, Private Properties, September 7, 2007 edition
The Miami area saw a big sale -- after a big price cut. In what's believed to be the area's highest-priced residential sale this year, a trust of the family of Los Angeles developer Richard Meruelo paid $18 million for a 1.6-acre oceanfront parcel listed at $24.9 million. In Golden Beach, about 12 miles north of Miami Beach, the parcel features a 7,000-square-foot ranch house and an oceanfront pool. A spokesman for the Meruelo family said it had made no decision on what to do with the property. The deal was brokered by Carlos Justo and Ralph Arias, of SOL Sotheby's International Realty. The seller, Delaware-registered corporation Las Balmeras, first listed the property for $26.6 million just over a year ago after paying nearly $2.7 million in 1992, records show. In the Miami area, 11 single-family homes and lots have sold for more than $8 million through August, down from 16 in the year-earlier period, according to data compiled by SOL Sotheby's International Realty.

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June/July 2007
Just add Water. Shorefront homes retain their value.
By: Robb Report Vacation Homes
When it comes to the Atlantic coast of Florida, extending north from Miami, Carlos Justo of SOL Sotheby’s International Realty (specializing in the Miami/Fort Lauderdale region) expresses a cautious view of the market. “You have the downtown, Miami Beach, which goes up to Bal Harbour, and there’s also South Pointe, south of Fifth Street,” he says. The area encompasses very different communities, some of which have an oversupply of properties. “In Miami there were all these speculators,” says Justo. “We had a flood in the market that will take some time to clear up.” Even so, he notes, Miami is a fascinating city, attracting international buyers and more billionaires looking for property than he has ever seen before. “There are still $6 billion to $10 billion dollars in closings scheduled for luxury buildings in the next few months. We’ll see if they go to closing. Some speculators with 20 percent may walk away. The people who intend to live there will close.”

One area that Justo is particularly excited about is South Pointe. “The five block area between the beach and the ocean is holding its value tremendously. Less congested than Miami, it’s like a city within a city- very upscale. It’s not speculators, but users who zero in on South Pointe.”

Bal Harbour, Justo notes, is “elegant and prestigious, and always very upscale. Small, just six blocks from 95th Street to 101st, it’s a little community between the ocean and the bay. It’s like Beverly Hills- nothing can match it. It’s where the St. Regis is going.”

The St. Regis Resort & Residences, a 27-story, five-star resort hotel and condominiums, will include one-, two- and three-bedroom residences and suites measuring from 1,310 to 3,884 square feet, and priced from $1.9 million to $5.7 million. It is slated for completion in late 2009. Farther north still, Sunny Isles extends from 163rd to 200th streets. The area is newer and younger, Justo says, with diversified properties and many more products
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June 2007
SOL Sotheby's International Realty sells Coral Gables bayfront estate for $11,500,000
By: Sotheby's International Realty® - Significant Sales
Fabulous Mediterranean bayfront estate located in the exclusive enclave of premiere waterfront homes in Tahiti Beach. Incredible views overlooking downtown, Miami Beach, Key Biscane and Biscayne Bay. Features 9,400+ square feet, 6 bedrooms, 7½ baths, guest apartment, living room with 23 foot ceilings, formal dining room, wet bar, library, media room, island kitchen with granite countertops and family room with wood beamed ceilings. Other features include elevator, classic column fireplaces, fine marble & hardwood floors and custom built-ins.
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May 2007
$8.5 million record sale in Harbor Beach, Fort Lauderdale
By: Sun-Sentinel, May 13, 2007 edition
SOL Sotheby's International Realty in Fort Lauderdale has attained a milestone, archiving another record-breaking sale for all time for a tear down at 2400 Del Lago Drive in the prestigious Harbor Beach neighborhood. Closing April 20th at $8,500,000, the property is surrounded by water and sits on a point lot facing the Intracoastal at one of Harbor Beach's widest, deepest canals with a turning basin suitable for large yachts and 400 feet of dock fully equipped. This is the highest priced single lot sale in Fort Lauderdale.

The property was listed by waterfront real estate specialist Tim Elmes, principal of SOL Sotheby's International Realty, Fort Lauderdale. Tim Elmes boasts a record as the only REALTOR® to be a participant in ever record-breaking sale in Fort Lauderdale, except one, since September 1990, including the highest sale ever record of a $17.1 million compound on Coconut Isle, Las Olas Isles. With just two offices and only 13 agents, SOL Sotheby's International Realty exceeds $613 million in closed and pending sales up to-date since 2006.

Prior to joining SOL Sotheby's International Realty, Tim obtained his real estate license in 1986 and founded his own brokerage firm called Waterfront Estates Inc., specializing in upscale waterfront homes. In 1999, after much success, the company merged with Wimbish-Riteway Realtors. In 2002 NRT purchased Wimbish Riteway and Mr. Elmes became a top producer in NRT's Coldwell Banker Residential Real Estate.

Born in Guildford, England, and having lived in over 20 countries before settling in Fort Lauderdale in 1980, Tim finds his European background and time spent in the Middle East a great asset when working with the International Clientele who purchases luxury water front homes. Tim is an active board member of the Boys and Girls Club of Broward County and takes great pleasure in participating in community and charitable events.

Tim Elmes joined SOL Sotheby's International Realty in February 2006 when he merged his Fort Lauderdale-based real estate team, The Elmes Group, with Carlos Justo's Miami-based brokerage. The union gave the company a solid footprint in the Fort Lauderdale market and created the Sotheby’s International Realty® franchise in Broward County. The SOL Sotheby's International Realty Broward office is located at 801 Seabreeze Blvd., inside the Bahia Mar Hotel lobby and is the only real estate broker at this location. Tim's clients include wealthy business leaders and a select group of entertainment moguls.

For more information visit www.solsothebysrealty.com. SOL Sotheby's International Realty can be reached at 954-525-1977.
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May 2007
SOL Sotheby's International Realty condominium in Miami, Florida sells for $7,000,000
By: Sotheby's International Realty® - Significant Sales
Spectacular 4 bedroom, 5½ bath ultra modern Oceanside unit at Fisher Island just steps away from private sandy beach.

With top-of-the-line finishes, high ceilings, contemporary décor and lighting by renowned architect/interior designer Oscar Gotman. This 5,000 +/- square foot ground floor residence is a work of art!
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March 2007
New Penthouse view for hip-hop producer
By: Miami Herald, March 25, 2007 edition
Miami developer Ugo Colombo sold his 40th-floor Bristol Tower penthouse - for almost $14 million. Deal just closed, with a corporation taking title. But sources say the buyer of the domed condo at 2127 Brickell Ave. is Pharrell Williams, a 33-year-old hip hop producer. Williams will get a bang for his buck: the three-story penthouse has five bedrooms; glass-enclosed gym; pool on the garden terrace; and amazing views of the Magic City. Price includes: furnishings (minus artwork); a fifth-floor condo that Colombo used for staff quarters; and eight parking spaces.

Williams also owns an $8.45 million crib at Bellini, 10225 Collins Ave. in Bal Harbour.

Colombo built Bristol Tower in the early '90s and has lived there since. He put his condo on the market for $16.9 million after he and wife Sara had a baby boy, Uberto.

Colombo had already bought another spectacular residence - a 10 bedroom bayfront estate on Miami Beach's North Bay Road, built in 1927 by pioneer developer Carl Fisher. Colombo reportedly paid at least $25 million, and is putting millions more into renovations that could take a year. The family is renting a home on LaGorce Island on the Beach.

Williams has worked with Justin Timberlake and Timberlake's ex-girlfriend Britney Spears, along with Gwen Stefani and Snoop Dog. He also has a clothing line. Carlos Justo and Jorge Uribe of SOL Sotheby's International Realty brokered the sale. Check out the domed living room at solsothebysrealty.com
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March 2007
SOL Sotheby's International Realty Miami Beach, Florida condominium sells for $6,400,000
By: Sotheby's International Realty® - Significant Sales
A unique Oasis in the sky! This 4,300 sq. ft. 5 bedroom, 5 bathroom penthouse at the famed Fontainebleau II encompasses the entire south side of the top 37th floor. Marble and hardwood floors, 15 ft. ceilings and floor to ceiling windows give breathtaking unobstructed views to the ocean and city from its 3,000 +/- sq. ft. roof top terrace with private Jacuzzi.
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March 2007
SOL Sotheby's International Realty condominium in Miami, Florida sells for $13,950,000
By: Sotheby's International Realty® - Significant Sales
Top of the World! Spectacular one-of-a-kind Penthouse designed by renowned interior designer. Eclectic mix of contemporary architecture features and fine finishes create bold character throughout. Grand living spaces with impressive floor to ceiling glass walls, soaring ceilings, wrap around terraces and private elevator entry. Roof top terrace with Travertine floors, pool, Jacuzzi and sweeping views of Biscayne Bay, the Atlantic Ocean and magical city lights.
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March 2007
SOL Sotheby's International Realty residence in Coral Gables, Florida sells for $6,000,000
By: Sotheby's International Realty® - Significant Sales
Magnificent gated waterfront home with 9,200+ sq. ft. open floor plan, library with exquisite wood paneling, custom bar and special amenities such as outdoor screened entertaining pavilion, pool, lighted tennis court, lush landscaping and large dock. Also features hardwood and marble floors, volume and vaulted wood ceilings, media room, island kitchen with granite counters, spectacular grand master suite with sitting area, private office, separate his/hers baths and closets and hair salon. Home sits on 1.5+/- acres with 170 feet of seawall and direct ocean access to Biscayne Bay.
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January 2007
How Christie's Great Estates and Sotheby's International Realty® dominate real estate.
By: The Robb Report, January 2007 edition
MIAMI: "About 30 percent of our clients are from a foreign market. The Sotheby's brand is recognized internationally, and when you have global clients looking at properties in the $20 million to $30 million range, you want to be with the brand that is going to set you over the top." - Carlos Justo of SOL Sotheby's International Realty in Miami, whose average real estate transaction price $6 million. Right: This home on Indian Creek is listed at $27.5 million. 305.573.4700, www.solsothebysrealty.com
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August 2006
On Golden Beach, for $26.6 Million
By: The Wall Street Journal, Private Properties, August 11, 2006 edition
Fifty miles down the coast, foreign investors are trying to sell another waterfront property for $26.6 million, 10 times what it fetched 14 years ago. The 1.7-acre parcel in Golden Beach, just north of Miami, lies on one of the only stripes of oceanfront single-family homes in the area (the town building codes forbid high-rise developments). The property includes a four-bedroom ranch-style house, but Ralph Arias - who's listing the home together with Carlos Justo, both of SOL Sotheby's International Realty - said he expects a buyer to tear down the existing home. Local ordinances would allow as many as three homes on the site, which has 250 feet of ocean frontage. Mr. Arias would say only that the owner is a "foreign company". Public records list the owner as Delaware-registered Las Balmeras Inc., which paid nearly $2.7 million for the property in 1992. The principals and the nature of the company could not be learned.
If the property fetches its asking price, the sale would approach the Miami-area record fo $27 million, set earlier this year with the sale of a Miami Beach home.
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June 2006
Encore for Cheer's Old House
By: The Wall Street Journal, Private Properties, June 16, 2006 edition
A month after Cher's former Key Biscane, Fla., home sold for $8.8 million, it's gone back on the market - $12.9 million. Philadelphia businessman Sean Wolfington and his wife, Ana, bought the waterfront property from the entertainer in May. Mr. Wolfington says he's relisting the six-bedroom property in an attempt to "test" the area's high-end real-estate market. "There's a shortage of available waterfront property here, so we wanted to see what we could get for it," says Mr. Wolfington, adding that he's updated the property's landscaping and added a system remotely controlling the home's lightening, security and entertainment equipment.

Cher, who bought the 6,819-square-foot contemporary house in 2003, put it on the market last November for $9.75 million. The property, about 10 miles south of downtown Miami and overlooking Biscayne Bay, sits on Mashta Island, an enclave on Key Biscane's western coast connected by a bridge to the village, where actor Andy Garcia also owns a house. All rooms inside the three-level home have bamboo floors and bay views, and the property has more than 100 feet of bay frontage.

Jorge E. Uribe of SOL Sotheby's International Realty has the listing.
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January 2006
Agents of Fortune- A roundtable discussion with four of the top real estate agents in Ultimate Homes.
By: Ultimate Homes, 2006 edition,
While compiling the Ultimate Homes list, we couldn't help but notice that certain agent names kept appearing again and again. We thought it would be insightful to ask some of those who are representing the creme de la creme in residential real estate today about the ultra high-end market. How does a home get to be priced in the top 1,000? How do you market a home that only a select few can afford to buy? And what does the future hold for the Ultimate Homes market? We selected a few of the top agents from our list and asked them these questions and more. Here's what they had to say:
Carlos Justo:
Principal of SOL Sotheby’s International Realty
30 years in residential real estate
Specialty: Single-family waterfront homes in Miami and Dade County, FL. /td>
Justo says his company will close between $300 million and $400 million worth of sales for 2005. He loves the water and spent three and a half months of 2005 at his home in the Virgin Islands. "Next year," he says, "the goal is to be there seven months. I love what I do. I love my clients. But my personal interest is not to work."
   
Ultimate Homes Question: What is the current top pricing for Ultimate Homes in your market?
Carlos Justo: Several buyers are willing to spend over $50 million. The numbers are crazy. They don't make any sense to me.

Q: What are some of the techniques you've used to market Ultimate Homes?
Justo: My success comes from, number one, knowing the market extremely well, having relationships with these owners of high-end properties and also listening to the client and getting out of the way of a deal. I do not do an awful lot of advertising.

Q: What are some of the features or amenities often sought by buyers of Ultimate Homes?
Justo: McMansions are out. There are a lot of individuals now wanting something a little more practical. Miami has a great demand for contemporary design. And people want two bathrooms in the master bedroom.

Q: What are some of the things buyers at this level do not want to see in an Ultimate Home?
A: Justo Something 15 years ago is now old and is looked at as something that needs work.

Q: Who are the buyers and sellers of these properties?
Justo: Versace, Stallone, Cher, movie stars, heads of state, the royal family of Saudi Arabia. The wealth of the world is coming to Miami.

Q: How long does it take for an Ultimate Home to sell?
Justo: On the average, a home over $4 million in Miami takes about two and a half years to sell. Most sellers are willing to wait. I offer an out after a few months. There are brokers who end up really wanting to commit a client. But I believe a contract between a broker and seller shouldn't be one that binds one to the other.

Q: In some markets, the high end is becoming a little crowded and sellers are finding the need to lower asking prices. Is this the case in your markets with the ultra-high end?
Justo: Our sellers are too spoiled. Miami is not lowering prices yet. For sellers, it's a control thing.

Q: What is your outlook for the Ultimate Homes market in 2006?
Justo: The luxury market is going to go through a transition. Prices have doubled in three years. We have more luxury product today in Miami than has been built in the past 30 years. Buyers who are buying for investments aren't going to be able to recoup their costs. I am a little concerned. There will be an adjustment somehow. It's too quick of a rise in too short a period of time. Most individuals homebuyers have been priced out of the housing market.
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May 2006
35 of the Most Influential People in Luxury Real Estate
By: Unique Homes, May 2006 edition
When Unique Homes started in 1971, the luxury market was a gossamer-thin slice of overall real estate. Today, luxury covers a broad range of property types from traditional estates to upscale urban lofts. Price points for luxury also cover a broader range, with prices of more than $10 million not uncommon. And almost every area has at least a few homes considered to be upscale. All of which makes luxury one of real estate's most vibrant niche markets.

For the third installment of Unique Homes' anniversary celebration of all things 35, we highlight the most influential in luxury real estate. The list was developed by our publisher and editors with input from leaders within the luxury real estate industry. Making such a list was easy. The challenge was limiting it to 35; luxury's bright lights easily exceed 100.

Some on the list are top brokers. Others are developers, consultants, entrepreneurs and publishers. All are visionaries and innovators who have made an indelible imprint on luxury residences, how they are sold and how we live in them. A few are relative newcomers, but many have worked in the industry for decades. Join us in celebrating luxury's most influential.

Catering to South Florida’s ultra wealthy, Carlos Justo, who appeared on TLC’s “Super Agents,” really is a super agent. Often, a helicopter is his preferred mode of transit because, like all super agents, he does whatever is necessary to deliver optimal service, whether it is presenting a property most favorably or orienting buyers to an area. His flamboyant nature may make headlines, but he is deadly serious about the business of real estate. The secret to his success? The ability to ensure that every client contact is consistently excellent.
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January 2006
Florida's Looking Out for 2006.
By: Haute Living Magazine, January 2006 edition
"We tell someone if they are purchasing an estate to enjoy it, not try to flip it and make a quick profit." - Carlos Justo

MH: You focus on very high end single family homes. What is your take on the condo market going forward? You have had enormous buildings in the last few years and more planned as well.

CARLOS: There is going to be an adjustment because 80% of the buyers that are acquiring these properties are investors and speculators. They have been doing this for the last few years. Obviously, when an investor or speculator buys something, it's with the idea of making a return on that investment. I don't think the return is going to be there. I believe things will adjust in the single-family home market with a specific price point. Our average listing is about $8 million. The rich are who we sell to and they are now buying into the market when they see all the hype and all the appreciation that is supposedly happening. I believe this increase in prices has grown throughout other cities, not just Miami. The rich will buy faster in a market where property will increase than a market that comes down and has an adjustment. If you look at price point for the last 10 years, you see a spike in the market; an appreciation. It doesn't matter what has driven it. Maybe Wall Street; maybe greed. We tell someone if they are purchasing a condo to enjoy it; not to make a profit.

MH: Carlos, is it your experience that the three areas we often talk about still hold the most demand four housing here, for high-end-buyers from the Northeast, Europe and Latin America?

CARLOS: I think Miami is a world class city and now we are getting inquiries from China. I believe all these buildings have done an outreach program to other parts of the country. Miami is a cosmopolitan city and the world is finding its way to Miami. I believe this is why the Miami market will survive. We are very unique. Our buyers are coming from all over the world. The reason for many to buy outside of China is it reconfirms their stature.
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