A combined five-unit condo at The Setai South Beach hit the market earlier today for $25M. The 33rd floor residence spans approximately 5,400 interior square feet and includes four bedrooms, four full baths, two half baths, a formal living room, casual dining room, spa and entertainment lounge area. The unit also comes with five valet parking spaces.
Earlier this week, Foster + Partners released additional renderings of Faena House. They have now released a fly-through video (see below) which showcases Faena House and the Faena District in Miami Beach. The 18-story, ultra-luxury development is truly stunning. Faena House is scheduled for completion in fall of 2014. 50% of its condos are already under contract.
The developer, Alan Faena, is asking $50M for the penthouse pictured above. Without a doubt, once completed, the penthouse will be one of the most highly acclaimed pieces of property in South Florida. It will have 8,273 interior square feet and approximately 10,000 square feet of terrace space which will accommodate an outdoor kitchen, cabana and 30-foot-long infinity-edge pool.
Just weeks after winning his second NBA Championship, Miami Heat Forward Shane Battier has listed his Coconut Grove home for $1,895,000, according to hothothoops.com. Battier purchased the five bedroom, Mediterranean-style home for $1.6M a little over a year ago in June 2012. The 4,300 square residence is situated on an 8,000 square foot lot and features a 2-car garage, covered patio with adjacent pool, formal dining room, gourmet kitchen with walk-in pantry, downstairs office and master bedroom with his and her walk-in closets.
Battier’s contract with the Miami Heat is set to expire at the end of next season but rumor has it that he is upgrading to a luxury home in Miami.
While driving through Downtown Miami earlier this week, I noticed a number of signs at each corner of the sites for 600 and 700 Biscayne Boulevard. The signs say “Another Luxury Development by Chateau Group”. A telephone number is also included. Despite a number of calls, however, I have yet to obtain any additional information. Just assurances that a sales person would contact me soon. The lots are located immediately south of Marina Blue and just north of the Freedom Tower. I have heard rumors for months that pricing will range from $600-$800 per square foot for non-penthouse units at each of the two developments but I’m sure at this point not even the developer knows for certain. It will be an interesting addition to the array of preconstruction condo developments that have been announced for Miami within the past year. With the exception of One Thousand Museum, no other luxury condo developments have been announced for Downtown Miami. The vast majority of them are located in Brickell or Edgewater.
Update: I just saw the exact same Chateau Group sign at the entrance of Gulfstream Park in Hallandale Beach. There’s a a large lot at the intersection of NE 10 Ave and Hallendale Beach Blvd. Is Chateau Group planning to build a luxury condominium development at that location as well?
A much needed facelift is well underway at Vue at Brickell. The building recently had a brand new fitness center installed and is only two weeks away from unveiling its brand new pool and pool deck. Also, permits were recently obtained in order to begin renovation on its lobby. Work is scheduled to begin later this month.
As some might recall, Vue at Brickell was initially developed as a rental community before being converted to condos soon after being completed in 2004. From 2007-2008, Vue at Brickell was an unfortunate victim of widespread mortgage fraud which ultimately led to an insurmountable number of foreclosures and short sales throughout the building. At the height of the crisis, over 200 units were delinquent on paying their monthly condo association dues out of 323 total units! This obviously led to budget shortfalls and spending cuts. The building was in disarray and prices followed. Prices tanked so much in 2008 that it was not unheard of for condos at Vue at Brickell to sell below $100,000.
That was then. The building has come a very long way from those dire days! Condo prices at Vue at Brickell have made an amazing turnaround. In fact, at this time, the lowest priced unit in the building is asking $265,000. A one bedroom recently sold for $245,000. Of most importance is its location. Vue at Brickell is located in one of the hottest areas in Brickell. At the base of its building, there are a number of popular restaurants that can be found such as Golden Fig, My Ceviche and Piola. It is also within walking distance to the shops and restaurants at Mary Brickell Village and two Publix grocery stores. Best of all, the area will only get better with time as SLS Brickell, and its highly publicized restaurants, will open directly across the street. Also, the $1.05B mixed-use development known as Brickell Citycentre, which is currently under construction, is just blocks away. The future is most certainly bright for Vue at Brickell owners.
Miami condo boom 2.0 is well underway and, over the past year, a plethora of luxury condo developments have been announced for South Florida. I have decided to launch a page devoted to the latest and greatest preconstruction condo developments in Miami and other surrounding areas. I will keep it updated as new projects are announced. Definitely check back in two weeks to learn about a very exciting waterfront development in Edgewater that is expected to be announced on July 15th. You won’t want to miss it!
It appears that the market for Miami penthouse condos is not all sunshine and rainbows. Despite a red hot Miami luxury real estate market which has seen an array of record-breaking penthouse sales during the first half of this year (See Exhibit A, Exhibit B, Exhibit C and Exhibit D), the Bristol Tower penthouse currently owned by hip-hop sensation, Pharrell Williams, has seen its price slashed $5.9M since hitting the market this past November. Initially set at $16.8M, the tri-level mansion-in-the-sky was recently marked down to $10.9M – a whopping 35 percent price reduction!
Formerly the residence of Bristol Tower developer, Ugo Colombo, the 5 bedroom, 6.5 bath penthouse features 9,080 interior square feet, private elevator entry, grand living spaces with impressive floor-to-ceiling glass walls, a 180-degree wrap-around balcony, 7 assigned parking spaces and rooftop terraces with summer kitchen, pool and Jacuzzi. The one-of-a-kind penthouse also sports a sensational view! It offers sweeping 360-degree views of Biscayne Bay, the Atlantic Ocean and sparkling city lights at night along with the opportunity to enjoy both the sunrise and sunset each day.
According to property records, Mr. Williams acquired the penthouse in March 2007 for $12,525,000.
