Boris Jordan Reduces 321 Ocean Penthouse To $39.5 Million, Down From $53 Million
Russian American financier Boris Jordan has slashed the price on his rooftop penthouse at South of Fifth’s brand-new 321 Ocean. The fully furnished property spans the entire ninth and tenth floors of the 21-unit oceanfront building and boasts a whopping 6,400 square feet of outdoor living space and 6,800 square feet of interior living space.
Jordan purchased the penthouse in 2015 for $20 million but then listed it for sale for $53 million in January 2016, when the building was completed. Without any takers, he lowered the price to $47.5 million in June and then today, down to $39.5 million. It was initially reported that the penthouse was listed for sale after the Jordans saw the success other penthouse investors were having in Faena House and The Edition, but given the steep price reductions, it seems he is more eager to sell now.
The interior of penthouse has 4 bedrooms, staff quarters, 5 full baths and 2 powder rooms. The flow-through layout provides both ocean and city views. The kitchen is decked out with Miele & Sub Zero appliances. The rooftop is nothing short of ah-mazing with a 36 foot infinity pool overlooking the beach, multiple seating areas, a fire pit and summer kitchen as well as a dining table that seats FORTY PEOPLE. That’s right, nearly an entire NFL team could enjoy dinner together as one big happy family on the terrace.
Have a look at the 321 penthouse photos below. What do you think of the design? Do you think it will sell this year?
One Thousand Museum Sells $30 Million In December 2016
Zaha Hadid’s One Thousand Museum closed out 2016 with a splash! They signed $30 million worth of new contracts in December alone. While the sales team was hard at work, the construction team was also toiling away. The vertical construction of the project has reached the halfway point, the developer confirms.
Louis Birman said, “The ($30 Million) December sales illustrate continued confidence in the Downtown Miami corridor as a world-class cultural center. Buyers are gravitating towards projects that are well under construction, and this continues to show proof that ultra-high-net-worth buyers move capital to the strength and security of the U.S. and into cities that have a global appeal, like Miami.”
Here is a photo that they shared, showing how tall the tower is getting. Beautiful!
Paraiso Construction & Sales Update
The folks over at Plaza Construction have been hard at work over the last few months, making big progress on the Paraiso Complex in Edgewater that is made up of Paraiso Bay, GranParaiso, One Paraiso, Paraiso Bayviews, Paraiso Bayhomes and the Paraiso Beach Club. That’s a lot of Paraisos! Here is how they are coming along, followed by construction photos:
Paraiso Bay is currently sold out. It has topped off and is now being finished out. They are scheduled to start closings in the early Summer 2017.
One Paraiso has reached the 37th floor of the 53 story tower. There are a handful of penthouses remaining, priced between $2 million – $3.5 million.
Paraiso Bayviews has reached the 33rd floor with 10 to go until topoff at 43 stories. This is the least expensive of the towers and Related Group is currently near close-out on the inventory. The last remaining opportunities range from $600k for a 1,460 square foot 2 bedroom/2 bath up to $1.6 million for a 2,522 square foot upper penthouse with 4 bedrooms and 4.5 baths.
GranParaiso is the last of the 4 large towers to be completed. It has reached the 22nd floor and will top off at 53 stories. The last opportunities in this tower range from an $800k 1 bedroom, 2 bath with 1,000 square feet up to $3.2 million for a 3,200 square foot upper penthouse with 4 bedrooms and 4.5 baths.
The Paraiso Bayhomes are a small enclave of townhome-style units along the base of the project. These are 4 stories tall and feel more like a single-family home than a condo. There are only 2 remaining of the 8 that are under construction. They are available at $2 million apiece. One has 3 bedrooms and the other has 4 bedrooms. They have topped out already and are receiving their glass panels.
The Paraiso Beach Club is a shared amenity for the four towers and Bayhomes. It is set to open alongside Paraiso Bay this summer and will feature a restaurant by Michael Schwartz as well as boat slips for the residents to enjoy. Update: The restaurant is called Amara at Paraiso.
Have a look at the photos here:
Paraiso Sales Gallery
Paraiso Beach Club – Paraiso Bay
Paraiso Beach Club
Paraiso Bayviews West Facade
Paraiso Bayviews West
Paraiso Bayviews & Paraiso Bay
Paraiso Bayviews Lower Levels
Paraiso Bayviews Construction Progress
Paraiso Bayviews and OneParaiso
Paraiso Bayviews
Paraiso Bayhomes Construction Progress
Paraiso Bayhomes and Gran Paraiso
Paraiso Bayhomes
Paraiso Bay Condos
Paraiso Bay and Gran Paraiso
Paraiso Bay
One Paraiso Facade
One Paraiso Facade
One Paraiso
One Paraiso
Gran Paraiso
Gran Paraiso
Aria on the Bay Lowers Deposit Requirement To 35% On All Units
Edgewater’s Aria on the Bay is slashing their minimum required down payment to 35%. Prior to the change, buyers were required to deposit at least 50% of their purchase price before closing.
The construction is currently on the 41st floor and will top off this summer at 53 floors. The 35% deposit schedule is: 20% of the purchase price is due within 2 weeks of the contract being signed and the remaining 15% is due at top-off. The final balance is due at closing in late 2017 or early 2018 although it is common for mortgages to be introduced for the final amount.
Aria on the Bay is Melo Group’s first luxury waterfront tower and is already a big success. They have sold 74% of the 647 units with an average price of $540/square foot. Remaining opportunities range from a $420,000 1 bedroom with 880 square feet and a south view up to the $1.6 million 3 bedroom residence with a den, 4 full bathrooms, private elevator and a 600 square foot terrace with north views.
Brickell Flatiron’s Foundation Pour In Photo, Video & Timelapse
Image by @leo32758
Despite the rain and drizzle, the foundation pour at Brickell Flatiron went according to schedule this weekend. The developer representatives mentioned that it was scheduled to begin at 10pm, and the first trucks rounded the corner at around 10:05pm to head toward the build site.
Over the next 24 hours, around 1,300 truckloads of concrete were emptied into the 12,500 cubic yard form set that has been under construction since early 2016. The end tally is over 50 million pounds of concrete and the biggest foundation pour in the history of Moss Construction. It took 700 construction workers to get everything prepared for the vertical construction.
See below for our highlights…
The first of 1,300 truckloads round the corner toward the build site:
A video posted by Miami Condo Investments (@miamicondoinvestments) on
Timelapse of 5 hours of trucks arriving, waiting in line and heading out to do their part:
A video by the developer’s sales team:
Build site via Antonio Sevillano:
If you have other footage, please let us know and we are happy to include it!
Brickell Flatiron’s Foundation Pour Is Tonight
Image courtesy of CMC Group
The foundation pour for Ugo Colombo’s Brickell Flatiron is scheduled to begin tonight! When completed in 2018, the building will reach 750 feet into the skyline and have 65 floors.
This will be the largest pour to-date for Moss Construction, the contractor for the project. Since the building is so tall, the foundation will be 12,500 cubic yards and use 1,300 truckloads of concrete. This will take place over a span of 24 hours, according to The Next Miami. In order to ensure the strength of the foundation, the concrete must be poured continuously until it is complete.
Of the 552 total units, around 60% are currently sold, a representative from the developer reported. Prices on remaining inventory start at $465k. If you would like to view the pour, the 10th Street Metromover Station offers a bird’s eye view. Concrete starts flowing at 10pm and the developer will be hosting an event on Saturday to commemorate the milestone.
Can Glen & Cristy Rice Sell Their Brickell Condo Before They Lose It To Foreclosure?
Neo Vertika Condo with Cristy Rice via BravoTV & Glen Rice
Can someone please buy Glen & Cristy Rice’s Neo Vertika condo before the foreclosure gavel takes it away? It seems that despite the fact that he once made an estimated $35 million during his 15 years in the NBA, and she once held a position on BravoTV’s “Real Housewives of Miami” show, they aren’t able to pay for it.
The 1,113 square foot 2 bedroom with 2.5 baths and both east and west views is currently on the market for $330,000. That amounts to less than $300/square foot, which is a great deal in Brickell! The average price per square foot in the neighborhood is currently $459/square foot. Sure, the kitchen is original from 2006, but the building is trendy and cool, and a rental investor could expect to make around $2,200/month as-is, or up to $2,350/month if they gave it new appliances and a fresh coat of paint.
According to association’s lawsuit, the ex-pair is so broke that they are unable to afford their $675/month condo association dues. They haven’t paid in so many months, they now owe $20,000! They also missed their $4,700 property tax bill for 2015 and their lender has already won a $275,000 judgment on the unit for the mortgage they took out when they initially purchased it. In order to make sure all previous debts are paid from the closing, an investor would need to bring an offer relatively close to the asking price.
But is this a sad story, or a Miami story? What are they up to when they aren’t ghosting the Neo Vertika Condo Association and the Dade County Tax Collector? Everything was going great for them up until 2011, when money troubles started to wear the relationship thin and Glen caught Cristy shacked up with another man. He beat the man senseless and ended up arrested. Since that night, they’ve gone through a bitter divorce and then headed along their separate ways.
After her stint on Real Housewives of Miami, Cristy founded a line of bikinis that celebrate her Cuban heritage. She hasn’t really been linked to anyone since her divorce, and seems to be doing well.
Glen went on to have a total of 6 kids. He had a paternity dispute with a woman in 2011, but had a change of heart and married her in April 2016. They had a lavish wedding at the historic Vizcaya Museum and Gardens, with the rehearsal dinner being at the Four Seasons Hotel in Brickell. The bride wore a Monique Lhullier gown and then they jaunted off on a European honeymoon. Given the fact that the wedding happened after Glen and Cristy stopped paying their bills, I really don’t think they care about the foreclosure.
Miami’s Rental Market Is In Decline, About To Be Flooded. What Does This Mean For You?
The rental market in the Downtown Miami area is in for a jolt, according to an inventory report from the Downtown Development Authority. Many people expected that rental prices would begin to decline in 2017 as the new luxury condo buildings begin to open. As of the third quarter of 2016, the prices were already beginning to decline after buildings such as The Bond at Brickell and SLS Brickell began to open, flooding the market with new options for prospective tenants.
What many people did not see was the influx of new rental buildings that are going to start being delivered in 2017. A few have already come to market, but 2017 promises a whole new array of choices for tenants. Landlords are fervently trying to keep their tenants if leases are coming up for renewal, but many of the options are too good to pass up. In 2016, we saw 3,748 new condo units come to the market and 1,038 additional units in rental-only buildings. 2017 will flip that number, with 2,774 new condo options and 3,575 new units in rental-only buildings.
What to do if you are a tenant?
Don’t be greedy. While the market is in decline, the condos for rent in Miami are not going to rent for fire-sale prices. Yes, you may have more leeway in negotiation than once before with condo units, rental-only buildings typically do not negotiate their prices. Rather, they are pre-set at the beginning of each day based upon an algorithm in their computer software.
A quick move-in is worth a lot. If you can offer to move-in as quickly as possible, you will have more negotiation power than if you are shopping several months in advance. I always say that the sweet spot between the contract date and the move-in date is 3 weeks. That gives everyone enough time to get their paperwork together and applications completed. Building applications commonly take 2 full weeks in condo developments. Rental-only developments are commonly quicker, so are a good option if you get in a pinch and need to move even more quickly.
Have ONE agent to represent you. Make sure that person is someone who is well-informed about the market and what is available. That will prevent you from drowning yourself in options and becoming frustrated. Be open with your agent about what features you like and what features you are disinterested in. Let your agent take you to rental developments as well. Many times, we know ahead of time what the availability and rough price ranges are at the rental developments.
What to do if you are a landlord?
If you currently have a good tenant, entice them to stay and treat them well.
Don’t panic, but understand the monetary value of each month of vacancy. Price your available rental on the market as quickly as possible and with a firm that will give you the most exposure.
When reviewing offers, consider reductions based upon the risk of a full month of vacancy rather than holding onto the idea that your condo will earn as much this year as it did in years past. It won’t. If you have a unit that was previously earning $3,000/month and you receive a quick-move in offer for $2,750/month, it would be a good business decision to accept. Otherwise, you could be stuck accepting far less in contract value on top of the $3,000 expense of having the unit vacant for a month.
Negotiate with people who lowball. Run your numbers and decide what is the lowest price you can accept based upon available options for the tenant and the amount of vacancy that you are already into. Not that you will always have to accept that lowest price, but you know how much room you really have for negotiation.
Remember that just like market storms that we have weathered in the past, this one will blow over. The condos will still be beautiful and in-demand afterward. If you need to sell, then sell. Otherwise just be patient until the inventory is absorbed.
Biscayne Boulevard’s Parking Lots Are Transforming Into A Popup Park For January
Image Courtesy of Prism Creative Group
In order to demonstrate what can be achieved if people abandon their cars for transit options, a pop-up park is coming to the parking lots along Biscayne Boulevard in Downtown Miami this month. The event launches on Friday, January 6 with a free concert and runs through January 26 with events for all ages each day.
Some of the pedestrian-friendly options we will see are:
Puppy Brunch
Sweat Circuit by Lululemon
Local Vendors
Food Trucks From Local Eateries
Free films on the “Biscayne Screen”
If you’re interested to check it out, everything is taking place near the Bayfront Park MetroMover stop. You can register for the grand opening on Friday here and check out the calendar of events here. We’ll see you there!
Inside Palazzo Del Sol’s Furnished Model Apartment on Fisher Island
Fisher Island’s Palazzo Del Sol opened in 2016, and they have released these photos of their Antrobus+Ramierez designed model unit. The apartment is Residence 7052 and has 3,793 interior square feet, a 762 square foot terrace, 3 bedrooms and 3.5 bathrooms.
Antrobus+Ramirez is a Miami-based design firm that is also responsible for the lobbies and amenities at Muse in Sunny Isles and Ocean House in Miami Beach. The model unit is available for sale with all of the furnishings for $8.2 million.
