Condo Shopping In Style: Palazzo Del Sol’s $2 Million Yacht Tender
On the island, they affectionately call it “The Water Shuttle”, but you’ve never seen a water shuttle like this. Fisher Island’s Palazzo Del Sol has commissioned a $2 million Hodgdon Yacht Tender to shuttle their potential buyers to and from the private island.
With its design inspired by the Venetian water taxis, the 10.5 meter limo tender offers a smooth, quiet, comfortable and relaxing ride, even in unfavorable weather conditions. The entire salon hard top rises hydraulically for full-height headroom, offering easier boarding and 360 degree visibility, also allowing the breeze if buyers choose. The port and starboard windows also power down for ease of boarding.
The interiors are custom designed and built with Pearwood and Elmwood burl countertops and surprisingly chic Italian leather seating. The clean, sleek sculpture, custom fabricated hardware and long, graceful lines provide an incomparable visual aesthetic.
The exteriors have teak decking, and a dramatic paint scheme and custom selected, designed and fitted Honduran Mahogany cap rail. The entire shuttle accommodates up to 11 guests including two oversized owner’s seats.
A water shuttle like this certainly sets the stage to purchase one of the most luxurious condos in Miami or Miami Beach. The project is currently 70% sold out with remaining residences priced between $7.3 million for a 3 bedroom residence up to $26.4 million for the 4 bedroom upper penthouse.
Once on the island, buyers are toured on Garia golf cars, which are also gifted to them upon closing of their new homes. Since the island is notoriously and strictly private, golf cars are a primary means of transportation among the neighbors. Palazzo Del Sol is different from the original Fisher Island buildings in that it has its own designated amenities, rather than having to go to the Fisher Island Club for everything.
Feast your eyes on this video of the “Water Shuttle” followed by a preview of Residence 7072 W, which is a 3 bedroom, 3.5 bath with over 7,750 square feet of interior living space and over 750 square feet of terrace space that is currently offered for $7,736,000.
SLS Lux Releases New Renderings; Only 2 Penthouses Remain Available For Sale
Although they are on the home stretch to completion and sold-out status, Related Group has released a new set of renderings to promote their newest new project, SLS Lux. The project is the sister tower to Brickell Heights East & West, which opened this month on the west side of South Miami Avenue. SLS Lux is set to be the most luxurious tower of the three, with private elevators, a wine cellar and cigar room, a rock climbing wall, limousine services to a private beach club, and two ground floor dining experiences, Katsuya and Sbar.
The new renderings depict the Katsuya restaurant in the retail level, the Yabu Pushelberg-designed lobby and 9th floor gardens, as well as the penthouse collection. The two remaining penthouses each have summer kitchens on the terrace, 12 foot ceilings, two assigned parking spaces, among other penthouse-quality upgrades in the kitchen and baths.
MPH 04 has 3 full bedrooms, 4 baths plus a den with a North view for $2,649,900. Just below is LPH 04, with the same layout for $2,599,900. Both apartments have 2,777 of interior square footage. Here is a preview of the view, as well as the new renderings.
Just Listed – Lower Penthouse Condo at Villa Regina with 11-Foot High Ceilings
I am pleased to announce that I’ve listed for sale an exceptional and very spacious lower penthouse condo at the iconic Villa Regina located at 1581 Brickell Avenue. It’s a fully furnished and fully renovated 2 bedroom, 2 bath unit with 1,895 interior square feet, 400 square feet of balcony, lots of closet space, and 11-foot high ceilings with floor-to-ceiling glass windows. It has marble floors in the living room and bathrooms, wood floors in the bedrooms, custom millwork, custom lighting, custom doors, front-loading washer and dryer, stainless steel appliances, and Nest Thermostat. It also offers tons of natural light along with breathtaking water and sunset views. This exquisitely designed residence is a true “home” in every sense of the word!
The master bedroom suite is exceptionally roomy with over 500 square feet including its own private balcony; large, walk-in closet; linen closet; and fully renovated bathroom with white marble floors, double vanities, and tiled stone walls.
The second bedroom has balcony access, built-in closets, and its own fully renovated bathroom.
Below is an HD video of the property including aerial footage of Villa Regina. The building was completed in 1982 but recently underwent a number of renovation projects. For example, the lobby, fitness center, and spa, which are nearly completed, are currently under renovation; the building was freshly painted within the past two years; and the “Queen’s Room” was remodeled into a children’s playroom. Additionally, a project to rebuild the seawall is expected to begin “very soon” according to management.
The unit includes hurricane shutters plus 1 assigned parking space. The monthly condo dues are $1,447 per month. The asking price is $875,000, making it THE best priced 2 bedroom unit in the entire building. The last time that this property hit the market, which was in 2013, it received 3 offers and went under contract in 2 weeks. Since listing the property this past Sunday night, I’ve gotten a lot of interest and expect that it won’t last long.
The 8th Street Metromover Station Is Officially Renamed “Brickell City Centre Station”
Photo via Jami Reyes Facebook
The Miami Metromover’s 8th Street Station was formally renamed the “Brickell City Centre Station” this morning in a ribbon cutting celebration with Mayor Gimenez.
During the construction phase of the $1.05 billion mega project, Swire also upgraded the city-owned transit stop and integrated it directly into the third level of the shopping mall, allowing shoppers and residents the ability to come and go from the development without being exposed to the summer showers that Miami is famous for.
For those who are new to the area, the Miami Metromover is a 4.4 mile electrically powered train system that shuttles people around the Greater Downtown area for free. It is automated and air-conditioned, and can drop people in the Brickell Financial District, Miami-Dade College, Bayfront Park, The Frost Museum and PAMM, Omni Mall and now Brickell City Centre.
There are also transfer stations in Downtown and Brickell that allows people to transfer to the Metrorail, accessing the University of Miami, the Jackson Medical Center hospital district, the Miami International Airport and more. “The Mover,” as it is commonly called, is extremely convenient to people in the Downtown area, and even more now that we can access Brickell City Centre directly.
A post shared by Buskerfest Miami (@buskerfestmiami) on
Neo Vertika Market Statistics
Just west of the Metrorail line in Brickell is Neo Vertika. It was built in 2006 and is the only building in the neighborhood that offers industrial-style lofts. I have always been a fan of the building since the units are unique, deals are plentiful and the building is very well-managed. Since the building is well-managed, financing is easier and the terms are more attractive to buyers. So how is the market doing today?
The sales market is holding strong! There are only 18 active listings today, 13 of which are unfurnished non-outlier listings (I took out the penthouses and lower-floor units since they don’t fully compare). The listings are asking $349/square foot on average.
So far this year, 5 listings have closed in the building. This isn’t a huge number, but when you consider the lack of available listings for sale, the metric looks far more healthy than buildings we have seen in weeks past. The units that did find a buyer closed for an average of $318/square foot after negotiating to 96% of asking price.
There are two types of one bedroom units at Neo Vertika. The smaller 638 square foot plan is really a studio, but is often marketed as a one bedroom. The 795 square foot one bedroom is a duplex loft. The studios are available for between $225,000-$245,000, duplex one bedrooms from $269,500-$294,500 and two bedroom duplex plans from $355,000-$450,000.
The rental market is also performing very well at Neo Vertika. With only 24 available options currently, 37 other units have found tenants so far this year. That gives us just under 4 months of inventory. The studios lease between $1,600-$1,700/month, duplex one bedrooms from $1,750-$1,900 and two bedrooms from $2,200-$2,550/month.
Looking at the current inventory, one deal that sticks out to me is apartment 2309, which is listed for $335,000. This is the lowest priced two bedroom option currently on the market and is leased for $2,400/month. A rental investor would earn a 4.7% return on their investment after you paid the taxes and HOA bills as quoted in the listing. That is a great return compared to buildings we have seen previously. The apartment also has a river view and is across the street from KLA, one of the most popular preschools in the area. Not bad!
Inside SLS Lux: June 2017 Construction Update
It has now been 6 months since we got to preview the views from the penthouses at SLS Lux with Carlos Rosso. Since then, they have been hard at work on the finishes and amenities in preparation for the big grand opening later this year.
Here is an update of their progress from Carlos’s Facebook.
This is a bath/shower of one of the suites.
An architectural accent in a hotel suite.
Katsuya and S Bar on the retail level.
Building the form set for the pool on the amenity level.
Inside The Estates at Acqualina’s $16.675 Million Casa D’Oro
It is dubbed as the “gold standard of single-family condominium residences” and boasts 11,605 total square footage of living space (8,870 interior square feet of interior space plus 2,735 square feet of terrace area) on the top two floors of the ultra-luxury Estates at Acqualina in Sunny Isles.
The layout offers a dramatic entry from a private elevator to the 50th floor and a dramatic foyer with 10 foot double doors leading into the living areas. All of the entertaining areas and two guest bedrooms are on the main level with the main family living quarters on the upper level including four additional bedrooms.
On the ground level terrace, you will find a private pool, sauna and garden area overlooking the Atlantic Ocean. The massive entertaining area features an open kitchen, living, dining and breakfast area with sweeping ocean views. The buyer will have a choice of marble or wood floors throughout, including on the terraces and the master baths are cloaked in onyx walls. The his and her’s dressing rooms are finished with suede or leather finishes.
Here is a preview of the $16,675,000 floor plan and renderings of the finished product, that is expected to break ground later this year and be completed in 2019.
Five Things You May Not Know About Villa Regina
Most people know it as the “Rainbow Building” because of its signature paint scheme, but here are a few things that you may not have known about South Brickell’s Villa Regina.
1- The paint scheme is actually “The Largest Painting in the World”
When the building was constructed in 1980, Miami was in the midst of a sales slump. The developer was having a difficult time choosing the paint color for the exterior, so consulted Israeli artist, Yaacov Agam. He commissioned Agam to design something cheerful and generate market buzz. Here is a quote from Agam regarding the commission, from an article in the New York Times back in 1984:
”The middle of the building will be white. From there the color scale goes up and down, so that the building will seem to be glowing, radiating color and energy out of itself.”
”The colors are the colors of the rainbow; they will create almost an enormous arc of Noah,” he said, referring to the rainbow that marked the covenant between God and every living creature. ”Today, when the world could be destroyed at any moment, it will be a sign of hope. The colors will also make you happy. That’s what Miami stands for.”
There is also a theme of the number 13 in the mural, a number that represents good fortune in Jewish culture. There are 13 colors used in the spectrum, 13 levels from the center of the building and the job took 13 days to complete.
Since Villa Regina, SLS Brickell and Brickell Heights developments have followed suit with rainbow colored murals of their own.
2 – Villa Regina was one of Ugo Colombo’s first projects.
As beautiful and eye-catching as it may be, Agam’s painting was not enough to reignite sales and the project was taken over in 1987 by the FDIC, which had insured the original construction loan that was foreclosed upon.
Mr. Colombo stepped in with Trammell Crow from Dallas and purchased the remaining inventory. They spent $2 million renovating the landscaping, finishes, and restored Agam’s work, reduced prices by 25% and made the project a success. Ugo Colombo’s CMC Group has gone on to develop such projects as Santa Maria, Bristol Tower, Epic Hotel and Residences and the brand-new Brickell Flatiron.
3 – The lobby is currently being renovated, with completion just around the corner.
Although the building just received a new lobby around 2011, it is being renovated again. The previous lobby was too dark and classic, the building needed something bright and contemporary… like Miami.
Here is a sneak peek at what it will look like when complete.
The lights are already glittering, they can be seen from buildings blocks away. The front desk is being installed now and we are looking forward to seeing the finished product very soon. In the meantime, look at this “before” pic. It reminds me of a corporate hotel in the 1980’s.
And here is a rendering of the before and after. Much better.
4 – Villa Regina is one of the few buildings in Brickell that has its own marina.
While Miami is often stereotyped as being a glitzy city with high rise buildings you can pull right up to in your yacht, there really aren’t that many buildings that have their own marina. Even if a developer thought to build one, there is so much red tape from environmentalists that it is almost impossible… not that there’s anything wrong with that.
Existing marinas are grandfathered into the building code, so Villa Regina owners are quite fortunate. The slips are individually owned by the owners in the building, although some opt to lease their slips out to tenants or other owners in the building.
5 – There is an exciting new listing coming up.
Weather permitting, we will be listing a beautiful and extremely spacious 2 bedroom unit with a bay view next week. It is fully renovated and furnished with high ceilings and contemporary design. All we need is the weather to cooperate for a photo shoot and everything will be announced. Here is a sneak peek…stay tuned!
The Full List Of Downtown Miami Area Condos With Fannie Mae Approval
Let’s talk about financing. Many people already know that financing in condos is far more difficult than single-family homes and very few buildings in Miami have achieved that coveted “Fannie Mae Approval”, but which ones did make the cut? Here’s our updated list with expiration dates of the approvals.
SLS Brickell (expires June 2018)
SLS Brickell almost didn’t get to be on this list. According to the executives at Related Group, the inspectors from Fannie Mae were under the impression that it was a condo-hotel... something that would disqualify the property from Fannie Mae Approval. After a site inspection, they could see that it is not a condo hotel. SLS Brickell is a hotel with a tower of residences on the top. They look the same, but work very much differently. Approved!
1010 Brickell (expires February 2018)
This is the first of two buildings who have their approval but are not yet completed. Although it is unarguably behind schedule, I’m really looking forward to see 1010 Brickell open. It is the first building I have seen in Brickell that has such a wide range of amenities for kids of all ages.
1010 Brickell is currently sold-out, but the Fannie Mae approval will help with people who are interested in resales.
Brickell Heights East& West (expires December 2017)
We have covered the Brickell Heights opening extensively and are so pleased with how it turned out. Three members of the Miami Condo Investments team have already signed up for Equinox and are loving the classes!
This is going to be the building for people who want to be in the middle of everything. It is right between Brickell City Centre and Mary Brickell Village, offering a host of entertainment choices. I have heard people who are concerned about the plans to build a 75 story tower called 18 on the lot directly to the north, but it is my opinion that this will not happen. I feel it is simply a sexy tower with approvals to help increase the land value. That’s a pretty common tactic in land sales, but we can talk more about it in another post…
LeParc at Brickell (expires January 2018)
If you’re the type of person who likes to be near the hustle and bustle of city life, but not necessarily right in the middle of it, Le Parc at Brickell is for you. It is a boutique condo that is walking distance to Brickell’s Financial District, but is also located behind Simpson Park. Simpson Park is a natural hammock on the corner of South Miami Avenue and SE 15th Street and offers trails to experience the natural habitat of this area before the estates and high rises were here.
Fun fact: it is naturally MUCH cooler in the middle of Simpson Park than it is on the street.
Centro (expires February 2018)
This past Monday, we visited the market statistics for Centro and were amazed at how few transactions there were. This is a great opportunity for someone who Ubers everywhere (or Lyft if you’re part of the #DeleteUber movement). There are no parking spots included with the units, so this is for someone who wants a true city lifestyle. Aside from the lack of parking, the location and finishes are great.
Canvas (expires January 2018)
Now we’re going to skip North to the Arts & Entertainment district. Canvas is also still under construction and will need to extend their approval because the building is not quite topped off yet. I feel it will be closer to the middle of 2018 before these units are ready to close.
Crimson (expires June 2017)
If you’re in the market for a LEED certified waterfront condo, then you need to look into Crimson. You also need to hurry because their approval expires at the end of the month. No word yet on whether they intend to renew it.
Biscayne Beach (Expires December 2017)
With interiors by Thom Filicia, Biscayne Beach opened last month to rave reviews. They are currently 99% sold-out of their developer inventory and over have of the units have already closed. Two Roads Development (who is also developing the nearby Elysee) paid off their construction loan and are now sitting pretty as buyers begin to move in.
If you missed the developer inventory, we have listed a beautiful 3 bedroom, 4 bathroom plus den corner layout with south and east views. It is available with one of the best views of Miami, decorator ready for your personal touch at $1.75 million.
Paramount Miami Worldcenter Releases Brochure For Penthouse Collection
The developer of Paramount Miami Worldcenter has released their exclusive penthouse collection with a sneak-peek brochure and renderings. The 26 units will be priced from $3.5 million up to $9.5 million.
As shown in the key plan featured in the brochure, four of the units will be located on the apex of the tower, offering those units expansive rooftop sky decks overlooking the bay and city. The plans are between 3,500 square feet and 6,000 square feet and will each have four or five bedrooms. All plans will have private elevator entry, Gaggenau appliances, and custom finishes.
