Aston Martin Residences Prepares For Groundbreaking
Aston Martin Residences is preparing for groundbreaking, according to The Next Miami. On August 10th, they filed a Notice of Commencement with the county, which is the first step toward actual dirt moving. The developer had previously said that they would begin construction of the site in the fall of 2017, although they just opened their $10 million sales center on the same site two months ago and they are still waiting for their application with the FAA to be approved at the proposed 816-foot building height.
Unit prices at Aston Martin Residences now range from $600,000 for a one bedroom condo to $50,000,000 for the penthouse.
Aston Martin Residences Has Received Their Vulcan To Display In The Sales Center
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Image courtesy of Anthony Felxas’ Facebook
It has arrived! As we reported in February, the Aston Martin Residences in Downtown Miami had ordered a $2.3 million Aston Martin Vulcan to display in their sales center. According to their sales representative, Anthony Flexas, the car arrived this week. Here are some images that he shared to his social media. The car is only one of 24 in the entire world.
Because of its power, the car is a track-only supercar. Listen to that engine! Do you think that this will help to sell more condos in the super luxury tower?
Aston Martin Residences – Available Floor Plans & Prices
We were excited earlier this week to receive a full presentation of Aston Martin Residences, the new super-luxury development in Downtown Miami. Earlier, we posted the new renderings along with new details about the amenities and finishes that were shared with us during that presentation.
I always say that the best time to buy is in the very beginning or the very end of a project’s sales cycle. In the beginning, the details are less concrete and many times the sales center and brochures are not yet completed. At the end, the developer is eager to move on to their next project. Either way, these are the times to get the best pricing.
In our previous post, we mentioned that 25 of the available 391 residences have already been sold. The developer is now selling their second release, here is our favorite option from each line. Please remember that this is the availability and price as of today. If you are interested in one of the options, just reach out and we can quickly send you an update.
Here is where you can find the sales brochure and fact sheet that we received when the project originally launched. Now, without further adieu, The Residences:
River Residence 401 – $3,181,900 ($954/square foot)
River Residence 502 – $1,470,900 ($997/square foot)
River Residence 703 – $1,763,900 ($969/square foot)
River Residence 1105 – $531,900 ($762/square foot)
River Residence 1006 – $681,900 ($799/square foot)
Aston Martin Residences Releases New Renderings And Details
Aston Martin Residences has released a new set of renderings for their building whose design was inspired by an Aston Martin DB11. They are making it clear that this partnership is in fact a complete partnership, not just a licensing agreement.
The interiors of the building will have the same lighting scheme, design and feel of the interiors of their signature hand-made car. The same jeweler who places the Aston Martin logo on the hood of the cars will be the jeweler who places the unit numbers on the residence doors. A $2.3 million Aston Martin Vulcan will be the center piece of their $12 million sales center, which is currently under construction. There are only 8 of these cars in the world, and Miami’s was delivered last week.
Despite the fact that the sales center does not open until around Mother’s Day, 25 of the 391 residences have already been spoken for. They will feature floor to ceiling glass without any visible concrete whatsoever. Even the support beams will be encased in glass for an elegant and timeless feel… just like the cars. The project is expected to break ground in October of this year.
One additional new piece of information that we were able to learn is that the developer has also purchased a plot of beachfront land on Virginia Key to construct an Aston Martin Beach Club for the residences. They will be ferried from the deep-water dock onsite to the beach club by an Aston Martin yacht. Wow.
Have a look here at the new renderings. Prices range from just under $500,000 up to $7,000,000 for the River and Panoramic Residences and Penthouses that range from $14,000,000 – $35,000,000 including a triplex penthouse with private pools, a helipad and an Aston Martin Vulcan. Here is a selection of floor plans & prices for the best deals from each line as of today.
Aston Martin Residences Begins Sales – Here Are The Plans, Details, Renderings And Prices
Almost two months after announcing his project, German Coto has opened sales at the ambitious and beautiful Aston Martin Residences in Downtown Miami. They have released the floor plans, pricing, floor layouts, amenities and a couple of new renderings.
Prices are slated to start at $500,000 and go up to $35 million for the penthouse. What do you think of the plans?
Is Aston Martin Residences’ Developer Insane, Reckless or Brilliant For Launching His Project Now?
After 2 years of anticipation, waiting to hear what Argentinian supermarket czar turned Miami condo developer German Coto had planned for his new $125 million lot along the Miami River, he has answered the call. Today he released initial renderings for the Aston Martin Residences.
It will be a 66 story tower with 390 apartments averaging over $1,000 per square foot and international brand-name appeal. In a season where the news is inundated with reports of a rapidly declining real estate market and frightening oversupply, is he crazy for releasing the ultra-luxury project?
On one hand, the preconstruction projects that are already on the market are reportedly struggling to find buyers. Echo Brickell still has around 10 residences left after four years of marketing and Faena Versailles was cancelled last week due to slow sales. That project will now likely become another hotel. Projects with a lower price point are faring better, but still not selling at the rapid pace of two years ago.
Personally, I believe the project will end up a success as long as the quality and level of luxury remains par to the Aston Martin brand. The brand is extremely strong with a loyal following and the buyer for this project will be someone who is passionate about the brand and level of quality. I do not believe that potential buyers of Aston Martin residences will shop around in competing projects. They will not lose buyers to One River Point, a similarly-priced project that is nearby. These buyers will sign up for the condo because they want to have an Aston Martin condo, the same way that the buyers of Porsche Design Tower signed up because they are passionate about their Porsche and want it to be parked at their doorstep in the sky. This is also not the project for speculative investors or for rental investors. This is the project for ultra-luxe vacation homes or primary residences.
It is possible to have a successful project that is launched in a not-so-hot market. One example would be Faena House. It was launched in 2012, while we were in the throes of absorbing the oversupply from the Great Recession and was delivered as a successful project thanks to Faena’s design prowess. I believe that Aston Martin Residences could be another beacon of better times just like Faena. By the time it is scheduled to be delivered in 2021, we will likely be on the upswing again in the real estate world and Aston Martin Residences could be the first successful delivery of the next cycle. (Let’s not pretend that another cycle is not coming. Be real.) Mr. Coto seems confident and patient enough to see the project through, so it could happen.
On the other hand, the project could fall into the failed project graveyard with Island Gardens, Empire World Towers, and countless others that made us say a collective, “WOW!” on launch day, only to be cancelled after sales faltered. Do you think that Aston Martin Residences has what it takes to survive their sales cycle in this market climate? We would love to hear!
