Hyde Midtown Miami Hotel Set to Open September 17th

According to the sbe website, Hyde Hotel & Residences Midtown Miami will be ready to open its doors on September 17th. When it does, it will become the first luxury hotel to ever operate in Midtown Miami. To help get the word out, Hyde Hotel Midtown Miami is offering through the end of this month introductory rates starting at $129 per night. Not a bad deal considering the level of amenities that Hyde Hotel Midtown Miami has to offer, such as a tennis court, pool, poolside cabanas, poolside bar & grill, business center, full-service spa, and state-of-the-art fitness center. Completed earlier this year, Hyde Midtown includes 60 hotel suites, 410 condo residences, and ground-floor retail. It was recently reported that a Starbucks will be opening in one of the retail spaces.

Hyde Midtown Prepares To Open Its Doors

We’re going to take a short break from our Art Basel Trophy Property series today to share some very exciting news. Don’t worry, we’ll still bring a trophy property as well, but this is too exciting to not share. Hyde Midtown is preparing to open this month!

According to a Facebook post by Carlos Rosso, Related Group’s President of the Condo Division, the new development is slated to open in just four weeks. This would keep them right on track with the estimated opening date of Winter 2017/2018. He shared these photo previews of the lobby area, and mentioned to us privately that the hotel portion should be ready to start taking reservations in about 60 days.

The Midtown Miami project is currently 90% sold with prices starting in the low-mid $400,000’s.

The Hyde Logo Has Been Installed At Hyde Midtown

Related Group and Dezer Development are putting the finishing touches on Hyde Midtown, which is slated to open its doors by the end of the year. The project will bring 410 condo residences and 60 designer suites, which are managed by SBE Hotels, to the live-work-play neighborhood.

Because the development is nearly 90% sold, the developers have lowered the deposit requirement to just 30% for remaining inventory. They are also offering additional incentives with hopes of opening yet another fully sold building by the end of the year. The incentives include a leaseback program that guarantees a lease rate of $3 per square foot for one or two years after closing (depending upon the unit), or buyers could choose a fully finished and furnished apartment, or HOA credits. They also have special in-house financing options.

Prices start in the low $400’s. You can preview the views and finishes here, from our hard hat tour back in March.

Hyde Midtown Adds MORE Incentives, Opens In 4 Months

It seems that Related Group is very interested in opening another building in sold-out status. In May, they introduced a two-year leaseback program that guarantees income to rental investors at Hyde Midtown, and now they have stacked on more incentives. Not only are they offering the apartments finished, they are also offering furnished options. Buyers can also opt for credits that pre-pay their HOA and take advantage of seller financing.

Since the project is just 4 months from completion, the deposit structure has also been relaxed. Buyers can purchase with a 30% deposit rather than the previously required 50% deposit. Prices of 1 bedroom apartments, which include the leaseback program start at $405,900. The 2 bedroom apartments that include finishings and furnishings start at $597,900 and penthouses with 20 foot ceilings start at $754,900.

Hyde Midtown Offers Leaseback Program On Remaining Inventory

Image by Carlos Rosso

Hyde Midtown is on the home stretch toward opening day and making moves to ensure they achieve sold-out status prior to then. To set themselves aside from the competing buildings, Related Group is now offering a leaseback program to investors on select units. This guarantees the investor a 2 year lease at $3/square foot, starting from the day of closing.

The program appears to be working. Between the last quarter of 2016 and the first quarter of 2017, the project moved from 78% sold to 80%. As of today, 85% of the units have sold. To be fair, the increase in sales is not only due to the added incentive. The last quarter of 2016 was uncharacteristically slow. It all started with Hurricane Matthew distracting people from buying condos. As soon as Matthew passed, the storm that was the election delayed a rebound… then the holidays. Thankfully 2017 has brought increased traffic and the leaseback program is something that investors appreciate, as evidenced by the 20+ sales that have gone down in the last 2 months.

For buyers who are not investors, they also have programs that offer flexible deposit structures and a credit at closing for the first two years of HOA payments.

The project is co-developed by Related Group and Dezer Development and is set to open in October. It will bring 410 apartments, Hyde music lounge & piano bar, cuisine by SBE’s world renowned restaurant group, and a luxury spa and fitness center, among other amenities. We were able to go for a photo tour on the day they topped off. Have a look at the finishes here.

The units at Hyde Midtown are competitively priced as well. The remaining units include:

• Two story penthouse units with sunset views from $754,900.
• One and two bedroom units with sunset views from $459,900.
• Three bedroom corner units starting at $859,900.

Do you think they will ultimately sell out before opening day?

New Miami Condo Buildings With Tennis Courts

This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!

If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.

In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.

If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.

For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.

Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.

Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!

Hyde Midtown Is 80% Sold And Has Topped Off

The Related Group, Dezer Development and Moss Construction celebrated their topping off of Hyde Midtown Suites and Residences with a string of parties and construction tours. We were lucky enough to be invited to preview the views and finishes of the project, which is now 80% sold.

The remaining inventory is all in the residences section, the 60 suites have already sold, as did the hotel. The prices start at $435,000 for a 779 square foot 1 bedroom with 1.5 baths and a view of Wynwood. A 1 bedroom with a den is $460,000 and 2 bedrooms start at $540,000. There are four remaining penthouses ranging from $735,000 up to $2,035,000.

During the tour, the hotel, lobby and amenity deck are all very much still construction sites. Some of the apartments and suites already had the kitchens installed, so we were able to preview those. They’re coming out very nice!

When finished, the amenities will include a tennis court, putting green, flow-through infinity edge pool, dog park. The Related Group’s President of the Condo Division, Carlos Rosso, said that the plans for a children’s playground were removed and jokingly announced that they had added a modeling agency. There are already several modeling agencies in Midtown, so I wouldn’t be surprised if that ended up coming true, even if he was joking with the announcement.

They also had celebrations for the 400+ construction workers who contributed to the building and will be having another event for the agents who have sold there. Carlos Rosso said, “This milestone gets us one step closer to delivering the Hyde lifestyle to Midtown Miami. The property offers everything that today’s buyers are looking for. Its unrivaled list of amenities, chic design by David Rockwell and enviable central location all add to what makes this development stand out from the rest.”

Here is a preview of what we saw. The building is on schedule to open in October of this year.

Kitchen Finishes

East View

Northeast View

Southeast View

South View

Amenity Deck

The rooftop palm tree, celebrating a successful top-off

Thank you, Carlos for the tour!

Hyde Midtown Offers Free HOA For First Year & Flexible Deposit Structure

Going into the holidays, the developers of Hyde Midtown are looking for new ways to close out the last of their inventory. They are currently 78% sold with a nice selection of available apartments and the construction is on the 25th floor.

For a limited time, they are offering to cover the first year of HOA payments for new buyers.  The way they typically apply the promotion is to give a credit at closing in order to avoid confusion with the HOA after the association has been turned over to the homeowners.

Since the building is nearing top off, the developer is now able to offer a more flexible deposit structure. Rather than the typical 50% required before closing, they are now able to accept 30% if the buyer prefers.

Of the remaining 90 or so apartments, they have prices starting as follows:

• 1 bedrooms from $435,000
• 1 bedrooms plus den from $490,000
• 2 bedrooms from $538,000
• 2 bedrooms plus den from $643,000
• 3 bedrooms from $859,000
• Penthouses start at $735,000

Hyde Midtown Tears Down Their Sales Office

Hyde Midtown Sales Office by Hyde Midtown Instagram

It’s not what you think. After almost exactly one year of construction, the Hyde Midtown sales office has been torn down in order to make way for the building that is already 1/3 finished. The sales office is being relocated around the corner until completion.

The project is steaming along at a great pace, around 1 floor per week. They are 77% sold, but still have a good collection of apartments available in all different sizes. Prices start at $446/ft and penthouses start at $734,900. The penthouses of the 31 story tower will include rooftop patios with amazing views and a great price. Have a look here for more photos.