Regalia Introduces a $45 Million Penthouse

“Life’s Magnum Opus” – That is the tagline for Regalia’s crown jewel, the 43rd floor penthouse. And what a jewel it is!

The penthouse spans the top two floors of the tower and also includes a 6,000+ square foot rooftop pool deck with a 360 degree terrace overlooking the Atlantic Ocean, Intracoastal Waterway, Golden Beach, Miami Beach and the Miami skyline. There are two other terraces, the 43rd floor has a 360 degree terrace and the 44th floor has one that spans 270 degrees. The rooftop pool deck also has a summer kitchen with retractable Louver shading, an indoor wet bar and a full bath.

Indoors, owners will find 6 bedrooms and 7.5 bathrooms spanning 10,000+ square feet. The three levels are tied together with a custom glass elevator and a floating grand staircase in the double height great room.

While visiting, guests can enjoy a dining room that seats 12, custom stone and glass wine cellar, a game room with designer billiards table, and a lounge theater and bar. The dining room and billiard table have custom pendant lighting fixtures. An art gallery mezzanine overlooks the double height great room.

For the owners, the grand master suite leaves nothing to be desired. A private spa holds a steam room, sauna and massage beds. The bedroom has a drop-down ceiling television and midnight bar, wine cooler, glass enclosures and secure safes. The grand master bath offers stone flooring and walls with glass enclosures, couples’ Jacuzzi tub with hydrotherapy and air treatment jets, and his and hers glass showers with rain heads, body jets and hand held fixtures. The dressing areas offer his and hers vanities with a separate make-up area for her and walk in closets.

Given that the name Regalia means, “the emblems or insignia of royalty, especially the crown, scepter, and other ornaments used at a coronation,” this residence is certainly fitting of the name. See below for additional photos and floor plans:

Regalia tower in Sunny Isles Beach

Level 1 Layout

Level 2 Layout

Level 3 Rooftop Pool Deck Layout

A First Look at Residence 900 at GLASS in Miami Beach

In case you haven’t heard, GLASS is the newest addition to Miami Beach’s South of Fifth neighborhood. Closings began in October. The 18-story tower – designed by renowned architect Rene Gonzalez – has just ten total units (yes, just 10), each encompassing at least one full floor. Due to its all-glass structure, the building’s natural surroundings are brilliantly integrated into its design, mirroring the sky, sea, and city in all directions.

Last month, my broker, Dora Puig, listed for sale a full-floor residence on the 9th floor (residence 900). The 3 bedroom, 3.5 bath condo has 3,400 interior square feet plus another 2,000 square feet of terrace. Earlier this week, I finally got an opportunity to take a look at it and brought my trusty camera along.

I must say, the quality of the finishes at GLASS are second to none. I was blown away. I have never seen a developer deliver such high-end finishes. The kitchens are wrapped in Calcutta marble, the master bath in Arabescato marble, and the floors covered in walnut wood. Truly impressive finishes throughout!  And the sweeping city and water views are jaw-dropping! I also got a chance to photograph the beautiful pool deck which was designed by famed landscape architect Raymond Jungles. See for yourself…

GLASS condos in Miami Beach

Dwyane Wade’s Downtown Miami Penthouse is For Sale

For just $2,995,000 you too can sleep in the same bedroom once occupied by Dwyane Wade himself. Back in 2011, the developer of Vizcayne Condominium in Downtown Miami outfitted the penthouse especially for Mr. Wade’s use. The property was later sold to an investor from Miami Beach who sold it to an investor from New York who is now happy to sell it to you.

The photos provided to us by the MLS are not the high-quality ones that we typically like to see in a $3 million penthouse, but the features are. The apartment spans 3 floors on top of Vizcayne’s North Tower and includes 3 full bedrooms, 5.5 bathrooms, 2 living areas, a study, sky loft and 5 terraces with one being on the roof overlooking the AA Arena where Mr. Wade works.

Inside the building itself, residents enjoy over-the-top amenities. The pool deck includes 3 resort style pools, a sunset pool, Jacuzzi and catering bar. Inside the amenity center is a fitness center & spa that rivals even some of the popular chain gyms, a movie theater, game rooms, business centers, board rooms and a padded jogging deck with a view of the Biscayne Bay. There is also 24 hour doorman, valet and security.

The current owners certainly seem excited to part with their investment, offering incentives for a quick closing and even offering to lease the property for $12,900/month. Have a look below at the additional photos courtesy of the MLS and floor plan:

Related Group Construction Update

The Related Group is looking to start 2016 ahead of schedule. This morning Carlos Rosso, President of Related’s condo division, shared these construction photos of SLS Lux, Brickell Heights, SLS Brickell and the Paraiso mega-development.

Above, you can see Brickell Heights and SLS Lux. Brickell Heights is the two towers under construction in the center of the photo. The tower to the right is Brickell Heights tower 1. This phase is sold out except for a few penthouse opportunities, Brickell Heights 02 is 85% sold out with select residences and penthouses remaining for purchase. This project is scheduled for completion in late 2016.

SLS Lux is the shorter tower to the right of Brickell Heights. The construction began more recently than Brickell Heights and it is scheduled for completion in the fall of 2017. This project is nearly sold out as well with roughly 20 residences remaining and penthouses. Upon completion, SLS Lux will be 57 floors and Brickell Heights will have 49 floors in each tower.

Above, you can see SLS Brickell. This one is topped off just in time for the new year and has been sold out for some time with the exception of a couple of penthouse opportunities. The construction schedule shows SLS Brickell being completed in the spring of 2016.

Below is a great angle to see the impressive size of the Paraiso Bay mega development in Edgewater. This project features 4 towers on 4.6 acres that will begin to be delivered in late 2016. The four towers are Paraiso Bay, Gran Paraiso, One Paraiso and Paraiso Bayviews.

Bravo to Related for pushing the projects & heading toward the finish ahead of schedule! We can’t wait to see the neighborhoods continue to grow. We are happy to help should you be interested in any of the remaining opportunities in the projects.

Fully Furnished 3 Bedroom Condo at Trump Palace in Sunny Isles Beach – $2.495M

Your paradise retreat awaits you. Wake up each morning to the sights and sounds of the beautiful Atlantic Ocean. A relaxing stroll down the white sand beaches is just an elevator ride away.

Welcome to Unit 3604 at Trump Palace – an impeccably designed, contemporary masterpiece with nearly $800,000 spent in renovations, furniture, and electronics. This flow-through residence includes 3 bedrooms, 3.5 baths with 2,167 interior square feet plus two spacious balconies and offers direct, breathtaking views of the Atlantic Ocean. Property features include: a private elevator and foyer; 10-foot ceilings with floor-to-ceiling glass windows; Sonos surround sound system; renovated kitchen with custom Italian cabinets and high-end appliances by Sub-Zero, Gaggenau, and Miele; custom half bath with stone tiled walls; and custom master bathroom with a white pedestal tub, glass-enclosed shower with rainfall shower and body jets, and side vanity for makeup and hair.

Related Group Closes Out IconBay; Inventory Concerns Loom For Investors

As reported a few days ago by South Florida Business Journal, Related Group has closed on all 300 units at IconBay. Without question, that is a tremendous milestone for what is considered the first luxury condo development to be completed in Edgewater during Miami’s most recent construction boom. However, not all is sunshine and rainbows for IconBay and, in particular, for its investors; inventory continues to mount and owners are finding it increasingly difficult to sell and/or rent their units.

Let’s first examine the rentals at IconBay. Currently, a total of 68 units are on the market for rent. That represents a whopping 23 percent of the development’s 300 total units. More concerning, however, is the lack of rental activity. According to the MLS, since June, when initial units first began to hit the market for rent, there have been 15 closed rentals, an average of just 3 units rented per month. As a result, and as one might expect, asking prices have fallen along the way; in some cases, the drop has been significant. For example, in late June, when the first 1 bedroom + den unit at IconBay hit the market, it was priced at $4,000 per month. That unit – unit 2102 – ultimately ended up renting for $2,700 per month. Since then, a unit located in the exact same line but four floors higher and with a similar build-out – unit 2502 – rented for $2,500 per month. And prices are still trying to find a bottom. Unit 2802 – another unit of the exact same floor plan that is currently listed for rent – is asking $2,500 per month. And the 2 bedroom + den units at IconBay haven’t fared much better. They have rented for as low as $3,000 per month (in fact, three separate 2 bedroom + den units have rented at that price). In other words, 2 bedroom units are renting for 25 percent less than where the initial 1 bedroom unit was priced.

In regards to resales at IconBay, currently, there are 72 units listed for sale on the MLS. That represents a staggering 24 percent of IconBay’s total number of units. Post-closing, just 4 units have exchanged hands:

• Unit 2401 – a 2 bed + den/2 bath condo with 1,435 interior square feet sold “decorator-ready” for $810,000 on October 1st ($564 per square foot)
• Unit 2601 – a 2 bed + den/2 bath condo with 1,435 interior square feet sold “decorator-ready” for $800,000 on October 16th ($557 per square foot)
• Unit 2901 – a 2 bed + den/2 bath condo with 1,435 interior square feet sold “decorator-ready” for $810,000 on October 27th ($564 per square foot
• Unit 307 – a 2 bed + den/2 bath condo with 1,003 interior square feet sold “decorator-ready” for $540,000 on October 28th ($538 per square foot)

According the MLS, no units have closed this month. Additionally, not one single unit at IconBay is under contract (pending sale). As with rentals, it appears that prices are still trying to find a bottom. For example, unit 3101, which is located on a higher floor than any of the aforementioned 01 units that recently exchanged hands, is currently listed for sale with an asking price of $780,000 ($544 per square foot). Unit 3101 has been listed at that price for 79 days, yet no takers. (I am scratching my head trying to figure out why on earth a buyer would choose to pay $20,000 to $30,000 more for a unit located two to seven floors lower.)

So what gives? Why does there appear to be a lack of interest for units at IconBay? Well, the complaint that I keep hearing, from clients and real estate agents alike, is the size of their floor plans, or, rather, their lack of size. The corner units aren’t so bad, but the interior units are unexpectedly small, especially the non-corner 2 bedroom + den units (lines 03, 04, 05, and 07) which range in size from 1,173 to 1,208 interior square feet. Another common complaint I hear is the neighborhood. People argue that it’s just not there yet, at least not at current asking prices. Edgewater is a work in progress. It’s unreasonable for investors to expect their units there to compete head-to-head with condos located in neighborhoods such as Brickell and Park West. Finally, the third gripe I keep hearing from people about IconBay has to do with their own expectations. With a name like “Icon”, one comes to expect a certain level of luxury, as what is found with its sister projects Icon South Beach and Icon Brickell, both considered outstanding and highly popular condo developments. Oftentimes, people who have visited Icon South Beach and/or Icon Brickell visit IconBay with very high expectations, only to walk away sorely disappointed. It’s like the first time you watched the movie Terminator 3: Rise of the Machines. You couldn’t wait for it to be released in theaters, because you just knew it was going to be amazing, just like the first two parts; yet, in the end, you walked out of the theater asking yourself, What was that crap?. Had you walked into the theater with different expectations, or, better yet, with zero expectations, perhaps you could have enjoyed the movie (actually, no, that was a horrible movie no matter how you slice it).

Of course, there are going to be those who say, Lucas is just being negative. Related Group was able to close all 300 of its units at IconBay. The development was a resounding success. Well, it depends from whose perspective you’re looking. For Related Group, without a doubt, it was an overwhelming success. For investors, not so much. In my opinion, it’s not surprising that all 300 units at IconBay closed. With 50 percent deposits on the line, contract holders weren’t left with much of a choice. (To me, walking away from such hefty deposit money doesn’t seem like much of an option.) If IconBay is such a resounding success, that success should translate into sizable profits for investors (not five or ten years from now, but right now), especially considering the fact that real estate prices in Miami have increased significantly since August 2012, when preconstruction sales launched for condos at IconBay. Recently, I read an article stating that the median sales price of existing condominiums in Miami-Dade County increased 52 of the last 53 months (a period spanning nearly four and a half years). Taking this fact into consideration, one could justifiably assume that initial investors of units at IconBay would have no problem locking in tidy profits post-closing. However, comparing the preconstruction price list dated September 6, 2012 for units at IconBay (shown below) with recent post-closing activity as reported on the MLS, that doesn’t seem to be the case at all. Take, for example, unit 2401 which, as mentioned earlier, closed for $810,000 on October 1st. After taking into account the developer’s fee, commission on the resale, and closing costs on both ends, that preconstruction buyer, by my estimation, likely broke even. And that’s for unit 2401. Units 2601 and 2901, two other units which closed last month and do not appear on the price list below, are located on higher floors; so one could assume that they presold at even higher prices. And let’s not forget about unit 3101, another unit I mentioned earlier in this post; it’s currently asking $780,000 and has been on the market for 79 days.

I leave you all with a thought of the day from Joe Biden. I hate to admit it, but perhaps Joe is finally onto something.

Starchitect Renzo Piano To Introduce Eighty Seven Park In Miami Beach

Miami Beach is getting another starchitect-designed condo building, this time by Pritzker Prize winning Renzo Piano. Eighty Seven Park will be the first project in South Florida to be designed by the famed architect and is located at 87th and Collins on the last piece of land north of North Shore Park at the limit of the city of Miami Beach. The 18-story glass tower will feature oblong floors and wraparound balconies with ocean views. In total, the building will offer 68 residences varying in size from 1,400 to 7,000 square feet.

“The idea behind the site is to enhance the presence of the green spaces in the park by extending trees to the northern limit of the city of Miami Beach,” said a statement from Renzo Piano Building Workshop. The building will be surrounded by a reflection pool and private gardens. Between the residences and the beach will be two swimming pools surrounded by sundecks and a walking path to the shoreline.

Interiors are being designed by Rena Dumas Architecture Interieure from Paris and will feature American oak and Italian stone fittings with orchids, Bonsai trees and cacti. An in-house botanist will maintain the year-round floral display, extending the serene natural feeling from the gardens indoors.

Renzo Piano will join Rem Koolhaas, Zaha Hadid, and Bjarke Ingels with their starchitect-designed projects over the upcoming years. In addition to being the first project for Mr. Piano in South Florida, Eighty Seven Park will also be his first residential building in the United States. Previously, the firm has completed the 95 story Shard, the tallest building in the European Union that is often referred to as London Bridge Tower as well as the 52 story New York Times Building in Midtown Manhattan.

IconBrickell Pool To Close For 12 to 14 Months

Residents of IconBrickell and the Viceroy Hotel (W Hotel) are in for a hot and dry summer, as their famed pool deck will be closed for renovations/repair. Our sources have confirmed that the Icon Brickell pool closing is expected to begin around February 2016 and the work is estimated to be completed in 12 to 14 months.

It has been reported that the Icon Brickell pool renovations will include re-tiling of the pool deck for safety reasons (because the tiles used by the developer are too slippery for use on a pool deck). Others have reported that leaks in the pool have caused damage to the spa and gym below; however, the management office has not cited at this time the exact reason for the closing.

IconBrickell opened in 2008 to rave reviews but few sales due to the economic downturn. The amenities in particular won awards and accolades for their grandiose, superb quality and design. Developed by Related Group, Arquitectonica was chosen as the architecture firm and Philippe Starck handled the interior design. IconBrickell was among the first condo developments to rebound from the economic downturn in Miami. Average sale prices for the second quarter of 2015 have been reported at $583 per square foot for the three towers or $796,000 and rentals have averaged $3,150 per month for the same period.

The pool closing at Icon Brickell has been well known among residents and the real estate community for several months. As such, listings at Icon Brickell have already begun to price in the negative impact that the pool closing is expected to have.

Just Listed – Stunning 2 Bed/2 Bath Condo at Paramount Bay w/ Storage Room Included

I’m pleased to announce our newest listing – a stunning 2 bed/2 bath condo at Paramount Bay with 1,128 interior square feet, an 8-foot deep terrace totaling 242 square feet, white porcelain tiled flooring throughout, private elevator, 10-foot high ceilings with floor-to-ceiling glass windows, large walk-in closet with built-in cabinets, stone kitchen countertops, and stainless steel appliances by Wolf and Sub-Zero. Most importantly, this residence features sweeping, breathtaking views of Biscayne Bay from the kitchen, master bedroom, and master bathroom, including from within the glass-enclosed shower. Price includes a 150 square foot storage room located directly across the hallway from this unit.

The property is currently tenant-occupied but the tenant is scheduled to vacate by December 15th. Priced to sell quickly.  Asking $789,000. Last November, unit 1008 (exact same floor plan but located 9 floors lower on the 10th floor) sold fully furnished for $790,000. In my opinion, those 9 floors make a world of difference and more than make up for the fact that this property is being offered unfurnished.

Paramount Bay condos is located at 2020 North Bayshore Drive in Edgewater – Miami’s hottest, emerging neighborhood. Amenities include: east and west swimming pools; hot tub;  BBQ; 24-hour concierge; 24-hour valet parking; 6,000 square foot spa and fitness center with sauna, steam and private treatments rooms; business lounge; and separate teen and children’s playrooms.  Paramount Bay is a pet-friendly condo development.

If you or someone you know would like to receive additional information and/or to request a showing, please call or text me at 786-247-6332. I can also be reached via email at [email protected].