7,400 Square Foot Penthouse at Villa Regina Sells for $1,925,000

Last week, a 7,400 square foot penthouse at Villa Regina traded hands for $1,925,000, or $260 per square foot.  The 6 bedroom, 6.5 bath condo also included 1,600 square feet of balcony and a remarkable six assigned parking spaces!  The  residence has 10-foot high ceilings and offers spectacular views of Biscayne Bay, Key Biscayne and Brickell.  There is no doubt that this penthouse was sold at an amazing price but – before anyone gets all worked up about how they missed out on the deal of the century – let it be known that this property needed a lot of work.  I had the opportunity to tour the penthouse about a month ago.  Conservatively, I felt that it would require at least $100 per square foot to turn it into a penthouse-quality residence by today’s standards.  Regardless, even after forking over close to three-quarters of a million dollars (or more) in renovations alone, it would be well worth it.  A condo this large, and at this price point, just doesn’t exist in Brickell.

One Thousand Museum Condos

To those not in the know, The Wall Street Journal article last week regarding One Thousand Museum helped to shed a lot of light on the closely guarded ultra-luxury pre-construction development before its formal unveiling later this month.  Although an image taken from a cell phone of the proposed residential high-rise had recently surfaced, the renderings which accompanied the article were the first to be made public by way of the developer.

The Wall Street Journal article is a great read, and I highly recommend it, but for those who like to get right to the point, here’s a quick rundown of what was shared regarding One Thousand Museum in the article:

• One Thousand Museum will cost $300M to construct.
• It will rise 706 feet and have an “exoskeleton” to eliminate the need for interior columns.
• According to the developers, the duplex penthouse at One Thousand Museum will likely be priced between $30M-$50M.
• Half-floor residences will have around 4,500 interior square feet.
• Full-floor residences will have around 9,900 interior square feet.
• Prices will range from $4M to $15M, or $900 to $1,400 per square foot.
• The average price per square foot for oceanfront units in Miami Beach that are currently under construction is $1,000 to $1,250.
• New construction prices for Downtown Miami is typically around $450 to $500 per square foot.
• One Thousand Museum “will be financed with a combination of developer equity, a loan from a nonbank investment fund and deposits of 60% from buyers”.

By the way, you can view the renderings which accompanied the article on my One Thousand Museum condos page.  Check them out there!

New Record: Buyer Pays $34M for Side-By-Side Penthouses in Miami Beach

Looks like this will be an amazing year for the Miami luxury real estate market.  Yesterday afternoon, Forbes reported that an undisclosed American buyer purchased side-by-side penthouses at The Residences at the Miami Beach Edition for $34M, breaking the previous sales record for condominiums in Miami-Dade County set just two months ago.  The Edition, a luxury beachfront hotel-condo variation, is currently under construction and is scheduled for completion in April 2014.  Hotelier, Ian Schrager, and world-renowned architect, John Pawson, have teamed up on The Editions project to deliver 26 of the most amazing condos in Miami Beach.  The Editions sales office opened less than four weeks ago and half of the development, yet to be completed, has already sold.

The Residences at The Miami Beach Edition condos for sale

Brand New, 25-unit Waterfront Development on Bay Harbor Islands

A few weeks ago, I had the opportunity to tour a brand new, 25-unit waterfront development in Bay Harbor Islands called Riva Bay Harbor.  It is so brand new that sales will not launch until later this month.  The common areas are being designed by esteemed interior designer Sam Robin.  Yes, the same Sam Robin who designed the common areas at 900 Biscayne Bay.  Anyone who has toured 900 Biscayne Bay can tell you that her work is brilliant.  She will be in charge of outfitting the lobby, fitness center and rooftop pool deck of Riva Bay Harbor. Those areas have yet to be completed but below you will find renderings for the lobby and pool deck.

Riva Bay Harbor will have a total of 25 units comprised of three and four bedroom condos ranging in size from 2,347 to 3,425 interior square feet. Four units, which have been designed and furnished by distinguished interior designers Steven G, Artefacto and SoJo Design, will serve as model units.  The rest of the units will be delivered decorator-ready.  Prices start at $1,060,000, or $452 per square foot.  Each of the two penthouses have 3,425 interior square feet plus an amazing 2,800 square foot rooftop terrace with direct access to the pool. 2 parking spaces come with each unit.  The development also has seven boat slips but prices have not yet been determined for those.

Riva Bay Harbor is within walking distance to the beach and the luxury Bal Harbour Shops.  Directly across the street is Ruth K. Broad K-8 Center which is one of the best elementary schools in the state.

Below are some pictures that I took while on my tour.  Contact me if you have an interest in learning more about this beautiful waterfront development before it opens to the public later this month.

A Look at the Life of Zaha Hadid

Bi-Level Oceanfront Penthouse with His & Hers Rooftop Terraces in Sunny Isles Beach

In my time selling real estate, I have seen plenty of his & hers bathrooms.  I have also seen a plethora of his & hers walk-in closets.  Before last Saturday, however, I had never seen his & hers rooftop terraces off the master bedroom.  That was a first for me. That day, I picked up an amazing listing for a bi-level penthouse in an oceanfront building called Ocean Two in Sunny Isles Beach.

The minute you get off the private elevator and enter through your double doors, you are greeted by the sight of the serene Atlantic Ocean.  The entire residence has been tastefully designed and furnished by designer extraordinaire Steven G and is being sold as-is with all the furnishings included.  The walls throughout the condominium have been beautifully done in Venetian plaster and the long, flowing curtains in the great room call attention to the towering floor-to-ceilings windows.

As you will see in the pictures throughout this post, everything about this luxury penthouse is magnificent.  Besides the foyer and great room, the first level also contains three of the four bedrooms, two and a half bathrooms, two balconies and the kitchen.  Things start to get unique and spectacular up on the second level, however.  The entire upper floor is one humungous master suite.  After ascending the grand staircase, it is there that you will find a beautifully appointed master bedroom with hard wood floors.  To the left and right you will find a separate 700 square foot terrace.  The one on the southeast side of the master bedroom has a hot tub on it while the one on the southeast side sits empty.  The walk-in closet off the master bedroom is incredibly spacious and the master bathroom features a Jacuzzi tub, glass-enclosed shower, bidet and his and hers sinks.

This 4 bedroom penthouse spans across 3,265 interior square feet and a total of about 1,800 exterior square feet.  The asking price is $2,999,999.  This is a pocket listing, however, so you will not find this property listed on the MLS or anywhere else for that matter.   Contact me if you have any questions or a genuine interest in purchasing this unique and palatial penthouse residence.  You can reach me on my cell at 786-247-6332 or via email at [email protected].

Rony Seikaly’s Stunning South Beach Condo at Murano Grande

Over the past week, I have had the opportunity to tour a number of stunning condominiums throughout South Florida.  Tuesday afternoon, was business as usual.  That day I was fortunate enough to tour the 4,000 square foot residence of former NBA star turned international DJ Rony Seikaly.  The luxury, 3 bedroom plus den/4.5 bath residence located at Murano Grande in South Beach did not disappoint.  The entire condo has a zen-like feel to it with an array of natural elements incorporated into its design.  The floor plan features a number of favorable changes and upgrades as well.  Most importantly, the kitchen has been rearranged to allow for a much more expansive view from within the kitchen than what was called for in its original floor plan.  The wooden, sliding track doors, however, still allow one the option to enclose the kitchen from either or both sides.  The condo comes fully furnished with designer furnishings by Ralph Lauren, Holly Hunt, Minotti, Tucker Robbins and others in rich Earth hues.  The design of the entire condo is the work of prolific, New York City interior designer Clodagh.  The unit comes equipped with a Crestron System which, with the help of an iPad, one can control lighting, surround sound, electric window treatments, air conditioning and more.  The asking price is $5,995,000.

One Thousand Museum: Additional Information Unveiled

Additional information regarding One Thousand Museum has recently come to light.  My hunch was correct.  The co-developers, Gregg Covin and Louis Birdman, are out to target the uber-rich with this development.  Prices will range from $4M to $12M for half-floor and full-floor residences.  The pricing for the duplex penthouse has not yet been revealed but will likely crush the record for a non-oceanfront condominium residence in South Florida which, if I’m not mistaken, was set in March 2007 when the 9,000 square foot penthouse at Bristol Tower was purchased by Pharrell Williams for $13.95M.  That same penthouse, by the way, is currently on the market for $13,999,000.  I will not be surprised in the least bit if the duplex penthouse at 1000 Museum gets priced at $20M or even $25M.  Things are about to get exciting for the Downtown Miami condo market!

1000 Museum will be erected at 1000 Biscayne Boulevard, the current the site of a BP gas station.  It will reside just south of Ten Museum Park which was developed by Gregg Covin and completed in 2007.  The footprint of the site is not much different than Ten Museum Park so I expect to see half-floor residences start at around 4,000-4,500 square feet.  One would assume that full-floor residences would be double that but I can’t be too sure.  Zaha Hadid is known for using elegant curves in her work so who knows what we will see.  Actually, I take that back.  Who knows what I will see.  The South Florida Business Journal mentioned in an article yesterday that “the first images of Zaha Hadid’s architectural design for the newly named One Thousand Museum are expected in late March”.  That tells me one thing: that the public will have to wait about a month after VIP real estate brokers and agents, like myself, are expected to see the long-awaited designs.  Sorry folks!  Move along, move along.  There will be no show here today, or this week for that matter.  The general public is likely going to have to wait.  I, along with the other brokers and agents in the room, will likely be asked not to disclose publicly any renderings of the development.  They won’t be the first to do so and this is not uncommon when dealing with high-profile developments in this price range.  In fact, I was asked two days ago by two other development sales offices to refrain from posting any renderings on my website for the time being.  Perfectly understandable in my book.

Obviously, not everyone will have to wait to see the new designs.  Certain brokers and agents are given a sneak peek for a reason.  Our job is to spread the word to our high-profile clients and others who might have the means to afford an ultra-luxury residence in this price range.  If you have a sincere and legitimate interest in learning more about 1000 Museum, contact me Friday afternoon.  Be prepared to prove it though.  Buyers will likely be asked to fork over a quarter of a million dollars just to reserve the smallest unit at 1000 Museum.  I’m expecting to see a design that is truly spectacular – the likes of which South Florida has never seen.

One Thousand Museum by Zaha Hadid to be Formally Announced Next Week

The wait is almost over.  The new Zaha Hadid development to be located at 1000 Biscayne Boulevard will be formally announced next week.  It had been expected to be called 1000 Biscayne Tower but that is no longer the case.  The developers have instead decided to call the luxury residential high-rise One Thousand Museum.

Over the past two months, there has been a lot of buzz and excitement surrounding this upcoming development.  The internationally acclaimed architect, Zaha Hadid, has a huge cult-like following all around the world, and for good reason.  Her resume is impeccable with a laundry list of achievements and award-winning past projects.  As a result, I expect there to be a lot of interest for condos at 1000 Museum.  This development, however, will not be for the average buyer.  My sources tell me that this development will target the uber-rich who are looking to not only invest in a luxury residence in Miami but also buy into a work of art that will be known all around the world.  It is expected to set a new bar for condo prices in Downtown Miami.  I would not be surprised to see prices for condos at 1000 Mueum hit $1,000 per square foot out of the gate.

By the way, I did a little research to see if I could substantiate the news which was provided to me yesterday.  I discovered that Louis Birdman, one of 1000 Museum’s two developers, registered the domain 1000museum.com on January 9, 2013.  If that’s not enough proof then I don’t know what is.  Stay tuned because I will have a lot to report on this exciting project in the weeks ahead.