Behind the scenes, my business has seen a lot of big changes take place over the past couple of months. It has been an extremely hectic time for me with most days me getting only three to four hours of sleep. I’ll get into some of the other big changes at a later date. For now, I want to discuss a project that has been a little over three months in the making and something for which I am extremely proud of and excited. My website developers and I have been working diligently to put together all the pieces of the puzzle to create a masterpiece real estate website that will truly wow people. Our end goal when undertaking this project was to create a real estate website for consumers which is pleasing to the eye but also quick and easy to use. In a nutshell, we wanted to simplify my existing website and eliminate all of the clutter. The screenshot above shows what we came up with for the homepage.
It should immediately be clear that the Miami luxury real estate market will now be at the forefront of my business. That does not mean, however, that the mid-level market, which has been at the core of my business for years, will be abandoned. The new iteration of my website will continue to include the mid-level market but present it in a more sophisticated manner.
Below, you will see what we came up with for the building profile page. I like to think of this page as having a left and right panel. At all times, the left panel will display the picture slideshow for the condo development along with its description underneath. The right panel is where the magic and innovation happens. Clicking on the tiles in the right panel will cause content related to that tile’s description to suddenly slide into view. No new page to load and, most importantly, no need to scroll. All of the information is hidden off the screen ready to jump into view upon request by the user. When creating the design for this new website, we kept desktop, tablet and mobile users in mind. As a result, we went with a responsive website design. For those not familiar with responsive website design (RWD), the simplest way to explain it is that the design of the website transforms to respond to the size of the user’s display. See the third screenshot below to see what the second screen would look like on a tablet or smartphone with a vertical orientation. It is important to note that this is not a mobile-only version of the website. This is the exact same page but it has “responded” to the user’s display and has transformed itself automatically.
We plan to have the new website launched by the end of this month…so stay tuned.
Best Luxury 3 Bedroom Condo Deal in Brickell
“Luxury” is a word that is oftentimes used carelessly without any regard for its true, intended meaning. When it comes to Brickell, only a handful of condo developments deserve to be mentioned in the same sentence as that descriptor. In my opinion, Santa Maria is at the top of that list followed closely by Four Seasons Residences. Despite being built in 1993, Bristol Tower is a second Ugo Colombo development that would make the short list of luxury residential buildings in Brickell. It has stood the test of time and remains one of Brickell’s most distinguished condo developments. Colombo’s work is synonymous with the word “quality”. Along with Bristol Tower, he has developed such masterpieces as Santa Maria, Epic Residences and Hotel and Grovenor House. All four buildings today look just as flawless as they did the day they were completed.
That being said, luxury three bedroom condos in Brickell are in very short supply. Very few are available at the aforementioned Brickell condo developments and most are priced above $2M. There is one listing, however, that is stunning and has stuck out in my mind as being an incredible deal. It is a spacious 3 bedroom plus den, 4.5 bath residence which has 2,825 interior square feet, a large wrap-around balcony offering majestic bay and city views, a laundry room with Miele appliances, white Porcelanato floors in the living areas, wide-plank hardwood floors in the bedrooms and a white Italian kitchen with rare Quartzite green countertops as well as kitchen appliances by Miele and Sub-Zero. The condo, unit 3302, is located on the 33rd floor, just two floors below the penthouse.
The best part of this elegantly appointed three bedroom condo at Bristol Tower is its price. The sellers are asking just $1,749,000, or $619 per square foot. For comparison sake, unit 2702 at Bristol Tower sold for $1.61M, or $570 per square foot, this past December. That was a complete gut-job though and requires at least $100 per square foot to make it comparable. Obviously, unit 3302 also has a better view being that it is located six floors higher than unit 2702. Additional evidence to support my assertion that unit 3302 is a great value can be found in a second recent sale at Bristol Tower which closed on October 29, 2012. Unit 3005, a smaller three bedroom floor plan, sold for $606 per square foot. It is important to note, however, that the 05 line at Bristol Tower faces southwest and has only a slight water view. It is predominantly a city view with a sliver of water. Also, all of the bathrooms in that unit are original whereas all of the bathrooms in unit 3302 have been upgraded. After adjusting for water view and upgrades, it becomes obvious that unit 3302 is a great deal even at full asking price. My prediction is that this one will be under contract by month’s end.
Case Study: Determining the Value-added for Having High Ceilings
A high ceiling is a feature which is typically associated with a penthouse. It can be difficult in these situations, however, to ascertain the value that is attributed solely to having higher ceilings. This is because a penthouse typically also has other value-added features such as one or more of the following:
an upgraded master bathroom
an upgraded kitchen
the best view in the building
an unusually large floor plan in relation to other floor plans in the building
additional parking spaces
Most importantly, a penthouse is rare and therefore commands a higher premium than the rest of the floor plans in the building that are in greater supply.
What if, however, we could hold all else constant in order to better determine the added value that is associated with having high ceilings? In this regard, Icon Brickell presents itself as an interesting case study. The penthouses at Icon Brickell do NOT have higher ceilings than the rest of the units. However, certain floors do have higher ceilings. In Tower 1 of Icon Brickell, floors 14, 15, 22, 28 and 41 have 16-foot ceilings. In Tower 2, floors 14, 15, 22 and 41 have 16-foot ceilings. The rest of the floors, including the penthouse levels, have 9-foot ceilings. As a result, it is very possible, and highly likely, that a unit located on the 41st floor will sell at a premium to a comparable unit that is located on the 42nd floor. Furthermore, the situation also presents the possibility that a unit located on the 41st floor will sell at a higher price per square foot than one located on the penthouse level.
Due to the lack of resales, there is no evidence to validate my assumption but I think we can all agree that a high ceiling is a feature that should indeed command a premium. Of course, there are going to be those who would argue that they would never pay a premium for having higher ceilings due to the higher energy costs that would be associated but, then again, those are the type of people who likely wouldn’t pay a premium for just about anything. I’m not here to provide everyone with an all-knowing answer as to what that premium should be. The answer will be provided to us by way of our free market economy. However, it makes for an interesting story to follow.
Which would you rather have, a penthouse located on the 57th floor with a 9-foot ceiling or a unit located on the 41st floor with a 16-foot ceiling?
Record-breaking Sale – Setai South Beach PH-B Sells for $27M
PH-B encompasses the entire 40th floor at Setai South Beach and has 7,100 interior square feet with 4 bedrooms, 4 full baths, 2 half baths and a gourmet kitchen along with a jaw-dropping rooftop terrace featuring a private pool and hot tub. The trophy penthouse is truly spectacular. Don’t take my word for it though – download the Setai South Beach PH-B e-brochure and take a look for yourself.
Even more astonishing than the sale itself is the amount of profit that was pocketed by the seller. In June 2010, PH-B at Setai South Beach was purchased for $15M. This goes to show the level of unbelievable deals that were to be had from 2008 to 2010 in South Florida. It was a buyer’s market then. Now, the sellers are calling the shots.
Only time will tell how long this new record will last. It is highly likely that the sales record will be shattered later this year with the sale of PH2 at Continuum South Beach. The 11,000 square foot penthouse is currently listed for $39M, or $3,535 per square foot. That is very well priced considering the recent sales for penthouses in the immediate area. PH1, also at Continuum South Beach, sold last May for $3,378 per square foot. Further evidence is provided by the recent sale of PH-B at Setai South Beach for $3,800 per square foot as previously mentioned. PH2 is one of the most coveted penthouses in South Florida. It had been previously listed for $35M but I am highly confident that it will not sell for anything less than $38M.
One Thousand Museum’s Likely Impact on the Neighborhood
Last month, it was announced that world-renowned architect Zaha Hadid has been appointed to design a luxury skyscraper in a neighborhood of Downtown Miami know as Park West. The residential high-rise, known as One Thousand Museum, will be developed by Gregg Covin, the developer behind Ten Museum Park, and Louis Birdman. The planned project will be erected in what is the current location of a BP gas station which neighbors Ten Museum Park at the intersection of Biscayne Boulevard and Northeast 10 Street. Sales information is expected to be released during the first half of 2013.
There always seems to be a sense of excitement surrounding the announcement of a new development in Miami and the news of 1000 Biscayne Tower was no different. Not everyone, however, shares the same sentiment. Residents in the immediate area are not always thrilled about the inevitable noise, traffic congestion and their views potentially becoming obstructed due to the new construction. Taken yesterday evening, the picture above shows not only the site of the BP gas station but also its neighboring condo developments – 900 Biscayne Bay to the south and Ten Museum Park to the north. Due to their proximity, it should be clearly discernible that views in each high-rise from units closest to 1000 Biscayne Tower will be significantly affected. To be exact, there are three lines in each development which will have their views hindered: the 08, 10 and 12 lines at 900 Biscayne Bay and the 01, 07 and 08 lines at Ten Museum Park. The following site plans illustrate where these lines reside on each building.
Below is my assessment on how the view of each of these lines will be affected:
08 line – Earlier this morning, I showed an 08 line at 900 Biscayne Bay and made sure to make a mental note of what the view looked like from the living room. In this floor plan, the master bedroom is to the left of the living room and the second bedroom is to the right, with all three rooms facing in the same direction. Of the three lines at 900 Biscayne Bay that will be affected by the erection of 1100 Biscayne Tower, the 08 line will be affected the least. Notice the setback that Ten Museum Park has from the sidewalk. 1000 Biscayne Tower will have a similar setback and, therefore, the water view from the 08 line will, for the most part, not be obstructed. Having a massive building directly in your line of view is definitely less than optimal but at least these residents won’t have their water view compromised.
12 line – At first glance, it might appear that the 12 line will have their views most adversely affected due to it being the furthest line away from the street but that’s not the case. There’s no doubt that its water view will be most compromised of the three lines but one must remember that this uniquely situated floor plan also has views to the south and west. The west view at night is stunning and the development of 1000 Biscayne Tower will in no way take anything away from that. These residents will still be able to enjoy a view of the sunset from within their unit and should still be able to enjoy a view of the sunrise from their balcony.
10 line – In my opinion, residents who live in a 10 line at 900 Biscayne Bay have the most to lose in regards to their view being obstructed if a high-rise is indeed constructed on the current site of the BP gas station. The 10 line is boxed in on either side by the 08 and 12 lines and will look directly into the southern end of 1000 Biscayne Tower. Their water view will likely go from unimpressive to highly obstructed in a jiffy. Any semblance of a view that might remain will be further compromised by the almost certain development of the Miami Herald site in the future.
The impact such a development will have on the views of the units located on the southern end of Ten Museum Park is much easier to assess. The footprint of the building is perfectly symmetrical and, therefore, the units located on the northern end which look into Marquis Residences serve as a perfect example for what views will look like from the 01, 07 and 08 lines in the future if a development is constructed at the site in question.
01 line – This line offers a direct water view and the water view will in no way be affected by the development of 1000 Biscayne Tower. Privacy from the living room might be a concern but it’s nothing that solar shades or long curtains can’t fix. Besides, privacy at this end of the building hasn’t been expected since 900 Biscayne Bay began closings in 2008. Take a tour of an 04 line to get a sense for what it will feel like to have a building so close.
07 line – Like the 12 line at 900 Biscayne Bay, this line offers a view to the south and west. Its southern view will be compromised but its view to the west will be unaffected. Your view of the water will be slight at best. Take a tour of an 06 line to see what I mean.
08 line – The view from the 08 line will be obstructed the most by the development of 1000 Biscayne Tower. Residents will look right smack into the northern end of the planned high-rise. The 05 line will give you an uncanny feel for what life will be like having a view of the side of a building.
Within the past five years, Park West, the neighborhood name given to the area immediately west of the upcoming Museum Park, has undergone a transformation that has been nothing short of amazing. One could argue that the addition of 1000 Biscayne Tower, as well as the oft-mentioned 700 Biscayne Bay which will be located just south of Marina Blue, is just another step in the progression of Downtown Miami. Such additions should no doubt strengthen Park West’s positioning as one of Miami’s most luxurious neighborhoods. I wrote about this inevitable progression in a blog post back in July 2007. In it, I referred to the neighborhood’s development as Miami’s equivalent to Manhattan’s Park Avenue. There’s no question that Park West has not yet arrived at its potential but there is little doubt that it is well on its way. While short term demand for condos in the lines mentioned above will likely wane due to having to deal with construction noise outside your window as well as the loss of views and privacy, it is difficult to jump ship from a neighborhood that is heading in the right direction with lots of upside potential. Across the street, the $220M Miami Art Museum at Museum Park is scheduled to open later this year with the Miami Science Museum following about a year later. Additionally, there has been a lot of talk as of late regarding Miami Worldcenter indicating that the mega-development may not be a pipe dream after all. If Miami Worldcenter is formerly announced and becomes an actuality then, mark my words, Park West will become the most highly sought after neighborhood in Miami. You can take that to the bank!
Luxury Real Estate Market Ended 2012 With Two Huge Condo Sales in South Beach
The Miami Beach luxury real estate market closed out 2012 with a bang. Two huge condo sales took place over the last four days of the year.
A bi-level penthouse at Icon South Beach sold on New Year’s Eve for slightly under $21M, or $2,623 per square foot. The 4 bedroom/6.5 bath condo sold above asking price as it had been listed for $19M. The lavish residence has roughly 8,000 interior square feet and has its own rooftop deck and pool. The penthouse was previously purchased in 2007 for $7M.
On December 28th, a second two-story penthouse sold but this time over at Continuum South Beach North Tower. The 5 bedroom/5.5 bath condo sold for $11M, or $1,580 per square foot. The 6,963 square foot residence has a southeastern exposure with views of the Atlantic ocean and Government Cut. The unit was sold “decorator-ready” straight from the developer.
HGTV’s 2012 Urban Oasis at Paramount Bay Hits the Market for $1.25M
This past October, HGTV awarded James Walley, a lucky viewer from Texas, a posh, two-bedroom condo at the prestigious Paramount Bay. Not even two months later, that very unit has hit the market with an asking price of $1.25M. This should come as to no surprise as the winner, come April, will owe a pretty hefty tax bill to the government. The fully furnished and impeccably decorated 2 bedroom/2.5 bath condo is being sold turn-key. The unit has 1,751 interior square feet, a private elevator and resides on the southeast corner of the building offering spectacular views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline.
For a full rundown on what this stunning condo has to offer, watch the 90-second guided tour below provided by interior designer Brian Patrick Flynn.
IconBay to Include Garage-top Tennis Courts and Watersports Marina
Rooftop tennis courts? Why didn’t anyone say anything? I’m not an avid tennis player but I wouldn’t mind partaking in a few games of tennis if they were to be held on a rooftop offering a majestic water view. Heck, I’m not even a tennis player period but I might just volunteer to be the line judge. Where do I sign up? One of IconBay’s latest renderings reveals two tennis courts atop its parking garage. It appears, however, that only one of the two courts will offer an unobstructed view of Biscayne Bay. I wonder what the wait time for that court will be. The tennis courts at IconBay will be located on the 7th floor and offer ball and towel service, filtered water stations and access to his-and-hers locker rooms. The courts will even be lighted to allow for nighttime play.
It seems that recreational activities and encouraging its residents to live a healthy lifestyle will be a central theme for Icon Bay. Icon Bay’s latest marketing piece states that it will include a watersports marina for windsurfing, paddleboarding, sailing, jet skiing and other motorized and non-motorized aquatic activities. How awesome is that?
The waterfront sculpture park will also be a distinguishing feature for Icon Bay. Featured artists will include: José Bedia Valdes, Carolina Sardi, Edouard Duval Carrié , Gary Nader and Daniel Maman. In the rendering above, notice the dog park, sculpture garden, exercise stations, play fountain and interactive sculpture along with the winding walkways and baywalk. Sounds like it will be one helluva park!
The Infinity-edge pool at Icon Bay will be accented by a snack and cocktail bar and private cabanas. Towel service will also be offered.
The fitness center and spa at IconBay will include top-of-the-line cardio and weight training equipment, sauna and steam rooms, personal trainers, yoga and Pilates classes and more.
Notice the triangular-shaped balconies on the backside of the building in the above rendering of IconBay. You also get a good shot of the two tennis courts. I must say that these latest renderings have me excited about the prospects for IconBay. It will definitely be a game-changer for the neighborhood. Hopefully the watersports marina will be open to non-residents as well.
I updated our Icon Bay building profile page to include all of the latest information that has been released including amenities and residence features.
900 Biscayne Bay’s Attention to Detail
There are several reasons for why 900 Biscayne Bay gets a 9.5 out of 10 quality score on our Condo Rankings page. The building management’s attention to detail is definitely one of them. In the photo above, take note of the pattern across the back of the sofa. Each morning, the cleaning person vacuums this pattern into the back and sides of each of the sofas that reside in the club room at 900 Biscayne Bay. Attention to small details like these that don’t go unnoticed by the most discriminating of buyers.
