New Rendering of Icon Bay

A new rendering of Icon Bay has been released. It provides a great shot of the proposed fountain that will reside in Biscayne Bay.  The rendering also shows the Infinity edge pool which gives the illusion that the pool water flows into the bay as well as several cabanas that line the northern and southern part of the sundeck.

Reservations are now being accepted for condos at Icon Bay.  Please visit our Icon Bay condos page for more information and additional renderings.

Custom Built, Fully Furnished Condo at Marina Blue Sets the Bar for the Building

I have seen a lot of condos at Marina Blue over the 4+ years since the building debuted in February 2008.  The vast majority of units have your average run-of-the-mill build-out with tiled floors, California-style closets, solar shades in the living room, black-out shades in the bedrooms and light fixtures that were likely picked up at Home Depot as an afterthought – nice but far short of spectacular.  A few weeks ago, however, I showed a condo at Marina Blue that really blew me away and deserves to be in a league of its own.

Unit 5304 is a 2 bedroom+den/2.5 bath condo with 1,663 square feet of living space.  The floor plan, known as a Sky Loft, is quite rare in the building and only 11 other units of this size exists at Marina Blue.  The condo has 10-foot high ceilings with floor-to-ceiling glass windows, offering breathtaking views of Biscayne Bay, Downtown Miami and the Miami Beach skyline from its vantage point on the 53rd floor.  While the view is remarkable, it is the unit itself that really makes it special.  The condo was 100% custom built and includes a lot of bells and whistles.  The furniture and artwork that you see pictured below is also included in the sales price.

The kitchen includes a large custom island, Gaggenau stainless steel appliances and custom Italian cabinetry by Snaidero.  The owner also had a DJ room/office built into the floor plan and is including the turntables and Evolution Entertainment music system with the sale of the condo.  Each of the rooms is also wired with an Internet-based security camera system.

In all honesty, given the level of quality of both the furniture and the unit itself, this condo is a steal at its current asking price of $795K.  The build-out itself cost at least $150K and I’m sure the replacement cost of the furniture and artwork is north of $100K.  (Update: I called to check my estimates and was told that the owner paid roughly $350K total for the build-out, furniture and artwork.)  Everything is pretty much brand new given that the owner has used the condo only a few times since it was built-out and furnished.  Whoever ends up buying the condo is going to end up with the nicest unit that I have ever seen at Marina Blue. 

Introducing Icon Bay – Related Group’s Newest Pre-construction Condo Development

First it was Icon South Beach.  Then Icon Brickell.  Related Group now looks to launch Icon Bay – a 300-unit, 40-story luxury high-rise along Biscayne Bay at the eastern end of NE 28 Street.  Every unit in the building will have private elevator access and will face the water.  The world-renowned architectural team Arquitectonica has been contracted to do the design.   The interior designer has not yet been announced but it is expected to be someone highly reputable and impressive. A waterfront neighborhood park will also be developed as part of this project.  GEO Arquitectonica, the landscape designers behind Museum of Modern Art in Miami, will design the bayfront park.  Pricing is in the process of being finalized but given the level of quality, I foresee pricing to be along the lines of Paramount Bay.  Letters of intent are now being accepted to reserve your space in line to choose a unit when sales officially begin.  Contact us for more information if you have an interest in reserving an Icon Bay condo.

Record Breaking Sale at Continuum South Beach – $25M

According to The New York Times, a record breaking sale took place last Friday in Miami Beach.  PH1, a tri-level penthouse located in the South Tower of Continuum South Beach, sold for $25M.  The sale shattered the previous Miami-Dade County record for condos of $21.5M set in December 2011 by Penthouse-A at The Setai. The Continuum South Beach penthouse has 7,400 interior square feet with 5 bedrooms, 7.5 bathrooms, a private rooftop pool, an internal elevator and six terraces which total 6,000 square feet.

The penthouse was sold by Alex Birkenstock of the Birkenstock shoe company.  He purchased the property in 2009 for $9.9M according to public record.  The property, which was sold privately, had not recently been listed on the MLS.

PH2 at Continuum South Beach, a penthouse with 11,000 interior square feet, is currently on the market with an asking price of $35M, or $3,182 per square foot.  Not a bad deal considering PH1 just sold for $3,378 per square foot.  The previous record holder, PH-A at The Setai, sold for $3,463 per square foot five months ago.

Jade Beach Penthouse 4904

A few days ago, I decided to drive up to Sunny Isles Beach to check out Penthouse 4904 at Jade Beach.  It sounded exceptionally priced for a penthouse of that size so I had to see it for myself.  The tri-level unit has 5 bedrooms, 6.5 baths with 8,210 interior square feet along with a monstrous 5,790 square feet of terrace.  It comes equipped with an outdoor Jacuzzi and an in-unit elevator.  The floor-to-ceiling glass windows throughout the penthouse allow for breathtaking views of the Atlantic Ocean or the intracoastal waters from every room.

The asking price is $8.9M, or $1,084 per square foot, which is quite a bargain for a penthouse of this caliber.  In fact, it is the lowest price per square foot of any unit over 6,000 square feet in Sunny Isles Beach that is currently on the market.

Impeccably Decorated 3 Bedroom Condo For Sale at Marquis Residences

A few weeks ago, I had the pleasure of viewing one of the most impeccably decorated condos for sale at Marquis Residences.  The custom designed unit was absolutely stunning.  The 3 bedroom/3.5 bath condo has 2,393 interior square feet, 10-foot ceilings and comes fully furnished as you see in the pictures below.  A private elevator opens to the 22nd floor residence which includes 2 master suites, 17×43 porcelain tiled floors, a laundry room, 3D LCD TVs, custom bar, Euro kitchen, security system with cameras, linear diffusers and covered ceilings with fiber-optic lighting.  A Crestron system is also included to control the audio/video, lighting, air conditioning and window treatments.  To top it all off the Park West Miami condo offers spectacular, 180-degree views of Biscayne Bay.  Asking price of this remarkably beautiful property is $1,695,000.

iPhone App Update Now Available on iTunes

Great news!  The Miami Condo Investments iPhone app is now compatible with iOS 5.  You can download the latest update on iTunes.  We would love to receive any feedback that you might have so it would be great if you could leave us a review.

As a side note, I recently updated the scores on the Condo Rankings page and have added a few buildings such as Mint and Paramount Bay.  The majority of the changes were made to the risk adjustment column to reflect the decrease in developer inventory in many of the newer buildings since the last update.

Real Estate Porn – “I know It When I See It”

The phrase, “I know it when I see it”, was made famous in the 1964 landmark case of Jacobellis v. Ohio. It was used to describe Supreme Court Justice Potter Stewart’s threshold test for pornography.  It occurred to me recently that the same threshold test should be applied to determine what does and does not constitute true real estate porn – a modern term to describe almost dreamy, remarkably extravagant real estate which provides visual satisfaction to those who view it online.  I had heard the term and knew its meaning but never felt that I had ever truly witnessed it for myself – that is until I saw Penthouse 2 at Continuum South Beach.  Everything else I had seen in the past was just a tease by comparison; a 1960s titty mag at best.

PH2 at Continuum South Beach is a palace in the sky worthy of only the most elite members of society – crème de la crème.  The majestic, 4-story penthouse offers unparalleled views and a timeless decor that can only be found in storybook novels.  When it comes to condo living in South Florida, it doesn’t get any better than PH2 at Continuum South Beach.  The 6 bedroom/7.5 bath residence offers over 11,000 square feet of interior space, over 6,000 square feet of terrace, a rooftop pool, a private in-unit elevator and staff quarters.  Also included is another 1,200 square feet of separate guest suites, a lofted beachfront cabana and 10 parking spaces.

The price to live like the exalted king of South Florida? $35M large.  The hefty property taxes and condo association fees are a mere afterthought for those with the means to afford such splendor.  Life is too short not to have the finest that money can buy.

PH2 is located in the South Tower of Continuum South Beach – the only privately gated resort development in South Beach – at 100 South Pointe Drive, Miami Beach, FL 33139.  Amenities at Continuum South Beach include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.

Paramount Bay Update

Earlier this afternoon, I was in the neighborhood so I decided to stop by Paramount Bay to get an update on pricing and availability and also to check on the progress that has been made to the common areas.  The amazing news is that Paramount Bay is now 69% sold.  That’s a remarkable feat given that the common areas were (and presently still are) a work in progress when sales launched on November 7, 2011.  Early buyers were rewarded generously, however, for believing that current ownership would deliver a building with common areas of superb quality.  There have been several price increases since November and, after touring the building today, I can tell you that early buyers made a very wise decision. Contractors have worked earnestly on the common areas since November and prices have adjusted accordingly as completion approaches 100%.  From what I saw today, Paramount Bay is shaping up to be one of the finest condominium buildings in all of Miami.

I also discovered that there are two penthouses still available for sale at Paramount Bay.  Both have 4,437 interior square feet along with 736 square feet of terrace.  One is located on the 45th floor and currently is being offered at $3,685,900 while the other is located on the 46th floor and is asking $4,001,900.  Below, you will see the price ranges that currently exist for the various floor plans at Paramount Bay.  Keep in mind that pricing is expected to increase as the common areas near completion.