One Thousand Museum Tops Off; Stunning New Renderings Released
Sky Lounge
On February 3, 2018, One Thousand Museum officially topped off, marking a major milestone not only for construction of the elaborate and intricately designed tower, but also for the city’s ever-expanding skyline. “We’re now one step closer to revealing Zaha Hadid’s forward-thinking design,” says co-developer Louis Birdman. “Even in its current state, the building already stands out as the most iconic architectural work on Miami’s skyline. We’re excited to have developed something so unique and special for Miami.”
The developers of One Thousand Museum will celebrate their milestone accomplishment this week with a private evening event on the rooftop of the Frost Science Museum, located across the street from the project. Attendees will enjoy unobstructed views of the tower, flowing champagne, and passed hors d’oeuvres.
The process of constructing One Thousand Museum has been arguably one of the world’s most challenging builds. According to a recent press release, “the project’s curved exoskeleton is comprised of 5,000 pieces of lightweight glass-fiber reinforced concrete (GFRC) manufactured in and imported from Dubai. This is the first skyscraper in the world to utilize GFRC as a permanent formwork in the construction of the tower’s structure.”
While developer Louis Birdman had the foresight for One Thousand Museum and Pritzker Prize winning architect Zaha Hadid had the vision, general contracting firm Plaza Construction played an instrumental role in making both a reality. “This is a project that will not only enhance Miami’s skyline, but also redefine the standard of luxury for residential projects,” said Brad Meltzer, President of Plaza. “We do not shy away from challenging projects, as such we were immediately interested when we saw the overall complexity of the job. To date, the project team has faced some major tests, but the project has remained on schedule and we’re looking forward to the successful completion.” To learn more about the complexity of this groundbreaking process, make sure to watch “The Scorpion Tower” episode of Impossible Builds, a PBS documentary featuring 1000 Museum.
Now that the “heavy lifting” has been completed, it’s time for the building’s interior build-out to begin. For those who can’t wait to see the finished product, perhaps these newly released renderings will sate your appetite. Enjoy!
aquatic center
fitness center
spa
sauna
lobby
pool deck
pool deck
Miami Leads the Way as Foreign Investment in U.S. Real Estate Hits All-Time High
According to a recent report by Beauchamp Estates, the U.S. real estate market saw an influx of international investment with a new record high. Between March 2016 and March 2017, non-resident foreign sales for properties $1 million and up reached a total of $7.48 billion, a 72% increase from the prior year.
Nearly 40% of international buyer transactions came from three cities: Miami, Los Angeles, and Manhattan. Out of those three cities, Miami led the way, boasting 26% of the total international buyer transactions. 95% of those were purchased in cash. It’s no surprise that Miami luxury real estate is currently dominated by international buyers, with a whopping 80% of all properties over $1 million owned by foreigners.
According to Gary Hersham, managing director at Beauchamp Estates, “Miami is a leading hub for overseas buyers investing in U.S. luxury real estate. Alongside the beaches, restaurants/bars, leisure facilities and all year good weather, the City has become a leading financial and tech business hub.”
The report also offers figures of predicted growth in ultra-high net worth individuals from 2016 through the year 2026. For Miami, Beauchamp Estates estimates this figure will grow from 750 to 1,050 – a 40% increase! As the economy continues to improve, these predictions give us a clear picture of a very bright future for Miami luxury real estate.
Miami Luxury Real Estate Website Adds Bitcoin Currency Conversion for All Property Listings
Unless you’ve been living under a rock, you already know that Bitcoin – the world’s most famous cryptocurrency – has been all the craze these past couple of months. Opponents of Bitcoin argue that it lacks mainstream adoption and that prices are fueled by nothing more than pure speculative hype. However, that seems to have changed in recent months as local and national headlines have been filled with examples of luxury real estate properties listed for sale in Bitcoin denominated currency. Supporters of Bitcoin argue this flurry of activity is the tell-tale sign that mainstream adoption is just around the corner. Miami luxury real estate website – MiamiCondoInvestments.com – has prepared itself in case the latter proves true. Buyers shopping for Miami luxury homes or condos can now convert in seconds prices denominated in U.S. Dollars to Bitcoin for all luxury real estate in Miami and Miami Beach that is listed for sale on its website.
Below, you can see screenshots of the three-step process in action for using the Bitcoin converter:
Step 1: Click the “Currency Conversion” drop-down located underneath the property’s List Price.
Step 2: Select “Bitcoin” from the drop-down menu.
Step 3: Watch the property’s List Price convert from U.S. Dollars to Bitcoin. (Although BTC is the generally accepted abbreviation for Bitcoin, XBT is commonly used for foreign exchange and futures trading.)
The currency conversion tool can also be used to convert a property’s list price from U.S. Dollars to Bitcoin along with any one of 160+ currencies or precious metals. MiamiCondoInvestments.com uses a third party service to provide daily spot rates.
Gary Cohen & BH3 Hit the Mark with Privé at Island Estates (Photo Tour)
There are plenty of developments that miss the mark when it comes to bringing a 2-dimensional rendering to real life. That’s why it’s so refreshing when a newly completed development exceeds expectations, as was the case earlier today as I toured Privé at Island Estates.
Privé is an 8-acre development located on its own private island at 5000 and 5500 Island Estates Drive in Aventura, Florida. Designed by award-winning architecture firm Sieger Suarez, Prive is comprised of two twin towers, each rising 16 stories and with 74 residential units…and the floor plans are huge! The non-penthouse units range in size from 2,585 square feet to more than 9,000 square feet, each with 10-foot high ceilings and 10-foot deep terraces with summer kitchens, while the penthouse residences range in size from 4,238 to 16,104 square feet, each with 15-foot high ceilings and a private rooftop terrace with summer kitchen and a full-size pool. All of the units are flow-through residences with terraces on each side and water views from every room.
As the development’s name implies, privacy is a key selling point for Privé, as is security. As I made my way to the building this morning, I passed three separate security checkpoints, along with a number of roving and permanent security guards. If you’re someone of celebrity status and/or who values their privacy, going for stroll or jog around the island is no problem.
Privé offers over 70,000 square feet of indoor amenities, which include:
10,000 square foot, two-story Spa and Fitness Center (in each tower) with Men’s and Women’s sauna and steam rooms, massage treatments rooms, aerobic and cardiovascular equipment, weight facility, and fitness studio
Private Dining Room
Social Room with billiards, board games, and HD television
Teen Social Lounge
Outdoor Dining Terraces
Wine Room, Cigar Lounge, and Business Center
Library
Toddler’s Playroom
Additionally, Privé residents can enjoy a slew of outdoor amenities, which include:
Full-service Valet
Five-star Concierge
24-hour Security (roving and permanent)
Poolside Cafe
Beach-entry Pool
North-South Lap Pool with towel, sunblock, and water service
Outdoor Jacuzzis
Private Marina with boat slips available for purchase
Lighted Tennis Court
Jogging Trail around the island
Private Jetty for guest boat landing and fishing
Nature Path
Private Beach & Beach Club (subject to DERM approval and all other applicable government agencies)
Pet Grooming Arena
Car Washing Station
Kids’ Playground
According to a developer rep, Prive enjoyed $20M in NEW sales in the month of December alone. Judging from what I saw earlier today, I don’t doubt it one bit. If you’re in the market for a large residence and have $2M to $8M to spend, I highly suggest that you check out this development.
Closings in the North Tower began on December 7th. South Tower closings are expected to begin this month. There are around 35 developer units remaining at Prive, which range in price from $2.3M to $8.3M, averaging around $950 per square foot (a fraction of what you’d find at a comparable development on the beach but with way more privacy and exclusivity). Email us at [email protected] or call us at 305-428-3860 to schedule a tour.
84 Percent of the Units at Fendi Chateau Residences Have Closed
According to public records, 49 of the 58 total units at Fendi Chateau Residences have closed since closings began in September 2016. The sales prices range from $4,611,600 – for a 3 bedroom, 4.5 bath residence with 3,232 interior square feet – to $21,000,000 – for a 4 bedroom, 4.5 bath penthouse with 6,505 interior square feet.
The very first resale at Fendi Chateau Residences closed just last week. Unit 706, a 3 bedroom, 4.5 bath residence with 4,664 interior square feet (per tax records), sold for $7,970,000 ($1,709 per square foot). The original owner had paid $6,856,000 plus a 1.75% developer’s fee. Additionally, that owner paid to have 48-inch by 48-inch white marble flooring, Ornare closets, and white linen curtains installed throughout the unit.
Currently, there are 11 units at Fendi Chateau Residences that are listed for sale on the MLS, 3 of which are developer units (units 304, 306, and 802). The asking prices for those units range from $5,700,000 to $12,000,000 with an average asking price of $2,077 per square foot.
If you’re in the market for a turnkey furnished unit on the ocean, I highly recommend unit 604 at Fendi Chateau Residences. It was done to the nines and shows beautifully!!! Asking $7,995,000.
Check out our flyover video of Fendi Chateau Residences from 2016, shortly before the building was completed.
Market Stat Monday: Biscayne Beach
As the busy season for Miami real estate progresses, we’ve noticed quite the increase of inquiries from both renters and buyers for one of Edgewater Miami’s most upscale developments: the beautiful, Biscayne Beach. Its most notable feature is found on the ground floor of the building – mainland Miami’s first-ever beach club, complete with sand, lounge chairs, beach volleyball, and cabanas. Also, a highlight of the building is the gorgeous interiors by internationally-acclaimed celebrity interior designer, Thom Filicia (of Bravo’s hit TV show, Queer Eye for the Straight Guy). Completed in July of 2017, Biscayne Beach saw its first condo resale in September and has since seen 6 other resales closed to date.
Let’s check out the stats for our prospective renters and buyers…
Current Inventory
According to the MLS, there are 68 units currently available for rent of the building’s 391 total residences, 9 listed as pending rentals, and 48 marked as rented. Of those 68 units available for rent, 20 are 1-bedroom floor plans, 34 are two-bedrooms, 12 are three-bedrooms, and the final two are a penthouse and a beach house residence.
82 units at Biscayne Beach are currently listed for resale, with 3 marked as pending, and 7 closed.
Closed Rentals
Here are the price ranges for the closed rentals to date:
-1 bedroom units: $2300 – $2900 per month
-2 bedroom units: $2,500 – $4,200 per month
-3 bedroom units: $5,200 – $6,600 per month
Closed Resales
Here are the sales prices for the 7 resales that have closed to date:
-1 bedroom units:
-#1009 – $573,000 ($488 per sq ft)
-#2009 – $504,000 ($477 per sq ft)
-#3509 – $530,000 ($501 per sq ft)
-3 bedroom units:
-#1907 – $1,050,000 ($499 per sq ft)
-#2307 – $1,255,000 ($597 per sq ft)
-#3307 – $1,250,000 ($594 per sq ft)
-#4007 – $1,400,000 ($666 per sq ft)
The fact that all the closed resales so far are either of the 07 or 09 lines tells us that these two floor plans are the building favorites. Considering that they are located at the southeast (07 line) and southwest (09 line) corners of the building, there’s no wonder why. The view really opens up to the south with the added bonus of being able to enjoy views of the Downtown Miami skyline and sunset.
While stunning bay views, gorgeously designed interiors, and high-end finishes are bountiful at Biscayne Beach, there’s no question that its amenities are what makes this building so unique. From a family-friendly club room and children’s water feature at the impressive beach club to a residents-only amenities floor with a BBQ, tennis courts, dog walking area, and a pool; all it’s missing now is a tenant for the large, commercial restaurant space on the waterfront side of the lobby level. Check out the photos below.
If you or anyone you know has an interest in leasing or purchasing a condo at Biscayne Beach, email us at [email protected] to speak with one of our expert agents.
Grammy Award-winning Artist Timbaland Snags “Mansion in the Sky” at Aria on the Bay
Timbaland – the Grammy Award-winning artist – is in contract to purchase a “Mansion in the Sky” at Aria on the Bay – at least according to the Instagram account of John Parsiani, the Senior Sales Executive for the development:
The caption of yesterday’s post reads: I’m delighted to welcome 4 time Grammy Award Winner & Legendary @timbaland to his new #MansionInTheSky at #AriaOnTheBay.
The #MansionInTheSky hashtag is typically reserved for penthouse condos or condos with very large floor plans. Besides PH1 and PH2 at Aria on the Bay, which each have roughly 7,800 total square feet, the next largest floor plan in the building has just under 3,000 total square feet – not exactly a “Mansion in the Sky” if you ask me. Therefore, one could assume that one of two things has taken place: (1) Timbaland has under contract the last remaining penthouse at Aria on the Bay – PH2, or (b) Timbaland took over the contract for Giancarlo Stanton’s penthouse – PH1.
As you may recall, last year, it was reported that former Marlins slugger Giancarlo Stanton was in contract to purchase PH1 at Aria on the Bay. The contract price has not yet been disclosed, but, at the time that Stanton put that property under contract, PH2, a three-story penthouse of the exact same size but located on the northeast corner of the building, was available for $6M. It was the last remaining penthouse at Aria on the Bay. My guess is that Timbaland snagged PH2. Stanton may have been traded to the Yanks but, at $325M, he’s also the holder of the largest sports contract to date. And that’s before taking into consideration the money he makes from endorsements. $6M is a drop in the bucket to him!
According to public records, Timbaland, whose real name is Timothy Mosley, currently resides in a luxury home in Pinecrest. He previously owned a condo at Murano Grande, which he sold in 2013 for $4.8M. I guess he’s missing that condo life! I don’t blame him!
Marquis Residences Condo Owned by Mario Chalmers Back on the Market with 11% Price Reduction
After being on and off the market for the past 3-plus years, the 5 bedroom condo at Marquis Residences owned by former Miami Heat player Mario Chalmers is back once again…but this time priced at $2.66M – that’s an 11 percent reduction from its previous list price of $2.99M, and 33.5% off its original list price of $4M set back in August 2014.
The two-story residence, located on the 49th and 50th floors of the northeast corner of the building, has 5 bedrooms and 5 bathrooms with 5,475 interior square feet, a game room, wet bar, and soaring 20-foot ceilings. It boasts views of the Atlantic Ocean, Biscayne Bay, and the Miami Beach skyline. The Mario Chalmers residence also includes 4 assigned parking spaces.
The new list price equates to $486 per square foot, which is much lower than where comparable two-story units have recently sold at Marquis Residences. Unit 6101, a two-story residence located on the northeast corner of the building, sold just weeks ago for $716 per square foot. Hopefully four times will be a charm for Mario Chalmers!
30% of Units at Echo Brickell Have Already Been Listed For Sale or Rent on the MLS
With just over two months since closings began, I was surprised to learn that 30% of the units at Echo Brickell have already been listed for sale or rent on the MLS, especially considering that three major holidays took place during that time period.
Currently, 33 units are listed for sale and 33 listed for rent. However, 11 of those units were listed for sale AND rent. After adjusting for those duplicate listings, 55 unique units remained, representing just over 30% of the building’s 180 total residences.
Keeping in mind that closings are still underway, 30% seems to be a very high percentage. As of this writing, 111 units have closed and been recorded according to public records. That means that 62% of the units have closed and 38% still remain in the hand’s of the developer.
Of the 33 units listed for rent, 2 have already rented: Unit 1204 – a 1 bed/1.5 bath unit with 898 interior square feet – rented on January 2nd for $2,700 per month ($3.01 per square foot) while Unit 2401 – a 2 bed/2.5 bath unit with 1,287 interior square feet – rented on December 11th for $5,000 per month ($3.89 per square foot). At this time, there aren’t any pending sales or rentals, and there haven’t been any closed resales.
