An Awe-inspiring Look at Residence 7085 at Palazzo Del Sol
The second massive condo that I toured last week at Palazzo Del Sol was Residence 7085, a 5 bed, 5.5 bath condo with 7,630 interior square feet plus an additional 2,471 square feet of terrace space. Walking into the residence had my jaw hitting the floor. The openness of the entry and living room areas was highly impressive to say the least. Upon exiting its private elevator, I was greeted with a picturesque view of Government Cut and the Atlantic Ocean. The residence flows beautifully offering fabulous views of yachts entering and exiting the ocean from most of the rooms. The kitchen and bathroom finishes are simple yet luxurious, in line with the minimalist design preferences of today’s buyer. Most impressive to me was the amount of closet space in the master bedroom suite. It comes with over 300 square feet of His and Her closets plus a 230 square foot study located directly off the master bedroom which could easily be converted to a third closet if needed. (By the way, the photo at the bottom is the His closet. The Hers closet is about twice the size.) Residence 7085 is a palatial pad, perfect for a family in search of space and the exclusivity and 5-star services that Fisher Island has to offer. Asking $14M.
An Inside Look at the 21,000+ Square Foot Lanai Unit at Palazzo Del Sol
Last week, I got the opportunity to tour three massive condos at Palazzo Del Sol: Lanai West, a 5 Bed, 5.5 Bath unit with 21,524 total square feet; Residence 7085, a 5 Bed, 5.5 Bath unit with 10,543 total square feet; and Penthouse 1, a 4 Bed, 4.5 Bath, bi-level unit with 11,815 total square feet.
Today, I will share with you the photos that I took last week of Lanai West. As mentioned above, the residence has an amazing 21,524 total square feet, of which 12,844 square is outdoor lanai space! The property is truly remarkable, a massive estate with the conveniences and services of a 5-star hotel.
The ginormous Fisher Island residence also features 11.5-foot high ceilings; a private zero-edge, outdoor pool by Bradford; Lualdi doors; kitchen and master bath by Boffi; and first-in-class kitchen appliances and fixtures by Sub-Zero, Gaggenau, Dornbracht, and Duravit. Included in the offering price is a private air-conditioned garage, air-conditioned storage, and customized golf cart. All can be yours for $20,194,950. Dream Big, Live Big!
Sales Launch for Auberge Residences’ First Tower
Auberge Residences viewed from the Arsht Center
After lots and lots of planning, the Related Group is having the grand opening of the new Auberge Residences Miami sales center in typical Miami style with a launch party this week. The developer appears to have adjusted to softening market conditions by erasing the planned second and third towers from renderings and putting them off while they focus on the first. However, by the look of everything else related to the project, this is still very much Miami, where decadence and financial profligacy still reign.
The 60-story tower will have 290 units (far fewer, of course than in the three-tower configuration), 90 suites managed by Auberge Resorts, lots of art, outdoor pools on the 12th floor and 60th floor, and a spa with what in a rendering appears to be an indoor pool. The 12th floor will have other amenities galore, including a wine room, cigar lounge, club room, media room, restaurant, etc. Downstairs, restaurants and retail will activate the street. The structure is being designed by Arquitectonica, with exterior spaces by landscape architect Enzo Enea. Piero Lissoni is doing the interiors.
Prices are in the $500,000s for one bedrooms with dens, under $1 million for 2 bedrooms, and in the low $1 millions for three bedrooms. Penthouses, some of which are duplexes, range from $1.7 to $4.1 million.
Brickell’s Taj Mahal-Inspired Penthouse Under Contract
It is one of Brickell’s most unique and storied penthouses, nestled above The Palace Condominium and spanning over 5,800 square feet in 3 levels of Moroccan-inspired glamour. The Brickell Taj has had only 3 previous owners since it was built in 1981. That may soon change as a contract was accepted this week.
According to local legend, the penthouse was originally intended to be the Miami home of New York’s “Queen of Mean,” Leona Helmsley. Instead, the property was sold to a Saudi Sheik who spent 2 years with a team of 27 Moroccan craftsmen to finish the interior as an Arabian palace for his use while visiting the Magic City.
The property boasts 6 bedrooms and 4.5 bathrooms of hand-crafted wall designs and intricate tile mosaics with Turkish, Indian and Persian influences. A glass atrium offers amazing entertaining space with a 3,000 square foot terrace that spans the entire width of the building’s rooftop.
After nearly 20 years and very little use, the Sheik sold the palace atop The Palace to a developer and weapons collector, who has now received a contract from an unnamed buyer. The property had been on and off the market several times over the last 4 years without finding a buyer. In 2012 it hit the market with an asking price of $4,199,000 but was reduced to $2,295,000 at the time of sale… an excellent case in point of the fact that no matter how ornate or beautiful the property, spaces that are uniquely designed are notoriously more difficult to sell.
Photos courtesy of MLS
Brickell City Centre Reach Tower Is Officially Open
At long last, Brickell City Centre’s first residential tower has opened! Reach Tower has received its certificate of occupancy from the city and closings have begun. The closings just began this week and the first residence to hit the public records was apartment 2109. That closed on Monday, April 11, according to The Next Miami.
Sources with the development have indicated an average sales price of $650/square foot for the 390 residences, 335 of which are currently under contract. The first investors to commit to the development were offered lower prices in exchange for believing in the project when it was in the conceptual phase. Apartment 2109 is a 2 bedroom with 1,501 interior square feet that closed for $884,300, or $589/square foot.
At the time of this post, we have not yet seen any of the apartments come to the rental market although they are expected soon. Some investors have mentioned to our agents that they intend to list the rental units for $3500/month for one bedroom options and $4500/month for two bedroom options.
The apartments are being delivered finished and ready for furniture, so we will not have to wait for interiors to be built out before seeing new neighbors occupying the tower. If you would like a tour of the development for purchase or lease, we are happy to arrange it.
Auberge Residences Miami Video, Floor Plans, and More
Along with a few changes, additional information regarding Auberge Residences Miami has been released. Rather than 340 condo residences, there will now be just 290. Each will come with private elevator access and ceiling heights of 9, 10, or 11 feet. There will also be four double-height penthouse residences at Auberge Miami with 22-foot high ceilings.
Below, I’ve included the video for Auberge Miami along with the recently updated floor plans, fact sheet, and brochure. Reservations begin this Wednesday, February 10th. Prices for 1 bedroom units start at $297,400, but I was told earlier today that the developer already has more LOIs than actual 1 bedroom units that exist in the building.
Introducing Auberge Residences & Spa Miami; Reservations Begin February 10th
Get your checkbooks ready! Related Group is set to launch their latest preconstruction condo development – a luxurious, 60-story tower called Auberge Residences & Spa Miami, which will be located at 1400 Biscayne Boulevard in the newly coined Arts + Entertainment District. The tower will include 410 total units, comprised of 340 residences – with 1, 2, 3, and 4 bedroom floor plans – and 70 condo-hotel units. Designed by world-renowned architectural firm Arquitectonica,the all-glass tower will face east-southeast towards Museum Park and offer breathtaking views of the bay, city, and ocean. Interiors will be designed by famed interior designer Piero Lissoni and landscaping by the award-winning landscape architect Enzo Enea. The grounds and common areas at Auberge Residences & Spa will feature museum-quality artwork by celebrated artists such as Jaume Plensa, Fernando Botero, and Julio Le Parc.
Amenities at Auberge Residences & Spa Miami will include a 60th floor pool deck with food and beverage service, a world-class spa, full-service concierge, and more. Located at the corner of 14th Street and Biscayne Boulevard – directly across the street from the Adrienne Arscht Center for the Performing Arts – Auberge Residences Miami will be within walking distance to Museum Park and the upcoming Miami Worldcenter and within 15 minutes of Brickell, Wynwood, Downtown Miami, and Miami Beach.
Reservations are set to begin on February 10th. Units will be released in batches with the first batch averaging $575 per square foot. A 10% deposit will be required to reserve a residence and contracts are expected to go out in late-March, at which point an additional 10% deposit will be due.
Auberge Residences & Spa Miami is expected to be completed in early 2019.
Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…
Rendering from Paramount Miami Worldcenter
Week of January 17-23, 2016.
The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.
Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]
Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]
While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]
In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]
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:
