Why Choose Miami for Your Next Real Estate Venture?

The Miami real estate market is one of the most vibrant and dynamic in the country, with a wide range of properties available for buyers, sellers, and investors. Whether you’re looking for a luxurious waterfront mansion, a sleek and modern high-rise condominium, or a cozy single-family home, you’re sure to find something that fits your needs and budget in Miami.

One of the key factors driving the Miami real estate market is its location. The city is situated on the Atlantic coast of Florida, with easy access to beautiful beaches, world-class shopping and dining, and a wide range of recreational and cultural activities. This makes it a popular destination for both residents and visitors, which in turn helps to support a strong and stable real estate market.

Another important factor that contributes to the strength of the Miami real estate market is the city’s diverse and growing population. Miami is home to a large and diverse community of residents from all over the world, which helps to create a unique cultural scene. This diversity also makes Miami a popular destination for international buyers and investors, who are drawn to the city’s unique blend of cultures and styles.

Despite the ongoing global pandemic, the Miami real estate market has remained resilient and continues to thrive. In 2020, the prices for luxury real estate in Miami increased by around 20%, despite the economic downturn caused by the pandemic.

Miami is a fantastic place to buy, sell, or invest in real estate. With its location, growing population, and diverse range of properties, Miami offers something for everyone. Whether you’re looking for a primary residence, a vacation home, or a rental property, Miami is a great place to invest your money in real estate.

Tyler Herro of the Miami Heat has Purchased a $10.5 Million Mansion in Pinecrest

Miami Heat guard Tyler Herro just purchased a $10.5 million mansion in Pinecrest of Miami breaking a record for the highest home sold in the community.

The sale broke the Pinecrest record of $10.3 million set earlier this month by the sale of 6155 Southwest 106th Street.

Herro purchased the eight bedroom, eight and a half bathroom mansion located at Southwest 124th Street using a trust managed by Ronald Brown II, which was disclosed to belong to Herro.

Herro’s trust financed $7.4 million of the property from HSBC Bank.

The 9,500-square-foot home was built last year on a nearly 1-acre lot and was originally bought at $5.3 million for the property. According to the listing, the home has a gourmet kitchen, wine cellar, summer kitchen, cabana, pool, and media room. The original list price was at $11.9 million.

Herro recently agreed to terms with the Heat on a four-year, $120 million contract. After one year of college basketball at the University of Kentucky, the shooting guard was drafted by the franchise in 2019. Last season, he was named the NBA’s Sixth Man of the Year, an award given to the league’s best player who came off the bench as a substitute.

Pinecrest and the surrounding neighborhoods have been home to a number of Miami Heat players. A year after signing a four-year, $184 million contract extension with the Heat, all-star small forward Jimmy Butler paid $7.4 million for a home near South Miami in January. Butler sold his Pinecrest home for $7.1 million last year.

Former Miami Real Housewife Cristy Rice, the ex-wife of former Miami Heat player Glen Rice, paid $5.1 million for the home she shared with her ex-husband near Coral Gables and South Miami.

Further east on the ocean, Miami Heat President Pat Riley, dubbed “the Godfather” in the NBA, and his wife, Chris, sold their condo at the Four Seasons Residences at the Surf Club in Surfside for $22.8 million, or a South Florida record $5,775 per square foot.

The Residences at 1428 Brickell by Antonio Citterio: Renderings, Floor Plans, and Pricing

Introducing The Residences at 1428 Brickell by Antonio Citterio – the next generation of ultra-luxury living in Miami. If the name Antonio Citterio rings a bell, that’s because he’s the architect who designed the record-price-breaking Arte in Surfside. He’s also responsible for designing all Bulgari hotels worldwide.

Rising 70 stories high, The Residences at 1428 Brickell will have just 189 residential units, comprised of two- to four-bedroom-plus-den floor plans ranging in size from 1,800 to 4,000 interior square feet plus a Penthouse Collection with residences ranging in size from 4,000 to 10,000 interior square feet, including two behemoth penthouse with astonishing 30-foot-high ceilings. 25 percent of the building will be comprised of two-story residences, like the one shown in the rendering below, and all residences will be delivered FULLY finished, including flooring, closets, lighting, and window treatments.

The Residences at 1428 Brickell will be the FIRST residential tower in the world to be powered by solar energy. Over 500 photovoltaic-integrated glass panels along the west façade will create a “Solar Backbone” that comprises more than 20,000 square feet of energy-producing glass, providing residents up to 170,000 kilowatts of clean energy per year. Additionally, the building will feature an unprecedented 80,000 square feet of amenities, including a two-story rooftop observatory with a rooftop pool and rooftop lounge bar (Level 70), a two-story Owners Club (Level 67), a 10,000 square foot spa and fitness center (Level 66), and much, much more.

Price Ranges

• 2 Bedroom + Den from $2.38M
• 2 Bedrooms (Duplexes) from $2.91M
• 3 Bedrooms + Den from $3.72M
• 4 Bedrooms + Den from $5.52M
• Penthouse Pricing: TBA

Deposit Schedule

• 5% due at Reservation (now)
• 5% due at Contract (approximately 3 weeks)
• 10% due 90 Days after Contract
• 10% due at Groundbreaking (estimated for Q1 2023)
• 10% due at Top-off
• Balance at Closing (estimated for Q4 2026)

I’ve been selling real estate since 2005 and never have I seen a new construction development feature finishes of this caliber. Without a doubt, The Residences at 1428 Brickell will usher in a new era of luxury living in Miami. See the renderings below to judge for yourself. Contact me if you have an interest in reserving a residence. Sales launched this morning with a limited number of units released at Tier 1 pricing.

Zaha Hadid’s Former Condo Sells Again at $6 Million

World-renowned architect Zaha Hadid’s former W South Beach condo was just sold, AGAIN at $6 million.

Data reveals M. Reada “Ray” Bassiouni was the seller of the combined units 726, 728, and 730 at 2201 Collins Avenue, which was acquired by Thomas Robert and his wife Ann Chan, the owner of the security firm ATI Systems in Boston is Bassiouni. In Ponte Vedra Beach, Robert is the owner of GC Land Development LLC.

Records show that Bassiouni paid $5.8 million for the condo in 2018. The combined units feature 2,541 square feet of living space with three bedrooms and four bathrooms.

Since asking $8 million for the condo in March 2021, Bassiouni has intermittently offered it on the market. According to the Multiple Listing Service, the unit only brought in roughly $500,000 more than its previous asking price of $6.5 million.

Hadid designed the makeover herself after purchasing the apartments for $4.2 million in separate purchases over a five-year period. The Riverside Museum in Glasgow, the London Aquatics Centre for the 2012 Olympics, and Galaxy SOHO in Beijing were all designed by the Pritzker Prize-winning architect. When she passed away in Miami Beach in 2016, she was supervising the development of the Miami apartment complex One Thousand Museum that she had designed.

W South Beach is a luxury, oceanfront condo-hotel development located at 2201 Collins Avenue in Miami Beach, Florida. Built in 2009, W South Beach was developed by Tri Star Capital, Related Urban Development, and Starwood Properties.

With 300 feet of water frontage, W South Beach is considered to be one of South Beach’s finest residential developments. The W South Beach building was designed by award-winning architecture firm Nichols, Brosch, and Sandoval with interior design work by Yabu Pushelberg.

W South Beach rises 20 floors and includes 511 condo-hotel units comprised of studios, one-, two-, three-, and four-bedroom options plus penthouses.

The Constellation Group and Boschetti Group Propose a 15 Story Luxury Tower in Coral Gables

A 15-story, mixed-use luxury rental property is now being proposed by the Constellation Group and the Boschetti Group in Coral Gables, located at 4241 Aurora Street.

The proposals will be reviewed by the city’s development review board on Friday, according to Constellation Group Principal Eduardo Otaola. Approximately 70 apartments, 20,000 square feet of office space, 10,000 square feet of retail space, and a 5,000 square foot park would be present at the development site.

The location, which takes up an entire city block, is located west of Ponce de Leon Boulevard and immediately north of the Nordstrom shop at Brookfield Properties’ Merrick Park mall.

The project’s architects are listed as Bernardo Fort-Brescia and Raymond Fort of Arquitectonica, who were chosen by the Miami-based Constellation and Coral Gables-based Boschetti. According to Otaola, the design is the Mediterranean with an “innovation” twist because the location is located within the city’s Design and Innovation Overlay District. The building’s creators are aiming for a Mediterranean-inspired addition.

According to Otaola, they met with the neighborhood to obtain input on the designs and are proposing the taller building in exchange for the park.

According to the developers’ proposal, Constellation and Boschetti are requesting a transfer of development rights at the meeting on Friday that will add 26,000 square feet to the floor area ratio and offer remote parking for around 60 of the 200 required parking places. The developers are being defended by Greenberg Traurig’s lawyer Jorge Navarro.

At 4225 Ponce de Leon Boulevard, an adjacent office and retail complex is also being built by Constellation and Boschetti. It’s anticipated that construction will begin then.

Constellation is expected to close on its share of the property at 4241 Aurora early next year. Property records show Brookfield Properties sold the 0.7-acre site to a Boschetti affiliate in January for $6.1 million.

After going before the development review committee, Otaola said the project will be heard by the Coral Gables Board of Architects. He intends to break ground by the second or third quarter of next year.

Just east of Merrick Park and south of Bird Road in Miami, a number of apartment complexes have already been completed or are in the planning stages. The Watermark at Coral Gables on LeJeune Road and Belmont Village Senior Living next to the Collection dealership are two other high-end senior living projects that developers are currently working on to the north and south of the mall.

According to public records, Boschetti also owns a site close to the Watermark project.

The LifeTime-branded mixed-use multifamily development at 237 South Dixie Highway in Coral Gables was purchased by Hines for $430 million in August.

Invite Only New Construction Luxury 50 Unit Condominium to Break Ground on Fisher Island Miami

The Related Group is making waves in South Florida with their newest condominium project on the exclusive Fisher Island. The invitation only condo tower would include 50 luxury residences with a select number of penthouses.

The wealthy have long made Fisher Island, which is located at the confluence of Biscayne Bay and the Atlantic Ocean and is a seven-minute ferry trip from Miami Beach.

Oprah, Julia Roberts, and Mel Brooks are all known to have lived on Fisher Island in the past. The enclave has also received some accolades: Bloomberg found in April 2018 that Fisher Island, with an average income of $2.5 million in 2015, was America’s wealthiest ZIP code.

According to Jon Paul Perez, Related’s President stated, “We are currently working with our sales teams to develop our list of VIPs. People can live their entire lives on the island and, as such, develop close relationships with neighbors and fellow residents. That’s the feeling we want to create at our job. We want our buyers to get to know one another, and forge close friendships that elevate this beyond just another one of their homes.”

The proposed condo site, which is the last developable parcel on the 216-acre island, was just purchased for $122.6 million by Related Group, billionaire tycoon Teddy Sagi, BH Group, and Wanxiang America RE Group.

When the unnamed property is finished, units will cost about $30 million, while penthouses will cost more than $60 million.

Project Details:

• 3 to 5 bedroom residences
• Membership to Fisher Island Club
  • Golf course
  • Tennis facilities
  • Marinas

The project’s architect is listed as Kobi Karl with interiors by Tara Bernerd and Partners.

Sales are expected to begin at the end of 2022 with construction anticipated in quarter 4 of 2023.

Co-Owner of E11even Nightclub and Partner at Titan Capital Acquired Land at Miami Worldcenter

For $30 million, Lynd Living acquired a Miami Worldcenter development site from a business run by Marc Roberts, co-owner of the E11even nightclub, and Ira Saferstein, a partner at Titan Capital.

The $4 billion master-planned mixed-use project spanning 27 acres in the Park West neighborhood of downtown Miami has added the San Antonio-based company as the newest multifamily developer to the group of apartment builders.

According to public documents, a Lynd associate purchased the roughly 0.5-acre parcel of land at Northwest 10th Street and North Miami Avenue and secured a $22.7 million financing through TIG Romspen US Master Mortgage. According to a news statement, Kevin O’Grady and Justin Neelis from Concord Summit Capital handled the finance and Lynd has hired the company to find a construction loan. Additionally, Concord Summit mediated the sale.

IRR Parkwest Investments, led by Roberts and Saferstein, was sold by the Miami-based legal firm Adams Gallinar, which was represented by attorneys Michael Gallinar and Jason Camps.

A 650-unit apartment building is permitted on the site of the development. A residential tower is being planned, according to David Lynd, CEO of Lynd. “For the time being, we are keeping it quiet. We’ll release more information as we prepare to enter the market.

According to records, the vacant property was a component of a 1-acre assemblage that IRR purchased in 2020 for $26.7 million. The remaining property is still owned by Roberts and Saferstein. Roberts, a former boxing promoter, joined master developers Art Falcone and Nitin Motwani as an early investor in the Miami Worldcenter project in the early 2000s.

In March, the Miami Worldcenter development property at 1016 Northeast Second Avenue was purchased for $40.5 million by the New York-based Naftali Group and Chicago-based Akara Partners. The CEO of Naftali, Miki Naftali, is constructing two residential towers, but the company hasn’t said whether the structures would house condos or apartments.

Adam Neumann, a co-founder of WeWork, received $108 million in construction financing in February for a new apartment building on a bare lot at Miami Worldcenter. It shares a boundary with Caoba, a 40-story apartment complex at 698 Northeast First Avenue. Both the development site and Caoba’s ownership organization were purchased by Neumann.

Penthouse at Four Seasons Residences in Surfside Sold for 40% More Than the Last Sell Price

A penthouse at the Four Seasons Residences at The Surf Club recently sold for $29.4 million, nearly 40% more than it did just four years prior.

Keyla Holdings LLC sold the penthouse in the south tower at 9001 Collins Avenue in Surfside to EH 2022 LLC. Josh N. Bennett, a real estate lawyer in Fort Lauderdale, is in charge of running Keyla Holdings, while Ackerman, Pachman, Brown & Goldstein LLP, a law firm in East Hampton, is in charge of running EH 2022.

The buyers and sellers for this transaction are still unknown. According to documents, the buyer financed the off-market acquisition with a $20 million mortgage from JPMorgan Chase.

At about $29.4 million the unit equates to $5,180 price per square foot. The sale was mediated by Ximena Penuela of Fort Partners, a developer.

The five-bedroom, eight-bathroom, 5,675-square-foot penthouse was previously sold for $20.8 million in 2018.

After Fort Partners finished building the Surf Club neighborhood in 2017, it attracted a lot of notables including Frank Sinatra, Winston Churchill and many more. The development includes 150 residences, a 72-room Four Seasons hotel, and a restaurant owned by Thomas Keller, the founder of French Laundry.

Actress Lynda Carter, who played Wonder Woman, is one of the current owners after spending $15 million on apartment 903 in the south tower in 2016. Thala and Tommy Mottola, the “Queen of Latin Pop” and former CEO of Sony Music Entertainment, sold their Surf Club condo a few months ago for $10 million.

Pat Riley, a former Miami Heat player, and his wife Christine most recently sold their Surf Club apartment for $22.8 million, a considerable increase from the $8.1 million they initially paid for it in 2018.

If you or someone you know have an interest in purchasing at The Surf Club, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Miami Condo Investments Celebrates its 15 Year Anniversary

On May 17th 2007, Lucas Lechuga launched one of the most successful condo websites in Miami. With just a desire to bring better user experience, real estate listings, and news, Lechuga has achieved just that and so much more!

Over the years, he was able to develop a way for users to search for their potential properties through alternative methods instead of the traditional zip code searches and he also found a way for consumers to access market statistics without ever having to make a call or enduring tedious research methods.

In 2017, for the 10 year anniversary of the website, the average users ranged from 40,000 unique visitors per month globally from 200 countries. Still pacing as the #1 Miami Condos Website, 2022 brings over 100,000 unique visitors per month globally just through Google.

Not only does Miami Condo Investments offer a unique real estate listing experience, but you can also enjoy new construction tower updates, real-time inventory data, condo ranking system, up-to-date condo tower photos, rentals, and a real estate blog posted daily.

We are also in the process of some new landing pages aiming to be even more user and mobile friendly, searching with specific criteria, and a new mobile app. We will update everyone once we get closer to a launch date.

As far as the team…During our last anniversary, our team included six agents and now our team is growing along with the website. We have reached 9 agents that assist buyers and sellers with all of their real estate needs. We also have 3 office admins, including assistants and marketing pros.

We are so grateful for all of the accomplishments that this website and our team has completed over the past 15 years and we can’t forget about our readers and clients. Thank you so much for allowing Miami Condo Investments to be your most knowledgable partner while navigating the real estate market. We look forward to serving you and Miami the next 15 years!