900 Biscayne Bay is on the brink of being completely sold out of its developer inventory. Only one developer unit remains, unit 1708, which is a 2 bedroom/2 bath with 1,285 square feet of interior. At this time last week, four other developer units remained but various buyers have stepped in since that time to help close out the building.
900 Biscayne Bay will be the first luxury condo development to sell out in Miami of those built during Miami’s recent construction boom. It’s an amazing feat given the state of today’s economy, the extent of the real estate market downturn in Miami since the peak of the market and the fact that 900 Biscayne Bay has 516 total units. In my opinion, 900 Biscayne Bay is a first-rate product that sells itself. It has a timeless decor, amenities that impress even the most discerning of visitors to the building and breathtaking water views of the Atlantic Ocean and Biscayne Bay. 515 down, 1 to go.
13 Star Island Drive Sells for $25.5M – Record Breaking Sale
13 Star Island Drive in Miami Beach recently sold for $25.5M, making it the highest priced sale in Miami-Dade County history. The sale closed late last month but wasn’t updated in the MLS until yesterday afternoon. The 8 bedroom/8 full bath/2 half bath waterfront home resides on a 40,000 square foot lot and has 15,008 square feet of living space, a bayfront infinity edge pool and a fitness center. The Star Island waterfront estate sold in 50 days at a 20.3% discount from its initial asking price of $32M. The property was previously purchased in 2000 for $3.7M.
To put this sale into perspective, let’s compare it to another recent sale on Star Island. As you may recall, 27 Star Island sold earlier this month for $10.75M. That property also sat on a 40,000 square foot lot and had 15,000 square feet of living space. My initial reaction is that there is A LOT that can be done with $14.75M. An argument can be made that the west side of Star Island is preferable over the east side because you get a gorgeous view of the sunset and Downtown Miami skyline but you’d be hard pressed to find someone who would say that justifies the price. Nonetheless, 13 Star Island Drive is a beautiful property. There’s no denying that the luxury real estate market has performed remarkably well this year, especially given the state of the economy. There have now been four home sales this year of $10M or more, two of which have been properties located on Star Island.
01 Line at Marquis Residences
The 01 line at Marquis Residences is one of the most sought after lines amongst luxury condo developments in Miami. Located on the southern end of the building, the flow-through unit offers both sunset and sunrise views along with views of Downtown Miami, Biscayne Bay, the Miami Beach skyline and the Atlantic Ocean. From floors 23-60, the 01 floor plan at Marquis Residences is a 3 bedroom/2.5 bath condo with 2,106 square feet of interior and a 243 square foot balcony on the east side of the unit.
We decided to make a video showcasing the 01 line at Marquis Residences because we have recently received a lot of interest from potential buyers regarding that particular line. We also feel that the unit offers the best views and pricing amongst developer inventory that is currently on the market. The video below shows a model unit at Marquis Residences located on the 48th floor. Marquis Residences is located at 1100 Biscayne Boulevard in Downtown Miami.
Update: The listing agent incorrectly stated the square footage of the unit on the MLS listing. The actual size of the unit is 6,438 square feet. The sales price of $10,576,000, however, was correctly stated. The condo sold for $1,643 per square foot, still high but far from record breaking.
In what amounts to be the highest price per square foot residential sale to ever take place in Miami-Dade County, a 3,180 square foot, 4 bedroom/4.5 bath condo at Continuum South Tower sold this morning for $10,576,000, or $3,326 per square foot. The 36th floor unit has marble and wood floors throughout and comes with 3 parking spaces. The following remarks accompanied the listing:
Breathtaking, panoramic view of ocean’s horizon through floor-to-ceiling glass throughout. Exclusive custom lighting, Macassar ebony paneling, private elevator lobby opens to a 20-foot fountain on intricate slate stone work. Floor-to-ceiling matchbook-cut marble surrounds each bathroom with custom features throughout. AMX customized security, audio and video network with personalized touch-panels in each room. State-of-the-art home theater. A true masterpiece that indulges every desire.
Here are additional pictures of unit 3604 at Continuum South Tower:
Yet Another Luxury Sale! 27 Star Island Drive Sells For $10.75M
This has been quite a week for the luxury real estate market in Miami. Tuesday a condo at Continuum South Beach sold for $6.5M; Wednesday a luxury, waterfront home on Hibiscus Island closed for $9.35M and today I discovered that a waterfront home on Star Island sold for $10.75M. The sale closed Monday but the status in the MLS wasn’t changed until earlier this afternoon. The 12 bedroom/13.5 bath waterfront estate for sale in Miami resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.
40 S Hibiscus Sells For $9.35M
Earlier this afternoon, the ultra-modern, waterfront home located at 40 South Hibiscus Drive in Miami Beach sold for $9.35M, or $1,169 per square foot. The 8,000 square foot mansion has 8 bedrooms, 8 baths, 2 half baths and resides on a 24,000 square foot lot with 120 feet of prime waterfront and a boat dock. The luxury home sold in 329 days at roughly a 33 percent discount from its initial asking price of $13,995,000. For more information and pictures regarding the luxury home located at 40 South Hibiscus Drive, refer to the piece I wrote about it in October 2010.
Luxury Condo Sale at Continuum South Beach North Tower – $6.5M
Another luxury condo sale in the books for 2011! A 4 bedroom + den/4.5 bath condo at Continuum South Beach North Tower closed yesterday for $6.5M. The 5,300 square foot condo has a private elevator, wide-planked wood floors throughout, 5 assigned parking spaces and offers views of the Atlantic Ocean and beach from the 8th floor. The condo sold at approximately an 18 percent discount from its initial asking price of $7.9M and closed in just 28 days after being listed.
Paramount Bay Condos
In anticipation of Paramount Bay launching sales in the coming months, I decided to launch my very own Paramount Bay website complete with floor plans. Obviously, more content such as videos and additional pictures will be added to the website once Paramount Bay officially opens to the public. Paramount Bay is a highly anticipated building and we’re confident that it will come to be regarded as one of Miami’s finest condo developments. I will be sure to let everyone know as soon as I hear anything new regarding Paramount Bay. Feel free to send me an email if you would like to be informed via email of the Paramount Bay sales launch date once it becomes available.
Over the past year, we’ve also launched the following building specific websites:
Penthouse A at Apogee South Beach closed yesterday for $11.5M. The transaction is the highest priced condo sale in Miami Dade County in 2011. Furthermore, it also is the fifth highest condo resale in Miami-Dade history. The penthouse has 6,853 square feet of interior, over 11,000 square feet of terrace, a private rooftop pool, a summer kitchen and offers 360-degree views of the Atlantic Ocean, Biscayne Bay and the city. The buyer was an undisclosed person from Europe.
2011 may turn out to be a very hot year for the luxury real estate market in Miami. There should be a lot of activity in the coming months, particularly in the luxury homes market. Currently, there are five waterfront homes priced over $9M that are under contract with the highest being a 15,008 square foot home listed for $32M. I’ll be sure to keep an eye on these properties and report back once they close. In the meantime, enjoy the following pictures of Penthouse A at Apogee South Beach.
