Mario Chalmers of the Miami Heat Purchases 5 Bedroom Condo at Marquis Residences from Drake
Miami Heat point guard Mario Chalmers will now have a short commute to work. The Miami Herald reported on Friday that he recently purchased a 5 bedroom/6 bath condo at Marquis Residences in Downtown Miami for $2.6M. Marquis Residences is located at 1100 Biscayne Blvd, just 5 short blocks away from the American Airlines Arena, home of the Miami Heat. The condo was previously owned by hip-hop/rap artist Drake who placed two side-by-side units at Marquis Residences under contract last September then later combined them.
Apogee Beach Renderings
As many of you already know, Apogee Beach is a luxury beachfront condo development which will be located in Hallandale Beach. Pre-construction sales recently began and 40% of the total 49 units at Apogee Beach have already been sold. The developer behind the project is The Related Group which of course also developed Apogee South Beach, one of South Florida’s most exclusive condo developments. Apogee South Beach set the bar extremely high when it comes to quality and attention to detail. Name recognition and reputation go a long way in this business and perhaps there’s no better name for a new condo development to be associated with than “Apogee”.
After reviewing the renderings for Apogee Beach, however, I could not help but think that it bears an uncanny resemblance to two Miami condo developments – 50 Biscayne and Icon Brickell. The lobby for Apogee Beach appears to be a clone of the lobby at 50 Biscayne while the kitchen and bathroom are glaringly similar to those at Icon Brickell. What do you all think?
Apogee Beach rendering
50 Biscayne’s lobby
50 Biscayne’s lobby
Apogee Beach rendering
Icon Brickell’s bathroom
Apogee Beach rendering
Icon Brickell’s kitchen
Marquis Residences Honored with ‘Americas Property Award’
Marquis Residences, a 67-story luxury condominium development located in Downtown Miami was recently honored with the prestigious Americas Property Award in the Residential High-Rise Development category. The developer of Marquis Residences, Africa-Israel USA, will accept the prestigious award on December 12 at The International Property Awards to take place at The Savoy Hotel in London. Marquis Residences will then compete against category front-runners from the Asia Pacific, Europe, Africa, Arabia and the United Kingdom for the coveted title of “World’s Best”.
Marquis Residences was designed by the world-acclaimed architectural firm Arquitectonica. The 292-unit condominium high-rise was completed in 2009 and currently has limited developer inventory remaining. Prices range from $590,000 for a 1,477 square foot 2 bedroom/2.5 bath condo to $2.2M for a 3,017 square foot 2 bedroom/2.5 bath duplex penthouse.
The Scoop on Paramount Bay
There is a lot of excitement in the air regarding the Paramount Bay sales launch so I wanted to take a moment to share with everyone the latest information that we have. Sales are expected to begin on or around October 10th. At that time, a total of 60 units, 6 units from each of the 10 lines, are expected to be released. We expect pricing to increase after the initial 60 units are sold. The location of these 60 units has not yet been determined but we have been told that they will be scattered throughout the building with a few on low floors, a few on mid-level floors and a few located on high floors.
In addition to the 60 units, the 11 penthouses at Paramount Bay will be available for sale at that time. 3 of the 11 penthouses have already been reserved and we expect the remaining 8 penthouses to sell quickly. The remaining 8 penthouses range from 5,128 total square feet to 5,941 total square feet with 5 of the 8 having terraces over 1,900 square feet. It’s important to note that these terraces were constructed with 10-inch reinforced concrete which allows for a Jacuzzi, pool or outdoor kitchen to be installed.
Contact us if you have any questions regarding Paramount Bay or if you would like to schedule a tour.
Amar’e Stoudemire Sells W South Beach Penthouse for $5.2M
NBA superstar Amar’e Stoudemire has officially sold his W South Beach penthouse. The transaction closed earlier today and reportedly sold for $5.2M. The sales price represents a 20 percent discount off the $6.5M asking price established this past April. Stoudemire purchased the property directly from the W South Beach developer in July 2009 for $5,575,000. The 2 bedroom/2.5 bath duplex penthouse has 2,428 square feet of interior and an amazing 2,816 square feet of exterior space, including a private rooftop plunge pool and summer kitchen.
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.
