Although South Beach and Downtown Miami are located only seven minutes away from one another by car, their real estate markets seem to exist in different dimensions. While Greater Downtown Miami continues to be troubled by oversupply issues, South Beach is enjoying record-breaking sales. Recently, a four-bedroom, four-and-a-half bath residence at Monad Terrace sold for $1,912 per square foot ($6.15M), making it the highest priced sale on a per square basis for a non-penthouse condo on West Avenue in South Beach.
Designed by Pritzker Prize-winner Jean Nouvel and designed by JDS Development, Monad Terrace is an all-glass tower featuring 59 individually suited waterfront residences. It will be located along the bayside of South Beach at 1300 Monad Terrace. The units will enjoy seamless indoor/outdoor experiences, 10-foot high ceilings with floor-to-ceiling glass windows, custom wood flooring throughout, black Zeus marble and black mirrored entry, private or semi-private elevator access, unique sawtooth honeycomb facade in select units, and custom flush doors. Amenities at Monad Terrace will include full-service concierge, sun deck with 116-foot swimming pool and hot tub overlooking Biscayne Bay, pool service, lagoon fitness and wellness center, residents’ lounge, bicycle and water sports storage, Monad Terrace bicycles and paddle boards, cafe and juice bar, full-service valet parking.
Waldorf Astoria Hotel and Residences Coming to Downtown Miami
Property Markets Group, a large real estate development company in New York City and Miami, has cemented a deal to bring Miami its first Waldorf Astoria. The Waldorf Astoria Hotel and Residences Miami will be located in Downtown Miami at 300 Biscayne Boulevard, in a 1,049-foot skyscraper that Property Markets Group is planning to develop in the coming years.
Totaling 800,000 square feet, The Waldorf Astoria Hotel and Residences Miami will be a mixed-use development with 400 condo residences; a 140-key, 5-star hotel operated by Waldorf Astoria; and ground-floor retail. At 1,049 feet, the development would be Miami’s first supertall skyscraper. Currently, Miami’s tallest tower, Panorama Tower, stands at just 868 feet. Designed by Sieger Suarez Architects, the tower’s design resembles nine staggered, large glass cubes.
Property Markets Group is co-developing the project with Greybrook Realty Partners and S2 Development. Sales are expected to begin towards the end of 2019 with sell-out projected to top $1 billion.
Echo Brickell Penthouse Re-listed for $42M
After being taken off the market for three months, the Echo Brickell penthouse is back…once again listed for a cool $42 million. The sprawling, two-story penthouse encompasses the entire 56th and 57th floors of Echo Brickell. It was custom-designed by world-famous architect Carlos Ott and features over 9,000 interior square feet, 4 bedrooms, 7.5 bathrooms, a den, service suite, and an indoor lap pool and spa overlooking Biscayne Bay.
The $42M asking price equates to $4,456 per square foot. A sales price anywhere close to that amount would completely shatter the current record sales price per square foot of $1,536 for Mainland Miami (In 2007, Pharrell Williams purchased the 9,080 square foot penthouse at Bristol Tower for $13.95M; Pharrell Williams later sold the Bristol Tower penthouse for $9.25M). Of course, records were made to be broken and Echo Brickell has the makings to get the job done. Earlier this month, a non-penthouse residence at Echo Brickell sold completely finished and designer furnished for $2.31M ($1,282 per square foot).
Below is a video of the Carlos Ott penthouse at Echo Brickell:
Fisher Island’s Palazzo Della Luna Tops Off (Time-Lapse Construction Video)
Fisher Island’s Palazzo Della Luna has officially topped off its 10-story tower. With prices from $6.5 million, Palazzo Della Luna will feature 50 residential units with three-, four-, five-, six-, and seven-bedroom options. The ultra-luxury condo development is slated to be completed in summer 2019. The interiors at Palazzo Della Luna have been designed by New York-based firm Champalimaud Design.
The cool time-lapse video below shows the entire construction process from start to finish:
First Look Inside a Unit at Park Grove Club Residences
Photo credit: MLS listing for Park Grove Club Residences Unit 801
As I mentioned in a recent post, closings at Park Grove Club Residences began earlier this month. As expected, sale and rental listings for units in the building are starting to hit the market. Currently, there are two units listed for sale and three listed for rent (although one of the units is listed for sale and rent). Below is the breakdown. The units at Club Residences came with porcelain flooring throughout (including the terraces). Keep in mind, the kitchen finishes that you see above are just one of a few options. Buyers selected their finishes at contract.
For Sale
Unit 2101 – a 3 Bedroom, 2.5 Bathroom residence with 1,390 interior square feet is asking $1,750,000 ($1,259 per square foot)
Unit 1108 – a 2 Bedroom, 2 Bathroom residence with 1,205 interior square feet is asking $1,200,000 ($996 per square foot)
For Rent
Unit 1108 – a 2 Bedroom, 2 Bathroom residence with 1,205 interior square feet is asking $7,500 per month ($6.22 per square foot)
Unit 801 – a 3 Bedroom, 2 Bathroom residence with 1,343 interior square feet is asking $6,900 per month ($5.14 per square foot)
Unit 1102 – a 2 Bedroom, 2 Bathroom residence with 1,117 interior square feet is asking $5,249 per month ($4.70 per square foot)
Below are additional photos of unit 801 (a 3 Bedroom residence that is available for $6,900 per month):
Ritz-Carlton Residences Sunny Isles Reaches the 41st Floor
The Ritz-Carlton Sunny Isles Beach Residences has reached the 41st floor and construction continues at a pace of one floor per week. Below is a video showing the construction progress to-date. The 52-story, all-glass tower will include just 212 condo residences. Construction of Ritz-Carlton Sunny Isles Beach is expected to top-off this fall with completion expected next year.
UNA Residences: A Short Film w/ Architects Adrian Smith + Gordon Gill and Developer Vladislav Doronin
Get your popcorn ready! The developer of UNA Residences, OKO Group, has released a short film starring architects Adrian Smith and Gordon Gill along with Chairman and CEO of OKO Group, Vladislav Doronin. The duo architects share their inspiration for the building’s design while Doronin describes the amenities and lifestyle that future residents of UNA will get to enjoy, from its bayfront pool and marina to its world-class spa…and everything in between.
Palazzo Del Sol Model Residence Designed by Antrobus+Ramirez
The award-winning interior architecture and design firm Antrobus+Ramirez recently completed an exquisite model residence at the luxurious Palazzo Del Sol on Fisher Island. Listing broker, Dora Puig, describes the design for the fully furnished, trophy property as “modern with a twist”.
The immense, waterfront residence has 4 Bedrooms, 4.5 Bathrooms with 4,956 interior square feet plus 899 square feet of terrace. It includes 10-foot high ceilings with floor-to-ceiling glass windows, a chef’s kitchen by Boffi with Gaggenau and Sub-Zero appliances, and a lavish master bath with bookmatched Statuario marble and bathroom fixtures by Dornbracht and Duravit. Residence 7083 at Palazzo Del Sol can be all yours for $15.95M.
For those unfamiliar with Antrobus+Ramirez, a Miami-based design firm owned by Allison Antrobus and Ruby Ramirez, in 2015, the firm was awarded by the International Property Awards for its work at Ocean House in Miami Beach. Antrobus+Ramirez also designed the lobby-level interior spaces at Palazzo Del Sol and is spearheading the design work for the common area spaces at Muse in Sunny Isles Beach. The duo met while working for
Okan Tower Promo Video Released Ahead of U.S. Sales Launch
Ahead of its U.S. launch date, Turkish developer Okan Group has released a promo video for its upcoming mixed-purpose development called Okan Tower. The video is in Turkish but it includes a number of never-before-seen renderings of the 70-story tower. For additional information about this exciting project, read our previous blog post about the sales launch for Okan Tower.
