South Beach Record-Breaking Sale at Monad Terrace

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.

Art Basel Special: Top Miami Trophy Properties Day 2

Last week, we were invited for a tour of the Penthouse Collection at 1 Homes South Beach and WOW! The way that the residences and hotel have been redesigned by internationally renowned Brazilian interior designer, Debora Aguiar, it is as though you are living in nature in the most glamorous way.

Ms Aguiar used an abundance of plant life in the most creative ways, driftwood finishings to bring the feel of a beach house into the development and oversized windows and terraces to really celebrate the project’s oceanfront location. She also tied in all of the modern conveniences and elegant touches that you would expect in a South Beach trophy property. To be honest, after the tour, I could have filled the entire week-long series with trophy residences here, but let’s start with one.

For those who have not yet visited 1 Homes, it is located along Collins just between the W South Beach (where Zaha Hadid lived) and the Faena District. It is walking distance to the Bass Museum of Art as well as the Miami Beach Convention Center, which makes for another reason it should be included on this week’s list.

Penthouse 1610 is located on the southeast corner of the building, offering amazing sunrise views of the ocean and plenty of large windows for those who enjoy the afternoon breeze. It has 4 bedrooms, 5.5 baths and a den over two levels. There is 3,955 square feet of interior living space and 745 square feet of terraces overlooking the pool area and beach. The apartment is fully finished and furnished by Rose Ink Workshop, a local interior design company founded by Liubasha Rose, the famed former Vice President of Design at Starwood Capital Group. It is estimated that $150,000 was spent on furnishings in each room of this penthouse.

Owners enjoy all the privileges and conveniences of resort living at this LEED certified property while having access to four elevated oceanfront swimming pools, an onsite SoulCycle studio, a 18,000-square-foot spa and fitness center, priority seating at three exceptional restaurants and bars from award-winning chef Tom Colicchio, and a stylish rooftop pool and restaurant-bar with panoramic views of the Atlantic Ocean and Miami skyline.

The penthouse is available for purchase for $20 million including all of the services offered to members of 1 Homes. You are also welcome to use any of the other 1 Homes locations, which include Brooklyn and Central Park in New York as well as Cabo San Lucas in Mexico and will soon include West Hollywood, Haitang Bay China, and Silicon Valley.

1 Homes South Beach PH-1610 by Sarah Elles Boggs on Scribd

Eighty Seven Park Goes Vertical In North Beach

Pritzker Prize-winning starchitect, Renzo Piano’s 87 Park will soon rise from the site just north of North Shore Park in Miami Beach. The developer, Terra Group, has finalized their construction loan and completed the 300 foundation pilings necessary to start bringing the 18 story project vertical.

Sales were launched in 2016, attracting the likes of Michael Huffington, the Conde Nast family and tennis star Novak Djokovic, all of whom are among the buyers in the 66 unit project that is now 60% sold. The boutique tower was named based upon it’s location, nestled between two parks at 87th Street and Collins.

The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 66 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.

Prices start at $1.7 million up to $45 million for the penthouse, which comes with a rooftop terrace and private pool overlooking the ocean.

Louver House Is Over Half Closed; New Pics

Nearly two months to the day after they received their certificate of occupancy, South of Fifth’s Louver House has closed over half of their sales. The boutique development has closed 7 of only 12 units just steps from the beach in Miami Beach’s family friendly and super walkable South of Fifth neighborhood.

The project was designed by award-winning Miami architect, Rene Gonzalez, who sought to incorporate the residents’ desire for privacy with their love of the outdoors. The building’s signature architectural detail, the louvers, serve to offer beauty, privacy, shade and fresh air. They also offer a beach concierge for the residents.

“We’re excited to finally present Louver House because it has all the key elements buyers are looking for in today’s luxury residential real estate market,” says Camilo Miguel Jr., CEO of Mast Capital, the developer. “To us, luxury is about amazing finishes, expansive spaces and the ability to enjoy a sense of privacy. This building offers a unique lifestyle that places residents in one of Miami Beach’s most exciting neighborhoods, but because of its small scale, also serves as an exclusive, family-friendly enclave.”

Remaining opportunities are listed for between $2.575 million up to $3.1 million for purchase and $11,000-$13,000 per month for rent. The remaining four residences are all floor plans with 3 bedrooms and 3.5 baths. The square footage ranges between 2,000-2,500 square feet.

Live the Luxury Loft Life: Inside The Ritz Carlton Residences Miami Beach’s Loft Residences

One of the most ambitious redevelopment projects I have seen is preparing to open in a few months, The Ritz Carlton Residences Miami Beach. For those who aren’t familiar, the project is a redevelopment of the Miami Heart Institute, which was shuttered in 2004 after it was purchased by Mt. Sinai.

For years, nobody knew what would become of this eyesore on a great waterfront lot. Due to building regulations, the structure could not be torn down and rebuilt at the same size. In order to keep the height and size of the structure, all they could do is redevelop the existing structure. It took until 2012 when Lionheart Capital stepped in to propose a new Ritz Carlton designed by famed Italian architect, Piero Lissoni. Why not, right?

Well, here we are in 2017, the project is getting ready to open within the next few months, and 70% of the 126 residences have been spoken for. There are still 4 remaining loft residences with double height ceilings and increased feeling of privacy, let’s have a look at these plans…

Loft 220

3 Bedroom | 3.5 Bath | Den
3,342 square feet
$2,827,000

This plan is a corner apartment that has southern exposure with a private plunge pool and summer kitchen. One of my favorite aspects of this plan is the bedroom and den upstairs, making it a great guest suite.

Loft 224

3 Bedroom | 3.5 Bath | Den
3,778 square feet
$3,964,000

This is the last remaining loft with a direct view of Lake Surprise. It also has a private elevator and all of the bedrooms are upstairs, leaving the downstairs perfect for entertaining.

Loft 218

3 Bedroom | 3.5 Bath | Den
3,292 square feet
$2,925,000

Another of the lofts with southern exposure, Loft 218 also has the plunge pool and summer kitchen on the terrace and guest quarters upstairs.

Loft 217

4 Bedroom | 4.5 Bath
4,033 square feet
$3,065,000

This is the last available four bedroom option, although the fourth bedroom could also be converted into a study. It also has a junior master suite upstairs and extra space on the terrace.

L’Atelier in Miami Beach Receives $57 Million Construction Loan

North Beach’s L’Atelier Residences, which broke ground in December of 2015, has received a $57 million construction loan to carry them through to completion of the boutique oceanfront development.

The super-luxury development is currently in the vertical stage of construction and expects to top off later this year. Residences are expected to be delivered in 2018. The project is currently 80% sold, with 5 units remaining priced between $3.6 million up to $4.5 million for flow-through residence and the $25 million oceanfront penthouse with 8,000 interior square feet and 8,500 square feet of outdoor amenities including a rooftop terrace with a 40′ foot private pool.

Have a look at their sales brochure, with more renderings of the apartments and a preview of the interiors by famed designer Holly Hunt.

L’Atelier Miami Beach Brochure by Sarah Elles Boggs on Scribd

Louver House Gets Its Louvers

Architect Rene Gonzalez With Louvers

South of Fifth’s newest boutique development, Louver House, is headed for the finish line of completion, with closings expected next month. In honor of the architecturally significant building, let’s have a look at their signature features… LOUVERS.

Louvers are architectural details, sometimes window blinds or shutters, that have horizontal slats that are angled to admit air and light, but to block rain and direct sunshine. They date back to the middle ages, when they were used to ventilate large kitchens without allowing rain and snow inside. Today, they have a more luxurious application and are typically used for those who love to enjoy the fresh air of a patio, but prefer to stay dry and save the tourist-level sunburn for the beach.

Louver House’s aluminum louvers tout over 15,000 linear feet of louver blade, which is almost 3 miles. That’s enough material to form a radius stretching across the Intracoastal, reaching both the Julia Tuttle and MacArthur Causeways, encompassing most of Virginia Key and all of the islands in between the causeways.

Combined, they weigh well over 50,000 lbs and have over 30,000 screws and bolts holding them together. All of the materials of these particular louvers are sourced from American-made products from American suppliers and are proudly made here in the US.

Louver House Construction Progress

Louver House is developed by Mast Capital and is located at 311 Meridian Avenue in the South of Fifth neighborhood of Miami Beach. They have only 12 residences in 5 floors. The grounds feature a host of various gardens and relaxation areas, with a rooftop swimming pool overlooking Miami Beach. Each of the residences at Louver House has expansive outdoor living areas and large interior layouts. The smallest layout is over 2,000 square feet of interior space and all layouts have 3 bedrooms with 3 bathrooms and a powder room.

Prices for the remaining four condo residences at Louver House average $1,250 per square foot.

Louver House Brochure by Sarah Elles Boggs on Scribd

The Smoking Ban In Condos Movement Lights Up Again

A movement to ban smoking in condos is heating up again. Fort Lauderdale developer, Dennis Eisinger does not allow smoking in the common areas of his buildings nor in the parking garage, balconies or inside the units themselves, according to the Daily Business Review. The movement is spreading South as well… we noticed this week that Biscayne Beach will also be a 100% smoke-free building.

Here is the section of the Biscayne Beach Rules & Regulations that deals with smoking:

Under Mr. Eisinger’s plan, condo developers retain the right to prohibit smoking in the buildings they sell, and existing buildings have an opportunity to decide for themselves to go smoke-free. A 75% condo board agreement would change the building bylaws and deem lighting up a violation. “Smokers are not a protected class,” Mr. Eisinger told the Daily Business Review, referring to the federal Fair Housing Act.

Why This Is An Amazing Idea

To be honest, Biscayne Beach’s choice to prohibit makes a lot of sense. Below all of the units is the restaurant and beach club. I highly doubt the patrons of the restaurant and the beach club members would appreciate being hit with a stray cigarette while they enjoy their fruity drinks by the pool. I certainly wouldn’t.

In addition, every single building manager I have spoken with has complained at one point or another about cigarettes ruining the pool furniture and starting fires on balconies below. In Infinity, there was actually a fire a couple of years back on a balcony when a cigarette butt hit a patio cushion and it burned. I was also hit in the head recently while swimming with my baby in the pool. Thank goodness it was my hair that got singed and not the baby’s. Scary.

Smoking inside the apartments causes its own form of damage. Smoke smell is not a selling feature. I’ve routinely seen tenants and buyers alike dismiss a property because of the smell. Speaking also from the standpoint of a landlord’s representative, the smell is nearly impossible to get out. The apartments always have to be repainted, the air conditioner units deep cleaned and sometimes the flooring and window shades even need to be changed. This cost quickly adds up and exceeds the security deposit that landlords hold. Not a great investment.

Aside from the inconvenience to others, affect on market values and danger of burns, I think the CDC has appropriately made their point and convinced everyone that smoking is hazardous to your health and to the health of those around you.

But Are The Buildings Overstepping Their Power?

Despite the reasons why buildings SHOULD go smoke-free, can the condo association really dictate what people do inside of the properties that they own? Or is that an example of association over-control?

Also, how could it really be enforced? Would there be a cigarette-gestapo to make sure that people follow the rules? I would love to find out who threw that cigarette off the balcony and hit me in the head, but I recognize that I will never know.

What are your thoughts? Should more buildings adopt similar rules, or is Mr. Eisinger’s plan a pie in the sky? Here is a link to his full interview with the Daily Business Review, including a video.

Eighty Seven Park Surpasses The 50% Sold Mark

In the same month that they plan to formally break ground, Renzo Piano’s Eighty Seven Park has surpassed the 50% sales mark. The 18 story tower will have 70 total residences and famous neighbors such as Michael Huffington, the Conde Nast family and the latest announcement, tennis star Novak Djokovic. He has reportedly purchased a 3 bedroom, 3.5 bathroom residence with a wraparound terrace for between $5.9 million and $8.9 million (the exact sales figure has not been disclosed, but that is the cost of available units with the floor plan he purchased).

Not to digress from the star factor, the residences will be quite nice. We were able to go for a preview last month, and the boutique building is impressive for those who love parks and have money. The tower is secluded between two parks. The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 70 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.

According to a representative of the developer and against Miami trends, 55% of the buyers are from the United States. I imagine most of them are from New York, since New Yorkers are most comfortable paying $1.7 million for a 1 bedroom, even if it does have over 1,000 square feet. Prices go all the way to $45 million for the penthouse. 30% of the buyers are from Europe and 15% are from other international markets. Buyers from Turkey and Asian countries have been more active in our market over the last few months, while the Latin American market has cooled.

Site work on the build site has already commenced, and we expect groundbreaking this month or early next month.