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…
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.
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.
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.
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.
Now that they are installed, you can see that they beautifully create privacy and intimacy, while still allowing for views of the lush neighborhood and architectural detail to the building.
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.
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.
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.
The Residences At Miami Beach EDITION Relaunches Marketing On Four Remaining Developer Units
Ian Schrager’s Residences at Miami Beach EDITION have relaunched sales and marketing on the last 4 developer units. The ultra-luxury beachfront development features just 26 custom designed residences by world renowned architect John Pawson. The project was developed out of the former Seville Hotel, which was built in 1955.
The last four residences are:
Apartment 1203 – A 1,517 square foot 2 bedroom with 15 foot ceilings, asking $3 million.
Apartment 1101 – This one has the same layout as 1001, but is on a higher floor so is asking $5.9 million.
Penthouse 1404 – This one is called a Sky Home. It is 3 stories with a private elevator, rooftop terrace, 3,725 interior square feet and 3 bedrooms. The rooftop terrace features ocean and skyline views, a jacuzzi, summer kitchen and outdoor dining area. It is asking $10.9 million.
Before relaunching the project, the last sale was back in March of 2016 when Ian Schrager himself purchased unit 1405 on the resale market for $5.5 million, or $2,700/square foot. Before that sale, the last closing was in September of 2015. Apartment 901 sold for $5.8 million. That is the same layout as apartments 1001 and 1101 that are available currently.
Here are a collection of photos of the project and available units:
3900 Alton Brings Convenience, Style & Tranquility To Mid-Beach
Nestled just between the 41st Street business district and the Biscayne Bay is a 10 acre development site that will soon be home to a boutique building, 3900 Alton. The project was designed by Richard Bofill and will have 78 units in 8 floors.
Each of the residences will have a chef-grade Poliform kitchen with Sub-Zero and Wolf appliances, 10 foot ceilings, floor to ceiling energy efficient windows, frameless glass showers and Savant Home Automation systems. The 3 garden residences will have lush private gardens designed by Naturalficial, other units will have spacious balconies with glass railings. All residences will come with one parking space, 24 hour valet for guests and access to the Tesla House car. Each owner will receive VIP access to the Beach Club at the Nobu Hotel and Eden Roc. Many residences will have private elevators, and this is one of the only projects in the area that also has Shabbat elevators for those who observe.
Onsite amenities include a 3rd floor landscaped pool terrace with lounge seating, sunset bay view deck, lounging cabanas and daybeds, a children’s pool, a poolside refreshment & cocktail bar, towel service as well as a summer kitchen and yoga area. Art installations for the lobby, pool deck and other common areas are by Loris Cecchini, Fernando Mastrangelo, Philip Taaffe and Christoph Keller. Indoors, residents will enjoy a private dining room, children’s playroom, secure wine vault and storage, a light-filled fitness center with sauna, steam and changing area, 24 hour business center and social lounge with gaming area, library and media room.
The VIP Beach Club membership will give residents access to cabanas, beach lounges, towel service and beach butlers as well as preferential access to golfing and tennis at the Miami Beach Golf Club. The building will have community paddle boards, kayaks and bicycles for the residents, with the house car available to take people to Sunset Harbour or the Eden Roc.
Aside from the features and amenities, I really like the location of this project. It is in the middle of an area that is largely residential with single family homes, so a luxury condo development is refreshing. The views are spectacular and the project is walking distance to both the Talmudic University, multiple synagogues as well as the St. Patrick’s church and school. Mt. Sinai Hospital is the biggest employer on Miami Beach and is a bike ride away, along with the 41st Street business district. The access to the Julia Tuttle is very easy for those who would like to visit the Design District, Midtown, Brickell or Downtown, among other attractions on the mainland.
The construction is slated to begin early this year, with completion in 2019. Prices start just under $800,000 for 1 bedroom plus den garden residences up to $2.3 million for a 2,100 square foot 4 bedroom residence. See below for the 10+ acre site plan, renderings video, sample views and sales brochure. What do you think?
Boris Jordan Reduces 321 Ocean Penthouse To $39.5 Million, Down From $53 Million
Russian American financier Boris Jordan has slashed the price on his rooftop penthouse at South of Fifth’s brand-new 321 Ocean. The fully furnished property spans the entire ninth and tenth floors of the 21-unit oceanfront building and boasts a whopping 6,400 square feet of outdoor living space and 6,800 square feet of interior living space.
Jordan purchased the penthouse in 2015 for $20 million but then listed it for sale for $53 million in January 2016, when the building was completed. Without any takers, he lowered the price to $47.5 million in June and then today, down to $39.5 million. It was initially reported that the penthouse was listed for sale after the Jordans saw the success other penthouse investors were having in Faena House and The Edition, but given the steep price reductions, it seems he is more eager to sell now.
The interior of penthouse has 4 bedrooms, staff quarters, 5 full baths and 2 powder rooms. The flow-through layout provides both ocean and city views. The kitchen is decked out with Miele & Sub Zero appliances. The rooftop is nothing short of ah-mazing with a 36 foot infinity pool overlooking the beach, multiple seating areas, a fire pit and summer kitchen as well as a dining table that seats FORTY PEOPLE. That’s right, nearly an entire NFL team could enjoy dinner together as one big happy family on the terrace.
Have a look at the 321 penthouse photos below. What do you think of the design? Do you think it will sell this year?
Tenant Sues Condo Association For Price Gouging On Application Fees
Quantum on the Bay
A tenant at Quantum on the Bay in the Omni district finally did something about the high application fees that are being charged to prospective tenants, according to the Miami Herald. He is suing them because their application fees are in excess of the $100 cap that the Florida statute issues.
This has been an ongoing problem for tenants in many of the Downtown area buildings for several years. Some condo associations use these elevated fees in order to avoid having to make a special assessment on the unit owners for repairs or upgrades. The association at Quantum once had a $400 application fee, but it was later reduced to $150 after so many potential tenants complained. In order to continue bringing the income that they once received from the application fees, they split it into the application fee plus the administrative fees. Some other buildings have ‘impact fees’ of $500, but Quantum is one of the highest priced buildings in the area for a tenant to apply for.
Even though it is not lawful for a building to charge these exorbitant fees to tenants, many still do. The tenants really have no choice but to accept the fees. Protesting only causes delay and added expenses. If they miss their move-in date, they would need to stay at a hotel until the issue is resolved and there is still no guarantee that it would be resolved in their favor without a lawsuit. The Government Affairs department of our Miami Association of Realtors has been lobbying in Tallahassee for some time already, trying to convince them to enforce the laws.
Now, most buildings also charge a security deposit for the common areas and for pets, but that is different. Security deposits are returned. We typically see a security deposit that is held through the duration of the lease in order to guarantee there will not be damage to the common areas, a smaller security deposit for the actual move to guarantee that the elevators and hallways are not damaged by the movers and/or a pet deposit to the building.
You can read more about the Florida Condominium Act here, so that you know your rights. While it seems that Quantum is being singled out, this is a large problem throughout the marketplace and something that we are striving to change. On a day to day basis, the best we can do is see that our clients get settled as peacefully and efficiently as possible. On a larger scale, we are very much a part of the efforts from the Miami Association of Realtors to bring change to this practice.
Congress Unanimously Agrees To Make FHA Financing Easier For Condo Buyers
In a rare moment of solidarity, Congress unanimously agreed to pass the proposed changes to the FHA approval guidelines for condo purchases, opening the way for middle-income buyers to participate in the condo market once more.
Over recent years, the FHA has imposed nearly impossible guidelines for condo purchases that have left a large segment of buyers out of the market, particularly first time homebuyers. The problem has been that in order to secure an FHA loan for a property, the buyers must qualify (relatively easy), AND the building must qualify (almost impossible). The approval process was expensive and the costs were not refunded in the event that the project was rejected. The approvals had to be renewed every couple of years as well. Most condo associations opted to forego the application and just not have FHA as an option for purchasers in the building. With the new guidelines, the projects no longer need to go through the approval process. Buyers can now apply for a spot-approval on individual units and the owner-occupant vs investor ratios have been lowered. Bravo!
This is going to be a big help for actual residents of the Downtown Miami area who are ready to buy a condo, but maybe don’t have the 20%-35% down payment that is currently required to buy a property. You can read more about the new guidelines here.
