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.
Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants
The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.
This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.
I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.
In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.
Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.
If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…
So what about investors?
With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.
For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.
Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.
Terra’s David Martin Debuts his New Real Estate Column in Forbes
David Martin
A warrior and a poet? Meh. Maybe not, but David Martin, head of Terra Group and developer of Grove at Grand Bay, Park Grove, and GLASS, is now a developer and an author. He’s writing a twice-monthly column over at Forbes on ‘real estate development, design, and sustainability,’ beginning with a discussion on why more buyers in South Florida are end users these days as opposed to speculators. To summarize his point in just a few words: Miami’s a bit more grown up, and that makes a big difference.
Check Out the Plans for Starchitect Jean Nouvel’s Monad Terrace
Rendering of Jean Nouvel’s Monad Terrace. JDS Development Group.
Starchitect Jean Nouvel’s design for a boutique condominium tower at South Beach’s Monad Terrace won big applause at the last meeting of the Miami Beach Design Review Board, with the Miami Herald reporting, at the end of a lengthy and powerful review: “The Monad Terrace proposal was enthusiastically approved by Miami Beach’s Design Review Board last week. The DRB cited it as a model for future waterfront development. One board member expressed interest in living there when it was completed. Sales are due to begin this fall.”
The plans, elevations, sections, and most of the renderings below are from Monad Terrace developer JDS Development Group’s submittal to the City of Miami Beach. The design itself is a pair of buildings centered around a watery courtyard, with lagoon and pool, and sightlines straight from West Avenue to Biscayne Bay. More than almost anything else in Miami or Miami Beach, Nouvel’s design psychologically embraces South Florida’s submerged, aquatic future, taking it as a point of inspiration and adapting to it. One 14 story building, and one of only 7, hold 54 condo units in all. A transparent lobby looks out to the courtyard and eventually to the bay, enclosed in a cone of metallic, glassy shields that splay out as one progresses west, and creating was Nouvel calls a ‘reflection machine.’ Certainly, as the sun sets across Biscayne Bay, one can only imagine glowing red skies amplified to the street beyond.
Jean Nouvel’s Monad Terrace Will be a Beautiful ‘Reflection Machine’ of Miami’s Watery Future
Rendering of Monad Terrace by Pritzker Prize-winning architect Jean Nouvel.
There’s a certain incredible seductiveness to a sunken Miami, a combination Venice and Atlantis bobbing away in the ocean, out beyond the Florida coastline of the future. “The image is post-apocalyptical, foreshadowing an uncertain future yet, somehow, utopian and hopeful. It appears to be the end of the day, the end of a season, the end of an era, with the sun setting wildly over the skyline of downtown Miami.” says renowned architecture critic and Miamian Alastair Gordon of Jean Nouvel’s design for the luxurious boutique Monad Terrace condominium being developed by JDS Development in Miami Beach that both interprets and sharpens that vision.
It’s a future that almost unites with the past: “The architect appears to be seeking a kind of unity of purpose and compromise between future and past, an imaginary realm of wild sunsets, mating manatees and tangled mangrove roots before the coming of Flagler, Fisher or the Kardashians. A 70,720-square-foot slice of Eden, rebooted.”
The design was enthusiastically approved by Miami Beach’s Design Review Board last week. They say Miami is drowning and doomed, but after reading Gordon’s review in the Miami Herald you might not think so anymore. Perhaps Miami is just changing yet again, and maybe even for the better.
