Call For Offers Issued On Miami Beach’s Historic Bath Club
A call for offers has been issued on Miami Beach’s historic Bath Club, according to an offering memorandum we have received. The property was built in 1926 as an oceanfront estate, then converted to a private club. It is comprised of over 15,000 square feet of interior space with a total of 5 acres of land and 500 linear feet of ocean frontage at 60th Street and Collins Avenue.
While the terms of the deal are not defined, a new owner would have several options of income streams including:
A club operation with membership plans. A charter remains that allows up to 200 members and their families. This would allow income through equity memberships, initiation fees, annual dues and food/beverage..
Private event space. The property is currently being used as this function. They have recently hosted events for corporations including HBO, Macallan, Pandora and Bacardi. A one night event currently runs $13,500 per night, give or take some depending upon the season and availability.
Restaurant or lounge. The large commercial kitchen is designed to accommodate simultaneous banquet service and restaurant operations. Several of the rooms are well-suited for dining and lounge areas with a historic setting and the food and drink service can run until 5am.
Cabana sales. There are 60 cabanas on site, of which the usage rights of 14 have been sold at prices up to $90,000. The new owners could sell the remaining cabanas or lease them to generate recurring revenue.
The club was purchased in 2000 for $10 million and a portion of the lot was developed into The Bath Club condominium in 2004. Prices of the condominiums currently range from $1.6 million up to $8.4 million, or $1335/square foot. Owners of the condo units have access to the shared amenities of the club.
Offer terms and letters of intent are due to the seller by May 19 at 5pm. The seller anticipates that the offers will fetch north of $25 million. Please contact us for the full offering memorandum.
Miami Beach Teardown Fetches Record Price
What would you pay to have this sunset view every day of the year? If you are a South African business mogul, I’d say you would likely pay $10 million. Then you could tear down the house that is on the lot and build something amazing that is customized to your taste. Yes, that’s what would happen because that’s what did happen. An unnamed South African businessman has taken the leap and paid an astonishing $746/square foot to call 28 S Dilido Avenue home. The property is very special, it is a 13,408 square foot lot with 107 linear feet of water frontage and a year-round view of Miami’s famous multi-colored sunsets as the sun sinks behind Downtown Miami’s glistening condo towers.
Because the lot is so special, calculating the final price took six months and surgical precision, according to Dora Puig, who brokered the sale. She spent endless hours dissecting the comparable sales of waterfront teardown homes. Dora is also the Miami Condo Investments Team’s Madrina, the sales team is very proud to call her our broker! Here are the types of details she went through…
The overall average price per square foot of Miami Beach waterfront teardown lots is $392/square foot over the last year (excluding this sale). There were 19 total sales with the lots ranging from 9,500 square feet up to 30,000 square feet and with between 60 feet and 200 feet of water frontage. You also have to consider what type of waterfront views the lots have. Some have the same open bay view with the skyline backdrop, which is considered a premium by many. Some have views of the Port of Miami, so they can watch the cruise ships depart and arrive and commuters sit in traffic, and some have a peaceful lake view. Dora had to do the math on 19 properties and figure how much each factor of each property was worth, then do the math backward with the property the buyer is interested in to calculate what it would be worth. I consider this part a daunting yet gratifying task.
The most expensive sale prior to 28 S Dilido was 40 W San Marino Ave, which traded for $610/square foot. That lot had similar views but was 3,000 square feet smaller and had almost half of the linear water frontage that Dilido has.
The least expensive recent land sale has been 860 Lakeview, which sold for $132/square feet. This lot is an ENORMOUS 18,630 square feet that has 80 linear feet of water frontage, but the view is not the year-round multi-colored sunset behind the downtown buildings view that Dora’s mystery buyer was seeking. It looks out over the new Ritz Carlton Miami Beach, that was once Miami Beach’s Heart Institute and is currently under construction. That is going to be a gorgeous building, but let’s stay on topic.
Now that Dora has been victorious in discovering the land value and closed the sale, whispers around the office are that the buyer (who has not been named) has chosen Saota to design his now home. Saota is a South African design and architecture firm who is responsible for that amazing Miami Beach mansion on Pinetree Drive with a waterslide off of the roof that sold for $34 million in January. That post took me a long time to write because I couldn’t stop looking at the pictures. I am overjoyed to hear that Miami will receive another home that they have designed!
What is the takeaway of this sale?
People ask me all the time if the Miami market is a bust because of the hoards of negative news reports that are being written. I have to be honest and say that yes, there is an inventory glut in the Downtown and Brickell area condo market, but that doesn’t equate to a bust.
Wealthy people buy what they want, not what is cheap and Miami is an immensely desirable location for people from around the world. This buyer could have chosen any city in the world to call his home, and he chose Miami. We have the lifestyle that people seek, amazing culture, convenient accessibility and ease of access from other international locations, and that all-important multicolored sunset that shines behind our glistening condo towers year-round. Just like the client wanted. Congratulations to him! Let’s see that sunset again for good measure.
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:
Latin Singer-Songwriter Ricardo Montaner Lists Miami Beach Home For $11M
Ricardo Montaner, the South American singer-songwriter who is famous for singing love songs. Over the course of his 30+ year career, he has sold over 22 million albums and I want to sing 22 million love songs to his Miami Beach waterfront estate, which hit the market this week for $11 million.
I showed this Miami Beach luxury home several years back, when it was being quietly offered as an off-market deal and there is just something special about the place. The property is located at 4950 Pinetree Drive in Miami Beach. It is a corner lot on a secluded part of the street that is extremely quiet despite being in the middle of Miami Beach. Because the house osits on a 46,000 square foot corner lot, the estate boasts a whopping 400 linear feet of water frontage!! That’s more than most condo developments!
The house owned by Ricardo Montaner was constructed in 1939 and could use a bit of modernization but is absolutely stunning. There is a gorgeous atrium that I could imagine having fabulous dinner parties in, or a romantic dinner for 2 in a setting so disgustingly romantic, it would be fit for The Bachelor TV show. The poolside cabana is large enough to be a single family home of its own, with a rooftop observation deck.
Overall, the house has nearly 8,000 square feet of living space under a/c with 8 bedrooms, 7 bathrooms and 1 half bath. Sadly, I did not see the Ricardo Montaner home on the list at the Miami Beach Historic Preservation Board. I’ll be praying that whoever is the ultimate buyer of the property doesn’t destroy this gem to make way for a gauche McMansion with drop ceilings in the gameroom.
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?
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.
Venetian Islands Waterfront Lot Fetches $6.5 Million
Just this morning, escrow was closed on a 15,750 square foot lot at 412 West Dilido Drive on the Venetian Islands to an unnamed businessman from Brazil. The sale included plans for an amazing 7 bedroom home with almost 8,500 square feet of living space designed by Max Strang.
According to those involved in the sale, the buyer does intend to build his personal residence on the property. The plans are already approved and permitted from the grandfathered code regulations that allow a larger home, 1,100 square foot rooftop terrace and a private elevator. The same home would not be approved today.
Other aspects of the planned residence include an Ipe wood summer kitchen and Fleetwood telescopic floor to ceiling sliding doors. The buyer will have the opportunity to customize the interior to his taste. Aside from the 3rd floor rooftop terrace, there will be a series of three 2nd floor covered decks, two first floor patios, a cabana and an atrium. The lot offers 90 feet of waterfront with a dock and amazing sunset views.
The property and plans sold for $6.5 million. Dora Puig from our very own Luxe Living Realty represented the seller and David Pobiak from Beachfront Realty brought the buyer. See below for renderings of the project:
On Friday, Another New Britto Gallery Opened on Lincoln Road
Photos by Sean McCaughan
Artist Romero Britto has just plopped down another one of his eponymous art galleries near the east end of Lincoln Road, longitudinally opposite his ever-so-so-slightly older (but still brand new) gallery at Lincoln Road’s west end. The new Britto Store occupies the former Ricky’s Costumes space, and as of Saturday was still missing its ‘Britto’ signage. Not that anyone would confuse it for any other artist’s gallery. There are now more Britto Galleries on On Lincoln Road than any other retail brand except Swatch, 4D, or Starbucks.
On Friday, Mr. Britto officially opened the new Romero Britto Gallery, to sell all the commercially produced and consumer products that the slathers his signature graphic pop-art designs on, including everything from limited edition prints, to giant teddy bears, T-shirts, and table-lamps. Meanwhile, over by Lenox Avenue, the Romero Britto Fine Arts Gallery, which opened about a week ago, may look like a cloned twin, but this one sells one-off sculptures, paintings, and other creative stuff.
