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.

Mast Capital’s Louver House Closings Have Begun In South of Fifth

Mast Capital’s first Miami Beach condo project has successfully opened, with closings beginning this past week. Louver House brings 12 luxury apartments to Miami Beach’s South of Fifth neighborhood, while paying homage to the history of Meridian Avenue.

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.

“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. “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.”

Although the closings began this past week, the official opening celebration will be held on August 24th, highlighting the rooftop deck overlooking South of Fifth and the Art Deco District. Three purchase opportunities remain, each one a three bedroom priced between $2.575 million to $3.4 million. We are excited to tour this week and be able to compare renderings to real life!

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

Gorgeous Spec Home at 6440 North Bay Road Reduces Price to $26,950,000

After a brief hiatus, the newly constructed spec home at 6440 North Bay Road has returned to the market with a $2 million price chop, asking $26,950,000. The home has 15,519 interior square feet with 7 bedrooms and 9 baths.

The tropical-zen inspired home blends contemporary interiors with the outdoors and features sliding glass walls throughout much of the space. There is an office, gym with outdoor yoga area, a theater and a separate 2 bedroom guest wing with a private staircase and dedicated terrace and living area.

Outdoors, there is a separate cabana with retractable canvas awning surrounded by tall, mature landscaping and infinity-edge pool. The lot features 100 feet of bay frontage with a wooden dock.

The North Bay Road home was developed by Peter Fine’s To Better Days Development, that is based in New York. Have a look at the MLS photos below..

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 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 1001 – A 2,756 square foot oceanfront 3 bedroom, asking $5.5 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:

Investing In Condos For AirBnb Income Is A Risky Idea

Despite Miami Beach’s crackdown on AirBnb properties, we receive regular calls from hopeful investors who want to buy properties in order to lease them out on the short term rental website. It is important to understand the risks involved in breaking the rules with hopes of high returns.

Miami Beach Crackdown

Because AirBnb rentals do not contribute to the hotel taxes that largely fund Miami Beach and they take away from the bookings at hotels, they are strictly outlawed. The government is in the midst of a strict crackdown of the policy, levying $20,000 fines on investors who break the rules. That’s $20,000 PER OFFENSE. Unless you’re leasing a $25 million waterfront mansion for $8,000/night to Kylie Jenner, the risk is just not worth the reward.

It was also announced yesterday on The New Times that Miami is considering a similar crackdown.

Condo Regulations

Many condo associations prohibit rentals of less than 30 days, or even less than 6 months. Some older buildings require owners to wait 1 to 2 years before leasing their condos. It is important to be clear about the rental policies of buildings prior to investing, because your bottom line will be affected if the policies don’t line up with your investment goals.

But what happens if you ignore the condo association rules and continue to lease your property on AirBnb? According to our contact at the management office at Infinity at Brickell, where the minimum lease term is 6 months, fines of $100 per infraction are issued to the owners of the apartments that get caught. He said that it is also not uncommon for visitors to be given violations for failure to obey conduct and noise rules in addition to giving themselves up for being nightly renters by treating the front desk like a front desk at a hotel. Eventually, the fines add up to make the investment not profitable enough to continue.

Some other buildings are taking enforcement a step further. Mint at Riverfront requires each applicant to sign an acknowledgment of the rules pertaining to short term rentals. MarinaBlue has posted a sign at the front desk alerting visitors that short term rentals are prohibited and violators will be removed from the premises.

With condo buildings, the issue is about security rather than the hotel tax. Each resident in a condo building must undergo a background check to ensure the safety of all residents. If one condo owner (or tenant) sublets their unit to vacationers, this security measure is compromised.

Renting A Condo To Use As AirBnb Rental Investment

The investors we’ve seen are not only buyers who purchase with the intention to run a short term rental business. We have also seen entrepreneurial tenants inquiring about a strategy of leasing a furnished condo and then subletting it online. This is not only a violation of the City (if the property is in Miami Beach) and condo association policies, but it is a violation of the lease terms. Most Florida leases do not allow subletting, putting the tenant at risk of eviction and penalties.

Landlords who keep yearly tenants have already picked up on this strategy and have begun to screen potential tenants for risk of violation of the subletting section of the lease, but I anticipate more buildings will follow suit with Mint and MarinaBlue over the coming months even if the City of Miami fails to pass their ordinance outlawing short term rentals.

******Update: One Miami East and West have both jumped on the bandwagon with the following stern message to residents, sent today.

February 16, 2017


Dear One Miami Residents,

As the Associations have previously notified you, short term rentals are not permitted in One Miami for periods of less than thirty (30) days.  Despite such prior notifications, we have received numerous complaints that certain owners and tenants are in fact renting their units for short term stays in direct violation of the Associations’ governing documents, whether through websites like Airbnb or on their own.  The Associations’ have sent (and will continue to send) violation letters to such owners and tenants who are committing these short-term rental violations instructing them to cease and desist from such actions immediately.  The next step will likely be for the Associations to file lawsuit(s) against such owner(s) or tenant(s) without further notice.  The Associations also reserve the right to deny access to any such unauthorized parties who may be renting from owners on a short-term basis.

We again remind all Members that the Associations’ take such issue very seriously.  Therefore, if you are engaging in such improper conduct, please cease and desist from the same immediately.  Additionally, if you are aware of a short-term rental violation that is occurring in the building, please report the same to management.  Thank you for your assistance.

Sincerely,

Board of Directors of:
One Miami East Condominium Association, Inc.
One Miami West Condominium Association, Inc.
One Miami Master Association, Inc.

Photo Tour: $34 Million Miami Beach Home With Rooftop Water Slide Finds A Buyer

It is fun for the whole family! Last week, we took a photo tour of one of my favorite old Miami Beach homes, and this week we get to go on a photo tour of one of my favorite new Miami Beach homes!

This newly built home at 4555 Pine Tree Drive has 16,000 square feet of living space and an additional 3,000 square feet of outdoor living space. Even indoors though, you are able to open the sliding glass walls to give an indoor/outdoor feel and maximize your enjoyment of Miami’s fabulous climate. In total, the home has 6 bedrooms and 7 bathrooms plus 2 powder rooms. Elements of the home include stunning views of the Atlantic Ocean from the master bedroom, a water slide concealed by an elegant glass staircase, a pool with open views and a boat dock that will be built to suit the buyers’ preferences.

We won’t have word until after the closing of who the buyer is or how much the property ultimately sells for, but you can rest assured we will be watching and waiting.

For other luxury properties, be sure to check our collection of luxury homes for sale in Miami and Miami Beach.

Without further adieu, the photos: