Russian Buyer Purchases MarinaBlue Condo with Cryptocurrency
Cryptocurrency has made headway this past year within the real estate market. To compete with multiple offers or to make offers more appealing, buyers have been utilizing different types of the digital currency.
The digital asset is not only being accepted for real estate transactions but for the purchase of goods and services as well. Miami nightclubs, retail shops, and airlines are starting to accept this form of payment. Other large chain retail stores including Overstock.com, Microsoft, and Home Depot are also on the crypto train.
Within the real estate market, many developers are beginning to accept crypto on their new construction towers. PMG was one of the first developers to begin accepting crypto on their new construction tower, E11EVEN Hotel & Residences. A penthouse at Arte Surfside was also recognized for being one of the largest cryptocurrency transactions ever.
Lucas Lechuga recently closed on a MarinaBlue unit #4803 to a buyer from Russia for $465,000. The buyer purchased the unit using cryptocurrency. The unit itself features 1 bedroom + den, 1.5 bathrooms that offered views of the ocean, downtown Miami, and Biscayne Bay. This unit boasts 10-foot ceilings with floor-to-ceiling glass windows and marble flooring throughout.
This unit is considered the second-highest price sale for a 1 bedroom ever at MarinaBlue.
Floor-to-ceiling Impact-resistant Sliding Glass Doors and Windows
9-foot Ceilings in Most Condos; 10-foot Ceilings starting on the 44th Floor; Lofts with 18-foot Ceilings
Penthouse Units with 20-foot ceilings
Full-size Stackable Washer and Dryers by Frigidaire
European-style Cabinetry and Stainless Steel Sink in Kitchen
Stainless Steel Refrigerator/Freezer, Microwave and Oven/Stove by Whirlpool
Master Bath Features Marble Floors and Double Vanity
Spacious Walk-in Closets
If you or someone you know have an interest in purchasing one of the units at MarinaBlue, or any information on the cryptocurrency process, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
$12.3 Million Setai Sale Leads Miami Condo Weekly Sales
Sales for Miami-Dade once again surged this past week with the most expensive condo sale closing at Setai Miami Beach. According to the MLS, residential sales totaled $2.7 billion for all of July 2021, reaching 67 percent higher than the previous year.
Condo sales totaled a staggering $148 million compared to last week’s $131 million. The previous week’s volume rose from 208 to a total of 226. The average condo sales price also rose from $632,000 to $640,500.
The most expensive condo sale that occurred was a luxury condo at Setai, which sold for $12.3 million. After 39 days on the market, the unit sold for close to $3,391 per square foot. Our very own, Lucas Lechuga brought in the buyer for this property.
The second-highest and fewest days on the market condo sale occurred at One Thousand Museum for $5.6 million at $1,212 per square foot. This property was on the market for 1 day.
July Sales
Residential sales rose 58% in July with 3,632 closings, which consist of mostly condominium transactions. Single-family sales increased by 15% to 1,373 and condo sales increased by 104% to 2,259 sales.
The luxury market also experienced a leap in sales rising 110% for single-family homes compared to July 2020. For luxury condo sales, an increase of 323% compared to last July.
Developer Looking to Acquire 80% of Brickell Harbour
In the past couple of years, Brickell Harbour condominium owners have received multiple offer letters to purchase their units. More recently, one of our long-time clients has received a purchase letter for double the value of their unit. This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown but it is evident of the developer wanting to buy out the tower.
The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company as well as Fortune International Group is located at 1300 Brickell Avenue in Miami. Their portfolio consists of the development, designing, and financing of Miami condominiums. They also offer brokerage services.
According to the letter (below), Brickell Bayfront Acquisition, plan on obtaining at least 80% of the units at Brickell Harbour. The letter also states that the company has spoken to the condominium owners association about purchasing units but it was concluded that it is up to each individual owner to make the decision to sell. Some of the highlights of the purchase agreement include:
The purchase price being offered is a significant premium above the market value of the unit and considers each unit’s particular size, view, floor, line, and improvements;
Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;
There is no finance contingency;
Closing in 90 days after the expiration of the due diligence period;
The owner pays NO brokerage commissions (typically 6%);
The buyer pays off the recent special assessment for structural repairs; and
The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.
Brickell Harbour is an 18-story condo tower located at 200 SE 15th Road in Brickell’s Financial District. The tower was built in 1974 and received major renovations in 2019. Residences comprise of 1 to 3 bedroom floorplans ranging from 602 to 1,641 square feet of living space. Tall ceilings, floor-to-ceiling glass windows, wide balconies, and gorgeous views are just a few of the residential amenities these units have to offer.
It is unclear what Brickell Bayfront Acquisitions plans on doing with the tower once they receive purchase contracts but we will update this article as more information is available.
New Tower-Ambienta Coral Way Receives Official Design Approval
On Wednesday, Ambienta Coral Way received official design approval to begin the $20 million condominium project. Ambienta Executive Vice President Carlos Balart met with Miami’s Urban Design Review Board to discuss the design and construction approval.
Ambienta Coral Way will rise 8 stories on the corner of Coral Way and Southwest 31st Road, just steps from local restaurants, nightlife, and shopping. This development will also include two retail spaces including a restaurant.
Ambienta Developers, a Chile-based development company, is responsible for Ambienta and Revuelta Architecture International is behind the design. Revuelta is also responsible for the designs of Brickell Flatrion and Santa Maria. This is Ambienta Developer’s second project, with their first being Ambienta Bay Harbor in Bay Harbor Islands.
The 79 unit tower will feature floorplans ranging from 1 to 3 bedrooms with 600 to 1,200 square feet of living space. One and two bathroom options are available. Pricing for Ambienta Coral Way will start at $390,000 and continue to increase based on floor plans and finishes.
Development Amenities:
Gym
Party Room
Pool with cabanas
Outdoor kitchen
Kitchen facilities
Waterfront spa
Sauna
Picnic Area
Club Room
Valet
Deeded Beach Access
This development will replace two existing apartment buildings. Pre-sales are anticipated to begin later this year, with construction beginning in early 2022. Construction is expected to be completed by late 2024. If you or someone you know have an interest in purchasing at Ambienta Coral Way, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
The Next Steps: After the Champlain South Tower Collapse
In the wake of the condo collapse at Champlain Towers South, we are starting to see a shift in homeowner association infrastructure reporting as well as maintenance. Towns and local governments ordered immediate inspections and updated reports on older towers.
Miami/Dade County ordered inspections on towers older than 40 years of age. Miami Beach ordered an additional and immediate building inspection on all of their towers since the collapse.
Aventura, Florida is one of the only cities in Florida to pass an ordinance requiring condo associations to provide the officials with engineering and architectural reports within 24 hours, when requested. These reports will include concerns electrical, structural, or life safety concerns and on an annual basis.
According to the city press release, associations that do not comply with the new guidelines will be fined up to $500 a day and up to 60 days in prison.
This new ordinance was passed on Thursday and was sponsored by the Mayor of Aventura, Enid Weisman. The ordinance will become law once it receives a second approval.
Mayor Weisman stated, “There is nothing more important than ensuring the safety of the residents of Aventura. Requiring that reports indicating potential dangers to our residents are provided to the city will create transparency and help us to ensure the structural and electrical integrity of our residents’ homes.”
A second meeting is scheduled on August 10, 2021, to officially vote on the new ordinance.
We are encouraged by the actions of Aventura Florida and we hope to see the same ordinances and guidelines for all of Florida.
50% Sold at Ambienta Bay Harbor in Bay Harbor Islands
Ambienta Bay Harbor is a pre-construction 7-story tower in the heart of Bay Harbor Islands. Located at 9901 West Bay Harbor Drive, this tower will feature 30 custom units with expansive floorplans.
Floor plans for this tower will feature 2+ den to 3-bedroom units ranging from 1,229 to 1,662 square feet. Each unit will feature Italian kitchens with Italkraft® cabinetry, custom quartz countertops, and a high-end Bosch stainless-steel appliance package. Each unit will feature private storage and 2 garage spaces while corner units will feature wrap-around terraces.
The Chile-based developer for this project is Ambienta Developers. They have developed 12 other towers in Chile with Ambienta Bay Harbor being their first Miami project. Revuelta Architecture International is the leading architecture firm for Ambienta located in Coconut Grove, Florida. The firm’s association is responsible for Brickell Flatiron, the EPIC Residences & Hotel, and Jade Residences.
Residence Amenities:
Two covered parking spaces per residence
Corner residences offer wrap-around terraces
High impact floor-to-ceiling sliding glass doors and windows
All bedrooms have access to expansive balconies
Walk-in closets in master bedrooms
Master bathroom with double sink, glass shower enclosure with a rainfall showerhead, and hand shower
Expansive glass-framed outdoor terraces accessible from bedrooms and living areas
Italian kitchens with custom quartz countertops and Italkraft® cabinetry
Bosch® appliance suite includes induction cooktop, built-in stainless steel French door refrigerator, convection oven, microwave oven, and dishwasher
Private storage available on the same level as the residence
Bluetooth® enabled keyless entry system with camera technology
Building Features:
360-degree Rooftop Oasis for outdoor enjoyment
Infinity-edge swimming pool
Outdoor yoga/meditation space
Children’s play area
Fully outfitted Fitness Center with cardio and weight training equipment
Resident’s social room with bar, large-screen televisions, and lounge seating perfect for events or meetings of any kind
Impressive double-height lobby with reception seating
Ambienta Rooftop Oasis:
Open-air Sky Lounge with bar and multiple seating areas
Two summer kitchens for outdoor meals with family and friends
Gracefully curved custom swimming pool and built-in deck-level whirlpool
Glass-framed pool and hardwood sundeck with unobstructed water and skyline views
Chic lighting, shade areas, and garden spaces for maximum comfort both day and night
Outdoor playground area for children and families
Zen-like garden space for yoga or other quiet pursuits
Unit pricing begins at $761,000 to 1.2+ million and sales for this tower have already started with the tower at 50% sold. The groundbreaking is expected to begin at the end of July with closings beginning in the spring of 2023. If you or someone you know have an interest in purchasing at Ambienta Bay Harbor, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Waldorf Astoria Hosts its Official Sales Gallery Grand Opening
The long awaited sales gallery launch for Waldorf Astoria Residences Miami has officially arrived and we couldn’t be more excited! Last night Waldorf Astoria hosted their official sales gallery grand opening located at 400 Biscayne Blvd across the street from Waldorf Astoria’s official pre-construction tower site.
PMG developers Ryan Shear and Kevin Maloney were in attendance as well as Miami Mayor Francis Suarez and Waldorf Astoria Hotel & Residences architects Carlos Ott and Charles Sieger (of Sieger-Suarez Architects). Mayor Suarez stated, “we are so proud of this iconic project that is going to help redefine who we are as a city.”
Waldorf Astoria Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” It will also be the first Waldorf Astoria development in South Florida. Featuring 360 condos, 205 hotel rooms and suites, this incredible tower will truly be one of a kind. Tower amenities include a Peacock Alley lounge, signature restaurant, resort-style pool with cabanas, spa and fitness center.
Designed by Carlos Ott and architecture by Sieger Suarez, the design will feature 9 glass cubes offset from the next. This design will truly be the first of its kind in South Florida.
PMG developers, led by Ryan Shear, Kevin Maloney, and Dan Kaplan are the brains of the project and have stated that they have been working on the development project since 2014 and originally announced the launch in 2018.
Property Markets Group, Greybrook, and Hilton are also partnering on the project. The hotel portion of the Warldorf will be the first 3 cubes and Hilton will be managing that portion of the tower.
The residential units will begin at $656,000 and will increase depending on the location in the building as well as the size
STUDIOS
CUBE 4 – above level 40 From 516 sq ft. to 653 sq ft / Starting at $656,000
ONE BEDROOM
CUBE 5 – above level 50 From 873 sq ft. to 950 sq ft / Starting at $997,500
TWO BEDROOMS
CUBE 5 – above level 50 From 1491 sq ft. to 1951 sq ft / Starting at $1,701,000
THREE BEDROOMS
CUBE 5 – above level 50 2659 sq ft. / Starting at $4,111,000
FOUR BEDROOMS
CUBE 6 – above level 60 3,256 sq ft / Starting at $4,987,000
Sales for Waldorf Astoria launched in March 2021 with an estimated ground breaking in Q4 of 2021. The completion date is currently set for 2025. If you or someone you know have interest in purchasing one of the units at Waldorf Astoria Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Arch Investors and Infinity Developers are Teaming Up for a 20 Story Project in Edgewater
New York-based Arch Cos. Investors and Miami-based Infinity Collective developers have previously worked on a 19-story Edgewater project located at 2500 Biscayne Blvd. Within the past few years, they have started the process of working on a residential project directly across the street at 2501 Biscayne Blvd.
The developers purchased the 1.5 acre sited in 2017 for a combined $32.18 million. The financial terms are unknown but they have jointly taken ownership of the property. This site was the previous home for the Latin Café 2000 Biscayne restaurant.
Plans haven’t been officially released to the public but 2501 Biscayne will rise 20 stories featuring 250 apartments, and some exclusive commercial space on the main floor of the tower. The name of the project is TBD.
According to the managing partner of Arch Cos., Jeffrey Simpson, “We believe in the long-term potential of 2501 Biscayne for our partnership, as well as in the continued growth of Edgewater as employers increasingly seek out space in Miami.”
Arch Cos. is a New York-based real estate and financial investment firm that currently services 9 states. They currently have $630 million in their real estate portfolio and have assisted with more than 3,000 multi-family units.
Infinity Collective, located in Miami has been in business since 2002 and are currently working on projects 2500 Biscayne Blvd and Esme Hotel in Miami Beach.
Record-Breaking Cryptocurrency Sale for Arte Penthouse
Developers for Arte Surfside have accepted a record-breaking $22.5 million in cryptocurrency as payment for one of their full-floor penthouses. This deal is the largest cryptocurrency real estate transaction ever. This transaction was announced just a few weeks after developers for Arte Surfside began a partnership with SolidBlock, a securities trading platform.
This isn’t the only record that Arte Surfside recently set the stage for. Another full-floor penthouse sold for $33 million equaling $4,300 price per square foot. This is the highest paid price per square foot in Surfside.
The cryptocurrency-paid full-floor penthouse located on the entire 9th floor of the 12-story tower, features 5,067 square feet of living space. Offering 360 degree views of the coastline, Miami Skyline, and ocean from the 2,960 square feet wraparound terrace. The penthouse features 4 bedrooms, 4.5 bathrooms, wine bar, and fully-finished walk in closets.
According to the co-developer, Giovanni Fasciano, “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”
The buyer wasn’t revealed and the type of cryptocurrency wasn’t released for this transaction.
More about Arte Surfside
Arte Surfside Residence Amenities
Expansive terraces clad in travertine with ipe decking
Gracious kitchens featuring Poliform cabinetry, Italian marble countertops, and Gaggenau appliances
Sweeping views of the Atlantic Ocean
Arte Surfside Amenities
A 75-foot indoor swimming pool
An outdoor swimming pool, sundeck, and poolside cabanas
Rooftop tennis court
State-of-the-art fitness center and yoga studio
Sauna and steam room
Tranquil meditation pond
Children’s playroom
Residents’ lounge with billiards and catering kitchen
