Zaha Hadid’s Personal Beachfront Residence To Come Back To Market
After nearly a year on the market, Zaha Hadid’s customized home in South Beach’s W Hotel is going to be re-listed with an enormous price reduction. It had been listed after her sudden and untimely death in the Spring of 2016 for $10 million, but there were no takers.
It hasn’t officially been re-listed yet, but the Wall Street Journal has reported that it will be coming back on the market at $6.5 million, a 35% reduction from the original price. Neither price included the furnishings, but most pieces could be negotiated separately through her estate trustee. There are a few pieces of artwork/exceptionally unique pieces that the estate prefers to hold on to.
The Pritzker Prize-winning starchitect purchased two beachfront units at the W, which is located between The Setai and Faena House at 22nd Street on Miami Beach, in 2010 for $2,785,000. She then combined them and added her unmistakable personal touch.
While I imagine there will be a new set of photos unveiled any day now, let’s have a peek at the listing photos from last year..
New Renderings Emerge Of PMG’s New Supertall Condo Tower At 300 Biscayne
Property Markets Group has revealed renderings for their new super-tall tower that will be constructed at 300 Biscayne Boulevard in Downtown Miami. The project will be named 300 BiscayneWaldorf Astoria Hotel and Residences, according to their new website and the renderings were produced by ArX Solutions.
A sales center is currently under construction on the site that is expected to open in early 2018. Once completed, the tower will offer a five-star hotel and residences in the tallest residential tower south of New York City.
Although approval has not yet be granted, the developers have submitted a request for approval of a 1,041-foot tall tower with 88 stories.
What do you think of the design?
Elysee Lands $16.5 Million Construction Loan
Just months after the successful opening of Biscayne Beach, Two Roads Development has landed a $16.5 million construction loan that will fund the first phase of construction for Elysee, a boutique ultra-luxe tower just blocks away.
Work commenced back in March on the 124-foot-long seawall in order to prepare for the formal groundbreaking, and now with these additional funds granted by California-based Mosaic Real Estate Credit, LLC, the developers will be able to start bringing the 57 story project out of the ground. The first phase of development will include the site work, excavation, installation of pilings, and the pouring of the foundation.
Construction loans are notoriously difficult to obtain, and this is a very good sign for Elysee. Developers must prove to the lenders that they have a strong track record, well-capitalized sponsorship, a preferable location as well as consistent sales activity. Once the loan is obtained and dirt starts moving, the remaining inventory tends to sell faster, as buyers have increased faith that the project will come to fruition. Many buyers are also more willing to jump on board with a new development when they can physically see what they are buying. All in all, this is amazing news for Elysee.
One of the differentiating features of Elysee is the size of the residences. All of the homes are either half-floor or full-floor plans, offering a boutique/private feel. They will include floor-to-ceiling glass windows and sliding doors, private elevators and foyers, 10-12 foot ceiling heights, designer finishes and fixtures, premium appliances, top-of-the-line Italian cabinetry, as well as two expansive east/west-facing terraces with 180-degree sunrise and sunset views.
As of today, 45% of the project’s 100 units are in contract. Remaining residences range from $1.7 million to $4 million, at $639 to $800 per square foot. The penthouse collection has been dubbed “Les Grandes Maisons” and range from $2.8 million to $10 million.
Completion is slated for 2019.
First Resales At ECHO Brickell Hit The Market
The project is not slated to open until Spring of 2018 (a delay from the previous estimate we were given), but the first resales have begun to sprinkle the market at ECHO Brickell. It is unclear at this point whether the sellers are unwilling/unable to close on their units, or if they had intended to be resales all along. More than likely, they had always intended to be resales as I had heard whispers of similar deals being offered as pocket listings back in 2014… but here we are.
The project is slated to be among the most luxurious addresses in the neighborhood, joining the ranks of the Jade Residences at Brickell Bay, Santa Maria and the Four Seasons, only with the latest security technology including robotic parking and biometric recognition access in the elevators and amenities. There will also be a 50,000 gallon fish tank to greet guests in the lobby (thankfully not the James Bond Villain-esque shark tank initially proposed). Here are the details of the first three available resales…
Lower Penthouse 4902
On level 49, the floor plates have slimmed down considerably with the architectural curve toward the top of the building and there are only two residences per floor. These are also considered lower penthouses. They each have 3 bedrooms plus a den, 3.5 baths and a gorgeous view of South Brickell, the Biscayne Bay and the sunset over Coral Gables. The view is quite spectacular, I wish that my photos had turned out better when I previewed this plan back in January, but the building was still too much of a construction site on this level.
What I find to be very interesting is that LPH 4902 is being offered as a resale for $4.95 million, yet the developer is offering LPH 5002 for $6.5 million. They have the same layout aside from 5002 being slightly smaller and higher. I have reached out to the developer’s office to see what sorts of customizations they have added to 5002 and will report back once they respond.
Residence 3802
In the middle section of the building, there are four residences per floor and the 02 line in this section is actually my favorite layout of all the units in the building. It is a 2 bedroom, 3 bath layout with a large den near the third bedroom that is large enough to serve as a convertible guest room. The plan has 1,802 interior square feet, a great use of space (in my personal opinion) and is on the southeast corner, offering bay and South Brickell skyline views.
This one is being offered for $3.2 million. The developer is no longer carrying any of these floor plans, but this pricing is not far off from where it was when they were.
Residence 1004
The one bedroom plans at ECHO Brickell sold out almost immediately when they came to the market in late 2013/early 2014. On these floors, there are six units per floor and 1004 is located on the southeast corner. From the 10th floor, the view will be overlooking the treetops and buildings of South Brickell, which gives a park-like feel. It will be especially nice in the summertime, when the Royal Poinciana trees are in full bloom, lighting the street up with a canopy of red flowers. It is being offered for $892,000 and has 804 interior square feet.
Remaining Developer Inventory
As I mentioned before, the developer is still carrying a handful of residences, mainly highly customized plans including duplex lofts, panoramic residences that are combinations of several units and penthouses. The remaining developer inventory ranges in price from $1.9 million for a 2 bedroom on a high floor with sunset views, to $42 million for the opulent Carlos Ott Penthouse.
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.
Brickell Flatiron Construction Reaches 6th Floor; Penthouse Design Revealed
After it’s epic foundation pour in January, the vertical construction of Brickell Flatiron has reached the sixth floor just as the developer releases the floor plan of its’ four-bedroom penthouse.
The layout can be seen in the floor plan below, which was shared with us by Chris Suarez, our contact for Brickell Flatiron. It has 4 bedrooms, 4.5 baths, 2,592 interior square feet and unobstructed cityscape and sunset views from the 509 square foot terrace. Each of the bedrooms has a dedicated bathroom and the master suite is situated on the opposite side of the residence behind a support beam, for additional privacy. Being someone who is a very light sleeper, I can fully get on board with that.
I also like that there is a den/studio just off of the secondary bedrooms, which would serve as a great place for a kids’ play room, a movie room, or an office. All of the bedrooms and the living room are situated in a way that they each have balcony access and a big, open view of the sunsets.
It is always a pet peeve of mine when developers don’t fully think through the usability of the space they sell. There are so many condos in the neighborhood that are situated in a way that the best view in the unit is from the office, or even worse, from the window over a bathtub. Such a waste, but that doesn’t happen here. The space appears to be designed with the future resident in mind, without throwing in wasted space. I’m a fan!
The finishes in the apartment will include furniture-ready interiors with Italian porcelain tile flooring, custom designed Snaidero kitchen cabinetry with stainless steel backsplashes, Cedarstone countertops, and Zucchetti faucets. The appliances will be fully-integrated professional grade appliances from Miele. There will be front-loading Bosch washer and dryers and custom solid wood doors made in Italy with soft-close hinges. The bathrooms are custom designed with Milldue cabinetry, Italian marble flooring and chrome-finished Zucchetti faucets. I really like the back-lit wall mirrors in the master bath as well… those are typically upgrades.
Vertical construction of the 552 unit project started in January of this year. As of today, they have reached the 6th floor. The general contractor, Moss & Associates expects to reach the 17th floor by the end of the year and then complete one floor per week until the final top-off is achieved in late 2018.
Have a look here at the penthouse plan and let us know what you think. Prices start at $1.64 million. Non-penthouse residences start at $475,000.
VIDEO: Paramount Miami Worldcenter Construction Update
Paramount Miami Worldcenter from the north side construction entrance April 25, 2017.
Phase one vertical construction is now underway at Paramount Miami Worldcenter, according to the developer. The seven story pedestal has reached its final height at a rate of about one floor per week, now they begin construction on the tower portion of the project. When completed, the residential tower will bring 522 residences to Downtown Miami in a glistening 60 story tower atop a 27 acre high street retail promenade. The tower boasts the most amenities of any residential tower in the world.
The residential condos are currently 62% sold at an average of $650/square foot. Some of the available purchase opportunities that remain are:
a 1,095 square foot 1 bedroom with a den at $626,000 is the least expensive apartment currently available. Considering the typical 1 bedroom in the area is 700-800 square feet, this would probably be considered a 2 bedroom in many competing developments.
Two bedrooms start at $1,287,000 for a 44th floor apartment with 2 bedrooms, 3 baths and a den over 1,753 square feet.
Three bedrooms start at $1,581,300. There is one available on the southwest corner that is 2,230 square feet and has 3 bedrooms, 4 baths and a den.
The entire project is expected to be finished in 2019. Here is a video that Bryan Glazer put together that shows the scope of the project and offers a preview of how much the neighborhood will change with its addition. Last year, the developer also released a movie preview that highlights the projects amenities in dramatic form. I am very excited to see this one start to take shape!
Video overview of Paramount Miami Worldcenter by Bryan Glazer
January 2017 Brickell Real Estate Market Update
This is a very interesting time in Miami’s real estate market and we are going to start doing more regular market updates of the various neighborhoods and even individual buildings. We’ll start with Brickell, but don’t hesitate to reach out and make a request if there is a specific neighborhood or building that you are curious about.
SALES MARKET
January 2017 brought 41 closed sales in Brickell, according to MLS data, down from 66 in January of 2016. These were seller to buyer transactions, not developer to buyer transactions, since developer to buyer transactions are not reported in the MLS. We will do a separate post with developer-buyer transactions for each building as they open and the sales are recorded.
Although the number of transactions fell, the average price rose to $514,000 for those 41 closed sales. 2016’s average price was $500,000. The average price per square foot also rose to $412/square foot, up from $401/square foot last year. The condos that found buyers had an average time on the market of 163 days, last year was 114 days. It seems the longer marketing time and increasing inventory choices for buyers has made the sellers more eager to sell. The buyers who transacted were able to negotiate down to 92% of the asking price this January, down from 97% of the buyers who bought last January.
The most expensive listing that sold this month was Tower Suite 3801 in Reach at Brickell City Centre. It sold for $1.95M and was offered at $2.1M and the buyer was represented by our very own Lucas Lechuga. We did an in-depth look at the numbers from that transaction last week. The least expensive sale of the month was a $168,000 studio at Brickell’s original condo building, the Four Ambassador.
As of today, there are 1,888 active listings in Brickell (300 of which are new listings in January), averaging $725,000 and $508/square foot. If we continue selling at this rate, we have enough inventory for 46 months of business. With this amount of available alternatives for the buyers, the sellers who are eager to move on from their units need to not only price them aggressively but also hire an agent with strong marketing power so that you stand out from the crowd.
RENTAL MARKET There were 306 new leases signed in January of this year, up from 264 in 2016. The average rental price is $2,466/month, basically the same as last year’s $2,440. The 306 landlords who found new tenants beat out the competition of 1,442 alternative active listings, 465 of which were new listings.
Although the number of transactions is up and the prices are holding firm, the marketing time is increased this year to an average of 79 days on the market. Last year it took an average of 65 days to find a new tenant and move them in.
Tenants should not smell blood in the water yet though. The 306 leases that were signed garnered 96% of the asking price, so lowballing isn’t a thing just yet. The landlords who are not into 2+ months of vacancy are pricing their units well and finding a tenant quickly.
The most expensive rental of the month was the Four Seasons Residences Unit 44C. That one rented for $9,750/month. The least expensive was a studio at The Club at Brickell Bay for $1,400. It is important to note that the entry-level apartments in the neighborhood are less likely to negotiate price. Brickell is increasingly a hot neighborhood, so the entry point options are very much in demand.
What trends do you anticipate for Brickell? Weigh in and we’ll follow back up next month!
2016 Year In Review: The Downtown Miami Area Condo Market (Brickell to Midtown)
Image courtesy of Wanderson Dos Santos
As the sun sets on 2016, let’s review our year in real estate. There have been a lot of reports about the slowing preconstruction market, but what about the resale and rental markets? Here’s a quick breakdown:
Greater Downtown Miami (Brickell to Midtown/Edgewater) saw 1,485 closed transactions this year.
Those transactions amounted to a total of $720 million.
The average price per square foot of all sales ended up being $389/square foot.
The most expensive sale was Pharrell Williams’ penthouse at Bristol Tower, sold by our Madrina herself, Dora Puig, for $9.25 million.
China didn’t show up the way everyone was hoping back in 2015. Chinese buyers only took 11 condos, according to MLS data. Here are the stats from other countries:
Venezuela: 51
Argentina: 50
Brazil: 41
Colombia: 40
France: 13
Mexico: 10
Italy: 9
India: 7
UK: 7
Spain: 5
Russia: 2
Japan: 2
German: 1
USA: 435!
Undisclosed: 791 (We’re looking at you, 791 lazy Realtors. Please do better with logging your sales data in 2017 so that next year’s year-end post will be better.)
What other stats are you curious about? We would love to improve our content for 2017 and offer more of what you want.
