J. Michael Arrington-Founder of TechCrunch Buys Waterfront Home for $16 Million

In April 2021, J. Michael Arrington, Founder of TechCrunch, stated that “there is no better place to be than Miami.” So it is of no surprise that Arrington just closed on a waterfront property in Miami last Friday.

With a cool price of $16 million, this gorgeous home is located in Miami’s gated community of Old Cutler Bay has all the amenities that one could need. The gorgeous six bedroom home is perfectly sited on half of an acre with 140 feet of waterfront. This property is not limited in amenities! From the pool, wooden deck, coral rock fire pit, to the summer kitchen, it is absolutely stunning.

The home was built in 2015 and designed by Florida architect, Cesar Molina. The 8,300 square foot home is complete with 6 bedrooms, 7.5 bathrooms, wine cellar, home theater, gym, and custom kitchen.

According to the Miami MLS, this property was originally listed in April with a price of $16.5 million. According to tax records, the sellers purchased the property for $10.4 million in November of 2018. According to the listing agent, properties in this neighborhood typically sell for over $10 million but this has been the highest sale price ever for this neighborhood.

J. Michael Arrington is the founder of the popular tech review website, TechCrunch and a cryptocurrency hedge fund, Arrington XRP Capital. Techcrunch which operates Crunchbase, was founded in 2005 starting off as an online encyclopedia with information on key people, funding rounds, and startups’ information. TechCrunch was later acquired in 2010 by AOL for $25 million.

MLB Hall of Famer Mike Piazza Sells Miami Beach Mansion for $15 Million

If you need anymore convincing of how hot the Miami real estate market is, another luxury mansion just sold! It gets better because the seller is Major League Baseball Hall of Famer Mike Piazza.

Piazza is known for his time with the New York Mets and Los Angeles Dodgers. He did have brief stints with the Florida Marlins, San Diego Padres, and Oakland Athletics. Mike Piazza is regarded as one of the best offensive catchers in MLB history.

Piazza listed the Miami Beach mansion in December 2017 at $18.5 million. The property located at 1401 West 27th Street, Miami Beach was recently relisted for $14.7 million with a sold price of $15 million. This 8 bedroom, 9.5 bathroom mansion features 9,438 square feet of custom finishes including Jerusalem stone floors and an Italian-inspired kitchen. A private pool, dock, and boat lift elevates the remarkable 100 feet water frontage lot.

The buyers for this incredible residence is none other than the Major Food Group’s co-founder Jeffrey Zalaznick and wife. The couple has been renting the property since October 2020.

According to tax records, Piazza paid $10 million for the home in 2008. But don’t worry, they are not leaving Miami any time soon. They still own a unit at the Ritz-Carlton Residences Miami Beach that they purchased in 2019 for $5.6 million.

Neighboring Penthouse to David Beckham is Under Contract with a List Price of $19 Million

One Thousand Museum designed by Zaha Hadid in Park West Miami has so much to offer its residences and not to mention, it is also the home of David and Victoria Beckham. Who wouldn’t want to live there!

With the current Miami real estate market, luxury condos are not staying on the market very long. So it is of no surprise that the penthouse neighboring David Beckham’s was just listed and under contract within a matter of days with a list price of $19 million.

This full-floor penthouse is located directly under David Beckham’s penthouse. Although both units feature 9,200+ square feet, the floor plans are different with the same incredible views of Biscayne Bay from the 1,020 square feet terrace.

This unit has everything including 5 bedrooms, 6.5 bathrooms, high ceilings throughout, custom Gatto Cucine Kitchen with Sub-Zero appliances, custom closets, and custom bathrooms. The entire residence has integrated smart technology that controls lighting, heating, air conditioning, audio, video, window treatments, and security.

The building is just as impressive with its double-height aquatic center with infinity pool, sky lounge and not to mention the first residential development in South Florida to have its own helipad and security vault.

Building Features

• Double height aquatic center with indoor pool
• The Sky Lounge provides a dramatic venue for private events for residents
• Private rooftop helipad. The helipad will make nearby islands, private and commercial airports, and private yachts easily accessible
• Multiple recreation areas for swimming, sunning, socializing, and fitness
• 24/7 specialized security and valet personnel, other on-site staff including concierge, professional management, and other specialized personnel
• Custom scenting by 12.29 in all interior amenity spaces including the lobby, wellness & spa level, aquatic center, and sky lounge (can be available in residences upon request)
• Bank-quality vault with individual safe deposit box for every residence, offering residents the convenience and security of storing their valuables onsite

David and Victoria Beckham purchased their One Thousand Museum penthouse for $20 million in 2020.

Is Cryptocurrency Changing the Miami Real Estate Market?

With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.

Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.

According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.

Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”

There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.

One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.

Luxury Condo Rentals are Slim Pickings as Inventory Runs Dry

As the wealthy continue to pour into South Florida in an effort to escape cold weather and severe lockdowns, Miami is seeing its inventory of luxury condo rentals dwindle to shockingly low levels. Below is a list of 48 luxury condominium buildings located throughout Miami-Dade County that are known to have large floor plans. Of the 48 buildings, 23 of them have zero units available for rent, 15 have just one, and 12 have only two. That’s just a total of 39 rental units across 48 luxury buildings.

Earlier today, an agent on my team went to submit a full-price offer for a unit that had been listed for rent just yesterday. However, by the time she did, it was already gone. Within the first 24 hours, the listing agent had received 7 offers, 3 of which were full-price offers and one that was $300 above the asking price. It’s that type of rental market right now, and there’s no sign it will let up any time soon. By the end of this year, less than 450 new luxury condos will be delivered throughout Miami-Dade County, and who knows how many of them will hit the rental market (100 units from Elysee in Edgewater, 154 units from Turnberry Ocean Club in Sunny Isles Beach, 71 units from 57 Ocean in Miami Beach, 59 from Monad Terrace in South Beach, and 61 from Aurora in Sunny Isles Beach).

I never thought I’d say this, especially after the last two overdevelopment cycles, but “build, baby, build”. New inventory can’t come soon enough. With more and more financial and tech companies relocating to Miami and large corporations announcing they will continue allowing their employees to work from anywhere in the world even after the pandemic is over, Miami is well-positioned for solid price appreciation for at least the next three to four years.

In Only 2 Weeks, Over 80 Percent of the Units at E11EVEN Hotel & Residences Have Been Reserved

With E11EVEN Hotel & Residences, developers Property Markets Group and E11EVEN Partners were looking to make a splash…and a splash they made…a BIG splash! In only two weeks since their whisper (not-so-whisper) campaign began, they’ve been able to get reservations for over 80 percent of the building’s 400 total units. (I guess a good secret is hard to keep!)

And at an average price of $1,000 per square foot, getting over 80 percent reserved in a mere two weeks is no small feat! That puts it up there with the likes of Park West neighbor One Thousand Museum. But unlike One Thousand Museum, E11EVEN Hotel & Residences won’t have that front row vantage along Biscayne Boulevard, so what gives?

Well, for one, the units at E11EVEN Hotel & Residences are considered micro-units. Those always sell at a higher price per square foot than regular-sized condo residences.

Second, the units at E11EVEN Hotel & Residences come fully furnished and finished, including integrated audio, video, and lighting systems; an LED fireplace in every living room; fully built-out closets in the master bedroom; and a signature Home Essentials Package with silverware, glassware, linens, sheets, and towels.

Third, the residences at E11EVEN Hotel & Residences are considered condo-hotel units. These types of units provide owners with a lot of flexibility; owners will be able to use their units when they want or they’ll be able to place them in the building’s condo-hotel program to earn revenue when they’re not.

Fourth, E11EVEN Hotel & Residences is located in Miami’s 24-hour Entertainment District. For those who don’t know, Miami’s Entertainment District is made up of only two city blocks. In other words, E11EVEN Hotel & Residences will be the only hotel in Miami where the party never stops! If you’re looking for that Vegas-strip-style fun, E11EVEN Hotel & Residences will be the only game in town; it will be the place to be and be seen, complete with A-list celebrities at every turn.

Last but not least, the Miami real estate market is on fire. The developers of E11EVEN Hotel & Residences are proving that there’s no better time to launch a project in Miami than right now. After all, it seems every week that a new article gets published by a major news outlet describing just how hot the real estate market in Miami is these days (case in point example 1, example 2, example 3, example 4, and example 5).

The level of interest that E11EVEN Hotel & Residences has garnered has taken even the developers by surprise. As such, due to the faster than expected absorption rate, the developers have decided to move up the timeline of construction. The original plan was to go to contract in April or May and then begin construction towards the end of this year. The new plan, however, in an effort to convert reservations to contract and get this baby built, is to go to contract in just 2-3 weeks and then begin construction by early fall. As they say, get it while it’s hot!

Just Sold – Penthouse 12 at The Ritz-Carlton Residences Miami Beach – Sold for $15M

Lucas Lechuga of the Miami Condo Investments Team at Luxe Living Realty is proud to announce the sale of Penthouse 12 at The Ritz-Carlton Residences Miami Beach. At $15,000,000 and $2,369 per square foot, the sale is (1) a record-breaking sale for the building, (2) the highest-priced sale for a bayfront condo on Miami Beach since 2013, and (3) the highest-priced sale on a per square foot basis for a bayfront condo on Miami Beach since 2012. With an astounding 8,600 square feet of OUTDOOR space (including a 40-foot-long rooftop pool and whirlpool spa), 13.5-foot-high ceilings, and some of the best views in Miami Beach, Penthouse 12 is truly a one-of-a-kind property.

The Ritz-Carlton Residences Miami Beach Penthouse 12 Residence Features

• Bedrooms: 4
• Bathrooms: 5.5
• Ceiling Height: 13.5 feet high
• Living Area Sq Ft: 6,332
• Terrace Sq Ft: 8,578
• Rooftop pool deck with 40-foot-long pool and whirlpool spa
• Hot tub
• Private elevator foyer
• Boffi-designed kitchen by Piero Lissoni
• Gaggenau kitchen appliances
• Zucchetti plumbing fixtures
• Boffi-designed bathrooms by Piero Lissoni
• Jetted soaking tub in the master bathroom
• Private, air-conditioned parking garage
• Boat slip

The Ritz-Carlton Residences Miami Beach Amenities

• Legendary 5-star Ritz-Carlton services
• Half-acre rooftop pool deck
• Private captained day yacht
• House car
• Beach concierge services for beach club access
• Two 24-hour attended lobbies
• 24-hour valet parking service
• Waterfront social room with bar, catering kitchen and
• state-of-the-art entertainment system
• Expansive infinity-edge pool with waterfall
• Spacious private poolside cabanas
• Poolside grille restaurant
• Private BBQ/dining area
• Meditation garden
• Clubroom with bar, virtual golf, and pool table
• Cinema-style screening room
• On-site spa with Steam room, sauna, and treatment suite
• Whirlpool Spa
• State-of-the-art fitness center
• Indoor & outdoor yoga studios
• Boardroom/Library
• Art studio
• Kids room
• Sharing room
• Carwash facilities
• Dog walk
• Pet grooming room

Daughter of Auto Dealership Magnate Scores Killer Deal at One Thousand Museum

Fierce negotiating skills must run in the family. In recent months, Andi Potamkin, daughter of South Florida auto dealership magnate Alan Potamkin, scored an astonishing deal at One Thousand Museum. According to public records, this past June, she purchased from the developer a half-floor residence for $3,375,000, or $734 per square foot. To put that deal into perspective, the developer of One Thousand Museum had presold (before the building was completed) unit 2501, one floor immediately below Potamkin’s residence, for $6,265,000, or $1,362 per square foot.

Wowsers! It doesn’t get better than that. In fact, not only does Miss Potamkin’s purchase represent a 46 percent discount from the condo sold just one floor below, but it also marks the lowest that a condo at One Thousand Museum has sold to date on price AND price per square foot bases. On the other end of the spectrum, earlier this year, David and Victoria Beckham purchased a full-floor penthouse (exactly twice the size and over twice as high up as Miss Potamkin’s residence) for $19,800,000, or $2,152 per square foot.

In other One Thousand Museum news, celebrity restaurateur and nightclub owner David Grutman recently moved into the building, albeit temporarily. Grutman plans to live at One Thousand Museum until his new home on North Bay Road is completed. Grutman recently acquired the property located at 2050 North Bay Road from Spanish musician Alejandro Sanz but plans to demolish the house currently residing there. Grutman then plans to build a two-story house with 14,000 square feet and landscaping by award-winning landscape architect Raymond Jungles.

Introducing the Condo Market Stats Page

It is with great pleasure that I introduce our recently released Condo Market Stats page. With it, you’re able to quickly compare a variety of market statistics of major condo developments located throughout Miami-Dade County. There’s nothing like it on the market, and the best thing about it is that it’s completely free.

Have you ever wondered which condo development has the most pending sales? Or which has the highest percentage of units currently available for sale? Or which of them has the most sold units within the past six months? By using our Condo Market Stats page, these, along with a number of other questions, can easily be answered.

We also included the ability to compare the market statistics of neighborhoods to one another. For example, have you ever wondered which neighborhood is the priciest? Or which has sold at the highest price per square foot over the past six months? Or which neighborhood has the highest percentage of units available for sale? Our Condo Market Stats page can provide those answers with a few simple clicks of the mouse or taps of your fingertip.

In the months ahead, we plan to add a number of other statistics to the Condo Market Stats page. We want it to be a one-stop-shop for anyone looking to crunch numbers in order to make a well-informed purchase decision. Long-term, my vision for this page is to have a database of daily data points so that users will be able to compare today’s statistics with yesterday’s, last month’s, last year’s, etc. That’s where the real value of analyzing market statistics lies. How do Q2’s stats compare to Q1’s? Or how do Q2 2020’s stats compare to Q2 20219’s? By my estimation, we’re about 9 to 12 months away from being able to develop and deliver that kind of sophisticated functionality. In the meantime, enjoy the current version of the Condo Market Stats page. We’d love to receive any comments or feedback you have about the page.