Located at 56 SW 1st St and 65 SW 2nd Street, M Tower will rise 49 stories in Downtown Miami. Recently, the developers released renderings for a redesign of the tower. M-Tower will be developed by the Miami Parking Authority and a private developer in a partnership.
The old plans showcased the property reaching 53 stories, 440 condo units, and 818 parking spaces. The tower was proposed to encompass 622,783 square feet total with 25,732 square feet of office space and 1,089 square feet of retail. These previous designs were created by Zyscovich Architects.
The new designs showcase 624 condo units, ground floor retail, offices for Miami Parking Authority, and 717 parking spaces. The architect for the redesign is NBWW Architects located in Coral Gables.
In the previous design, the older garage on the property was to be refinished and incorporate some of the new design but the current plans show an entire demolition of the site with plans to rebuild.
The property that the proposed M Tower sits on sold earlier this year to an affiliate of the Lion Group NYC for $10 million.
If the new redesign is approved by all parties, then construction will begin in 2022.
$30M+ Sold at One Thousand Museum During Art Basel Week; $90M Inventory Loan Paid Off
With buyers from all over the globe and the attendance for Art Basel reaching over 60,000, it is of no surprise that sales for One Thousand Museum would increase.
According to the co-developer of One Thousand Museum, Kevin Venger, “As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million.”
Another major milestone was the $90 million inventory loan that was secured in March 2021. According to the developers, that loan is officially paid off. Louis Birdman, another co-developer states, “Satisfying our $90M loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly.”
The late Pritzker-winning architect Zaha Hadid built One Thousand Museum, which was developed by Louis Birdman, Gregg Covin, Kevin Venger, and Regalia Group.
One Thousand Museum is South Florida’s first residential complex with its own rooftop helipad, allowing residents to quickly travel to adjacent islands, private and commercial airports, and private boats.
One Thousand Museum Amenities
A spacious fitness center with state-of-the-art strength and cardio training equipment
Spa with private treatment rooms, steam and sauna rooms, plunge pools, and relaxation lounge
Multimedia theater for private movie screenings, lectures, and presentations
Sun & Swim Terrace with pools, lounge chairs, cabanas, and poolside towel service
Aquatic Center with indoor, infinity-edge pool
Private dining room
Triple-height event space overlooking Biscayne Bay
Private rooftop helipad
Specialized security and valet personnel
Full-service concierge
Bank-quality vault with individual safe deposit box for every residence
One Thousand Museum Residence Features
Custom Italian cabinetry by Poliform
Fine quartz countertops by Silestone
Induction cooktop, oven, steam oven, microwave, dishwasher, and integrated coffee maker by Gaggenau
Refrigerator by Sub-Zero
Faucets and fixtures by Dornbracht, Duravit, and MTI
Interior doors by Lualdi Porte with door handles designed by Zaha Hadid
Custom-designed, Italian-made walk-in closets
Extensive state-of-the-art home automation by Crestron, allowing residents to control a range of in-residence applications including lighting, heating, air conditioning, audio, video, window treatments, and security
Oversized terraces
East-to-west flow-through floor plans
These one-of-a-kind and magnificent condos range in price from $4.95 million to $20 million, and due to the demand of the luxury condo market, availability is restricted.
There are currently 3 furnished developer models left. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History
The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.
Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).
Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.
Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.
Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.
Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.
There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.
Developer Sells Palm Island Mansion for $17 Million
Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.
Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.
The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.
The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.
This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.
The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.
Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.
JSX Announces ‘Hop-On Jet Service’ Flights from Miami to Texas and New York
Miami welcomes JSX, a “hop on jet service” with crowd-free flights on private planes. With JSX’s announcement comes all the special privileges of a private jet without the hefty price tag.
Their East Coast routes will link Miami International Airport to New York and Texas with flights beginning November 18th. Fares from Miami to Westchester County, New York start at $749 one way, and Miami to Dallas start at $499 one way.
The best part of JSX flights is that they offer guests the ability to check-in for flights 20 minutes prior to departure between private terminals at Miami International Airport. Not only do they have a quick check-in, but there are also no crowds and 30-seat jets with business class legroom. JSX also offers two free checked bags, free snacks, and drinks.
According to the CEO of JSX, Alex Wilcox, “Since day one, our Customers have asked JSX to serve the East Coast and I am thrilled to say that our distinctive style of flying has finally arrived. It’s no secret that demand from New York and Dallas to Florida is at an all-time high, and we are delighted to bring our hop-on jet service to these vibrant markets ahead of the busy holiday season.”
JSX created this flight experience for anyone who values their time and wants a world-class experience, from business travelers, first-class fliers, to families looking for quick flights.
JSX is the first and only carrier that links Westchester County to Miami International Airport and the first “uber-like” plane carrier linking Dallas to Miami. Welcome to flying redesigned!
Photo Credit: JSX Website
Champlain Towers South Site Under Contract for $120 Million
After the devastating Champlain Towers South Condocollapse that occurred on June 24th and all search efforts ceased, demolition and clearing of the site began. As of August 30th, the site located at 8777 Collins Avenue, Surfside was cleared and listed for sale at $95.6 million.
Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.
The sale for the 2-acre waterfront property has been officially and is now under contract. Now that the property is under contract, Sajwani has to pay a $16 million deposit. Judge Michael Hanzman approved the agreement with timeline outlines for inspections and deadlines for other bidders. This would include the $16 million deposit as non-refundable following a 60-day inspection period.
With the sale of this site, there has been a lot of pushback among the survivors and the victim’s families. As part of a class-action lawsuit, the judge that is selling the property has tried to expedite the sale in order to get the families compensated.
Proceeds from the sale are still unknown. The attorney for this transaction stated that the appraised value of the property is $95.6 million. The total for the insurance coverage held by the condo association is $48 million. There is also $30 million in property damage and $18 million for personal injury. The decision is whether to award the families all of the $120 million and the $30 million property insurance payout or award the appraised value of $95.6 million.
Some families have also petitioned for a memorial to be built on the property rather than another tower. Families have sent letters to state and federal lawmakers asking to assist in purchasing the land for a memorial. The families have asked the Surfside Commission to add a referendum on the upcoming ballot for voters to approve a land-swap proposal to build the memorial and a community center. Press conferences have also played a role but with no such luck.
Sajwani has an extensive portfolio with establishments of his company DAMAC Properties in global cities like Dubai, Abu Dhabi, Amman, Baghdad, and London. Sajwani has heavily invested in luxury fashion, real estate, hospitality, and manufacturing.
Total Number of Transactions Increased for this Week’s Miami Dade Condo Sales
Over the past few weeks, we have seen a steady incline in overall condo sales including volume and number of sales. This is of no surprise with the increase of companies, execs, and people taking up residency in Miami-Dade County.
Coming in at $123 million, this week’s condo sales volume increased from $85.3 million in the week prior. The total number of sales has risen to 198 for this week, up from 128.
The average price for condo sales reached $622,000 which has actually decreased from $666,000 then the week prior.
Leading this week’s condo sales in a luxury unit at Continuum South Beach that sold for $8 million or $2,708 per square foot. This luxury property located at 100 S Pointe Dr. Unit #3507 was sold to tech entrepreneur Hari Ravichandran, who is the CEO of Jump Ventures and Aura.
Last week’s highest condo sale was lead by Lucas Lechuga (Luxe Living Realty-Miami Condo Investments) with the sale of a Setai Miami Beach condo that sold for $12.3 million.
The sale coming in second includes a luxury unit at Palazzo Della Luna on Fisher Island. The property sold for $7.5 million or $2,045 per square foot and was on the market for 324 days. Luxe Living Realty’s Dora Puig represented the seller.
Former Linebacker for the Miami Dolphins Sells Miami Beach Home for $6.25 Million
Photo Credit: Julian Cohen
Orlandus Andre Branch III is a former outside linebacker for the Miami Dolphins, who played from 2016 until his retirement in 2019. Branch recently sold his mansion for $6.25 million after purchases in 2019 for $2.8 million. What an investment!
Located just a couple blocks from Biscayne Bay in the Nautilus neighborhood at 4535 Nautilus Court in Miami Beach. The modern mansion features 6,000 square feet of professionally designed living space.
The 6 bedroom, 6.5 bathroom new construction home features European oak and marble floors throughout and high-end kitchen appliances. The home is completely finished with a steam room, media area, and tall ceilings throughout.
Photo Credit: Julian Cohen
The exterior is perfect for entertaining with an expansive backyard with lush Florida landscaping featuring an outdoor kitchen, oversized terraces, pool, and jacuzzi. The mansion is perfectly located near South Beach, Bal Harbour, and the Design District.
According to Miami-Dade tax records, the home closed on September 3rd, to buyers Bryant M. Yunker Jr. and wife Nancy. Bryant is a retired Wall Street Broker. The Yunker’s also own Sway Lounge, located in Naples, Florida.
This property is the highest-priced sale for a non-waterfront home in the Nautilus neighborhood. This record-breaking sale is just one of the many that have occurred in Miami in 2021.
In July, a waterfront mansion sold as the highest-priced home sale ever in all of Miami-Dade. Bay Harbor Islands also had a record-breaking sale of $12.75 million on a recent waterfront home, making it the highest-priced sale in all of Bay Harbor. Our very own, Lucas Lechuga, also sold one of the highest-priced condo sales for the month of August 2021 at Setai South Beach for $12.3 million.
$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.
