One Paraiso Has Topped Off; Paraiso District Construction & Sales Update
The third tower in the 10 acre Paraiso District has topped off. One Paraiso reached its final height of 53 floors this week leaving only GranParaiso in the vertical construction phase. Here is the latest on the project:
One Paraiso – The building has topped off and interior finish out is underway. Only two residences remain, a 3 bedroom and a penthouse. Closings are set to begin later in the year.
BayHomes – Interior finish-out and landscaping are underway and sidewalks are being poured. Closings will begin this summer and prices start at $1.9 million.
Paraiso Bay – This was the first tower to top-off. Interior finish-out is underway and closings are set to begin this summer. There are no purchase opportunities at this time.
Paraiso Bayviews – The most affordable tower in the district topped off in April and is set for opening at the end of the year. Remaining apartments start at $599,000.
GranParaiso – If you want A-Rod to be your neighbor, you should buy here. They have reached the 41st level of vertical construction and are set to open in the Spring 2018. Prices start at $968,000.
GlassHaus in the Grove Releases Introductory Prices & Renderings
Coconut Grove is getting a new boutique condo development. It isn’t waterfront, it isn’t a high rise, and it isn’t located on South Bayshore with the other luxury developments, but it is giving me a serious throwback to the Jardins neighborhood of São Paulo, and I like it.
For those who don’t know, Jardins is an upper-class neighborhood within São Paulo. It is located just blocks from countless restaurants, lounges and bars. There are museums and high-end shopping steps away, yet the homes are nestled in peaceful seclusion amongst the lush greenery and mature hardwood trees.
GlassHaus may not have been aiming to be the Miami embodiment of São Paolo’s natural elegance, but they’re delivering it anyway. The modern minimalist design juxtaposed with the tropical hardwood hammock located just blocks away from the city hustle and bustle just works.
GlassHaus will have just 5 floors, the first level has three residences with the ambiance of garden living. There are shade trees and large outdoor terraces. The 4 floors above each have five residences per floor ranging from 1-3 bedrooms. On the roof, Glasshaus residents will enjoy a fully-equipped summer kitchen and dining area, with a pool, sundeck and lush landscaping to match the environment below.
The floor plans for Glasshaus range from 1,080 to 2,380 square feet with between 1 to 3 bedrooms. Each residence has 11 foot ceilings with floor to ceiling glass. The current prices at Glasshaus start at just under $600,000 for a 1 bedroom up to $1.3 million for a southeast corner residence with 3 bedrooms and 3.5 baths.
Below are some Glasshaus renderings. What do you think?
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.
Brickell Flatiron Penthouse by Sarah Elles Boggs on Scribd
Construction Photos from Moss & Associates:
Additional Interior Renderings from CMC Group:
Inside Biscayne Beach
Today is the day! Biscayne Beach is officially open! They received their TCO on April 21, so were able to begin closings today. Here is a sneak peek from our tour as well as from the developer representative’s social media posts. How do you think it turned out?
The lobby.
The pool.
The Biscayne Beach Club.
There are 13 poolside cabanas.
The kitchens.
I was really impressed with these super hight floor-ceiling windows.
The units are being delivered decorator-ready, so the new owners can now choose their finishes.
Biscayne Beach Receives TCO But Pushes Back Closings
Image by Jennifer Behar Cervera
It has arrived! Biscayne Beach received its TCO (temporary certificate of occupancy) today, one day after it was expected, according to representatives of the developer. They were expecting the TCO to arrive yesterday, but hey… it arrived on “Miami time” and we are very happy to see this step in the right direction.
Due to disclosure guidelines, the closings are able to begin 10 days after completion. Instead of beginning today, they will now begin May 1. Since the initial TCO is for floors 7-35.
Here are some Instagram previews:
What Happens If A Buyer Cannot Close On Their Preconstruction Condo?
The spring and summer of 2017 are going to be an interesting time for Miami in a real estate sense. We are going to see a flurry of new condo developments opening, bringing thousands of new closings (and probably hundreds of new resale and rental listings).
Brickell Heights 01 and Brickell Heights 02 are set to open within the next month, 1010 Brickell will follow shortly thereafter (or maybe they will open before… the two projects are neck and neck). Up in Edgewater, Biscayne Beach is slated to open its doors any day now, followed by the first tower of the Paraiso District, Paraiso Bay. The four projects together total over 1,800 new condos that are set for completion this summer. The fall and winter will bring another flurry, but for now let’s concentrate on the openings that are closer. These projects are all effectively sold-out. They are a wild success for the developers! But, what happens if one of the buyers is unable to come up with the remaining funds to close?
During the sales cycle of these four towers, the developers were requiring staggered deposit schedules that totaled a 50% down payment prior to closing and the remaining 50% due at closing. Remember that the majority of these condo sold in 2014-2015. A lot of things can happen in 3 years that can change the financial situation of the buyers. There could be an argument between partners in a condo, divorce, death, health issues. There could be political problems, currency exchange rate troubles, economic hardship. A dictator could be elected. We all know that these things are going on around the globe and they are all very sad. But what happens if one of these factors affects a buyer’s ability to close? It isn’t as dire as some may fear. The buyers do have choices.
They can walk from their deposit
Everyone knows this one. If you put a deposit down on a contract and don’t complete the contract, you will lose your deposit. It is very straightforward, and it stings. These condos sold around $500-$600/square foot. If you figure Related Group’s signature 2 bedroom layout that is almost always 1,200 square feet, give or take, the sale amount would be around $700,000. That’s a $350,000 loss, and that is not ideal for anyone… but it’s an option.
They can close with a mortgage
Although condo financing isn’t easy in brand-new developments, there are banks that will finance preconstruction purchases at the time of closing. The challenge is that many of the buyers in these developments are foreign nationals, and those mortgages are more difficult. Some banks refuse to lend to buyers from countries that have political turmoil (looking at you, Venezuela). It’s not a racist thing, the banks are worried about the political climate and their ability to recoup the mortgage. If you have questions about which banks can finance buyers from different countries, let us know. We have a resource that can help.
They can close with a private mortgage
If traditional financing just isn’t a possibility, buyers could visit a private lender. These mortgages typically require very little documentation and are able to close very quickly because the lender is familiar with the local market, the project, and bases the approval on that. The downside of these mortgages is that they are extremely expensive. Expect to pay 3-4 points to the lender at closing as a fee plus astronomical interest rates. I’ve seen interest rates as high as 13-14%. If a buyer was attempting to close the signature 2 bedroom unit that we discussed previously, that would amount to $10,500 – $14,000 just as a closing fee. Then you could expect around $4,000 per month to go just toward interest. Again, not ideal but also better than losing $350,000 right out of the gate.
They could find someone to step in and close on their behalf
This is probably the most ideal situation for someone in a preconstruction condo bind. Developers typically frown upon contract flipping and there’s no guarantee they would approve it, but developers in today’s market are also not eager to hold inventory on a previously sold-out project. They want to take their money and go do something else until another build cycle opportunity presents itself.
We have already had several investors request opportunities to buy in the event that a preconstruction buyer cannot or will not close. If anyone is in a preconstruction condo bind, please contact us and hopefully we can work it out in a mutually beneficial way.
Eighty Seven Park Surpasses The 50% Sold Mark
In the same month that they plan to formally break ground, Renzo Piano’s Eighty Seven Park has surpassed the 50% sales mark. The 18 story tower will have 70 total residences and famous neighbors such as Michael Huffington, the Conde Nast family and the latest announcement, tennis star Novak Djokovic. He has reportedly purchased a 3 bedroom, 3.5 bathroom residence with a wraparound terrace for between $5.9 million and $8.9 million (the exact sales figure has not been disclosed, but that is the cost of available units with the floor plan he purchased).
Not to digress from the star factor, the residences will be quite nice. We were able to go for a preview last month, and the boutique building is impressive for those who love parks and have money. The tower is secluded between two parks. 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 70 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.
According to a representative of the developer and against Miami trends, 55% of the buyers are from the United States. I imagine most of them are from New York, since New Yorkers are most comfortable paying $1.7 million for a 1 bedroom, even if it does have over 1,000 square feet. Prices go all the way to $45 million for the penthouse. 30% of the buyers are from Europe and 15% are from other international markets. Buyers from Turkey and Asian countries have been more active in our market over the last few months, while the Latin American market has cooled.
Site work on the build site has already commenced, and we expect groundbreaking this month or early next month.
Auberge Miami Cancels Reservations; Returns Deposits
Auberge Miami at night
Despite maintaining that the project is “on hold” and not “cancelled”, Related Group is cancelling the reservations and refunding deposits to the pre-construction buyers in Auberge Miami. Last April, the first of the three planned towers was reported to be 20% in reservation, contracts were to be delivered shortly and groundbreaking was scheduled for early 2017. When the sales screeched to a roaring halt, the project was officially put on hold until at least 2018.
“We are selling, and as soon as we get to our (desired) presales we will start construction. The sales center is open,” Related’s condo division president, Carlos Rosso told us in August as they delayed the project. Now that the reservations are cancelled and the deposits returned, I take that to mean that they are no longer selling. The developer’s website for the project has also gone dark and their social media accounts have been quiet since November.
It is possible that the formal cancellation has taken place so that Related can later sell the apartments at a higher price. The buyers we had in the project were given an amazing price, which is one of the reasons we are so disappointed to hear of the cancellation. When completed, Auberge was supposed to have 1,400 units in 3 towers on a 2.8 acre build site at 14th Street and Biscayne Boulevard. The first tower was the only one to open sales and had units priced between $350,000 to $3.9 million.
This isn’t the only project in the works that is “on hold.” Related’s other mega project, One Brickell is also on hold indefinitely. The website is down and the leases in the existing office building have been renewed without the kickout clauses that are used when a new tower is moving forward. If built, One Brickell will bring three new towers to the corner of 5th Street and Brickell Avenue. The first would be a 75 story hotel and condo tower, then a 57 story residential tower and an 82 story third tower that will likely be residential as well. Prices were reported to begin at $700,000 but sales did not officially start.
Elysee Reveals “Les Grandes Maisons” Collection & New Renderings
Redering courtesy of Two Roads Development
It’s a good sign for Edgewater’s Elysee! The site work is underway, the seawall is being reinstalled, the sales are steaming along, and the developers have released their “Les Grandes Maisons” collection.
Builders typically wait until further into the sales cycle to release the larger, higher and more expensive apartments, but the time is now for Elysee. They have unveiled a collection of the larger, limited edition, full-floor residences on floors 46-56 of the 57 story tower. With the telescoping design, the building is able to offer deeper balconies and 3,891 square foot 5 bedroom plans with a sky-high vantage point. Les Grandes Maisons will bring together the atmosphere and proportions of an estate-like home, penthouse level upgrades and a suite of integrated health and wellness enhancements. The health and wellness enhancements include an aromatherapy infuser integrated into the HVAC system of each residence that continually cleanses the air and dispenses high-quality customizable fragrances; LEED-Certified Wellness Habitat interior paint with antibacterial, anti-mold and odor-eliminating properties; and a pre-installed water filtration system that effectively eliminates impurities.
Owners of Les Grandes Maisons also have the option to have their residences designed by Parisian designer Jean-Louis Deniot, one of the world’s preeminent talents in interior design. Prices for Elysee’s Les Grandes Maisons start at $2.8 million. Tres chic!
All residences will include floor-to-ceiling glass windows and sliding doors, private elevators and foyers, 10- to 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 wide open sunrise and sunset views.
Building amenities will include two resort style pools, a health club featuring a fitness center, yoga studio and spa with sauna, steam and shower facilities and private massage rooms, a children’s playroom and a blow-dry bar. Residents will also have access to an exclusive Owners Sky Lounge which will encompass the tower’s entire 30th floor and feature a Great Room, Grand Salon entertainment area with a full bar and piano lounge, Grand Dining Room with seating for up to 30 guests, wine room, chef’s kitchen, library, private theater and gaming room. Elysee owners will also have the enviable advantage of Elysee Attaché – a premium concierge service that will be available to residents 24/7 for travel arrangements, dinner reservations, concert and event tickets, gift deliveries, and more. The project is currently 44% sold and expects to break ground shortly.
