Developer for Ocean Terrace Project Seeks Expansion Approval

Southwest Pedestrian View of Ocean Terrace
Northeast Pedestrian View of Ocean Terrace
Photo Credit: Ocean Terrace Holdings

Plans that were originally approved in 2019 for the historic Ocean Terrace district are being revisited in hopes to expand the project located at 7409-49 Collins Avenue and 7400-50 Ocean Terrace.

The original approved plans included 78 hotel rooms that will be renovated through the historic Broadmoor and Ocean Surg hotels, 58 residential units, and 18,060 square feet of retail space.

The new plans, submitted by developer Ocean Terrace Holdings, would include 75 residential condo units that would range from 1,198 to 2,555 square feet options. In the revised plans, it includes 2 top-floor penthouses that range from 4,028 to 4,332 square feet of living space, each with a rooftop pool.

Southeast Pedestrian View of Ocean Terrace
Photo Credit: Ocean Terrace Holdings

Hotel rooms would also increase to 127 with 55 of the units residing in the historic building. The rest of the units will reside in the new 11-story building that will feature a rooftop pool.

Ocean Surf and Broadmoor Hotels of Ocean Terrace
Photo Credit: Ocean Terrace Holdings

The retail space will include 3 pools and 17,474 square feet of space. The new construction will total 525,692 square feet including the parking garage. The original proposal was approved at 359,590.

Architect includes Revuelta Architecture Internation and RJ Heisenbottle Architects is in charge of the historic preservation design.

The Historic Preservation Board will be meeting on September 13 to consider these revised plans. These plans will also include an oceanfront public space. Once the plans are approved, the developer would like to begin construction immediately. The public space and condo tower construction would start in 2022.

Southwest Pedestrian View of Ocean Terrace
Photo Credit: Ocean Terrace Holdings

Record Set for Miami-Dade for Most Home Sales in a Quarter for Q2 2021

Q2 Sales for all of Miami-Dade
Q2 Sales for all of Miami-Dade

According to the Multiple Listing Service (MLS), Miami-Dade real estate has set a new record for most home sales in a quarter. This new record is of no surprise due to the multiple records that have been set in Miami this year alone. 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 million on a recent waterfront home, making it the highest-priced sale in all of Bay Harbor.

Total home sales for Miami-Dade County rose 142.4% from 4,766 to 11,553 sales. Single-family homes sales also rose from 66.9% from 2,688 to 4,486. Existing condo sales increased from 2,078 to 7,067 making it 240.1%.

Comparing to quarter 2 2019 to quarter 2 of 2021, total home sales rose 46.9% overall from 7,861 to 11,553 total transactions. As for condo sales, which are up by 76.3% from 2019 to 2021 and single-family homes sales up 16.4%. These numbers make this quarter the best-selling quarter for all of Miami-Dade since 1993.

Luxury sales have also rose 346.4% for this quarter. With an influx of buyers from the West Coast as well as remote workers, $1 million-plus homes are not staying on the market long. Condo luxury sales have increased by 651.6% for this quarter as well.

Single-family median home prices rose 31.6% from $380,000 to $500,000. Condo sales saw an increase as well at 25.8% from $262,250 to $330,000. The total home sale volume for Miami is $9.3 billion.

One of the drawbacks for sales is the lack of inventory for both condo and single-family homes. Active listing total 11,262 for this quarter at 41.8%, which is a large decrease from 19,358 from 2020. Condo inventory showed a substantial decrease of 41.7% from 4,926 to 2,853. With the interest rates maintaining a low rate and sellers wanting to take advantage of the market, we hope to see an increase in supply in the future.

The Next Steps: After the Champlain South Tower Collapse

Champlain Tower South
Champlain Tower South

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.

1 Million Square Foot Mixed-Use Project Proposed for Wynwood- 29N

29N Proposed Construction Wynwood
29N Proposed Construction Wynwood

L&L Holding Co. and Carper Real Estate Partners have recently purchased 3 acres located at 95 N.W. 29th Street in the Wynwood Arts District. Making up nine parcels, the New York-based companies plan on developing a multi-use project totaling 964,693 square feet.

Dubbed the name 29N, this planned project will rise on the former Rubell Family Art Museum Building and will feature multiple buildings 12 and 8 stories tall. There will be a ‘pedestrian paseo’ connecting the towers and lot will feature 313 feet of frontage along NW 29th Street, sharing a block with the Gateway at Wynwood.

Featuring 523 apartments, 200,618 square feet of office space, 26,372 square feet of retail, and 668 parking spaces, 29N will be considered one of the largest projects in Wynwood. Amenities for this project would be on floors seven through nine.

The residential units would range from studio to 2-bedroom apartments with 504 to 1,093 square feet floor plans. This project will be designed by Gensler, a San Francisco-based firm along with Fortis Design + Build.

The renderings for the building design feature a colorful aesthetic that showcases the culture of Miami as well as the Wynwood neighborhood. Art murals with reds, greens, and browns will be showcased on the ground floor level of the buildings.

Proposed Construction in Wynwood Arts District

End of June Condo Sales Reach $259 Million

Miami Condo Sales for the end of June
Miami Condo Sales for the end of June

Another week of real estate sales shows a significant increase in volume and the total number of condos sold for Miami-Dade. According to the MLS, for the week of June 27th, through July 3rd, 357 condos sold for a combined $259 million. The previous week shows only 237 condos sold for a combined value of $159 million.

The average sales price for condos is $725,000. Last week’s price fell to $671,000. We are seeing a steady climb in condo price averages as well as an uptick in new construction sales.

The most expensive sale last week was non-other than a penthouse at The Mansions of Acqualina in Sunny Isles Beach that sold for $27 million. This 9,103 square foot condo features four bedrooms, 6.5 bathrooms, and 2 kitchens, also fully furnished by Fendi/Bentley. This developer-owned (The Trump Group) condo sold for $3,000 price per square foot. This sale is considered the third-highest condo sale in Miami-Dade history.

The second most expensive condo sale was at Continuum of South Beach. This unit sold for $8.6 million at a $2,459 price per square foot. This property was on the market for 108 days. This condo features 3 bedrooms, 3.5 bathrooms, with 3,500 square feet of living space. The property also features an Italian kitchen, marble floors throughout, and gorgeous ocean views.

One of the more notable single-family residential sales includes an Indian Creek Island Mansion purchased by a developer, Todd Michael Glaser for $24 million. This property located at 37 Indian Creek features 7,236 square feet of living space situated on 1.2 acres. Glaser plans to demolish this estate to build a larger home with 2 pools and double the square footage with hopes to list the new construction home at $50 million.

Doubling in Value – Venetian Island Waterfront Mansion Sells for $30 Million

Venetian Islands Miami Beach
Venetian Islands Miami Beach

The Venetian Islands in Miami are man-made islands connected by the Venetian Causeway from downtown Miami to Miami Beach. These islands offer some of the most lavish and unobtrusive island living in Miami. Totaling 6, each island offers its on appealing qualities.

Homes on Venetian Islands

In the winter months, you will see socialites, notables, and celebrities flocking to these gorgeous islands for a private and luxurious getaway. These islands offer a mixture of Mediterranean and Italian inspired architecture and landscaping. With swaying palms, stone exteriors, you will feel like you are on a secluded resort island.

More recently, a waterfront mansion with one of the largest lots on the Islands sold for $30 million. Doubling its value, this property was originally purchased for $13.5 million in 2014. The new purchase price equaled $3,870 per square foot and was sold off-market.

Venetian Islands Miami Beach

Located at 943 N. Venetian Drive, this lot faces north on Biscayne Bay, making it one of the most desirable locations. The property features 7,752 square feet of living space on 1.08 acres with private gate entrance.

The estate was built in 1937 with additions in 1994 and 2004. Guests are greeted with a circle drive leading to a Mediterranean stucco finish mansion with 6 bedrooms, 7 bathrooms, 7 statues, a pool, balcony, and boat dock.

Sellers for the home include Marjorie E. Stone and Ricardo Rodriguez, but the buyers are currently unknown with a registered name of Delaware LLC.

Exterior of Waterfront Mansion on Venetian Islands
Photo Credit: Saddy Delgado
Foyer for Mansion on Venetian Islands
Photo Credit: Saddy Delgado
Luxury Kitchen Venetian Islands
Photo Credit: Saddy Delgado
Luxury Estate on Venetian Islands
Photo Credit: Saddy Delgado
Luxury Waterfront Mansion on the Venetian Islands
Photo Credit: Saddy Delgado

Volume for Condo Sales Rose more than $60 Million for June

Miami Condo Statistics
Miami Condo June Statistics

According to the Miami-Dade MLS (Multiple Listing Service), condo sales for Miami rose more than $60 million, while the number of units remained steady. As of last week, 273 units sold, which is very similar to the previous week with a dollar amount totaling just over $210 million, with the previous week at $149.3 million.

The average sell price for condos from June 13 to June 19 is up to $770,000 with the previous week at $541,000. The most expensive sale for this week included a penthouse at Miami Beach’s Faena House for $11.2 million equaling $2,628 per square foot. The unit was on the market for 267 days.

Faena House condominium is located at 3315 Collins Avenue in Miami Beach. It is an ultra-luxury tower with 47 units rising 18 stories tall. This building offers 1 to 4 bedroom floor plans with 1,307 to 8,273 interior square feet of living space. Residence features include; Miele appliances, Dornbracht bathroom finishes, marble flooring, and Crestron Automated Systems. Residents enjoy exclusive amenities including a 24-hour doorman, valet, spa, fitness center, beach club, and direct ocean views.

The second most expensive sale was at the Surf Club Four Seasons in Surfside selling for $6 million at $3,409 per square foot. This property was on the market for 126 days.

Surf Club Four Seasons located at 9001 Collins Avenue and 9111 Collins Avenue in Surfside was designed by architect Richard Meier who brilliantly blinded the historical Surf Club and the new 12-story development. The Surf Club Four Season features 150 residences and 77 hotel rooms. The residences feature 1 to 5 bedroom units with staff quarters ranging from 1,411 to 7,500 square feet of living space with floor-to-ceiling glass walls, expansive balconies, and unobstructed views of the Atlantic Ocean and Biscayne Bay.

President of a Wealth Management Firm Buys Waterfront Mansion in Coral Gables for $14.6 Million

Old Cutler Bay Neighborhood
Old Cutler Bay Neighborhood

Miguel Duenas, President and Chief Investment Officer for Dimension Capital Management (Coral Gables based wealth management firm), just purchased a waterfront mansion in the Old Cutler Bay community for $14.6 million.

Miguel and his wife purchased the home located at 9385 Balada Street, Coral Gables from Jose I. and Elizabeth J. Garcia. The Garcias originally purchased the estate in 2018 for $7 million.

Old Cutler Bay leading to Atlantic Ocean

The home was built in 2007, featuring 6 bedrooms, 7.5 bathrooms with 8,245 square feet of living space. The lovely estate sits on 0.7 acres with 364 feet of water frontage. The home is equipped with everything you could possibly need and want in a luxury home; full-gym, elevator, infinity pool and boat dock.

The gorgeous home is completely refined with custom cabinetry, granite countertops, and high-end stainless steel appliances. Multiple covered terraces grace the exterior overlooking the unobstructed bay. One of the best features of this property is that there are no bridges to hinder direct access to Biscayne Bay.

This subdivision located in Coral Gables is known for its privacy and architecturally designed waterfront estates. Upon entering the gated-community, you are greeting with gorgeous tree-lined streets leading to the immaculate and custom estates. You will truly have a neighborhood feel in the middle of a big city.

Neighborhood Amenities:

  • 5+ miles of walking and biking trails
  • 24 hour guard gate with security
  • 24 hour roving patrol security
  • Direct access to the Atlantic Ocean
  • Wide canals for boating

Old Cutler Bay is located one block south of Kendal Drive and just a few minutes from Matheson Hammock Park & Marina and Fairchild Tropical Gardens. This neighborhood also places you 30 minutes away from Miami International Airport as well as downtown Miami.

Recent sales in Old Cutler Bay include the founder of TechCrunch, who purchased a waterfront mansion for $16 million in May.

Pool View from Waterfront Mansion in Coral Gables

Continuum South Beach Bulk Sale for $30 Million by Two Former Morgan Stanley Execs

Continuum South Beach
Continuum South Beach

In 2014, Karen Bechtel and her husband William McKinley Osborne III (former Morgan Stanley executives) purchased 3 total units at Continuum South Beach South Tower for $21 million. Records show that they purchased units 3602, 3603, and 3604 and combined it into one unit totaling 8,229 square feet on the 36th floor.

The full-floor condo was originally listed in March 2021 with an asking price of $36.5 million. The gorgeous combined units feature a total of 6 bedrooms, 5.1 bathrooms with a 2-story main suite. Two kitchens, a theater and 3,704 square feet of balconies make up the rest of the luxury apartment.

According to county records, the buyer was listed at MFTMA Holding LLC. The price per square foot totals $3,646, and is considered Miami Beach’s fourth most-expensive condo deal since 2005.

Continuum South Beach Towers

Continuum developer Ian Bruce Eichner also sold his penthouse in the building for $35 million in April 2021 that was originally listed for $48 million two year ago. Another sale for Continuum included CEO of a financial tech company purchased 2 combined units for $12.1 million.

Bechtel and Osborne were both Managing Directors at Morgan Stanley from 1980 to 1991. Bechtel is currently a senior adviser at Carlyle Group. During the pandemic, they established a non-profit organization called Meals for Heroes Miami that focused on partnering with local restaurants to provide food for health care workers and first responders. In April, the couple bought a mansion in Tahiti Beach for $28.9 million.

Continuum was built in two phases by developer by Bruce Eichner in 2002. Residents of Continuum South Beach enjoy arguably the best resort-style amenities.

Continuum South Beach Aerial

BUILDING AMENITIES

  • Stunning landmark architecture
  • 1,000 ft of direct beach front access
  • 24-hour welcome desk with concierge  
  • 24-hour guest valet 
  • Elegant resident club room
  • Luxury Health spa with sauna, steam room
  • Two lagoon-style pools
  • State-of-the-Art gym
  • Business Center 
  • Lush and manicured landscape
  • 3 Tennis Courts
  • Outdoor restaurant
  • Multi-story health club & spa

RESIDENCE AMENITIES

  • Ten foot high ceilings
  • Private balconies with glass railings
  • Floor to ceiling sliding glass doors
  • Imported marble countertops, backsplash, and whirlpool decks
  • Imported marble flooring in wet areas and shower
  • Designer fixtures
  • Whirlpool tubs
  • European bathroom vanity cabinets
  • Seamless glass shower doors
  • Custom European designed cabinetry
  • Granite Countertops
  • Under counter lighting
  • Faber “Inca Smart” integrated hood vent
  • Sub-zero built-in refrigerator-freezer
  • Miele touch-control cook top
  • Miele integrated dishwasher
  • Miele microwave oven
  • Single-lever faucet with pull out spray

If you or someone you know have interest in purchasing one of the units at Continuum South Beach, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.