Doubling in Value – Venetian Island Waterfront Mansion Sells for $30 Million
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.
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.
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.
Developers for Residences by Armani Casa Report $1 Billion Sellout
Residences by Armani/Casa has set a new record for condo sales in Sunny Isles Beach. With nearly $1 billion in sales, Residences by Armani/Casa has nearly sold out of the luxury condos, which is significantly more than any other new construction tower in Sunny Isles Beach.
Located at 18975 Collins Avenue in Sunny Isles Beach, this 60-story project was completed in late 2019 just before the COVID pandemic shut down travel and events, which also delayed some of the sales/closings for the new development.
According to the President of Dezer Development (Developer for Residences by Armani/Casa), the building was 85% sold when they first started sales in February 2020 but sales got stagnant and the development was selling around 1 unit a month during the pandemic. The sales began to increase once Florida started to open up.
More recently, two penthouses sold in this tower with one at $7 million and the other at $9 million. Among the buyers include Radamel Falcao (Colombian professional soccer player).
About the Residences of Armani/Casa
The Related Group and Dezer Development are responsible for the creation of Residences by Armani/Casa. The project was completed in 2019 and the property was originally purchased in 2016 for a $305 million construction loan from Wells Fargo, which was reported to already be paid off.
This development features 308 luxury condo units with 2,716 to 3,748 square feet of living space. Pricing starts at $1million with 3 to 4 bedroom floor plan options. Residence amenities include Wolf kitchen appliances, Armani-designed sinks, 10 feet deep private balconies, and much more!
Residence Features
Armani Dada designed and fabricated cabinetry
Sub-Zero refrigerator/freezer and wine cooler
Elegant imported stone countertops and glass backsplashes
Wolf kitchen appliances
Armani Roca designed sinks and faucets
His and her bathrooms in select residences
Spa-inspired shower with Armani Roca wall-mounted handheld spray and large rainshower in most residences
Marble stone floors, walls, and full stone cladding vanity and stone countertops
High-performance Toto Neorest toilet with integrated bidet technology in the master bath only
Private high-speed elevator access to most residences
Breathtaking views of the Atlantic Ocean and city through floor-to-ceiling glass windows
10-foot deep private balconies with glass railings in all residences
8-foot-high double-door entry to a spacious foyer in select units
Summer kitchen with an under-counter Sub-Zero refrigerator in all residences
Digital thermostat featuring intelligent climate control
Recessed lighting in select corridors and bathrooms
Large capacity full-size washer/dryer in all residences
All residences pre-wired for audio speakers as well as motorized shades and programmed lighting controls in select locations
Smart building technology provides seamless access to select building amenities
Tower Amenities
Oceanfront terrace with heated swimming pool, hot tub, and poolside food and beverage service
State-of-the-art fitness center overlooking the Atlantic Ocean
Men’s and women’s dressing rooms with lockers and showers
Private oceanfront restaurant and bar with outdoor seating and in-residence delivery
Exclusive beach amenities, including food and beverage services, chaise lounges, umbrellas, and beach attendants
Two-story Spa with indoor and outdoor treatment rooms
Ocean-view yoga studio with Pilates equipment
Cigar room
Temperature- and humidity-controlled wine cellar
Bar area
Game room with pool table
Children’s playroom
Armani Prive lounge at the lobby level
24-hour multilingual concierge service
24-hour valet parking service
24-hour security
Professionally curated collection of museum-quality art, including monumental sculptures by Sandro Chia and Sinisa Kukec
There are just a few units left at Residences by Armani/Casa. If you or someone you know have an interest in purchasing one of the units, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Missoni Baia Tops off Construction
The long-awaited 649-foot waterfront tower, Missoni Baia is now topping off construction at 57 stories. Located in the Edgewater neighborhood of Biscayne Bay at 777 NE 26th Terrace. Missoni Baia is the first Missoni branded condominium tower in the world.
Developers for this project include OKO Group and Cain International who are responsible for creations such as UNA Residences and 830 Brickell. The building is being designed by architect Hani Rashid of Asymptote Architecture and landscape design by Enzo Enea.
This luxury tower features 249 units with 1 to 5 bedroom floor plans measuring between 776 and 3,788 square feet. Pricing for the units fall between $650,000 to $9 million. This bayfront tower also features 200 feet of linear Bayfront access.
According to Vanessa Grout, the CEO of the OKO Group, domestic buyers surged once single-family home prices escalated. “As a result, luxury condominiums like Missoni Baia are proving much more attractive, promising less maintenance costs and an abundance of resort-style amenities,” says Grout.
Interior unit features include 10-foot ceilings, expansive terraces, impact-resistant glass windows, and custom kitchens with high-end appliances. Residents of Missoni Baia will have access to ultra-luxurious amenities including a private spa with sauna, steam room, multiple pools with poolside lounges, a bay-terrace lounge, resident game room, kid’s pool and play area, and a pet spa.
As of June, a majority of the units at Missoni Baia have sold, and closed sales have reached approximately $100 million. This gorgeous tower is set to complete at the end of 2021. If you or someone you know have an interest in purchasing one of the units at Missoni Baia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Inside Miami’s High-Security Billionaire Bunker – Indian Creek Island
Located on a barrier island on the outskirts of Biscayne Bay, sits a gorgeous Island shrouded in exclusivity and extreme wealth. Indian Creek Island is filed with billion dollar views, Brazilian teak docks, 100+ foot yachts, and extreme security.
This fortress of an island features 41 waterfront properties strategically arranged around an exclusive 18 hole golf-course stretched across 294 acres.
The average home value is $20 million with each lot featuring a minimum of 1.25 acres. In February 2010, one of the luxury estates sold for $50 million, breaking the record for the most expensive single family home sold in Miami.
Security is so tight that the entrance is heavily guarded with a 13 person private police force who patrol the island via boat, jeeps and jet skis 24 hours a day.
According to the 2019 census, the population for Indian Creek Island is 87 and in year 2000 it was considered the 8th highest income area in the United States.
History of Indian Creek Island
In the early 1900’s, Indian Creek Island was created as a result of excavation for drainage in Biscayne Bay. Although the golf course was created a few years later, the Village of Indian Creek Island officially established in 1939. The first homes built on the land were vacation homes for the Miami’s rich and famous. Although there are none of the original remaining homes, there are a handful that date back to the 1950’s.
In more recent years, instead of residents using their homes for vacationing, they are living in the community year-round, shifting the typical profile of the residents. The village are seeing more families with children and a recent council meeting approved sidewalks and streetlights for play.
Notables on the Island
With the exclusivity of Indian Creek Island, it brings on many notables who want the privacy and security this island has to offer. Past residents include Beyoncé and Jay-Z. Current notables include:
Norman Braman- car dealership billionaire
Purchased 1 Indian Creek Drive in 1991 for $3.9 million
Russian (anonymous) buyer
Purchased 3 Indian Creek Drive in 2012 for $47 million
Ivanka Trump and Jared Kushner
Purchased a vacant lot for Julio Iglesias (Enrique Iglesias’ father) in 2020 for $30 million
Adriana Lima -Victoria Secret Supermodel
Purchased 22 Indian Creek Drive in 2009 for $9 million
Don Shula -Retired headcoach for the Miami Dolphins
Purchased 16 Indian Creek Drive with a price unknown due to divorce
Tom Brady and Gisele Bündchen
Purchased a tear-down at 26 Indian Creek Drive in 2020 for $17 million.
There is only one property currently on the market on Indian Creek Island. The property located at 29 Indian Creek Drive is listed for rent at $100,000 monthly and features 4 bedrooms, 4.5 bathrooms with gorgeous southern exposure of Biscayne Bay. For more information on this property or about Indian Creek Island, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Market Watch-Condo Sales Surge First Week of June in Miami
Condo sales and volume have surged for the for Miami-Dade county for first week of June. From May 30th to June 5th, 299 condo units sold for $233.2 million. This is up from the previous week in May at 274 units for a total of $183.1 million.
The average price for the units is $780,000, which is up from the last week of May at $668,000. Price per square footage is at an average of $447, with an increase of $31 price per square foot from the previous week.
The week’s most expensive sale is tennis star Carolina Wozniacki and NBA player David Lee for a penthouse at Palazzo Del Sol at Fisher Island. The condo closed for $18.7 million at $2,670 price per square foot. The property was on the market for 472 days and listed by Dora Puig at Luxe Living Realty.
Coming in second is a condo at the Santa Maria Brickell in Miami at $13 million with $1,300 per square foot. This property was on the market for 1 day.
The 3rd most expensive sale was located at One Ocean 402, sold for $3.1 million at $1,516 price per square feet with 57 days on the market.
Five Park is set to be Miami Beach’s Tallest Residential Tower at 519 Feet
Sales are officially underway for Five Park! Five Park will be Miami Beach’s newest residential condo tower, rising 48 stories tall. It is expected to be Miami Beach’s tallest tower at 519 feet high.
Located at 500 Alton Road Miami Beach, this tower will feature 98 residential units with two- to five-bedroom floor plans with 1,434-6,000 square feet. Residences will feature private elevators, open floor plans, ten-foot-wide sliding doors opening to an expansive terrace, and 10′ ceilings. Pricing will range from $2.55 to $7.7 million.
Developers for this project include the Terra Group and GFO Investments. Terra Group is well-known for their projects at 900 Biscayne Bay, and Grove at Grand Bay. GFO is currently backing the project Gale Miami. The architects for this project are Arquitectonica and Gabellini Sheppard.
The condo units will face east with expansive views of the ocean, Biscayne Bay, and the Miami skyline. Five Park has an ideal location in the South of Fifth neighborhood. Its location places residents near restaurants, shopping, and the beach.
Five Park will also feature Miami Beach’s first ‘Member’s Only’ club which will be located on the 26th floor, called the Canopy Club.
Residence Features:
Private elevators
Expansive, open floor plans maximize the Miami sunlight
10’ wide sliding door openings enable terrace access from living rooms
Finished floor terraces accentuate a harmonious blend of indoor-meets-outdoor living
Design-forward Hansgrohe bathroom fixtures feature in secondary bathrooms
Front-load washers and ducted, vented dryers for clean and quiet laundry access
Custom Five Park app allows you to conveniently manage your amenity and at-home experience
Residences are prepped with platinum pre-wiring
Building Features:
Co-working area with private offices and board rooms
Children’s learning lab & teen club
Screening room
Luxury short-term guest suites for friends and family
Resident-only pool bar & café
24-hour concierge and butler service
Housekeeping services available
Beach Club transportation via electric Moke
Fully-outfitted Gym
Spa & Treatment rooms
State-of-the-art fiber-optics provide high-quality internet and WiFi service from every corner of Five Park residences and amenities, even garage and elevator space
Canopy Club (Outdoor) Amenities:
Sky gaze from club lounge, dining, and living rooms outfitted with outdoor terraces that host amazing views of downtown Miami and Miami Beach
Enjoy elegant, secluded entertainment options at the private jewel box bar, lounge, and billiards rooms
Engage in a quiet night in at the clubroom den
Take advantage of the Canopy Club’s private dining room, perfect for special events
A club-level dining experience curated seasonally by a host of visiting renowned chefs
A wellness lounge outfitted with private training areas, an outdoor workout zone, exercise bikes, a yoga deck, and juice bar amid spectacular bay and ocean views
In-house personal trainer and wellness coach
Women’s and men’s spa lounges, each with separate saunas, a hammam, and a dedicated massage and treatment room
Dedicated club-level concierge
Construction is underway for Five Park and is expected to be completed in 2023. If you or someone you know have an interest in purchasing one of the units at Five Park Miami Beach, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Dwyane Wade and Gabrielle Union Sell their Miami Beach Waterfront Mansion for $22 Million
What a crazy week for luxury real estate! Another mansion just sold in Miami Beach by none other than retired Miami Heat basketball player, Dwyane Wade and wife, Gabrielle Union.
Wade and Union first purchased the home located at 5980 North Bay Road in Miami Beach in 2010 for $10.6 million. The couple originally listed the home for $32.5 million in 2019 and lowered the price in December 2020 to $20.6 million. The home has been under contract with the same buyer since January of this year and just closed on June 1, 2021.
Sitting on 13,800 square feet of living, the 6-bedroom, 9 full bathrooms, and 2 half bathrooms is infused with Spanish architecture mixed with contemporary designs throughout. The chef’s kitchen features neutral tones and quartz countertops with Sub-zero and Wolfe appliances. The home also boasts an impressive master suite, wine cellar, and a large theater.
The home sits on professionally manicured 1 acre parcel with an expansive pool overlooking Biscayne Bay, boat dock, outdoor kitchen, guest house, outdoor basketball court, and playground.
The buyer for this property has not been disclosed. Wade and Union are currently residing in Los Angeles where they purchased a Hidden Hills Mansion for $18 million in 2020.
Dwyane Wade retired from his 16-year Miami Heat basketball career in 2019. Wade holds the Miami titles for all-time leader in points, games, assists, steals, shots made, and shots taken. He is also a minority owner of the Utah Jazz.
Gabriel Union is an American actress, activist, and voice actor. She has stared in movie roles on Bad Boys II, Bring It On, and She’s All That. Time Magazine included Union in the 100 Most Influential People in the World of 2020 magazine edition.
Legacy Hotel & Residences Sells out at 100% at Pre-Construction
Legacy Miami Worldcenter also known as Legacy Hotel & Residences is one of the newest pre-construction residential towers located in Park West Miami. This luxury tower will rise 668 feet tall with 50 stories. This tower has officially sold out before the groundbreaking. According to the South Florida Construction Journal, this is the first development in downtown Miami to sell out prior to construction.
Centrally located at 942 NE 1st Avenue in the heart of the Miami Worldcenter ‘mega-development.’ This mixed-use project will feature 287 residences, 262, luxury hotel rooms, restaurants, business center, medical office, retail, and a rooftop atrium with multiple amenities. It will also be considered the second tallest tower at Miami Worldcenter.
The residences will consist of studios, one-bedroom, and two-bedroom floor plans ranging from 368 to 964 interior square feet. Developed by Royal Palm Companies with Kobi Karp as the architect and ID & Design International designing the interior space. This tower will feature state-of-the-art living without any rental restrictions. This allows homeowners to rent their units on a short-term basis through AriBnB, VRBO, or through Legacy’s rental program. The residences at Legacy Hotel & Residences will come fully furnished.
The sold units include a total of 310 with a combined value of $160 million. The average prices ranged between $350,000 to $2+ million. There are 8 penthouses remaining are subject to use for the hotel portion of the project.
RPC is currently closing on their construction loan and expects to announce that milestone soon. Construction permits are pending and site pre-work is estimated to begin the end of May and/or beginning of June 2021. Legacy Hotel & Residences is expected to be completed in 2024.
Miami Real Estate Sales Surge in April 2021 – Best Sales Month in History
Home and Condo Sales surge in April making it the best sales month in Miami-Dade County real estate history. There have been a record number of companies relocating as well as individuals moving to South Florida creating such a high demand. Throw in the record-low mortgage rates and you definitely have your ‘surge.’
According to the Miami Multiple Listing Service (MLS), home sales have increased by 151.3% from 2020. Last year offered 1,576 homes sold to this year alone doubling to 3,960. Single-family home transactions increased by 83.1%. Condo sales are no different, with a substantial increase of 234.2% from 711 sales in 2020 to 2,376.
According to the MIAMI Realtors Chairman of the Board Jennifer Wollmann, “Miami recorded its best April sales month in history and the sales could have been even larger had there been more inventory.” “As is the situation in many major cities, inventory is low for single-family homes. The Miami condo market, however, is in a balanced market with 7.1 months of supply and buyers are taking advantage of the sector’s healthy inventory and today’s record low mortgage rates,” Wollmann also stated.
The luxury market has seen a substantial increase, with Miami luxury single-family home sales increasing 541.1% year over year with 359 total sales for April 2021.
Single-family home pricing between $400,000 to $600,000 increased by 118.9% to 521 transactions in April 2021. Cash sales for single-family homes have increased by 27.4%
The Miami Luxury condo market has also seen a spike in sales with an increase of 540.8% with 314 sales. Condo pricing sales between $400,000 and $600,000 had an increase of 371.6% to 349 sales than the years prior. Median prices for condos have increased 22.6% year over year as well. Condo cash sales accounted for 46.5% of transactions.
Distressed sales in my were at 1.5% which is low compared to prior years. Back in 2009, distressed sales accounted for 70% of all Miami sales.
With the high-demand, Miami real estate buyers have gotten creative and competitive with their offers. Multiple bids, buyers offering over asking price, and/or offering cryptocurrency in with their offer can really give buyers an edge in this market. Other factors have included mortgage contingencies, waving home inspections, and mortgage lenders waiving appraisals have also created a competitive edge.
