$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.

Avalon Merrick Park Tower Under Construction in Miami

Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.

When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.

The shell contractor is L&R Structural and the architect will include Arquitectonica.

Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.

Building Amenities

• State-of-the-art fitness center with professional-grade cardio and strength equipment
• Rooftop, resort-style pool and sundeck with BBQ area and seating
• Pet-friendly living with WAG Pet Spa
• Coworking space including workspace pods and reservable conference rooms
• WiFi access available in common areas
• Package lockers for 24/7 package acceptance
• Smoke-free living
• Controlled access garage parking
• Bike storage
• Easily accessible to retail and dining, including the Shops at Merrick Park
• One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove

Residence Amenities

• Studio, one, two, and three-bedroom floor plans
• Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
• Washer/Dryer in all homes
• Walk-in closets
• Air conditioning

Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.

Waldorf Astoria Hotel & Residences Receives Official Approval for Demolition

The Waldorf Astoria Hotel & Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” In June, the developers launched Waldorf Astoria’s official sales gallery located at 400 Biscayne Bay, right across from the construction site.

Waldorf Astoria has received official approval to begin clearing the site. According to the Miami Building Department, the demolition permit was submitted in early June 2021 and officially approved on August 4, 2021.

Clearing the actual 5,000 square foot site is estimated to cost around $30,000. The developer is working with The BG Group for demolition.

The developers include PMG with Sieger-Suarez Architects are the designers for the project. This tower will be truly one-of-a-kind with a unique design featuring 9 stacked glass cubes offsetting each other as they go vertical. Design interior created by BAMO design firm.

Waldorf Astoria Hotel & Residences will rise 1,049 feet tall and will feature 360 condos, 205 hotel rooms, and suites.

Tower Amenities:

• Peacock Alley
• True Waldorf Service and concierge
• Unobstructed views of city and downtown skyline, Miami Beach and Atlantic Ocean
• Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
• Private Bar/ Wine Tasting Room
• Signature Restaurant
• All-Day Dining Brasserie
• Pre-function and function spaces
• Meeting and boardrooms
• Waldorf Astoria Kids Club
• 24-hour valet parking
• Signature spa
• Leading-edge fitness center with private training studios

Residential Amenities:

• 24-hour doormen and lobby desk attendants
• Private porte cochère with 24-hour valet service and private residential entry
• 24-hour concierge services in addition to dedicated on-site professionals
• Live-in resident manager and 24-hour security
• Front-door package and service delivery via signature Concierge Closet
• Owners Lounge with high ceilings
• Billiard and entertainment room with panoramic bay views
• Designed for private functions and equipped with adjacent catering kitchen
• Private residential pool deck with whirlpools with lounging areas
• Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services

Property Markets Group, Greybrook, and Hilton are also partnering on the project. The groundbreaking is still planned for the beginning of 2022.

Waterfront Mansion in Coconut Grove Breaks Record at $65 Million

A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.

According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.

The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.

The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.

The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.

The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.

The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.

Own this Multi-Million Dollar Home in Miami for Free

A for-profit fundraising website, Omaze has partnered with the Charities Aid Foundation, and Make-A-Wish Foundation to raffle off a 7 bedroom, 6 bathroom home in Kendall, just south of downtown Miami.

The property last sold in April 2021 and is currently valued at $2.6 million and you can own it for free. According to the Omaze website, it doesn’t cost anything to enter but if you would like additional entries and a greater chance to win, then the entrant can purchase additional entries.

Five additional entries equal $5 but $150 can get you 2,000 entries. The more you pay, the more you play. The amount of entries is limited to 6,000 per person. The proceeds from the purchase go towards the Charities Aid Foundation who will then distribute the funds to the Make-A-Wish Foundation of America.

This specific raffle will go towards helping 9-year-old Khushi who is currently battling cancer in her dream to become a princess. In a statement, Omaze stated they will only keep 15% of the contest revenue for operating costs.

The home is located at 8100 SW 96th Street and features 6,060 square feet of living space. Photos of the home show a gated property opening to the modern-style home with vaulted wood ceilings and a covered patio.

Home Amenities:

• Greeting room with wet bar
• Designer kitchen with a Wolf gas range, double ovens, subzero refrigerator, Miele coffee maker, Neff cabinets, Silestone countertops, and a large island
• Luxurious master suite with a sitting area, private terrace overlooking a pool, two walk-in closets, and an “amazing” master bathroom
• Office
• Private upstairs studio apartment
• Heated pool and spa area with a kids’ wading area
• Outdoor kitchen with grill area
• Elevator
• Savant smart home automation system
• Metal roofing
• Porcelain floors throughout
• Generator-ready electrical system
• Two-car garage

The deadline to enter the Omaze raffle is December 18, 2021, and the winner will be announced in early January 2022. If the winner decides to forgo accepting the prize, a cash option of $1.8 million is available which will be paid in installments of $150,000 for 12 months.

Miami will be the First Test Market for Lyft’s Self-Driving Cars

Lyft has been competing with Uber since it first launched its services in 2012. Now Lyft has the upper hand in the market because for the first time ever, Lyft will be launching a self-driving ‘robotaxi’ services in Miami.

Lyft has partnered with Argo AI, an AV startup that is backed by Volkswagen and Ford to bring artificial intelligence into ride-sharing. Launching in Miami later this year and Austin, Texas next year.

According to the press release today surrounding the partnership and ride-sharing initiative. Ford has promised to bring full-scale autonomous vehicles for the public that could make more reliable predictions than other self-driving cars on the market. For this self-driving car, Ford has built a vehicle without a steering wheel or pedals, but there are currently no renderings or photos available.

During the transition, Ford along with Argo will be inviting members of the general public to ride in autonomous vehicles for consumer testing. The first fleet of cars to start in Miami will feature less than 100 cars. According to Argo, they expect to have more than 1,000 vehicles across several markets in the U.S in the next 5 years.

The technology itself has been tested in Miami for several years prior to this announcement. According to the press release, these vehicles will be available on the Lyft platform in Miami by the end of the year. The vehicles will include 2 ‘safety drivers’ in the front and passenger seats.

Argo is also is preparing to launch an autonomous delivery service with Volkswagon in Germany by 2025.

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

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.

End of June Condo Sales Reach $259 Million

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.

Developer Todd Micheal Glaser buys Indian Creek Waterfront Mansion for $24 Million

Developer, Todd Michael Glaser is a Miami native and a well-known developer who has made a name for himself with projects like 1000 Museum. Most recently, Glaser and his partners purchased an Indian Creek mansion for $23.8 million. The property was originally listed in October 2020 for $20 million and taken off the market in March 2021.

The Indian Creek waterfront mansion is located at 37 Indian Creek Road featuring 7,236 square feet of living space set on 1.2 acres. This 3 bedroom, 4 bathroom estate boasts an expansive brick driveway leading to a Mediterranean-style home. The large pool overlooks Biscayne Bay with a 20-foot boat dock.

The seller of the home was Don Francisco, host of ‘Sábado Gigante’ a Spanish language variety show that showcased musicians and comedians. He hosted the show for 53 years ending in 2015 and returned to TV with a new show “Don Francisco Te Invita.” Francisco originally purchased the property in 1993 for $2.6 million and has made several updates throughout the years.

Glaser and his partners plan on demolishing the home to build a mansion double the size and double the value. With the help of architect Kobi Karp, this new estate will be one of a kind. It will feature 2 pools and with plans on being listed around $50 million. The anticipated completion for construction is set for December 2021.

Indian Creek Island is a gated island north of Miami Beach. It has its own police force that patrols 24 hours a day. Billionaires are known to call this place home because of the security and exclusiveness it offers.

Notables like Ivanka Trump and Jared Kushner as well as Hotels.com co-founder Bob Diener own properties on the island. Last year alone, Tom Brady and his wife, Gisele Bundchen purchased a lot for $17 million, where they plan on building a new estate.

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.