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.
E11EVEN Developers Announce Second Tower Called E11EVEN Residences Beyond
E11EVEN Hotel & Residences has been one of the hottest pre-construction developments in Miami since the day it was announced. So hot that it sold out even before breaking ground. Now we have a new tower to get excited about, and it’s directly next door, E11EVEN Residences Beyond. This tower will be the twin to the original when it comes to the luxury amenities and design but Beyond will be way more exclusive.
Located directly next to E11EVEN Hotel & Residences at 20 NE 11 Street in the Park West neighborhood, Beyond will be connected by a signature bridge allowing residents to go back and forth but only Beyond residents can have access to the original building and not the other way around. Like we said, exclusive.
Co-developed by PMG and E11EVEN Partners, E11EVEN Residences Beyond will feature 461 fully furnished and fully finished luxury units. Floor plans will range from studio to two bedrooms plus a selection of limited penthouses. E11EVEN Residences Beyond, designed by Sieger Suarez Architects will rise 65 stories tall and will feature a similar design to that of E11EVEN Hotel & Residences.
All residences were designed by the award-winning design firm, Avroko Hospitality Group. These units have been specially curated with luxury in mind. Residence amenities will feature high-end appliances like Sub-Zero and Wolf, which will include a microwave, dishwasher, and a built-in convection oven. A custom lighting package, fireplace, and a top-of-the-line washer and dryers are also in the units. One valet-only space is included with each standard unit.
E11EVEN Residences Beyond will feature all of the same luxury amenities that E11EVEN Hotel & Residences has to offer. That includes a signature restaurant, 93-foot resort-style pool with a private lounge on level 14, a state-of-the-art fitness center, access to E11EVEN Beyond Member’s Club, executive office suites, and workspace. One of the most exciting features is the helipad which will allow residents the ability to charter for travel. Beyond residences can also enjoy all of the amenities that the E11EVEN Hotel & Residences tower has to offer.
E11EVEN Residences Beyond will allow cryptocurrency for deposits.
Breakdown of Payments
10% at contract
10% within 3 months of contract
10% at groundbreaking (May 2022)
10% at 12 months from groundbreaking
60% at closing (Summer 2025)
Seventy-three units have already been reserved. The groundbreaking for Beyond is expected in May 2022 with a completion date in the summer of 2025. If you or someone you know have an interest in purchasing at E11EVEN Residences Beyond, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
57 Ocean Construction Complete and Condo Units are 100% Sold Out at $336 Million
Recently, we have seen a number of residential towers sell out prior to construction or during construction. Towers like Residences of Armani Casa and Aston Martin Residences have either sold out or are very close to selling out, so it is of no surprise to learn about 57 Ocean selling out, right as construction is complete.
The developer and Brazilian billionaire, Jose Isaac Peres’ recently sold out at 57 Ocean as well secured its temporary certificate of occupancy (TCO) for the tower. According to a managing partner, Marcelo Kingston, the sell-out includes a recent sale of a luxury penthouse for $36 million, originally listed at $38 million.
Sales previously launched in 2018 with price ranges from $1.5 million to $36 million. According to Kingston, closings will begin in October 2021. The tower sold out at $330 million.
According to the developer, about 60-70% of the buyers were domestic, and with the steady stream of sales, they were able to raise prices.
One of the lower penthouses that sold includes a $13.8 million unit purchased by Chuck Roberts, Stifel’s Managing Director of Investments.
57 Ocean located at 5775 Collins Avenue rises 18 stories and features 69 luxury condo units. Designed by Bernado For-Brescia of Arquitectonica and interiors by Patricia Anastassiadis.
57 Ocean Amenities
World-class spa
A state-of-the-art fitness center with a fully-stocked snack and juice bar
Thermal suite with steam room, aromatherapy saunas, experience showers, and ice fountain
Indoor and outdoor massage treatment suites
Library
Two expansive, infinity pools
Poolside cabanas
Poolside bar and lounge
Sunset terrace with a spa pool, wet deck, and lounge area
Meditation area
Yoga and Pilates area
Outdoor training area equipped with Myisle by Myequilibria
Clubroom with chef’s kitchen
Summer kitchen pavilion
Children’s playroom
Direct access to the beach and beach boardwalk
Services
Full-service concierge
24-hour valet parking service
24-hour security
Pool and beach attendants with food and beverage service
On-call fitness trainers, spa treatment specialists, and private chefs
Residence Features
Terraces, up to 12 feet deep
Wood-like ceiling accents
Glass balustrades
Modern Poliform cabinetry
State-of-the-art appliances
Solid marble waterfall island
Master bedrooms open to the terraces
His and her closets
Bathrooms lined in floor-to-ceiling stone
Floating tubs
Sliding glass doors and vanities by Poliform
Soft hidden lighting
According to Kingston, the project was completed on time. The developer is currently working on another boutique condo in Miami Beach called Ocean Park, which is anticipated to be complete in the summer of 2022
501 First Residences- Renderings and Plans Just Released for the 40 Story Tower in Downtown Miami
Miami can now officially welcome the newest pre-construction tower to grace our gorgeous skyline, 501 First Residences in downtown Miami. This new 40-story tower with 448, will be developed by Aria Development Group and designed by Revuelta Architecture International, who also designed Wind and 900 Biscayne. 501 First Residences will be located at 501 Northeast 1st Avenue with views of downtown Miami and Biscayne Bay.
Acoording to the Aria Development group, this particular development will be built to cater to the short-term rental market. The biggest perk is that there will be no rental restrictions. Which means, the resident can utilize any consumer platform (Vrbo, Expedia, Airbnb, etc.) to rent and each unit can be rent for 1 day or more.
The renderings reveal floor-to-ceiling windows and expansive balconies. The sleek structure is curved creating a horizontal and vertical grid like design. The exact height of the development hasn’t been released but we can expect the 40-story high structure to be over 450 feet in height.
The 448 luxury units will be fully finished and furnished with pricing starting at $300,000. Floor plans will range from studios, 1 bedroom, and 2 bedrooms. The square footage for each unit is expected to be from 385 to 835 square feet.
Residence Features:
Fully finished and furnished residences thoughtfully curated by award-winning design firm, Shim Projects
Floor to ceiling glass windows with custom window treatments
All residences feature balconies
Biscayne Bay and Miami skyline views
Finished flooring on all residential interiors and balconies
In-unit washers and dryers
Kitchens and bathrooms feature custom Italian cabinetry and counters
Speed oven by Smeg
Integrated paneled refrigerator and freezer
Dishwasher
Fully built-out closets
Hansgrohe bathroom fixtures, features, and accessories in dark matte finish
Building Amenities:
Porte-cochère entrance with 24/7 valet service
On-site management office
Mid-century, modern-inspired interior finishes and furniture in residential lobby with 25ft ceiling
Secure bicycle storage in enclosed and air-conditioned space
Centrally-located personal storage for all owners
Luxer One Package Room featuring a tech-forward, contactless digital package delivery system
Dry-cleaning service
Ground floor bistro and bar helmed by New York City’s GPG Hospitality
State-of-the-art indoor gym with private fitness training rooms
Yoga/meditation room
75-foot resort-style lap pool
North-facing private rooftop movie theatre experience
Grill & Chill on the Sunrise and Sunset Decks
Outdoor Game Lawn
Hot hydrotherapy bath
Private club suite with game tables
Entertainment chef’s kitchen
Media Room
Library
Private workspaces
Pet Lounge with pet bath station
Greenhouse
The site currently features a 2-story buidling that was built in 1924 and was previously the sales center for YotelPad Miami. The entire project will take over 4 lots equaling 22,500 square feet. According to tax records, the developer purchased the lots in 2015 for $8,250,000.
According to Miami-Dade Country records, construction permits have not been filed. The ground breaking is expected to be scheduled for spring 2022 with a top-off date in spring 2023.
Miami’s First 1,000-Foot-Plus Tower-Waldorf Astoria Residences Miami – Expected to Launch Soon
Waldorf Astoria Hotel & Residences Miami – located at 300 Biscayne Boulevard – will be Miami’s first supertall building at 1,049 feet high (a supertall building is defined as one that is between 984 and 1,969 feet high). Furthermore, rising 100 stories, Waldorf Astoria Hotel & Residences Miami will be the tallest residential skyscraper south of New York. The current tallest tower is Panorama Tower at 85 stories and 868 feet high. Waldorf Astoria Residences Miami will include ground-floor retail; 400 ultra-luxe condo residences, and a 140-key, 5-star hotel operated by Waldorf Astoria.
Developer Information:
Developers: PMG – Property Markets Group & Greybrook Realty Partners
