In 2015, Miami Real Estate transitioned to a more mature market, with solid price growth thru December 2015, albeit at a slower rate than past years. The effect of the supply of new development projects slowed re-sale price appreciation in Downtown Miami in 2015, which had been spiking for the past two years. Luxury pricing, mostly
The 190-unit Echo has opened its doors in the heart of Aventura, with a unique plan aimed at improving the livability for homeowners in condominium…
Read the full article at: miami.curbed.com
Below are some images of the newly completed condominium Echo Aventura located at the 8250 N.E. 188th Street.
Designed by architect Carlos Ott and Yabu Pushelberg’s firm, Echo Aventura offers flow-through residences ranging from 2,700 sq ft. to up 4,000 sq.ft which catered well to their majority of South American buyers, specially Brazilians and Mexicans.
The link below contains the current availability for sale at Echo Aventura.
Did you ever go on a luxurious seaside vacation and never want to leave? Every day could be that amazing at The Ritz-Carlton Residences in Sunny Isles Beach.
Read the full article at: hauteliving.com
Arguably one of the most desirable locations in Sunny Isles, Ritz Carlton Residences Sunny Isles not only has open views to the Ocean, but also south, which is protected by Haulover Beach Park. The position provides panoramic views on the south side of the building.
This 52-story luxury oceanfront condominium in Sunny Isles Beach is not a hotel or a condo-hotel, but, rather a super-luxury condominium with resident services provided by the one and only Ritz Carlton. Most residences have flow-through floor plans and oversized terraces.
The Ritz Carlton Residences Sunny Isles Beache will feature 212 condos ranging from 2 to 4 bedrooms starting at 1,620 sq. ft. to over 3,600 sq. ft. Prices start at $2.3 million and go up to $5.5 million.
Occupancy in 2018.
“The owner of Miami Beach’s swanky Shore Club has picked Brazilian hospitality company Fasano to run the site’s new luxury hotel and condominium.”
Read the full article at: www.wsj.com
The Brazilians have been buying up Miami luxury condos for some time, but now Brazil is exporting to Miami its best hotel and restaurant brand, Fasano, and one of its best architects, Isay Weinfeld.
Arguably the most important restaurateur in Brazil, the Fasano already owns and operates luxury hotels in Sao Paulo, Rio de Janeiro and Punta del Este, Uruguay. Even though the Fasano operates only a handful of hotels, their properties have a very affluent following, including many celebrities. The move from Morgans Hotel Group to Fasano will be a big improvement for the hotel, which is undergoing a major redevelopment by HFZ, with architect Isay Weinfeld creating a sophisticated development of a 100-room hotel and 75 condos.
It is no coincidence that Isay Weinfeld is the architect of the project. The minimalist Brazilian architect has designed all of the Fasano hotels, as well as many of its restaurants, including, among others, the Forneria and Rodeio restaurants. Isay Weinfeld is also designing a new condo project in New York City, Jardim, at 520 W 27th Street, adjacent to the Zaha Hadid project and very close to the High Line.
Fasano will continue its expansion into the US with a hotel that will be opening along Billionaire’s Row at 57th close to Fifth Avenue in New York City. We’ll bet that Weinfeld will be the architect for that project as well.
For detailed info about the Shore Club condos in Florida or Jardim condos in New York, please contact Manhattan Miami Real Estate.
The Miami real estate market also continues to be strong, but with a number of headwinds, including the withdrawal of Brazilians and Russians from the market, as their currencies have plummeted this year. That being said, Miami condo prices are still rising, up from last year 5% in Miami Beach to $653 per square foot
Its Paramount residential tower will break ground soon, with 470 luxury apartments (starting at $700,000 for one-bedrooms and $1.4 million for three-bedrooms).
When completed in Q1 2018, Miami Worldcenter will house its signature residential tower, Paramount Miami Worldcenter, rising 700 feet over 60 stories, with 473 units. Elkus Manfredi Architects designed the building to look somewhat in an oval shape, with the crown of the building designed to look like a sleek Italian yacht.
The building will be comprised of large units, 1 to 3 bedrooms. A 1-bedroom plus den starts in the mid-$700,000’s for 1,491 square feet. A 2-bedroom plus den starts from the $900,000’s for 1,835 square feet. And, a 3-bedroom starts at $1,400,000 for 2,578 square feet.
Residences will feature 10-foot ceilings, private elevator access (there are no common hallways!), convertible dens, large entertainment spaces, rain showers, and lock-out studios for select units. Each residence has outdoor terraces ranging from 187 square feet to 291 square feet, perfect for Large indoor/outdoor living that Miami weather is made for.
All residents will feel like they live in a penthouse, as the top four floors will house the Skydeck, which features the Skyview lounge, sunrise pool, fire pit, infinity pool, sundeck, and yoga studio. And, the other amenities are out of this world. The 9th floor features a conservatory, indoor/outdoor lounge, spa and salon, indoor state-of-the-art fitness center, boxing studio and aerobics area, kids playroom, and even a recording studio! Exterior amenities can be found on the Upper Deck, which will feature the resort pool, cabanas, summer kitchen with BBQ, floating sea pods, sitting areas with fire pits, children’s playground, soccer field, tennis courts and ½ km jogging path.
Miami World Center, a mixed-use development that includes first-class shopping, hotels, restaurants, and entertainment over 30 acres in prime downtown Miami. The project is the 2nd largest in the US and will feature a huge Marriott Marquis Hotel and Convention Center, The Mall at Miami World Center anchored by Bloomingdale’s and Macy’s, the 7th Street Promenade (a pedestrian only outdoor promenade in the theme of Lincoln Road), and other residential components.
The public space will ultimately stretch from the Rickenbacker Causeway to the Julia Tuttle, with an additional 5 miles along the Miami River, following a 1979 law that requires every new development to reserve 20 feet of land from the water for public access.
The Biscayne Line, the proposed 7-mile bay walk along Biscayne Bay from the Julia Tuttle Causeway south to Downtown Miami may just become a reality. The Related Group, which has a ton of Miami luxury real estate projects sprouting in the Edgewater and Omni neighborhoods, may finance the project, which would be a boon for property owners in these and nearby neighborhoods, as well as the Related Group itself, as it will be able to sell more luxury condos in these developing neighborhoods.
While properties built after 1979 are required to reserve 20 feet from the water for public access, many of the older bay front properties in the Edgewater and Omni neighborhoods are fenced and private, inhibiting walking or biking along Biscayne Bay. Anyone who runs, bikes, or walks around these neighborhoods will know that they have to either zigzag through the streets to their destination or use pedestrian-unfriendly Biscayne Boulevard.
By creating floating docks along those parts of the bay front that is fenced off, Related will connect neighborhoods and create a more compelling reason to invest in this area. Creating a contiguous bay walk will change the surrounding neighborhoods for the better, making Miami luxury real estate projects, like Icon Bay, Paraiso Bay, One Paraiso, Grand Paraiso, Bay House, as well as Paramount Bay, more compelling investments.
Potentially, a 5-mile river walk along the Miami River may be in the cards, especially if the bay walk is successful.
“Ah, Miami-Dade County: the land of dreamers, visionaries, builders, and fabulously peculiar towns and neighborhoods. Before the real estate land boom of the 1920s it was a swampland, but that didn’t stop the country’s rich from coming to make their mark. These early pioneers came with big ideas that would be the beginning of quirky, one-of-a-kind places. We took a look at the origin stories of nine Miami neighborhoods.
Brickell sure has come a long way. Remember when Brickell Avenue was Millionaire’s Row? For the younger set, how about when Tobacco Road was one of the only bars around and parking was a breeze? In 1871, Ohioans William and Mary Brickell (now the name Mary Brickell Village makes sense) came to Miami and set up shop on the south side of the Miami River. They opened and operated the area’s first trading post and post office. Brickell is now the booming Financial District of the city thanks in part to Mary. You see, Bill was more of a recluse, while Mary was a social entrepreneur. She developed Millionaire’s Row on present-day Brickell Avenue, as well as Brickell Hammock, which is now The Roads. Their land was so expansive, it stretched to parts of Coconut Grove. As the neighborhood continues to change (we see you Brickell City Centre) and expand, its boundaries are spilling over into another historic neighborhood, Little Havana.”
It is always fascinating how neighborhoods got their names, and that they keep them for such a long time, even though times and neighborhoods change.
Brickell had the first trading post in the Miami area back in the late 1800s and Brickell Avenue eventually became known as Millionaire’s Row. Now, Brickell is the lifeblood of the Financial Industry, attracting international banking firms and other companies involved in international trade from all over the world. Most recently, new residential projects are bringing much more needed density to the neighborhood, including SLS Lux, Brickell City Center and Icon Brickell. This will solidify Brickell’s position as Miami’s Millionaire’s Row, as well as an international finance and trading hub.
The Design District was formed in the 1920 as a home and design center, which continued through the 70s when it descended into disrepair. Interest in the area renewed at the turn of the millennia. Now, the Design District has turned full circle. However, not only has it become a center for furniture and fixture showrooms, art galleries, and restaurants, but also a huge luxury retail sector, including designer brands like Louis Vuitton, Christian Louboutin, Hermes, Cartier and Dior.
Wynwood was renamed from its original Wyndwood Park in the early 1900s. The area was home to factories, a fashion district and now it is an arts district. Wynwood is synonymous with art, having the largest concentration of graffiti anywhere in the US. The Wynwood scene attracts Miami’s hipsters, so it has the cache of New York’s Williamsburg or Lower East Side. Accordingly, area is ripe for much more development, given its central location and bohemian vibe.
The Omni neighborhood got its name from the Omni International Mall that opened in the 70s. With the mall long closed, the area is now experiencing a revival of sorts. Omni is now home to the new Adrienne Arsht Center for the Performing Arts. It is also the site of the former Miami Herald site, which may become Miami’s first casino if developer Ghenting has anyting to do with it. With its location on Biscayne Bay, Omni is ripe for a lot of future residential development, including new projects such as Aria on the Bay, Auberge and the as yet to be named Gloria Estafan project.
If you want to see what types of properties you can find in each of these neighborhoods, check out those below:
“Sales have launched at the Faena District for the two towers coming to the Versailles Hotel property, known as Versailles Classic and Versailles Contemporary.”
The Faena Group has just launched another amazing tower in similar stature to its fabulously successful Faena House designed by Norman Foster. The new tower, called Faena Versailles Contemporary, will rise 18-stories nestled between Faena House to the south and Faena Versailles Classic, an art deco hotel to condo renovation, to the north.
Versailles Classic just launched sales of its 22 residential units. In keeping with the original architecture, these units will be heavy on the art deco with a modern twist.
The tower to watch, however, is Versailles Contemporary. Architect Brandon Haw reinterpreted the curved façade of the old Versailles hotel to come up with some very interesting modern curves for the new tower. Versailles Contemporary was designed to maximize views, with sweeping terraces east and west that modulate down to a combination of large bay windows with window seats. The curved terraces and curved glass corner windows are striking, to say the least. The large terraces allow owners to take much of their activities outside and be at one with nature – the beach, the sea and even the city.
Residences will feature Terrazzo, marble and wood in warm soft greys and whites. The windows will be glazed with some light bronze adding an intriguing tint to the windows. The interesting balustrades, reminiscent of those used in Faena House, will be a smooth warm white.
The building will feature 41 unique residences, ranging from 1,111 square feet 1 bedroom to 5,469 square feet 5 bedroom apartments. Two grand full-floor penthouses (one with a rooftop pool), will feature 360-degree panoramic views with over 8,000 interior square feet. Prices start at $3 million and go up to $50 million.
Argentinian hotelier Alan Faena is building his own mini city on Miami Beach on the six blocks north of 32nd Street at Collins. The Faena District, as it is called, with feature not only the Versailles Classic and Versailles Contemporary, but also Faena Hotel (a luxury renovation of the old Saxony hotel), Faena House (an ultra-luxury residential tower), shops, restaurants, art galleries, opera, theater, marina, and park, much of which was designed by architect Rem Koolhaas and his company OMA.
“The downtown Miami condominium market is cooling, as many foreign investors retreat to the sidelines amid currency devaluations against the U.S. dollar, according to a report released Tuesday by Miami’s Downtown Development Authority.”
The Miami Downtown Development Authority issued its latest Downtown Miami Residential Market Report in Q1 2015, with some notable takeaways:
There are early signs of slowing demand of new construction, most likely because of the strength of the US dollar. However, pricing remains steady.
Resale units are trading at a 35% discount to new development. Accordingly to the Downtown Miami Residential Market Report, we feel that the deals can be found at resale buildings in prime locations with protected views of Biscayne Bay, such as Marquis, 900 Biscayne, Icon Brickell, and Paramount Bay, to name a few.
The number of units in construction in Downtown Miami is 6,019, with an additional 2,070 units in the contracting stage.
Strong core banking, legal, construction and tourism industries, are all driving positive local economic conditions. One should not that S&P recently raised its rating on Miami bonds by 4 notches to A+ investment grade.
The Chinese are set to become much larger players in the South Florida real estate market. Chinese investors have been purchasing development sites (such as the old Capital site in Brickell) and several business groups have made efforts to increase exposure to Chinese buyers, as well as lobby for direct air routes to Asia.