June 10, 2013
Another luxury penthouse has sold at One Thousand Ocean in Boca Raton. At 11.7 million dollars, “The Shore” penthouse is the most expensive unit at the ultra-exclusive oceanfront condo development.
Over the past 3 months, One Thousand Ocean has closed 5 sales for a total of 38 million dollars, according to the developer, LXR Luxury Resorts and Hotels. This further shows recovery in the housing market, especially in the high-end sector.
“For years, these penthouses were impossible to sell, but the momentum we’ve been able to build over the last few months is really incredible,” Jamie Telchin, president of development for LXR, stated.
The Shore penthouse includes 7,550 square feet of interior living space, plus 4,600 square feet of outdoor terraces. The luxury waterfront condo also features floor-to-ceiling glass, a private poolside cabana, breathtaking ocean views and a 3-car garage. Only 2 units remain in One Thousand Ocean.
Source: Sun Sentinel
May 31, 2013
Miami-based Terra Group plans to break ground on a new, luxury residential project in Coconut Grove on June 5th. The Grove at Grand Bay features innovative, eco-conscious design, offering stunning views of Sailboat Bay, the marina and the Miami skyline.
The exclusive development is comprised of two 20-story glass and steel towers that twist at 38-degree angles to showcase the most inspiring views. Designed by Danish architect Bjarke Ingels, the Grove at Grand Bay has 98 units, with prices for a 3-bedroom residence starting at 3 million dollars. The exclusive waterfront condos will feature floor-to-ceiling glass and 12x12-foot balconies. Raymond Jungles will provide lush landscaping.
Currently, the 59-unit North Tower is nearly sold out, and sales in the South Tower began a few months ago. The project has a projected 2014 completion date. For more information, contact Niki Higgins at 1.888.242.4422.
Source: The Miami Herald
May 29, 2013
With the luxury end leading the charge, South Florida’s real estate market is continuing its upward march. Prices in the high-end market are rising, and home sales in the area are breaking previous records.
The luxury housing market was less affected by the market crash. Wealthy sellers have the ability to hold on to their property through rough times, so the high-end market saw less of a decline. Therefore, the luxury end was the first to rebound, and prices have now surpassed their prior highs. Also, the luxury market in South Florida used to be more seasonal, but due to an increase of foreign buyers, that is no longer the case. Large sales are currently taking place during the summer.
Alex Rodriguez recently sold his Miami Beach home for 30 million dollars, a new record in Miami Beach. A Fort Lauderdale waterfront home recently sold for 17.5 million dollars, a recent record in Broward County. Luxury condo prices are also following this trend. In March, two penthouse units in the Miami Beach Edition were sold to one buyer for 34 million dollars. The units will be combined to create an 8-bedroom, 3-level penthouse containing over 16,000 square feet of living space.
Source: The Miami Herald
May 28, 2013
A luxury oceanfront penthouse in Boca Raton’s One Thousand Ocean has sold for 7 million dollars to a cash buyer. This marks the building’s third penthouse deal since March and its fourth sale of new inventory in the last 75 days.
“The Sky” penthouse features 4,628 square feet of indoor living space and 2 terraces with a total of 2,343 square feet of outdoor living space. The oceanfront residence also includes a private elevator, 14-foot ceilings, a poolside cabana and a 3-car garage.
With a booming housing market, developer LXR Luxury Resort & Hotels said the exclusive condo building could be sold out within the next few months. Currently, only three residences remain in the 53-unit development, including one designer-ready penthouse currently listed for 12.95 million dollars.
One Thousand Ocean is located next to Boca Raton’s Boca Beach Club. The beachfront condos are situated at the end of private peninsula at the Boca Raton Inlet. For more information, contact Niki Higgins at 1.888.242.4422.
Source: Sun Sentinel
May 24, 2013
The ultra-luxury real estate market has seen some record-breaking listings this year. While resales of some of Miami’s most expensive properties have been lingering on the market, buyers have been actively snatching up extravagant penthouses in new developments. Top dollar is being paid for new, “trophy” residences that top luxurious buildings throughout Miami.
Mega-rich buyers are currently gravitating toward pre-construction residences and penthouses in Miami that are designed with them in mind. In Ian Schrager’s Miami Beach Edition, two penthouse units were combined and sold to a single buyer for 34 million dollars. A penthouse at the Faena House is currently on the market for 50 million dollars. Over the past year, the price of these ultra-luxurious residences has climbed to over 3,000 dollars per square foot due to developers reacting to an influx of wealthy international buyers.
However, not all properties are created equal. Some audaciously priced residences have lingered on the market for extended periods of time. For example, the former Versace mansion-Casa Casuarina-has seen two substantial price drops since it’s been on the market. The property was first listed at 125 million dollars, but due to financial problems and a lack of privacy, the mansion is now priced at 75 million dollars.
Source: The New York Times
May 13, 2013
Due to a heated real estate market, developers in Miami are buying up property across the city. Miami’s Edgewater district, located just north of downtown, is the latest area to see a flurry of proposed new construction. With sweeping views of Biscayne Bay and a prime location near Midtown and the Design District, developers have been busy buying up land and pre-construction sales are soaring.
Related Group, a Miami-based developer, recently paid 29 million dollars for a site at NE 31st Street. The same land sold for 11.5 million dollars in 2012. Related plans to build a high-rise condo tower at the location. On a different project, Related broke ground on Icon Bay, luxury condominiums at 428 NE 28th Street, a few weeks ago. Presales of the units started last September, and the building is described as “basically sold out”.
“We’re looking at a couple more deals in the area. We have sites under contract. The views of the water are something in really high demand. It’s something everyone wants and expects in Miami,” Carlos Rosso, president of condo development for Related, stated.
Source: The Miami Herald
May 07, 2013
Miami-based developer Alan Ojeda’s Rilea Group is building a new luxury condo tower in the heart of Brickell. The 44-story, 323-unit building known as The Bond is set to rise at 1080 Brickell Avenue in Miami. Construction on the luxury condos will begin as early as August.
The condos in The Bond will range from studios to 3-bedroom units, with prices ranging from 500 dollars to 600 dollars per square foot. So far, the residences have received strong interest. At a pre-construction event, buyers reserved 130 of the luxury units on the spot.
“I’m looking for a very urban, New York/London feel. Not flashy, but solid, sound elegance,” Ojeda stated.
Ojeda has worked with architect Nichols, Brosch, Wurst, Wolfe & Associates on 4 projects. The Bond will feature 2 pools, a fitness center and spa, 24-hour valet and security, a children’s area, a lobby restaurant and a business center.
For more information, contact Niki Higgins at 1.888.242.4422.
Source: The Miami Herald
May 02, 2013
A new, ultra-luxury condo tower is coming to the South-of-Fifth neighborhood in Miami Beach. The building formerly marketed as Kallisto and 120 Ocean will finally rise as Glass Miami Beach. The 18-story luxury tower will have 10 units and wide outdoor terraces.
Designed by architect Rene Gonzalez, the luxury oceanfront condos will feature full-floor layouts and floor-to-ceiling glass, providing 360-degree views of the ocean, Miami Beach, the bay and downtown. Gonzalez plans to work directly with buyers to custom design the interiors of the exclusive units. He hopes to highlight the natural beach surroundings through the design of Glass.
“What was important to us was that the building dematerializes as it goes up, so it becomes lighter, then it starts to almost disappear into the sky,” Gonzalez said. “The building becomes almost a barometer of the environment.”
Developers plan to break ground in August, with a completion date of late 2014 or early 2015. The condos in Glass will range in price from 8 to 9 million dollars, with a 35 million-dollar, 3-story penthouse. Five of the 10 units are already reserved.
Contact Niki Higgins at 1.888.242.4422 for more information on this unique opportunity.
Source: The Miami Herald
April 30, 2013
Previously, the tallest buildings in the world were built to provide office space, while residential buildings lingered in their shadows. However, that is no longer the case. In recent years, luxury residential developers have raced skyward to provide panoramic views for cash-flush global buyers.
In Miami, high-rise, ultra-exclusive residential buildings are fetching record sums, with more new towers in various stages of planning and construction. The New York-based developer Property Markets Group is currently developing Echo Brickell, a 750-ft, 60-story luxury condo building in downtown Miami.
“I believe that everyone wants to be at the top of every building because of the view, “ PMG chief executive Kevin Maloney said. “As you go up in the building, apartments get more expensive so we are trying to get as much of the space as possible out of the base that is locked in and has no view corridor and move it up to the top where it has more value.”
PMG has, thus far, succeeded in that quest. To begin financing the Echo Brickell project, the developer brought 30 of the projected 250 units to market in mid-April. All of those units were reserved in a day, with the top floors fetching 1,750 dollars per square foot. That is more than double the highest price per square foot currently achieved in the Brickell area.
Source: Forbes
April 26, 2013
The real estate market in Miami and surrounding areas has been hot lately, thanks in part to an increase of wealthy overseas buyers purchasing vacation homes with cash. With foreign wealth flocking to Miami, luxury sales prices have increased in the first quarter of 2013, on a year-over-year basis.
The latest data released by Douglas Elliman shows an increase in prices at the luxury end of the market. The luxury market is defined as the top 10 percent of sales. For luxury condos, the average sales price in the first quarter of 2013 was 1.57 million dollars, an increase of 18.5 percent from the first quarter of 2012. The sales price of luxury homes also showed a significant increase of 15.4 percent to 2.02 million dollars.
The influx of foreign buyers has also spurred the construction of new ultra-exclusive, oceanfront condos, such as 321 Ocean and One Ocean in Miami Beach. Currently, 3/4th's of condo buyers are purchasing with cash.
Source: The Wall Street Journal
