Brand Names and Starchitects to Combat Miami’s Luxury Condo Sales Slowdown?

Brand Names and Starchitects to Combat Miami’s Luxury Condo Sales Slowdown?

Mar 11, 2017 March 11, 2017

By now, we’re all aware of the slowdown that’s hit Miami’s condo sales and market, especially the luxury condo segment. However, as Russian billionaire Vladislav Doronin picks up a two-acre, waterfront parcel in Edgewater for $54 million, looks like developers are headed in a different direction. It now appears as though some developers are trying to counter the latest luxury condo market sales slowdown by . . . . building more ultra-luxury condos?

Funny as it may sound, there could be a method behind this madness. If I were to strictly consider the current market conditions, their choices don’t make sense. For example, Zaha Hadid’s One Thousand Museum that went on sale in 2013, with an average sales price of over $1,300 per square foot. It still sits 46% unsold last we checked just a few months ago. There are others that have launched in the past few years and are suffering a similar fate of slow sales.

Even with that knowledge out in the open, developers are still charging forward launching sales of new projects. For example, Missoni Baia launched sales last year with presale prices hovering around $900 per square foot. And then, Aston Martin Residences made a bold move in December, launching sales at an astounding starting price of $2,800 per square foot.

However, considering it’s a matter of “when” and not “if” Miami’s luxury condo market rebounds, these unique developments should pay off in the future. The key for these developers would be to have deep pockets and some patience to ride out a longer sales cycle until supply burns off and demand churns back.

Here’s taking a closer look at the ultra-luxury condo projects that hope to defy current market odds:

MISSONI Baia - Edgewater
Developer: Vladislav Doronin’s OKO Group
Square Footage: 2,400 to 3,672 sq. ft.
Units: 2-4 bedrooms
Price Range: $1.6 million to $3.9 million
Groundbreaking: 2017
Delivery Date: 2019
 
MISSONI Baia’s 146 waterfront condos will feature residential experiences by the Italian fashion house known for its colorful, zigzag designs. Designed by acclaimed international firm Asymptote Architecture and interiors by Paris Forino Design, the entire building will have a sense of artistry to it. The ultra-luxury condo building will feature only three residences per floor with sweeping views of the city, Miami Beach, bay and ocean. MISSONI Baia amenities include one of the largest, most luxurious spas in Miami, a pet spa, Bayfront lounge, sundeck with plunge and Olympic-sized pools, elevated tennis courts, sky-bridge connecting the tower to parking and a Bayfront boardwalk connecting to Downtown. Condo sales were launched March 2016.


 
Monad Terrace - South Beach
Developer: JDS Development Group
Square Footage: 2,027 to 5,616 sq. ft.
Units: 2-5 bedrooms
Price Range: $1.7 million and up
Groundbreaking: 2017
Delivery Date: 2019
 
When a Pritzker Prize-winning starchitect is called in to design a project, you just know it’s bound to stand out. French architect Jean Nouvel’s first residential project in Miami, Monad Terrace will have 59 individually designed, waterfront condos built around a private lagoon and central courtyard. Both buildings will feature innovative sawtooth profiles with a honeycomb-patterned glaze to reflect light coming off the central water garden and lagoon, creating a ‘reflection machine’. The glassy building will be shaded on one side with a “living” wall made of suspended vegetation. One of the first condo projects in Miami to prepare for a rise in sea levels, Monad Terrace’s elevated ground floor will sit at 11.5 feet. Other amenities include a water slide-like waterfall feature heading into the Bay, a Bayfront sundeck with 116-foot pool, café and juice bar, residents’ lounge as well as bicycle and water sports equipment storage.


 
Aston Martin Residences - Downtown Miami
Developer: G & G Business Developments
Square Footage: 698 to 18,811 sq. ft.
Units: 1-4 bedrooms + 7 penthouses + 1 duplex penthouse
Price Range: $2 million to $8.5 million and a $50 million penthouse
Groundbreaking: 2017
Delivery Date: 2021
 
The Aston Martin Residences will deliver the luxury car maker’s ‘Art of Living’ philosophy to Miami River’s waterfront. The 66-story, 390-condo, sail-like tower will feature interiors and design inputs by Aston Martin along with the brand’s signature items, colors, clean lines, stitching style and materials. The Revuelta Architecture and Bodas Mian Anger designed building will come with a 55th floor infinity pool, rooftop helipad, business center, art gallery, virtual golf, micro-cinema, and private yacht marina. Condo sales were launched December 2016.


 
Eighty Seven Park – North Beach
Developer: Terra + Bizzi & Partners Development
Square Footage: 1,000 to 4,140 sq. ft.
Units: 1-5 bedrooms
Price Range: $1.6 million to approx. $15 million
Groundbreaking: 2016
Delivery Date: 2018
 
The star team designing Eighty Seven Park includes Pritzker Prize-winning master architect Renzo Piano along with Stantec, Rena Dumas and West 8. The 18-story, 70-condo waterfront building will combine art, nature and architecture in utter harmony, with fluid exteriors and use of natural elements like American oak floors within. Each residence will not just open up to unobstructed ocean views, but also have a full-time botanist ready to assist with the private balcony. Other amenities include two oceanfront swimming pools with towel service, curated art collection throughout lobby and garden areas, two wine bars, an outdoor juice bar, two-acre private park, round-the-clock concierge and butler service.


 
One Thousand Museum Miami - Downtown Miami
Developer: Louis Birdman, Gregg Covin, Kevin Venger and the Regalia Group
Square Footage: 4,600 to approx. 15,207 sq. ft.
Units: 4 bedrooms and over
Price Range: $5.5 million to over $20 million
Groundbreaking: 2014
Delivery Date: 2018
 
An architectural masterpiece by the Late Zaha Hadid, One Thousand Museum marks her first residential skyscraper design in the Western Hemisphere. The 62-story, 83-condo tower will feature estate-size half-floor, full-floor and duplex residences overlooking the likes of Museum Park, AA Arena and the Bay. Amenities at One Thousand Museum include a private rooftop helipad, pools with an indoor aquatic center, sky lounge, event space, custom scenting by 12.29, 5,600 sq. ft. restaurant and a private theater. Condo sales were launched in 2013.

Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Recent Posts

The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
Real Estate News The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
This year, CondoBlackBook.com again teamed up with HB Roswell Realty to analyze the latest new construction resale data across Miami. We tracked new condo units built between 2017 and 2019 in Miami’s urban core and beach areas that have since been sold by the original owner in the first three quarters of 2019. What we found builds upon last year’s report and is surprising—most sellers lost money. On average, Miami new construction condo resales lost around 13.9% when factoring in costs (1.7% at purchase and 6.8% at sale).*  This follows our analysis conducted over the same period last year in which we found sellers lost 11% on average. Our team analyzed 116 new construction resales in Greater Downtown Miami, Coconut Grove, Miami Beaches and the surrounding islands (except Fisher Island and Key Biscayne) that closed in 2019 and found that 40 broke even or made a profit, while 76 resales lost money—nearly 65% of the owners in our study (compared to a similar figure of 63% in last...
Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
Real Estate News Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
The latest from CondoBlackBook.com’s Q3 2019 report for luxury condos in Miami shows some slight shifts from the previous quarter -- while overall sales and the median sales price increased, the median price per square foot dropped and a sustained inventory surplus means we’re still in a buyer’s market. This report breaks down how the combined Coral Gables and Coconut Grove fared in the third quarter. For the purpose of this luxury condo market report, we’ve only featured properties priced $1 million and above. Coral Gables and Coconut Grove Luxury Condo Market Q3 2019 Highlights: Sales slightly short of last year’s outstanding performance Positive sales trendline, showing sustained market momentum Price per sq. ft. is lower compared to Q3 2018 Overall inventory drops significantly Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1 Slight Slip in Overall Luxury Condo Sales YoY sales decline marginally, but are higher than 2017, 2016 and 2015 with positive...
Miami’s New and Pre-Construction Condo Update: October 2019
Real Estate News Miami’s New and Pre-Construction Condo Update: October 2019
Supertalls took over pre-construction news this Halloween month. The tallest in the city – Okan Tower won construction approvals. The fourth tallest in Miami, Brickell Flatiron celebrated its completion milestone. The Turnberry Ocean Club, one of the tallest on the Atlantic Coast, topped off. And, the tallest in Edgewater, Missoni Baia snagged a $243 million construction loan. Read on for details on these and other condo pre-construction updates for the month of October below:  Completed Brickell Flatiron - Brickell At 736 feet above ground, Brickell Flatiron now stands complete. It is the fourth tallest building in Miami, just behind Panorama Tower (868 feet above ground), Four Seasons (around 800 feet), and the Southeast Financial Center (764 feet). With closings beginning shortly, 95% of the tower is already sold out. The 64-story skyscraper is home to 527 ultra-luxury condo residences, offering high-end amenities such as a sky pool with lounge, rooftop gym and spa, urban...
Miami Beach Luxury Condo Market Report Q3 2019
Real Estate News Miami Beach Luxury Condo Market Report Q3 2019
In our overall Miami luxury condo market report for Q3 2019, we saw an increase in sales, a decline in median prices, and heavy inventory keeping things in favor of the buyer. This report breaks down how the neighborhoods in Miami Beach and the barrier islands reacted over the quarter individually, as well as against the market as a whole. For the purpose of this report, we’ve included the sub-neighborhoods of South Beach, Mid-Beach, Sunny Isles Beach, Surfside, and Bal Harbour as part of this Miami Beach grouping. Also, this luxury condo market report only features properties priced $1 million and above. Miami Beach Market at a Glance Miami Beach Luxury Condo Market Q3 2019 Highlights: Miami Beach sales almost match Q3 2018 Sales trendline positive for all neighborhoods Year-over-year sales improve in South Beach, Surfside & Bal Harbour  Miami Beach price per sq. ft. is same as Q3 last year Surfside & Bal Harbour report highest jump in quarter-over-quarter...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, but is also home to quite a few luxury condo residences. To get a taste of this historic neighborhood plus its plush properties, we’ve enlisted the 5 Most Expensive Condo Buildings in Coconut Grove and bonus pre-constructions that set the bar high for phenomenal living in the city. Why Choose Coconut Grove? Coconut Grove Main Highway. Photo courtesy of MiamiAndBeaches.com The partly coastal neighborhood of Coconut Grove is characterized by lush, tropical foliage and a relaxed Bohemian vibe. Its bouquet of rare boutiques, unique shops, colorful cafés, diverse restaurants, historical venues, lush parks, and easy access to water sports plus a nautical lifestyle make it a breezy neighborhood to live in. The Best of the Best Condos in Coconut Grove  Ritz-Carlton Coconut Grove – 3300, 3340, 3350 and 3400 SW 27th Avenue, Coconut Grove Avg. sales price $624 per sq ftBacked by the world-famous hospitality brand, this waterfront...
The Most Luxurious Condo Buildings in Brickell
Real Estate News The Most Luxurious Condo Buildings in Brickell
The Most Luxurious Condo Buildings in Brickell Brickell is where the business is – so it doesn’t come as a huge surprise that the neighborhood would house some of the finest residences to cater to a wide array of residents, spanning from globetrotting professionals to business moguls plus their families. Curious about the kind of high-end residences available for such global citizens? We’ve ranked the 5 most expensive, thus luxurious, condo buildings in Brickell below: Why Choose Brickell? Brickell is not only the second-largest banking hub in the States, but also home to several consulates, businesses and a majority of the offices in Miami. It is also serviced by all major public transportation systems in the city, giving it one of the highest transit scores of 98. It further ranks second on our most walkable neighborhoods in Miami study, with a near-perfect walkscore of 98, meaning most hotspots and conveniences can easily be reached on foot. In recent times, this financial...