Miami’s New and Pre-Construction Condo Update: September 2017

Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
Miami’s New and Pre-Construction Condo Update: September 2017
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty

Oct 29, 2017 October 29, 2017

From Hurricane Irma’s impact to change of sales teams, we have it all covered in our September Issue of pre-construction news from Miami’s condo market. Read on to know more…
 

Completed

Louver HouseSouth Beach

Just blocks from the beach, the Louver House now stands complete with closings underway. This luxurious boutique condo sits in one of Miami’s finest, most exclusive neighborhoods – the South of Fifth. 12 spacious residences occupy four stories to deliver expansive private terraces, fine interiors and lush gardens.
 
Residents will be treated to Michele Oka Doner created artwork in the lobby, a rooftop garden with infinity edge pool deck, outdoor yoga studio, Ornare kitchens, sound insulated walls, a branded golf cart for beach transportation, an off-site beach club and electric car charging stations, among others. Only four units were left for sale at the time of this writing.
 
Prices for remaining units range from $2.5 million to $3.1 million, with a choice of 2,088 sq ft to 2,432 sq ft residences

Louver House – South Beach
Photograph : Courtesy of Louver House
 

Other Updates

One Thousand MuseumDowntown

Aiming for an end of 2017 top-off, contractors just finished the concrete pour on the 50th floor at One Thousand Museum. Laying the foundation for full-floor penthouses, developers Gregg Covin and Louis Birdman are on-track for their 2018 delivery with only 33 more floors to go.
 
Starchitect Late Zaha Hadid’s last masterpiece, One Thousand Museum is waiting for an approval on its private helipad. Other assured amenities at this ultra-luxury condo development include a pool deck and fitness center on the 8th floor, spa and relaxation sky lounge on the 9th floor and a 5,600 sq. ft. ground-level restaurant.
 
Prices for remaining units range from $5.8 million for half-floor residences to $20.7 million for full-floor penthouses

One Thousand Museum Miami
Photograph : Courtesy of One Thousand Museum

Brickell FlatironBrickell

Last month, we reported that developer Ugo Colombo was in talks to replace his sales and marketing team. This month, it stands confirmed that Fortune International Group will be handling sales instead of Cervera Real Estate for Brickell Flatiron. The 64-story, 549-condo tower is aiming for a June 2019 delivery.
 
Planned to be one of the tallest in Miami, the 736-foot tower will feature hotel-inspired amenities. Besides designer interiors by Italy’s Massimo Iosa Ghini, public spaces at Flatiron will come decked with artwork by Schnabel. Residents can also expect a sky gym and spa, sky pool plus lounge, rooftop garden, theater, billiard and cigar room, wine cellar, ground-level retail and personal concierge.
 
Prices range from $500,000 to $2.5 million, with a choice of one to five bedroom residences

Brickell Flatiron
Photograph : Courtesy of Brickell Flatiron

Paramount Miami WorldcenterDowntown

Selling almost 8-10 units a month, condo sales at the Paramount Miami Worldcenter have a strong summer to report. The ultra-luxury development is now 68% sold out. With a total of 513 units, the condo tower is set to rise 60 floors above the multi-use complex.
 
Residences can expect a world of amenities at this ultra-luxury condo development. The lower level will include a yoga studio, racquetball court, basketball half-court and more. The upper level will feature a pool deck, dog park, soccer field and such. And, while the 7th floor will house a food market, jam room with recording studio and conservatory, the ‘Sky Deck’ will come with its own set of pools, a lounge, observatory and Tai Chi deck.
 
Prices range from $3.5 million to $9.5 million, with a choice of four to five bedroom penthouses and duplexes.

Paramount Miami Worldcenter
Photograph : Courtesy of Paramount Miami Worldcenter

Eighty Seven ParkNorth Beach

Developers Terra Group and partners have secured an extra $63.8 million loan to bring the total mortgage to $155 million. Eighty Seven Park is already 60% sold and to begin vertical construction soon. The first residential building in the U.S. designed by starchitect Renzo Piano, residents can expect fluid sophistication on the beach. Amenities here include the lobby-level Enoteca bar serving botanically-inspired drinks, pool with cabanas and towel service, oceanside Fugo Bar and a relaxing spa, among others.
 
Prices range from $1.6 million to $15.2 million, with a choice of one to five bedrooms

Eighty Seven Park North Beach
Photograph : Courtesy of Eighty Seven Park 

Smart BrickellBrickell

A condo-hotel project located in the business district, Smart Brickell is 35% sold out. The three-tower project is due to break ground early 2018 and aims at a 2020 completion. The mixed-use development will include 170 condo residences and 150 hotel rooms. Developer Habitat Development aims at offering residents a shared amenity deck with pool, among other five-star amenities.
 
Prices range from $290,000 to $4,90,000, with a choice of 558 sq ft to 878 sq ft residences
  

Issues & Lawsuits

Gran ParaisoEdgewater

Safety concerns over broken crane due to Hurricane Irma
Thankfully, most pre-constructions were spared Hurricane Irma’s wrath, except Gran Paraiso that suffered from a partially collapsed crane. City’s building official, Maurice Pons has recommended a voluntary evacuation of two neighboring buildings. Contractor Plaza Construction has sent him several letters stating that the crane and its damaged jib have been secured and caused no damage. However, Pons is not convinced.
 
Gran Paraiso is part of the four-tower, 10-acre mega development by the Related Group. The complex, once complete, will infuse 1400 new condos to Edgewater. The quadruple condo complex will feature a Michael Schwartz eatery, three pools, a beach club, two-story gym and spa with juice bar.
 
Another Related Group development that suffered at the hands of Irma is the Auberge Beach Residences & Spa in Fort Lauderdale. The storm toppled a crane here, though no extensive damage was reported.
 
Prices at Paraiso range from the low $600,000s to $2 millions, with a choice of one to three bedroom units and penthouses.

Gran Paraiso
Photograph : Courtesy of Gran Paraiso
 
 

Think we missed an update for September? Let us know in the comments below. Or, let us know which one of these pre-constructions has you interested.

Recent Posts

The Most Luxurious Condo Buildings in Bal Harbour
Real Estate News The Most Luxurious Condo Buildings in Bal Harbour
Bal Harbour condos have always been known to be some of the finest in town. But, what’s so special about these premium addresses that makes them so pricey? We’ve listed the Top 5 Most Luxurious Condo Buildings in Bal Harbour and the outstanding amenities they have that sets them a class apart. Below are the top condos ranked from least to most expensive. Why Choose Bal Harbour? Bal Harbour has always been one of the most coveted oceanside addresses in Miami. Just like the Shops at Bal Harbour are known for showcasing only high-end brands, the neighborhood too is known for housing only the world’s finest residences. Privacy and exclusivity are a given with a Bal Harbour address. Though this ultra-luxury neighborhood has its own tranquil beachfront, it also benefits from being just a 20-minute drive away from South Beach’s spoils and the mainland’s culture and shopping destinations. The Best of the Best Condos in Bal Harbour Palace at Bal Harbour – 10101 Collins Avenue, Bal...
Why Are Luxury Condo Sales Surging in Downtown Miami as Sales Weaken in Miami Beach?
Opinions and Advice Why Are Luxury Condo Sales Surging in Downtown Miami as Sales Weaken in Miami Beach?
Move over Miami Beach, there’s a new rising star on the block. For long, Miami Beach has been the hot favorite for property seekers in Miami. Whether it’s been about purchasing a permanent residence or getting a second home, South Beach properties have always sold out like hot cakes. On the other hand, Greater Downtown (Edgewater and Brickell included) has mostly been a second-best option to South Beach and Miami Beach, possibly out of necessity, with proximity to work being the biggest motivator for local buyers. But, as we’ve been tracing luxury condo trends over the last couple of years via our quarterly market reports, we noticed a reversal. The Greater Downtown area is now emerging as the top favorite among luxury condo seekers. Here are some reasons we are seeing this new trend: Numbers Speak: Miami Beach vs. Greater Downtown Miami Over the past couple of quarters, sales trends in Greater Downtown Miami have been marching ahead, even as those in Miami Beach slowed down....
Massive Lawsuits Won by Miami Condo Associations Mean Awesome Upgrades for Condo Owners and Residents
Real Estate News Massive Lawsuits Won by Miami Condo Associations Mean Awesome Upgrades for Condo Owners and Residents
Recently, a handful of condo associations have scored massive windfalls thanks to lawsuits leveraged against insurers and developers. This is obviously great news for condo associations, and it also usually means that the associations' finances will likely be great for years to come. This in turn translates into improved living conditions for residents of those buildings, since these windfalls provide opportunities for condo associations to make major repairs and improvements that benefit residents.  Oftentimes, the amount of money they win does not actually need to be spent entirely on the issue that motivated the lawsuit (many times the repairs have already been made by the time the lawsuit is settled). This provides a great opportunity for the condo to either fill their reserves and avoid special assessments on future capital improvements and maintenance projects, or simply spend money doing awesome upgrades on various things. Cité Law Suit Settlement Cité in Edgewater In...
The Most Luxurious Condo Buildings in Surfside
Real Estate News The Most Luxurious Condo Buildings in Surfside
Think Surfside, and most would imagine community living by the sea. But, there’s a more luxurious side to Surfside that is offered only by a handful of top-tier residences. To reveal more about that deluxe side, we’ve ranked the Top 5 Luxurious Condo Buildings in Surfside along with their average sales price and list of amenities. Read to find out which Surfside address made it to the list… Why Choose Surfside? This family-oriented beach town comes perfectly positioned between the glamorous Bal Harbour and world-famous Miami Beach. A pocket-sized neighborhood, Surfside is somewhat of an extension of Bal Harbour in some ways and is favored by those looking for community events, friendly neighbors, mom and pop shops and safe streets. Residents absolutely love the uncrowded beaches here that come lined with scenic boardwalks and citywide exhibits dedicated to marine life (read Surfside’s famous turtles). Also, the town has its very own community center that features a lap pool, plunge...
Financing Options for Second Home Buyers
Opinions and Advice Financing Options for Second Home Buyers
Purchasing a second home is embedded in the hearts of many as a sign of true success: the ability to escape to your favorite destination at-will and stay at a place you can still call home and also have it as part of your investment portfolio. Not only will it allow you to save money on lodging if you use it as a vacation home, but it can also provide you a source of income if you rent it out while you’re not using it. There are three common options to choose from to finance the purchase of your second home, and for each you will need good to excellent credit.  Here is what you need to know about each second home loan option. 1. Take out a HELOC on Your Current Home If you’ve owned your primary residence for a few years, chances are you’ve earned equity on the property if its value has gone up.  If so, you can take out a home equity line of credit (HELOC).   A HELOC can help you secure the funds for a down payment or even to purchase the second home outright, depending on the...
Inventory Loans for Unsold Condos Gaining Popularity Among Miami Developers
Real Estate News Inventory Loans for Unsold Condos Gaining Popularity Among Miami Developers
Although pre- and new construction developer sales have picked up in 2019 as compared to the past couple of years, the pace is not necessarily as fast as developers would like, and not all projects are benefiting from the uptick. While many of these new condo projects are averaging 89% - 92% unit sales, those remaining unsold units are currently totaling about 2,101 as of this writing, and developers are turning to inventory loans to capitalize on condos they’ve built that still remain unsold.   Developers have a choice to either reduce their prices to speed up sales, or take out an inventory loan and take a hit on carrying costs versus diminishing the value of their inventory. In Miami, many developers are doing the latter. We can also assume that the money from an inventory loan can be used to pay off other loans or invest in other ventures.  In one recent example, Alirio Torrealba, head of Coral Gables based MG Developer recently closed on a loan from BGI Capital for unsold...