China Enters Florida Real Estate Market South Florida is the Nation’s Epicenter in Real Estate to Foreign Buyers
Another Penthouse Sells at One Thousand Ocean in Boca Raton

Another Penthouse Sells at One Thousand Ocean in Boca Raton

A luxury oceanfront penthouse residence in One Thousand Ocean in Boca Raton has sold for 7 million dollars to an all cash buyer. This is 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. The oceanfront condo also includes a private elevator, 14-foot ceilings, a cabana and a private, 3-car garage.

Currently, only three residences remain in the 53-unit development, including one designer-ready penthouse 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.

Source: Sun Sentinel

One Thousand Ocean, Luxury Oceanfront Condos in Boca

One Thousand Ocean, Luxury Oceanfront Condos in Boca Raton

Oceanfront Penthouses Are Selling for Top Dollar

Oceanfront Penthouses Are Selling for Top Dollar

The luxury real estate market has seen some record-breaking listings this year. While resales of some of Miami’s priciest properties have been sitting on the market, buyers have been actively purchasing extravagant penthouses in new luxury condominium buildings.

Wealthy buyers are currently leaning toward pre-construction 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 exclusive residences has climbed to over 3,000 dollars per square foot, as developers react to the influx of cash heavy foreign buyers.

However, some audaciously priced residences have lingered on the market for long periods of time. For example, the former Versace mansion – Casa Casuarina – has seen multiple substantial price drops since it’s been on the real estate 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

Miami Beach Edition

Miami Beach Edition

Miami Is a Remarkable Example of Global City Growth

Miami Is a Remarkable Example of Global City Growth

When Saskia Sasken devised the term “global city” to refer to urban areas vital to the world’s overall economic, cultural and political development, she was referring to cities such as London and New York. However, over 20 years later, the Columbia University sociologist declared Miami to be the best example of global city growth- a notion supported by the city’s booming real estate market.

Real estate in Miami is currently flourishing at record levels. Luxury real estate prices rose by 19.5 percent last year, which is the highest in North America and the fourth highest in the world, only trailing Dubai, Bali and Jakarta. The luxury market (top 5 percent) now averages between 1300 dollars per square foot to 1440 dollars per square foot. Prices are predicted to grow even more this year, as buyers continue to enter the market and supply drops.

While domestic buyers are showing interest in the ultra-luxury properties, foreign buyers continue to make up 60 percent of Miami’s total real estate market. To drive sales and prices, developers are also associating their high-end projects with world-renowned architects. A well-known name, like Zaha Hadid at One Thousand Museum and Herzog and de Meuron at Jade Signature, can add 20 percent to the total price tag. To go along with innovative design, units are also getting bigger, as developers focus on maximum pricing instead of maximum capacity.

With a multitude of new projects in development and prices topping 3000 dollars per square foot at some of the newest buildings, questions have been raised about the market’s stability. However, due to scarcer bank financing, the majority of condo buyers are purchasing in cash with deposits of 50 to 70 percent. These new terms are leading to a stronger, less volatile real estate market.

Source: Financial Times

Jade Signature Sunny Isles Beach

Jade Signature Sunny Isles Beach

Glass Luxury Condo Building Is Set to Rise in Miami Beach

Glass Luxury Condo Building Is Set to Rise in Miami Beach

An ultra-luxury condo tower is coming to Miami Beach’s South-of-Fifth neighborhood. The building formerly called as Kallisto and 120 Ocean will finally rise under the name Glass Miami Beach.

Designed by architect Rene Gonzalez, the luxury oceanfront condos will feature full-floor layouts and 360-degree views of the ocean, Miami Beach, the bay and the city skyline. He hopes to emphasize 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. The condos in Glass will range in price from 8-9 million dollars, with a 35 million-dollar penthouse. Five of the 10 units are already reserved.

Source: The Miami Herald

Glass, Luxury Oceanfront Condos in Miami Beach

Glass, Luxury Oceanfront Condos in Miami Beach

Overseas Buyers Continue to Flock to Miami

Overseas Buyers Continue to Flock to Miami

An increase of wealthy overseas buyers purchasing vacation homes with cash has kept the Miami real estate market extremely active.

The latest data released by Douglas Elliman shows an increase in prices at the luxury end of the real estate market. The high end 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. The sales price of luxury homes also showed a significant increase of 15.4 percent.

The influx of foreign buyers has also spurred the construction of new oceanfront condos, such as 321 Ocean and One Ocean in Miami Beach.

Source: The Wall Street Journal

One Ocean Luxury Oceanfront Condos in Miami

One Ocean, Luxury Oceanfront Condos in Miami

Developers Tailor Residences for International Buyers

Developers Tailor Residences for International Buyers

Overseas buyers continue to purchase second homes in the US, and developers are customizing their projects to appeal to the new international audience. With no slowdown in sight to the influx of global buyers, developers are finding ways to customize the interiors of residential condos to appeal to the international buyers.

26% of 2012 home sales in Florida went to foreign buyers. In Miami, overseas buyers accounted for 60% of residential sales. Due to a large South American influence, Miami developers are focusing on creating modern interiors and balconies large enough to accommodate extended families.

At Faena House, new construction in Miami Beach, developers are referring to the units’ sprawling balconies as “aleros”, a Spanish word for patio. Also, since security is a lesser concern in Miami, many Brazilians purchase and keep their luxury cars in the US. Because of this, many of the newer and proposed luxury condo buildings offer elaborate private garages and services, such as auto elevators at the Porsche Design Tower in Sunny Isles Beach.

Source: The Wall Street Journal

Large Balconies in the Porsche Design Tower

Large Balconies in the Porsche Design Tower

Over Half of the Units in the Porsche Design Tower Are Under Contract

Over Half of the Units in the Porsche Design Tower Are Under Contract

The Porsche Design Tower currently has over half of its 132 units under contract, for a total of over 400 million dollars in sales at the luxury beachfront condo building. The 60-story tower is set to rise in Sunny Isles Beach.

“The initial success of the sales process has been nothing short of spectacular. It is a true testament to the new dimension Porsche Design Tower Miami is bringing to South Florida’s ultra-luxury, high-end real estate market.  There is no other product that delivers the ground-breaking ingenuity and superlative quality that is synonymous with Porsche Design,” Gil Dezer said.

Condos in the Porsche Design Tower will range in size from 4,200 square feet to 17,000 square feet, with prices ranging from 4.5 million dollars to 25 million dollars. The building provides one-of-a-kind “auto elevators”, which will allow residents to park their cars next to their units. A “car concierge” will be available to provide regular auto maintenance, car washing, etc.

The Porsche Design Tower Miami marks Porsche Design’s first venture into residential real estate. Dezer Development expects to break ground in April 2013 and plans for 33 months of construction.

Contact Niki Higgins at 1.888.242.4422 for more information on this exceptional tower.

Porsche Design Tower Miami

Porsche Design Tower Miami

 

New Luxury Condos Coming to Brickell

A luxury high-rise is coming to Brickell Avenue. Property Markets Group (PMG) will start taking reservations for Echo Brickell next week. The building will be the tallest residential tower in Miami to date.

The Carlos Ott-designed tower will rise 750 feet and include 250 condo units.  PMG believes the height and unobstructed water views will be selling points of Echo Brickell. The building will also feature large units and high ceilings, with penthouses spanning more than 7,000 square feet.

If everything goes smoothly, PMG plans to start building during the first quarter of 2014. Contact Niki Higgins at 1.888.242.4422 for more information on Echo Brickell or to see other luxury waterfront condos in Miami.

Source: The Miami Herald

Echo Brickell, New Construction in Miami

Chateau Group Submits Plans for Two Miami Buildings

Chateau Group Submits Plans for Two Miami Buildings

The Chateau Group has submitted plans to build two buildings in Miami around the Freedom Tower.

The 600 Biscayne Boulevard tower would rise 704 feet. The 700 Biscayne Boulevard tower would rise 709 feet. Both buildings would dwarf the 256-foot Freedom Tower.

The Chateau Group has been extremely active in Miami lately. The developers are also responsible for the luxury condo projects Chateau Beach in Sunny Isles and Chateau Ocean in Surfside.

Source: Curbed

Chateau Beach Residences

Chateau Beach Residences, Luxury Condos in Sunny Isles

Luxury Condo Sells at the Exclusive Miami Beach Edition

Luxury Condo Sells at the Exclusive Miami Beach Edition

Another luxury condo has sold at The Residences at the Miami Beach Edition, a hotel/condo project opening in April of 2014. The 2,000-square-foot unit sold for 6 million dollars. This follows the record-breaking sale of 2 combined penthouses in the Miami Beach Edition to a single buyer for 34 million dollars in early March.

The Residences at the Edition is a 26-unit project occupying the top floors of Ian Schrager’s 250-room Edition hotel. Each lavish residence will include floor-to-ceiling windows, Bulthaup kitchens and white onyx master bathrooms.

For more information on these exclusive residences and other Miami Beach condos for sale, contact Niki Higgins at 1.888.242.4422.

The Residences at the Miami Beach Edition

The Residences at the Miami Beach Edition, Luxury Condos in Miami