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South Beach Luxury Condo Blog

Stay updated on South Beach Condo Developments and Market Information.

By Michael DeFilippi | Agent in 33139

Miami Beach Condos - South of 5th Update

    
       
    This week begins Art Basel Miami Beach which means it's an incredible time for brokers to work with buyers and for sellers to highlight their luxury Miami Beach condos to prospective buyers. It's quite an exciting season.

     The South of 5th street (spectacular) neighborhood is undergoing an amazing transformation. 4 new luxury condo developments have all broken ground in 2013. In addition, a new development is nearly complete and there is some great neighborhood news information in this report. 

                             GLASS


        

120 Ocean Dr. 
18 Floors
10 Units 
Completion: Spring 2015

Glass will be an epic property with only 10 units and owner's have 360 degree views. This ultra luxury development will be directly across from the new Ocean House and next door to Prime 112 Steak House. Really a trophy property for those few who will own a unit there. Sales were in the remarkable $2500 per square foot range. This wouldn't be quite at the Miami Beach record of price per square foot but would be at about 75% of that record which is extremely impressive. 


                          MAREA



801 S. Pointe Dr. 
7 Floors - 28 Units
Completion: Spring 2015
Price - 1700 per sq. ft anticipated price

Another amazing Related Group project which will be a crucial key in completion of a corner lot that transitions Alton Rd into South Pointe Dr. Directly across from Apogee and South Pointe Park. Marea will be the ultimate combination of art and design. Owners will enjoy incredible views of the Bay and Ocean. The rooftop terrace and Enzo Enea designed Zen garden will certainly be a focal point of relaxation and family enjoyment. Marea is absolutely a welcomed project and will be a key component in the South of 5th luxury development.  

                     ONE OCEAN




1 Collins Ave. 
2 Towers; 14 Floors; 50 Units
Completion: Early 2015

One Ocean will be spectacular and not just because Jorge Perez will make the Penthouse his residence. The units are large, absolutely. The location is across from Nikki Beach and The Continuum/Portofino Tower. It's been an eyesore of a lot for long enough and the neighborhood is proudly going to welcome this development. Mr. Perez has stressed the importance of magnificent art being prominently displayed and incorporated throughout the development. With the exception of 4 Townhouses, all units will have ocean views. The project has been sold out for several months now. 

                  321 Ocean



321 Ocean Dr. 
2 Towers; 14 floors; 21 units. 
Estimated Completion: 2015

321 Ocean will add some serious luxury to the area between 3rd and 4th street on Ocean Drive. That area is comprised of buildings primarily from the 1970s mixed in with some older buildings. Across the street are 2 commercial lots (hotel/restaurant) that eventually will be renovated into something amazing. The condo units will have incredible ocean views. The development is nearly sold out. It's going to really brighten up and modify that 3rd block of Ocean Dr. 

           MORAVIA 


250 Collins Ave. 
Roof Top Pool Deck 
27 Units
Estimated Completion: March 2014 

This developed is comprised of 27 residences and finally is seeing the light at the end of the tunnel. The project is nearly complete it appears. I anticipate another 3-4 months. To my knowledge this will be the only 'new construction' (rebuild of a 1939 property) luxury condo building on schedule for completion in 2014 in the South of 5th area. 

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     SOUTH POINTE PARK PIER CONSTRUCTION




    The South Pointe Park Pier construction seems to be doing fairly well but as I anticipated it will not be completed for the anticipated date. It was stated for early 2014. I'm assuming it might not be completed until March or April. It's going to be quite an addition to the already amazing South Pointe Park area. Look at the unique looking entrance! This will make for some interesting photoshoot backgrounds. 


          LORD BALFOUR HOTEL



    The Lord Balfour Hotel has been open for several months now and is doing well. There is a public meeting scheduled for this month in regards to their plans to build another tower next door (currently an empty lot).


     S. POINTE DR TO 5TH ST. BIKE PATH CONNECTION UPDATE

Construction has finally begun after several months of delays on the first phase of the project. The first phase will be completion of the path from where Nikki Beach (South Pointe Dr.) starts until the end of the park at 3rd street. This was a project I have watched closely and hoped it would see the light someday. The 2nd phase (which will bring full connectivity between South Pointe and the boardwalk on Ocean Drive for the first time ever) will actually go through the Sand Dunes. Becuase of this riders will actually be able to enjoy an Ocean view from 3rd street to 5th street. But unfortunately, the DEP permitting process will take between 9 and 18 months. The estimated construction date is 2015. 

                      Planned Progress Infrastructure Updates

    The project behind Apogee in regards to Government Cut/Fisher Island has finally been completed. The Decobike station is back in place next to Apogee and landscaping is nearly completed. 

    In addition, a large amount of Palm Trees have been installed. The trees add some much needed shade coverage and will continue to improve as they grow.

    There is still a long way to go though as sidewalks are still not painted, landscaping is unfinished or unacceptable and most importantly there are streets with holes and uneven pavement still.

    South of 5th has been through an incredible journey and with all the recent ground breaking it's a sign of booming times here in Miami Beach for luxury condos. If you own a condo South of 5th you're likely in a position of equity or will be shortly. If you're considering buying I would buy sooner than later. Values have risen significantly and the inventory is down to a minimal amount. 


Michael DeFilippi

Licensed Real Estate Agent

 

 

Global Luxury Realty

 

mobile 305 588 9469

fax 305 468 6440

e-mail Michael@MDRealtyMiami.com

web http://MDRealtyMiami.com

 

1111 Lincoln Rd. Suite 400

Miami Beach, FL 33139

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