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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

    Posted Under: Home Buying in South Pointe, Home Selling in South Pointe, In My Neighborhood in South Pointe  |  December 2, 2013 1:01 AM  |  605 views  |  No comments

        
           
        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. 

    -----

         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

  • 1000 Museum Interior Unit Features

    Posted Under: General Area in Downtown Miami, Home Buying in Downtown Miami, Home Selling in Downtown Miami  |  April 18, 2013 7:08 AM  |  1,061 views  |  No comments


    In my opinion, the most exciting development coming to Miami is 1000 Museum. It's designed by award winning architect Zaha Hadid. Units start at $4M and should be completed by Summer 2016 or from what I'm told possibly earlier. The demand has been intense with early reservations already topping $100M. Please see below for some specifications on the features of the units. This applies for most units but not all with the only potential difference being Penthouse ceiling heights.

        1000 Museum Unit Features

    • Finished Flooring through-out residence and terraces
    • Interior lighting by Kreon with controls and automation integration by Creston
    • Custom Built in Closets throughout
    • Custom Kitchens by Gatto with Apliances by Gaggenau and Sub-Zero
    • Midnight Kitchen in Master Suite
    • Wet Bar with built-in wine cooler in Living Area
    • Plumbing Fixtures by Duravit, Dombracht & Kohler
    • 8' high sold core Designer Doors and Hardward
    • Linerar Style AC diffusers throughout
    • Superior performance floor to ceiling window-wall thermal glazing
    • Ceiling Heights to 10' throughout most areas


    If interested in making a reservation, being put on the 1000 Museum VIP Email list or for more information please email me at mikedyourrealtor@gmail.com

    http://www.facebook.com/DeFilippiRealty

  • Matt Damon Lists Miami Beach Mansion for $20 Million

    Posted Under: Entertainment & Nightlife in Miami Beach, Home Buying in Miami Beach, Home Selling in Miami Beach  |  April 11, 2013 5:45 PM  |  1,331 views  |  No comments


    Actor Matt Damon has listed his North Bay Rd. mansion for $20M. Matt purchased two lots for a total of $14.5M in 2005. Mr. Damon, like so many others in Miami Beach, are capitalizing on a booming luxury market. The waterfront luxury market is coming off an incredible 2012 in which Indian Creek Village set 2 sales records. A home sold for $37M at 14 Indian Creek and then 3 Indian Creek shattered that record selling for $47M.

    The home is on a double lot and over 12,700 s.f.and  features 170' of water frontage with amazing views of Biscayne Bay. Matt was able to entertain friends and family in the outdoor pool house with full summer kitchen. A highlight of the mansion is the rooftop terrace. Additional features include a theater room (absolutely necessary for an award winning actor), wine cellar and much more.

    With all the recent attention Miami Beach is receiving for the record breaking sales this property should sell at an excellent price. The media gives great exposure whenever there is a new listing of this nature. See some pictures of this new listing below.



  • SLS Brickell; Accepting Reservations Now; Designed by Philippe Starck

    Posted Under: General Area in Downtown Miami, Home Buying in Downtown Miami, Home Selling in Downtown Miami  |  March 29, 2013 5:01 PM  |  1,225 views  |  No comments

     



    Reservations are being accepted for Related Group's newest development in Brickell. I present to you the SLS Hotel Residences. Ever since the SLS Hotel opened in South Beach I've been curious if a similar project would pop up but with private residences. What an incredible concept for living. This project will move quickly. Make your Reservations now. The price per square foot is very reasonable and will rise quickly.

    The location will have amazing restaurants at the ground level. Katsuya, Bazaar and a restaurant by Michael Schwartz to be announced. The hotel aspect of the building will occupy the first 9 floors. On the 9th floor will be the HYDE Bar, Ciel Spa, Elevated Pool and State of the art Fitness Center. 

      The Residences

    • 600-1600 s.f. amenities.
    • 1 concierge / 1BD +Den
    • 2 amenities / 2BD + Den
    • 3 BD
    • East Facing Units   $480-$580  /s.f. depending on floor
    • West Facing Units  $420-$500  /s.f.
    • 10th floor and above 
    • Private Resident only rooftop pool
    • 1 Assigned Parking Space per unit
    • Private Spa (This is not a hotel/condo in which all amenities are shared)
    • 8000 s.f. ballroom
    • Screening Media Room
    • Business Center
    • State of the art Fitness Center
    • Hotel Services such as housekeeping, laundry/dry cleaning and the concierge are optional
    • 11 Units Per Floor
    • 14 Penthouse Units


     

    To purchase a condo at SLS Brickell Residences, the payment structure is as follows:

    • 10% at reservation – Next 30 Days
    • 10% at contract – June 2013
    • 10% at ground-breaking – Fall 2013
    • 10% at 25th floor slab – Mid-2014
    • 10% at top-off – Mid-2015
    • 50% at closing – Summer 2016

    To reserve your spot it will require 10% down or $30,000 for a 1BR, $40,000 for a 2BR, $50,000 for a 3BR and $100,000 for the Penthouse Level. If you're interested in making a reservation please email me immediately at mikedyourrealtor@gmail.com 

    This development will definitely be a new hot spot in Brickell. No doubt about it! Be a part of Miami's evolution into becoming the greatest International Destination in the World.

    Please see the layout of siteplan. Lines 01-05 will be amazing facing East with incredible views. The 06 line will also be interesting on the corner with the wraparound balcony allow for some great views. The west facing units will give those who want the SLS lifestyle but at a slightly lower price point.

  • 304 Ocean Drive; Miami Beach For Sale at $7.4M; Approved Plans Included Hotel/New Building

    Posted Under: Home Buying in South Pointe, Home Selling in South Pointe, In My Neighborhood in South Pointe  |  March 27, 2013 4:46 PM  |  1,181 views  |  No comments



    Some great news to report since my last South of 5th update a few days ago. The property at 304-312 Ocean Dr. is actively on the market for sale! The for sale sign was put up late last night and by this morning there were already 4 messages left from power brokers. That's a good indicator of how hot this location is. In my opinion 304 Ocean and the empty lot (former hotel that was torn down) at 312 Ocean (Packaged deal) are the last major eyesore in the South of 5th neighborhood. 320 Ocean (next door) is still under renovations and is set to be used as apartments. This is a really welcoming sight especially if this property can be renovated before construction is completed at 321 Ocean across the street.



    If interested in having more information on this property emailed to you please contact me at
    mikedyourrealtor@gmail.com

    I have all the renderings from the previous architect. Those plans were approved back in 2008 and never came to light. This is a perfect opportunity for an investor as the amount of undeveloped land (312 lot) is minimal South of 5th.

  • Sales Activity in South Beach Week of March 17th

    Posted Under: Market Conditions in City Center, Home Buying in City Center, Home Selling in City Center  |  March 25, 2013 2:14 PM  |  645 views  |  No comments
    There was some brisk activity this past week considering the inventory is near record lows. Most of the activity was in the South of 5th neighborhood with a record sale at the Yacht Club at Portofino. A total of 14 condos sold .


       
    Portofino TowerUnit 1105 - 3BR 2.5BTH
    $1.937M or $828.10/s.f.

    Which is a very healthy figure considering unit 1505 sold at $797.97/ s.f. just 4 months ago. Portofino is still a little ways away from consistently breaking that $1000/ s.f. mark but it's certainly within reach.
       

    Continuum North


     
    Unit 1207 - 2BR 2.5BTH
    $1.81M / $1254.33/ s.f.

    That's a very healthy number and the purchase price was over asking price by $15,000. The 2 bedrooms are selling at an excellent ratio but they're not exploding in value like the larger 3 and 4 BR's. (1600-1800/ s.f.)


    The Flats Off Lincoln
    Unit 3 2BR 2.5BTH
    $1.049M or $420.27/s.f.

     
    If you've been over to the Yardbird Southern Table & Bar you've probably noticed a new development 'The Flats Off Lincoln' at 1520 Lenox. This 3 unit full floor living building sold their final unit this past week. Just around the corner from Lincoln Rd. this development is a welcome addition to South Beach.
     


    South Pointe Tower



    Unit 1205 2 BD 2 BTH
    $810,000 /$777/s.f.

    Unit 1501 2 BD 2 BTH
    $896,000 /$769/s.f.
     
    Both are good figures for this older development. Penthouse 2402 closed a month prior at $1225/s.f. ($1.225M) and PH2408 just closed on 3/15 for $1238/s.f. ($3.443M)
     


    The Yacht Club at Portofino*

    Unit 2104 2BD 2BTH
    $829,000 / $760.29

    *This is believed to be their highest price per square foot closing for a 2BR. The previous high was in 2008. Unit 2602 which sold for $800,000 or $707.96/s.f.
     

    The Waverly South Beach



      
    Unit 504 

    At The Waverly sold for a moderate $457,500 or $422/s.f.. It's a good figure considering the low floor and lack of an excellent bay or ocean view.
     
    Unit 1012 Sold for $335,000 with a great view, standard interior. $415/s.f.

    Meridian Condos
     
    A unit at the Meridian Condos at 2001 Meridian sold for $370,000 or $30,000 over asking price. $383/s.f.

    Flamingo South Beach 

    $290,000. 389.26/s.f. - 1BR

    South Bay Club 
    South Bay Club, which is undergoing a major renovation had a 1BR (202) sell for $206,000 or 210/s.f.
     

    Additional sales:
     
    820 Euclid - 1BR without parking (782 s.f) sold for $173,000
    1400 Pennsylvania - 1BR with parking (650 s.f.) sold for $155,000
    359 Meridian - A studio (440 s.f.) sold for $126,500
  • South of 5th Neighborhood Update, Miami Beach

    Posted Under: General Area in South Pointe, Home Buying in South Pointe, Home Selling in South Pointe  |  March 22, 2013 3:26 PM  |  743 views  |  No comments

    There are a lot of exciting developments in the works for the SoFi (South of 5th Street) area of Miami Beach. Starting from 5th and Ocean a new Italian gelato shop recently opened at 458 Ocean Dr. called Gelato-Go



    The Lord Balfour Hotel is very close to opening! The anticipated opening is May 1st! But this is Miami and things go a little slower so we'll see. What an addition to the community this will be! I expect full occupancy throughout most of the year.



    Across the street at 335 Ocean Dr. is the Ocean Walk Condos. The building is still undergoing their concrete restoration and exterior painting project. Once completed the new exterior should provide quite a face-lift to the building especially in anticipation of the project below. 

    321 OCEAN

    This project has been approved. Construction has yet to begin. There will be 21 units including 2 Penthouses and 2 Two-story beach houses. My early opinion is that the exterior has a very similar feel to Ocean House which recently opened at 125 Ocean Dr. There will be two towers (Ocean & Ocean Drive) The units range from 3BR up to the Ocean Penthouse having 5BR, it's own Private Rooftop Pool & Rooftop Terrace. The developer is AGM ARIA. One of AGM's principals was quoted as saying, "“The location was irreplaceable,”.



    320 OCEAN DR

    This structure has been undergoing renovations for quite some time now. New windows have finally been installed and flooring is down in most of the units so far. I will get an update on anticipated plans and completion dates but have none as of today. But it's good to see the property is improving. One of the last to go!



        304 Ocean

    There is still no activity on this property. The building still shows the sign above "Approved Restaurant/Hotel". This property is a major eyesore and a prime piece of Real Estate. In part 2 of this update I will provide definite plans on structures of this nature. 

     120 Ocean

    The project is called GLASS 120.

    This already approved project will feature unit  views that are completely unrestricted and units will start at $4M. Pending results from the recent planning board meeting the developer is seeking a revision in the approved plans by adding a 2-story mechanical parking structure. 18 Floors. Rene Gonzalez is the architect.  

    10 Unrestricted Views, 10 Unparalleled Residences. 1 piece of unreal estate



        CONTINUUM RETAIL SPACE  

    Some exciting news in the previously disappointing ground level retail space at the Continuum. Bar Crudo will be on the corner and opening within 6 to 8 weeks. It appears there will be raw sushi, oysters, drinks etc....This should be a great spot to draw much needed foot traffic and hopefully it will anchor the rest of the commercial space.



    Right next to Bar Crudo is Lee & Marie's Cakery Company. They have been open for about 6 months and seem to be doing well. I suggest stopping in for breakfast, lunch or for whatever you desire.



    In the next blog I'll post some updates on the topics below...there's a lot of exciting things happening in South Beach as well as luxury condo prices are selling at record levels. There's only so much space on the beach! Do you have yours?

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