29 mar 18 | Mansion Global
Miami Area Gets Newest Crop of Condos
By Bill Cary
From Miami Beach to Fort Lauderdale to Palm Beach, these high-end apartments are new as can be.
After a rocky 2017 that was filled with uncertainty, the Miami real estate market seems poised for a stronger 2018.
“The market is definitely rebounding,” said Daniel de la Vega, president of One Sotheby’s International Realty. “Consumer confidence is extremely high and the stock market continues to rally. Hedge funds have recovered after a couple of bad years.”
Two very high-end Sotheby’s offerings—the 62-story One Thousand Museum by Zaha Hadid Architects and the 54-story Turnberry Ocean Club in Sunny Isles Beach—have performed particularly well, he said.
Miami luxury condo sales have risen in three out of the last four months (January, December and October), according to the report. Single-family luxury home sales in January rose 7.1%, from 56 to 60 year-over-year, and they, too, have risen for the same three out of the last four months.
From an inquiry perspective, “we’re seeing a little more time between inquiry and closing,” Mr. Parker said.
He attributes that to more buyers looking at Miami as a primary residence rather than as a second home market. “Buying a primary residence involves a longer thought process—you want to look longer, think longer,” he said.
“We’ve had a huge domestic surge from the Northeast, from Illinois, Massachusetts, New Jersey, New York of course, and Connecticut,” Mr. Parker said, which may have something to do with the fact that there’s no state income tax in Florida, unlike the high-tax states in the Northeast. He has also seen greater interest from Canadians, he said.
In the international market, “Brazil and Argentina are both coming back,” Mr. De la Vega added. “They have always been a strong market for us. Whenever we see Latin America coming back, we’re excited.”
There is also a lot of activity in the rest of the South Florida market, Mr. Parker said. He described the Fort Lauderdale market as “explosive.” “All of our developments there are seeing tremendous activity,” he said.
In Miami, “downtown has experienced a surge of completion of new development product, and a lot of people are concerned about that,” Mr. Parker said. But he remains generally optimistic about downtown and its ability to absorb the inventory.
“There is a lot of capital in that market, and the rental market has been strong,” he said.
In general, developers can be somewhat more patient now than they were in 2017, Mr. De La Vega said. “Developers who are under construction or topping off don’t have to give away the house. There’s not this rush to sell.”
Developers who have launched sales without breaking ground, however, are having a tougher time, he said. “If you haven’t broken ground right now, I think it will be tough to get off the ground.”
Here’s a look at some new projects beginning to take shape in Miami and South Florida this spring:
Una, 175 SE 25th Road, Miami
On the heels of its groundbreaking of Missoni Baia late last year, OKO Group is announcing the launch of Una, its second Miami project. The Miami-based development company founded by real estate magnate Vladislav Doronin will again partner with the international real estate investment firm Cain International to develop Una.
The 47-story condo tower will be in the waterfront neighborhood of South Brickell, near the crossroads of Coconut Grove’s Main Highway and Brickell Avenue. It offers easy access to the city’s financial district as well as high-end restaurants, retailers and yacht clubs.
Mr. Doronin, a prolific developer whose global portfolio includes 71 international projects and 75 million square feet of property, spent more than a year searching for a parcel that would offer a superior waterfront lifestyle with a marina in a pedestrian friendly neighborhood.
Una is being designed by the international architectural firm of Adrian Smith + Gordon Gill Architecture (AS+GG), best known for designing some of the world’s most extraordinary supertall skyscrapers, such as the Jeddah Tower in Jeddah, Saudi Arabia.
The Una tower will have a striking facade with clear modern lines and ribbon-like curves inspired by the sinuous teak decking on the iconic Riva yacht.
Expansive terraces will take advantage of the rare waterfront site, the first available on the market in decades, offering 180-degree sweeping vistas of Key Biscayne to the east, downtown Miami and Miami Beach to the north, Coconut Grove to the south, and Coral Gables and beyond to the west.
Ensuring a cohesive exterior and interior aesthetic, AS+GG will also spearhead the building’s interior design. A private bayside garden by the landscape architectural firm of Enzo Enea will further enhance the urban park setting.
Each of the 135 residences will feature private elevator entry, 10-foot-8-inch ceiling heights, chef’s kitchens with Gaggenau appliances, master suites with separate his-and-hers closets and bathrooms, and utility rooms with full-sized washers and dryers. The 10-foot-deep terraces will feature effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings to take advantage of the stunning views.
The Una tower will also include flow-through residences with east-to-west ocean and city exposures on the top floors and two penthouses with private pools.
Sales are set to commence this month and will be exclusively handled by Fortune Development Sales.
Number of units: 135
Price range: Prices from $900,000 to more than $5 million
Developer/Architect and designer: OKO Group led by real estate magnate Vladislav Doronin, along with partner international real estate investment firm Cain International led by Jonathan Goldstein/Adrian Smith + Gordon Gill Architecture.
Apartment sizes: Two- to five-bedroom units and two penthouses, ranging in size from 1,100 to 4,786 square feet
Amenities: A residents’ private marina for bayside excursions, three pools, a state-of-the-art fitness center with yoga and personal training areas, a spa influenced by the Aman aesthetic with indoor and outdoor private massage rooms overlooking the bay, a dedicated beauty suite for private services, private residents’ dining/party room, cinema, children’s splash pad area and playroom, owner’s lounge and outdoor lounge, and 24-hour concierge.