Miami-Dade luxury condominiums are selling faster than ever. (Special Advertising Feature).
From Aventura to South Beach, Miami-Dade's luxury condominiums are becoming ever more numerous, spectacular and opulent, with prices and sales keeping pace. "They are more luxurious and selling at unprecedented prices," says Michael Cannon, managing director of Integra Realty Resources-AREEA South Florida.As the adage goes, "They're not making any more land"--especially with a beautiful water view! South Florida's finest developers have their "sites set" on waterfront properties on or near the ocean.
THE PENINSULA
In the heart of Aventura, along the Intracoastal Waterway, the twin towers of The Peninsula offer expansive living rooms, gourmet kitchens, a media room, oversized private terraces and a private elevator entrance for each residence. Units start at 3,150 square feet and increase to the penthouse size of 6,900 square feet. In its design of the 223-unit complex, Boca Developers adopted the concepts of "living large," with ultra-spacious interiors, an Asian-style spa and an on-site cafe. The development was designed by Cohen Freedman & Encinos Associates of Miami Beach.
The Peninsula's first phase on a 12-acre site should be ready in May 2003. "Judging by the enthusiasm of prospective buyers, we are anticipating a sellout before April 2003," said Michael Neumann, vice president of sales for International Sales Group, the exclusive listing broker. Prices range from the US$600,000s to $2.9 million.
HAMPTONS SOUTH
Also in Aventura, Hamptons South was designed for 21st century living, featuring Siematic European kitchen cabinets and a separate media room pre-wired for cable TV, high-speed Internet and satellite connections. The 28-story project with 220 units is being built on the last available parcel on Country Club Drive. Nearly two-thirds of the homes have been sold, says Jack Paget of International Sales Group, which is also marketing the property for Boca Developers.
Hampton South's luxury coupled with International Sales Group's aggressive marketing has resulted in many sales, especially from Latin America. "Buyers here represent a mix of local professionals, active empty-nesters and second-home purchasers from South America," Paget said.
LA PERLA
A little farther south, in Sunny Isles, Richard Lamondin's Cornerstone Premier Communities is developing La Perla, a 42-story glass structure with 326 condominiums starting at $400,000. Says Philip Spiegelman, president of International Sales Group, the project's broker, "At this price point, La Perla has no competition in the market place."
The units at La Perla range from 1,000 square feet to 3,100 square feet and feature private terraces overlooking the ocean. Each residence has designer finishes and floor-to-ceiling glass. Those features, a formal lobby, and amenities such as a beachfront pool, fitness center, business center and club room, helped boost sales. "We took reservation deposits for over 200 residences in just three weeks, based purely on word of mouth," Lamondin said. "That's definitely a new record." In fact, 76% of the units have been sold.
BELLINI ON THE OCEAN
In Bal Harbour, Miami developer Martin Z. Margulies is creating Bellini on the Ocean, a 24-story property with 200 feet of magnificent ocean frontage and some of the best views in Miami-Dade County. The "boutique" condominium development offers a unique intimate lifestyle perfect for the very rich and famous.
Each unit features a high-speed elevator and panoramic views of the ocean. The centerpiece of Bellini on the Ocean is its private fitness center spa and cafe, designed and managed by SpaVida. The 82 units range from $1 million to $6 million, with up to 7,200 square feet of living space. Construction is to be complete in April 2004.
6000 INDIAN CREEK
On Miami Beach, BSG Development Corp. is building 6000 Indian Creek on the northernmost portion of "Millionaire Row." This 42-unit condominium high-rise should break ground in early 2003. The 25-story development has a dramatic design that features a glass-enclosed oval-shaped tower. Prices start in the low $500,000s.
Ronald Bloomberg, a principal with BSG Development, said 6000 Indian Creek features cutting-edge design, quality finishes and high-end appliances. "The kitchen is one of the most important rooms in any home and perhaps one of the most striking features in our project." 6000 Indian Creek integrates "tall wall" cabinets with side-by-side oven and a hidden microwave. "The cabinetry and appliances are so extraordinary that people who used to dine out every night are going to rediscover the joys of cooking at home," said Jose Suarez, another principal.
THE WAVERLY AT SOUTH BEACH
Along West Avenue two blocks from Lincoln Road between Biscayne Bay and the Atlantic Ocean, The Waverly at South Beach was designed by famed architectural firm Arquitectonica. The 35-story tower boasts 14 spacious floor plans with private balconies and panoramic views of downtown Miami and the Atlantic Ocean. Over 150 of the project's 399 one- and two bedroom units have been sold since July 14, 2002, says the project's owner and developer, Athena Karlton SOBE, LLC. Prices range from $250,000 to $500,000. This is an opportunity buy at preconstruction prices without a wait.
"The South Florida housing market is very strong right now, particularly in South Beach, where The Waverly delivers a luxury lifestyle that is very much in demand," said Frederic Karlton, principal of Athena Karlton SOBE, LLC.
Indeed, the market for luxury condominiums seems to stronger than ever. Philip J. Spiegelman, president of International Sales Group, LLC, (ISG), which represents over $4 billion in residential real estate, observed: "With interest rates remaining stable, we believe this opens purchasing opportunities to the greatest local, national and international prospect market. For 2003, ISG predicts direct sales of $300 million throughout its portfolio."
According to one developer, 60% of today's luxury condominium buyers are from South America or Mexico, and 60-65% are second-home buyers. The bottom line is it seems there's always a buyer ready to acquire the most prestigious South Florida luxury residences. And right now, they're acquiring them in a hurry.
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| Author: | Masters, Judith |
|---|---|
| Publication: | Latin Trade |
| Article Type: | Advertisement |
| Geographic Code: | 1U5FL |
| Date: | Jan 1, 2003 |
| Words: | 972 |
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