Miami Sees Second Highest Priced Crypto Sale As Marquis Residences Condo Sells For $7.2 Million

The Downtown Miami market is on fire amidst a number of building launches and splashy sales. Now the City of Miami has seen its first crypto sale of the year as Unit 5306 in Marquis Residences has sold for $7.2 million in Ethereum that was transferred to USD Coin, a digital stablecoin that is pegged to the United States dollar, for the transaction. The sale is the second largest in Downtown Miami behind a $7.2 million sale at the nearby One Thousand Museum and the third highest in the Miami area ranking behind a $22.5 million deal at Arte in Surfside, both last year. Madison Roberts and Zach Oppenheim with Oppenheim Realty represented the buyer in the transaction, and Enzo Rosani of Barnes International Realty represented the seller, along with Ricardo Assaf with Unblock Capital, who helped mediate the crypto transfer. Coral Gables Title & Escrow handled the closing. Roberts and Oppenheim also represented the buyer in the One Thousand Museum deal last year.

Marquis Residences is located at 1100 Biscayne Boulevard in Downtown Miami. The buyer is a business developer from Central America. The triplex spans 6 bedrooms 7 bathrooms and 6,952 square feet. The two-story residence offers floor-to-ceiling windows overlooking the entire city and ocean, a movie room, designer kitchen, office, two laundry rooms. The lavish master bedroom features views of Biscayne Bay and a double shower, jacuzzi and sauna. The unit also features a full home automation system throughout and window treatment for efficient A/C and energy savings.

"I have been in the crypto industry since 2011, it is absolutely amazing to see where crypto is right now and where it is headed. The opportunities are endless and we have yet to begin," said Roberts.

Images via Barnes International Realty

Some Outraged Downtown Residents Have Made A Move Against The City of Miami For Ultra & Formula 1 Proposal

Not everyone can always be happy, no sooner then Miami had made strides on the world stage to host the Formula 1 Miami Grand Prix in the streets of Downtown Miami, had a group of 11 residents moved against the city. Some Downtown Miami residents have teamed up and sought legal council combatting the city hosting Ultra Music Festival in Downtown's Bayfront Park and the city's bid to bring a Formula 1 race to the streets of Downtown and PortMiami as early as October 2019. The residents, who live in 50 Biscayne and Epic, have sent a Cease and Desist letter to the city. The proposed 2.57-mile course would run through Downtown Miami's Biscayne Boulevard, American Airlines Arena and PortMiami. The letter alleges that both the Formula 1 Miami Grand Prix and "mega events" such as Ultra Music Festival and Rolling Loud Festival, all violate the City of Miami's noise ordinance, which in turn negatively affects the health of nearby residents and their property values. 

Ultra Music Festival has garnered much attention for the city of Miami, helping aid to boost property values and tourism. If looking at cities such as Monaco, property values on the race course have been boosted by popularity and a condo-hotel such as Epic benefits greatly from major events in near proximity. The noise ordinance clause has been used against other Downtown venues including the nightclubs behind Marquis Residences, Ten Museum, One Thousand Musuem, 900 Biscayne and Marina Blue. The difference between the two cases is one targets events which bring millions of dollars of benefit to the city and its taxpayers, typically operating during the day, while the clubs in question operate at late night hours with resident complaints coming between the hours of 2 am and 6 am with private prosperity. 

Ultra Music Festival was sold out in 2018 with a record-breaking attendance of 165,000 and over 30 million online streams. Ultra Music Festival is renegotiating their lease for hosting the festival in Bayfront Park, with Miami commissioners asking for rent to rise to $2 million. Ultra Music Festival currently pays around $1 million annually to host the festival at the site. Formula 1 does not yet have a deal in place, although city commissioners approved the race in a unanimous 5-0 vote in May 2018. Formula One has 500 million global fans and currently hosts 21 races across five continents which are broadcast to over 1.8 billion viewers. Hosting a Formula 1 Grand Prix's economic impact on Montreal is around $65 million and Formula 1 claims the Formula 1 Miami Grand Prix could produce over $700 million annually for the city. Set-up time could take up to 3 months while clean up would take 2-3 weeks. The city expects to be sued over the matter. 

CLOSED: Drake's Former "Condo Up On Biscayne" Sold By Current Owner NBA Superstar Mario Chalmers For $2.3 Million

Superstar Drake’s onetime "condo up on Biscayne," famously referenced in his song "The Motto," just sold yesterday for $2.3 million in a deal represented on both sides by Douglas Elliman. Drake sold the unit, which is located in the luxurious Marquis Residences, to NBA superstar and Memphis Grizzlies point guard Mario Chalmers for $2.5 million in 2012 when Chalmers was on the Miami Heat. The unit was also featured in the Canadian rapper's hit song "I'm on One" music video. The 2-story, 5,475 SF residence is spread over 5 bedrooms and 5 bathrooms offering triple exposure complete with floor-to-ceiling glass windows and sliders. Exceptional interior features include marble and wood floors throughout, private foyer, soaring 20' ceilings, den/game room, full service wet bar, an open kitchen equipped with appliances by Viking and Sub-Zero, along with a large terrace ideal for indoor/outdoor entertaining offering unmatched unobstructed views of the Miami Skyline and the American Airlines arena. The buyer was local and represented by John Sandberg with the Sandberg Nortmann Group at Douglas Elliman. 1100 Biscayne Blvd. #4905/06 was listed for $2.66 million with Douglas Elliman. 

Featured Listing: Tour the Marquis Residences Duplex That is Currently The Most Expensive Rental in Downtown Miami

Unit 3106, a massive and masterfully designed duplex at Marquis Residences, has listed for rent for an astounding $25,000 per month. The listing is the priciest rental listing currently in the Brickell and Downtown neighborhoods. Unit 3106 features 4 bedrooms and 4 bathrooms spread over 3,776 SF. The fully custom unit designed by Troy Dean Interiors features wood-clad walls throughout, a second floor master bedroom suite with study, open kitchen, dining room, double-height floor-to-ceiling-glass living room over Biscayne Bay for immaculate views, and 2 massive screens against the living room window placed for viewing from the top floor and bottom floor. The unit was last sold for $2.6 million in 2014 pre-renovation. Marquis Residences 3106 is currently listed for rent at $25,000 per month with Dario Stoka of Brown Harris Stevens. Take the photo and video tour below. 

Featured Listing: Marquis Residences PH6301

Park West is an area on the rise, and one of the last places in Miami where you can lock up prime real estate for somewhat reasonable pricing. Penthouse 6301 in Park West's Marquis Residences is  perched high in the sky, offering unmatched views of Biscayne Bay, the Atlantic Ocean, Port Miami and Downtown Miami. This massive duplex includes 3,831 SF of living area spread over 3 bedrooms and 3 full-bathrooms with one half-bath. It features a wine cellar, chef's kitchen, exotic wood, marble and stone finishes throughout, exotic wood and marble flooring, private elevator entry and smart home technology. The unit expands to 5,331 SF with the outdoor space included, which includes a rooftop plunge pool, summer kitchen and private skydeck. Currently listed for $3,945,000 with Daniel Romanach of One Sotheby's International Realty.   

Mario Chalmer's Triplex in Marquis Residences Listed for $3,200,000

Creativity can be everything in real estate. This massive nearly 5,500 SF triplex in Marquis Residences, unit 4906, is currently listed at $3,200,000. The custom built layout makes use of the two-story units to allow for double-height floor to ceiling windows with unparalleled views of Biscayne Bay, Miami Beach and the Atlantic Ocean. The unit is 5 bedrooms and 5 bathrooms complete with a billiards room, full sized cooks kitchen, media room and expansive master suite. Finished with marble flooring throughout and smart home technology. This is a rare gem in an amazing building that features the recently opened Me Miami Hotel and STK Miami steakhouse. It is linked to Mario Chalmers of the formerly of the Miami Heat. Listing and photos by Allan Kleer of Fortune International Realty Brickell Inc.