Check Out This Jeff Howard-Designed Italian Renaissance Penthouse in Coral Gables Asking $6.99 Million

The 3-story mega-penthouse in Coral Gables' Segovia Tower has relisted for $6.99 million. The residence was listed last year $10.5 million, at $1,236 SF, but did not sell. The Mediterranean-inspired, 8,492 SF unit includes 8 bedrooms, 12 bathrooms and 5 parking spaces. The intricately designed Italian Renaissance residence was designed by Jeff Howard of Howard Design Group. The penthouse also features a library, billiards room, media room, wine cellar, private elevator, summer kitchen, 2 indoor kitchens, private gym and a solid stone 30' fireplace. Outside features multiple private terraces and a summer kitchen complete with extraordinary views of the Coral Gables, Downtown Miami, and Coconut Grove. Other finishes include various stained glass windows, crystal chandeliers, and hand-painted murals throughout. The penthouse is currently owned by attorney James L. Ferraro. 600 Coral Way PH 15 is currently listed for $6.99 million with Maggie Munoz of ONE Sotheby’s International Realty.

Check out PROFILEmiami's previous coverage of Segovia Tower's PH 15

Inside The Building Collapse At The Future Site Of Brazillian Billionaire Jose Isaac Peres' 5775 Collins Ave In Miami Beach

Miami is never short of real estate drama, but what happened yesterday in Miami Beach is a true rarity as the shell of the former Marlborough House, located at 5775 Collins Avenue has come crashing to the ground. The accidental collapse shut down a large portion of Collins Avenue and has left a project manager hospitalized in critical condition. The demolition was supposed to take 2 weeks and was being overseen by subcontractor AlliedBean. Winmar Construction, the contractor for the project applied for a demolition permit in August 27, which was denied before reapplying and being issued a conventional demolition permit in May 2018. Wimnar has since stated that AlliedBean Demolition Contractors was responsible for all demolition work. 

The project has not been without its other share of drama, as neighbors opposed the project when first revealed, complaining about a "Condo Canyon" effect which is caused by newer building taking up the entire lots they are built on in terms of width. This would block partial views of the ocean as well as limit public access to the beach. The proposal was later approved by the Miami Beach Design Review Board in December 2017. 

The new building at 5775 Collins, which is being developed by Jose Isaac Peres' Multiplan Real Estate Asset Management and is being designed by Arquitectonica. The luxury residential tower will rise 17 stories and feature 89 units. The building would also feature 2 levels of semi-subterranean parking. The proposed tower is outfitted with white stucco-tipped slabs with a glazed glass skin on the units. The balconies will be finished with with a warm brown wood, with planks oriented and glass rails. There will also be 2 penthouses with private pools. Amenities will include a beachfront pool and lounge areas. No new adjusted timeline has been released following the collapse. 

Check out the video of the collapse below:

Photos via Sun Sentinel & Arquitectonica 

Stambul Acquires The Historic Walgreens Building In Downtown Miami's East Flagler Street

Stambul, a family-owned and operated, full-service boutique construction and development firm, has completed the purchase of the historic Walgreens building in Downtown Miami for $19.75 million. Located at 200 East Flagler St., the building was owned by the Alonso family and is previously home to La Epoca Department Store. Stambul plans to redevelop the approximately 50,000 SF building into a multi-level entertainment complex, which will serve as a catalyst for Downtown Miami’s resurgence including high-end retail, dining and entertainment. The five-story, Art Deco-style building was first built in 1936 and at the time was the third Walgreens outside of Chicago and the first in Florida. The storied building boasts over 80 years of history that includes secret dealings by Al Capone. The restoration of the building will be completed by Stambul’s in-house general construction team and is scheduled to begin in the last quarter of 2018.

“We are meticulously and thoughtfully curating and overseeing vendors, spaces and activities that will integrate to provide an organic experience,” said Stambul’s Principal Daniel Peña Giraldi.  “Stambul wants to be a key player in the rebirth of Downtown Miami and its evolution into a culinary and entertainment destination for locals and tourists.”

This is Stambul’s third adaptive-reuse project in Downtown Miami. The firm also spearheaded the restoration of the historic Miami National Bank into The Langford Hotel, now Eurostars Langford, and is working on the restoration of the Old United States Post Office and Courthouse that will include Biscayne Brewing among other food and beverage outposts.

“We’ve always understood Downtown Miami’s potential and we’re excited to be deeply rooted in its rebirth,” said Stambul’s Principal Luis E. Rojas. “We’re quickly working on giving the historic Walgreens building a new life and elevating Flagler Street to its prime days.”

"This property has played an important role in the evolution of Downtown Miami and it is incredible that Daniel, who appreciates and embraces the history of Downtown Miami, is the buyer,” said Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division. Mattingly and Colliers’ Gerard Yetming marketed the property on behalf of the seller, Habitat Development Corporation. “Over the last few years, institutional buyers and private equity have invested close to $3 billion in a 6-block radius in downtown Miami. Downtown is on the verge of a complete transformation, and Daniel’s acquisition of La Epoca will speed up the change."

Downtown Miami's $800 Million Signature Bridge Awarded Notice To Proceed By FDOT

Florida Department Of Transportation (FDOT) has awarded the Archer Western-de Moya Joint Venture, the contractors for Downtown Miami's $800 million Signature Bridge, a Notice To Proceed. The final chosen design known as The Fountain and will be the new gateway to Miami Beach, transforming I-395 and the entry to MacAruthur Causeway. The initiative will build a 55-acre park, known as Heritage Trail, under the bridge, as well as changes to State Road 836 including adding a lane and building Miami's first double-deck highway. The construction timeline is 4 years.

The Signature Bridge project has had its fair share of drama. In an April 2018 hearing, the State of Florida Division of Administration Hearing ruled in favor of FDOT after bridge advocate and former Miami City Commissioner Marc Sarnoff filed a lawsuit alleging that FDOT violated their 2013 settlement agreement via their handling of bids to design and build the bridge by manipulating scoring to allow the Archer Western and The de Moya Group's proposal to win. In May 2018 a Judge ruled in favor of FDOT to allow them proceed with the winning design.

Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise

Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax. 

Miami Beach & Barrier Islands

• Price trend indicators posted strong gains across the overall and luxury markets
• Number of sales and pending sales moved up from year ago levels
• Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
• Overall days on market and listing discount expanded as older listing inventory was cleared from the market
• Most second quarter sales in three years
• Luxury condo average sales size surged and pending sales posted strong gains
• Luxury listing inventory slipped

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price rose 7% to $438,000
• Average sales price increased 15.8% to $1,098,024
• Number of sales increased 10.7% to 1,025
• Days on market was 148, up from 139
• Listing discount was 11%, up from 9.7%
• Listing inventory increased 3.9% to 6,319

Luxury Condo:

• Median sales price surged 47.6% to $3,370,000
• Days on market was 196, up from 194
• Listing discount was 12.7%, up from 11.4%
• Listing inventory fell 20.3% to 959 units
• Entry threshold began at $1,900,000

Luxury Single Family:

• Median sales price jumped 34.5% to $10,760,000
• Days on market was 262, down from 292
• Listing discount was 16.5%, up from 14.5%
• Listing inventory jumped 32.3% to 209 units
• Entry threshold began at $4,950,000

Miami Coastal Mainland

• Overall conditions reflect rising prices, stable sales and modest inventory gains
• Median sales price increased year over year for the 15th consecutive quarter
• Highest market share of conventional financing in more than five years of recording
• One in four single family sales and half of  condo sales were purchased with cash
• Number of sales well above the 5-year quarterly average
• Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price increased 6.7% to $320,000
• Average sales price rose 8.8% to $456,591
• Number of sales fell 0.3% to 4,191
• Days on market was 86 up from 79
• Listing discount was 5.6%, up from 5.5%
• Listing inventory rose 2.7% to 11,184 units

Luxury Condo:

• Median sales price rose 6.4% to $814,951
• Days on market was 176 days, up from 169
• Listing discount was 8.1%, up from 7.7%
• Listing inventory declined 6.3% to 2,537
• Entry threshold began at $580,000

Luxury Single Family:

• Median sales price rose 6.7% to $1,600,000
• Days on market was 125 days down from 133
• Listing discount was 7.9%, up from 7.7%
• Listing inventory slipped 1.1% to 1,012 units
• Entry threshold began at $960,000

Fort Lauderdale

• Sharp price gains in the overall condo and single family markets
• All condo price indicators set new records
• Overall condo market showed a large burst in year over year sales in last two quarters
• Large gain in conventional financial market share for both property types
• Luxury listing inventory fell sharply across property types

Key Trend Metrics (Year over Year)

Luxury Condo:

• Median sales price increased 9.8% to $1,281,600
• Days on market was 81, up from 68
• Listing discount was 6.8%, up from 5.6%
• Listing inventory fell 31.8% to 255 units
• Entry threshold began at $975,000

Luxury Single Family:

• Median sales price rose 35% to $2,265,000
• Days on market was 167, up from 155
• Listing discount was 9.2%, up from 8.2%
• Listing inventory declined 15.6% to 298 units
• Entry threshold began at $1,500,000

Boca Raton

• Overall price trends for both condos and single families increased year over year
• Sales slipped an inventory edged higher for both property types from the year ago quarter
• Share rise in average sales size and price trend indicators for luxury condos
• Unlike overall market, listing inventory for luxury properties declined
• Luxury pending sales are up year over year

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price rose 24.8% to $1,051,250
• Average sales price surged 31.3% to $1,394,111
• Days on market was 128 days, up 14.3%
• Listing discount was 8.3%, unchanged
• Listing inventory fell 21.1% to 243
• Entry threshold began at $645,000

Luxury Single Family:

• Median sales price declined 4.8% to $1,900,000
• Average sales price rose 1.8% to $2,605,203
• Days on market was 142 days, down from 165
• Listing discount was 9.6%, up from 9.5%
• Listing inventory declined 25.8% to 419
• Entry threshold began at $1,250,000

Delray Beach

• Most price trend indicators for the overall market by condo and single family moved higher
• The number of sales for condos and single families market wide increased
• Marketing time fell across the overall market
• The negotiability of luxury single family and condos tightened

Key Trend Metrics (Year Over Year)

Luxury Single Family:

• Median sales price surged 12.3% to $1,737,500
• Days on market was 148, up from 118
• Listing discount was 8.7%, down from 11%
• Entry threshold began at $1,260,000

Luxury Condo:

• Median sales price declined 10% to $575,750
• Days on market was 80, down from 116
• Listing discount was 5.5%, down from 5.8%
• Entry threshold began at $390,000

Wellington

• Overall market price trend indicators moved higher over both property types
• Listing inventory and sales were up slightly across most segments of the market
• Luxury single family prices and sales size were up sharply
• Smaller luxury condo sales size skewed most price indicators lower

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price fell 23.2% to $437,500
• Average square footage fell 11.9% to 2,034
• Days on market was 182, up from 160
• Listing discount was 5.9%, unchanged
• Listing inventory rose 8.3% to 52
• Entry threshold began at $350,000

Luxury Single Family:

• Median sales price jumped 34.4% to $2,150,000
• Average square footage rose 17.3% to 4,877
• Days on market was 176, up from 167
• Listing discount was 14.9%, up from 14.4%
• Listing inventory rose 4.3% to 218
• Entry threshold began at $845,000

Palm Beach

• Highest combined number of condo and single family sales in three years
• Listing inventory fell across the market by property type
• Condo price trends declined, skewed by shift to smaller sized sales
• Luxury inventory and days on market expanded

Key Trend Metrics (Year Over Year)

Luxury Condo & Single Family:

• Median sales price declined 20.8% to $12,537,970
• Days on market was 148, down from 140
• Listing discount was 17.7%, up from 15.3%
• Listing inventory rose 30.2% to 69
• Entry threshold began at $6,786,250

Jupiter/ Palm Beach Gardens

Jupiter:

• Single family price trend indicators increased as sales and inventory declined
• Condo price trend indicators rose sharply as sales declined

Palm Beach Gardens:

• Single family price trend indicators were mixed as sales and inventory declined
• Condo price trend indicators for the overall markets continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family:

• Median sales price increased 7.3% to $515,000
• Days on market was 60, down from 69
• Listing discount was 5.2%, down from 6.5%
• Listing inventory declined 8% to 402

Jupiter Condo:

• Median sales price rose 12.9% to $315,000
• Days on market was 65, up from 62
• Listing discount was 4.6%, down from 4.9%
• Listing inventory rose 11.7% to 277

Palm Beach Gardens Single Family:

• Median sales price increased 4.8% to $492,500
• Days on market was 77, down from 86
• Listing discount was 6.9%, down from 7.6%
• Listing inventory declined 2.5% to 516

Palm Beach Gardens Condo:

• Median sales price rose 3% to $242,000
• Days on market was 52, down from 62
• Listing discount was 4.4%, down from 4.6%
• Listing inventory jumped 21% to 236

Chris Carlos Lists Fully-Upgraded Oceana Bal Harbour Penthouse With Rooftop Infinity Pool For $35 Million

Chris Carlos, the son of the family-owned Republic National Distributing Co.’s, the second-largest distributor of alcoholic beverages in the U.S., has officially listed his fully-custom Oceana Bal Harbour condo for $35 million. The price makes the condo the 2nd most expensive condo listing on the market in Miami-Dade County. Carlos purchased the residence last year for $25 million before essentially gut-renovating the entire spread. The property is scheduled for completion by end of August and when complete will feature close to $6 million worth of renovations.

“Located in the nationally recognized affluent area of Bal Harbour, this penthouse is a crown jewel featuring over 9,000 SF of reimagined and exquisitely upgraded interiors," said list agent Tony Imbesi. “Boasting 10,000 SF of a private rooftop with an enormous 50' infinity pool, spa and outdoor kitchen, the penthouse is truly a sanctuary in the sky.”

Wanting to create a level of luxury not yet seen in Miami, Carlos has added 2 additional bedrooms, high tech electrical systems and appliances throughout, Porcelain and marble tile across the entire property and a glass and wood staircase imported from oversees to offer an abundance of artistic light from the roof to the interiors. The residence in itself spans 9,370 SF inside spread over 6 bedrooms, 7 full baths & 2 half baths. The condo also offers 9,950 SF of private Rooftop Terrace with a spa, summer kitchen and a 50' infinity pool, rooftop deck raised above balcony creating an optical illusion looking straight out into open ocean views. Oceana Bal Harbour, 10203 Collins Ave #2801N, Bal Harbour is currently listed for $35,000,000 with Tony Imbesi of Douglas Elliman.

Terra's Arquitectonica-Designed Rentals Summerhill In Coconut Grove Unanimously Approved

Terra Group will move ahead with Summerhill in Coconut Grove after the project was unanimously approved by Miami's Urban Development Review Board (UDRB) in July 2018. Summerhill is being designed by Arquitectonica and features a design that pays homage to Coconut Grove's sailing culture. The project will feature two, 20-story towers that feature 303 apartment rental units along with over 32,160 SF of leasable commercial space and 574 parking spaces. Summerhill will be located at 2655 S Bayshore Drive. 

Project Name: Summerhill

Neighborhood: Coconut Grove

Developer: Terra Group

Architect: Arquitectonica

Stage of Construction: Approved [Not Broken Ground]

Project Stats: 303 Residential Units, 32,160 SF Commercial 

The Kobi Karp-Designed Ultra-Luxe Condo Palazzo Della Luna Tops Out On The Private Fisher Island

Palazzo Della Luna, located on the last waterfront parcel at the extremely private and ultra-luxurious Fisher Island, has officially topped off at 10-stories. The ultra-luxury boutique condominium, which launched sales in February 2018, offers 50 residences which range from 3 to 7-bedroom floor-plans. The project is being developed by PDS Development, LLC and veteran developer Heinrich von Hanau, with construction being overseen by ASR Construction, LLC. Palazzo Della Luna is slated for completion in summer 2019. Pricing at the opulent property is averaging over $2,000 SF.

Palazzo Della Luna was designed by local Miami starchitect Kobi Karp and features interiors by the NY-based Champalimaud Design. Finishes include gilded glass, statuary marble, terrazzo and cerused oak. Residences also feature private elevator access, contemporary flow-through floorplans, deep outdoor terraces, floor-to-ceiling glass and 10' to 15' ceilings which amplify for natural light, all with breathtaking views of the ocean, bay, city skyline and Fisher Island golf course. Palazzo Della Luna also offers a $40 million, 7-bedroom penthouse, which is the most expensive listing on the island. 

Palazzo Della Luna and its sister building, the sold-out Palazzo Del Sol which delivered last year, will be joined by a lush central park. Karp envisioned a lush garden with a serenity yoga lawn, outdoor gardens and a bocce ball court. Karp also designed the porte-cochère entrances to be adorned with multilevel hanging gardens and tropical vines, while vanishing-edge pools and huge cabanas further the feel of a six-star resort.

Tour Author Jillian Hoffman's Las Olas Mansion Which Just Sold For $3.49 Million

Author Jillian Hoffman has officially sold her Las Olas Isles Mediterranean mansion in Fort Lauderdale for a cool $3.49 million. The 6,200 SF estate spans 5 bedrooms, 5.5 baths and offers a spectacular two-story entry with dual staircases, sweeping floor-to-ceiling windows and stunning waterfront views throughout the property. The home also features a wine room, HD theatre with base shaker seating, 1st floor junior master suite, expansive balcony that extends the full length of the house and beautiful outdoor space with sun-drenched pool, hot tub and loggia ideal for entertaining and relaxing. Jill Johns, Dennis Stevick and Dale Atkins of ONE Sotheby’s International Realty represented both buyer and seller in the transaction. 

Check Out The New Renderings of David Beckham's Proposed Freedom Park

New renderings of David Beckham and Jorge Mas' controversial proposal to build one of the biggest private office and retail parks in the U.S. on city owned land, known as Freedom Park, have been revealed. The Arquitectonica-designed proposal includes 400K SF of office space and 600K SF of  restaurant, retail and entertainment space; along with 750 hotel rooms and a 25,000 seat soccer stadium with only 3,750 parking spaces. The city would be on the hook to redevelop and maintain the remaining land at the site at the expense of tax payers. The developers would pay $20 million to the city over 30 years, amounting to a net present value of roughly $4 million. Last week commissioners decided to delay the vote on city referendum that could send the proposal to the voting ballot for taxpayers to decide its fate. 2 of the 5 commissioners are in favor but the public backlash has been vocal with charities such as The First Tee Miami staging protests and Related Group's Jorge Perez, amongst others have made their opposition public. Commissioners will vote again this week.