Turnberry Ocean Club

Although yet to break ground, the Turnberry Ocean Club in Sunny Isles is starting to become a reality. Designed by Carlos Zapata and Robert Swedroe, Turnberry Ocean Club is eying a 2018 opening. Turnberry's President of Residential Development said that about 2/3's of the early buyers were from South America and Europe.

Turnberry Ocean Club will be a 649-foot tall tower and residential complex consisting of 154 units at 54 stories. The units range from 2,900 SF to over 10,645 SF. Pricing ranges from $4 to $35 million with the higher-end of the scale consists of duplexes that come complete with their own swimming pools, starting at $19.5 million. The building will feature first class amenities including Sunrise and Sunset Infinity-Edge pools, indoor and outdoor fitness centers, a pet retreat, pool bar, salon, restaurants and cocktail lounge. The pools are rooftop to allow for breathtaking views of Sunny Isles to be enjoyed by all residents. The building also features a Sky Club from floors 30 to 32. The developers have targeted this building at younger buyers who are looking for a residency rather than older retirees from the Northeast.

$150 Million of Condos Hit Market in Faena House

Will Miami's luxury condo market get a jolt from Faena House? Time will tell, but $150 million of units are back on the market as investors seek to flip their investments, which sold-out at $407 million. The last developer unit closed in May to Paul Cejas, who purchased a unit for $20 million. Hedge funder Ken Griffin purchased the double penthouse units for $60 million and has listed them at $55 million and $18 million a piece. It can be typical for units 10% to 20% of units to hit the market after a building is delivered, which is right where Faena House is at 9 of 44 currently listed. Despite that some units have been listed for close to a year. Currently listed units range from, $3.7 million to Griffin's $55 million and sellers plan on holding firm on their pricing.

Miami Median Listing Price Down

There is still debate as to the demand for homes in the Miami real estate market. Luxury homes are still moving well, with high-priced listings and closed sales all over Miami and Miami Beach. The uniquness of homes also has kept their demand and pricing fairly stable as the condo market has recently hit a bit of a snag with currency fluctuations across many of Miami's feeding South American markets. According to a report by The Open House, the median listing price is down due to a slight shift in a demand. Only 218 homes sold by July 31 with median listing price down $9,000 to $435,000. Of that only 65 were single-family homes and 5 townhomes. Only 173 paid asking price and 15 paid above asking price. 127 of the homes sold after 90 days on the market and 10 sold in under 30 with the median listing of 112 days to close. Despite this, as an oversupply of condos come on the market, single-family homes and townhomes should hold value well compared to their condo counterparts.   

*The Open House

The Residences by Armani Casa & Condominium

Coming soon to Sunny Isles is the beachfront Residences by Armani Casa & Condominium. This ultra-luxury condominium project brings some of the best developers, architects and designers in Miami real-estate together. The 56 story, 307 unit building is designed by Cesar Pelli of Pelli Clarke Pelli Architects. The Residences by Armani Casa is bought to Sunny Isles by developers Gil Dezer and Jorge Perez of Dezer Development and Related Group respectively in collaboration with ARMANI CASA.

The Residences by Armani Casa will feature 5 residences per floor with 10 foot glass windows and oversized balconies. There will also be 3 floors of private cabanas, a full service restaurant, world class fitness center and spa and an oceanfront pool and sundeck. Floor plans start at approximately 1,350 SF and reach to 4,200 SF in 2, 3 and 4 bedroom layouts. The 3 and 4 bedroom floor plans are flow-thru with views and terraces on both the ocean and bay/city sides of the building. Preconstruction pricing starts at $1.7 million and reaches above $6 million. Preconstruction sales began in early 2015 and over 50% of the residences were reserved by August. The project is expected to be completed in late 2016 or early 2017. 

Muse Residences

Muse is a luxury residential high-rise under development in Sunny Isles Beach, FL. The 50 story, boutique style tower was designed by Carlos Ott in partnership with Sieger Suarez Architectural Partnership. Interiors are designed by Antrobus + Ramirez of Prime 112 and Ocean House fame. Muse is walking distance from Bal Harbour and provides easy access to Turnberry, Sunny Isles Beach and Aventura. Located right on the Atlantic Ocean, this exciting project is already turning heads of future residents and investors alike.  

Despite rising 50 floors, Muse Residences only offers 69 waterfront units. The boutique style feel offers residents a quite, homey living expeirence. Muse Residences offers units in a 2 bed, 3 bed and penthouse house layouts. Fully furnished residences range from 2360 SF to 5995 SF with the penthouse taking up a full floor. The units come move in ready and already are wired in with the newest state-of-the-art smart home, iHome technology. Units also feature 60' wide and up to 38' deep terraces, outdoor living space with outdoor kitchen and entertainment system, private elevators with biometric technology, marble and wood flooring in the residences. Units also come with Smart Glass technology which allows residents to adjust walls to be opaque or clear.       

Muse also features first-class amenities and service to make residents experience a 5-star affair. The building includes an infinity edge pool overlooking the Atlantic Ocean and resort style amenities and services including room service, state-of-the-art fitness center and spa, automated parking system, 24/7 concierge and security, pet-walking services, etc. This modern building seems to have it all and plans to open its doors to residents early 2017.  

Island Gardens

Miami is fast on the rise to solidifying itself as the superyacht capital of the Americas and the Island Gardens development is a major driving force behind the shift. By Flagstone Property Group, the Watson Island project is expected for completion in 2018 featuring a superyacht marina that can accommodate up to 550 feet, 2 luxury hotels, condos, and a retail and entertainment promenade. The marina will be the first of its kind in North America and will be able to house of to 50 superyachts matched with full-service amenities for the marina including a clubhouse, on-site customs, etc. The project will also feature 221,000 SF of retail and green spaces throughout the property. Mehmet Bayraktar won the rights to build the development after working with the city for 14 years. Flagstone plans to start building this fall. 

Faena Versailles Classic

Faena Versailles Classic will bring new world luxury to old world art-deco style. Faena Group has transformed the Versailles Hotel on 35th St. and Collins Ave. Miami Beach into a 22 luxurious units by William Sofield. The renovation has preserved the 1940's facade, grand lobby, terrazzo flooring among other features in it's historic art-deco style. Units range from 1 to 4 bedroom at 1,034 SF to 2,753 SF with two duplex penthouse units at 7,300 SF each with their own pool. The residences already include luxurious, Miami style features including the classic terrazzo floors and custom lighting. Additionally high-end Italian kitchens and stone counters add to the quality of the residency. Amenities include pool, fitness center, 24 hour security and valet, stylish club rooms and access to the entire exclusive Faena neighborhood.  

Tenant Update: Brickell City Centre

The 500,000 square-foot shopping center, anchored by Saks Fifth Avenue and Cinemax, is set to open in November.  Co-developers Whitman Family Development and Simon Property Group recently announced new additions to its diverse roster: Armani Collezioni, Intermix, Audemars Piguet, Diptyque, Pandora, Stuart Weitzman, Italia Independent, and the largest Apple store in Florida. The mall will bring a mix of luxury and accessible brands to an under-served market, while creating hundreds of local jobs. 

City Center will appeal to foodies as well: an Italian food hall the likes of which has yet to open in Florida - until now - will be debuted, along with a variety of familiar and new eateries like Dr. Smood, Luke’s Lobster, Haagen Dazs, Pasion del Cielo, and Pubbelly Sushi. 

The mall will be conveniently accessible by a Metromover stop and will have an underground garage to accommodate the influx of traffic.

3900 Alton

3900 Alton, designed by Ricardo Bofill, is a timeless vision that strikes a delicate harmony between nature and art. Its 78 residences feature ten foot floor-to-ceiling windows that capture and mimic the beauty of living on Biscayne Bay, while bathing living areas in natural light. Each unit has an overview of the cascading pool and surrounding lounge seating, that is nestled amongst a landscape designed by the visionary behind Soho House and founder of Naturaficial, Andres Arcila. 3900 Alton has a personally curated collection of art, designed by Loris Cecchini and Fernando Mastrangelo, unique to each unit and also in the lobby. Equipped with 24 hour concierge, a state-of-the-art gym, business center, children’s playroom, and even a Tesla house car, this building is the epitome of easy, luxurious living. Located in the heart of historic Mid-Beach this sophisticated boutique residence offers a seamless transition between modern and organic living with its lush oasis and artful collaboration.

The Mansions at Acqualina

The Mansions-in-the-Sky at Acqualina are the epitome of world-renowned luxury, where your every need has been anticipated and desire fulfilled. The Mansions bring you a complete lifestyle, where every nuance manifests their commitment to an unparalleled level of greatness: in architecture, amenities, and service. Developed by The Trump Group, the oceanfront Mansions were completed in 2015 in Sunny Isles Beach. Each floor only contains two corner units that offer 180 degree views of both the sunrise over the ocean and sunset over the greater Miami area to the west. The coveted flow-through plan of the oversized rooms, coupled with the spectacular outdoor terrace and kitchen create a sense of a grandiose entertainment space.

Each condominium home is personally fitted with Fendi Casa interiors, imported Mediterranean design features, and luxury fixtures created by Michael Segal Interior Design. Acqualina offers residences starting at around $7 million for 4,608 square feet with three to six bedroom options. Although located in the prestigious Sunny Isles area, you won’t need to leave the property upon arrival. On site amenities include the Five-Diamond Acqualina Resort and Spa, a palatial Grand Room designed for entertainment, private cinema, gaming room and children’s center, virtual golf, and cigar lounge that will surpass your every expectation from the world’s finest residences. 

In addition to their extensive services, the Mansions at Acqualina also offer privileged access to Il Mulino New York, the oceanfront Costa Grill, and Acqualina Beach Club, Bar, and Hair Salon. The development continues to meet their selling marks with over 60% of the units currently sold, but selling prices are down 4%. However, quick sellouts in the area have prompted developers to continue investing in Sunny Isles Beach which has many new buildings going up in the coming years. It continues to offer buyers the luxury living South Florida is known for.