The 3-story mega-penthouse in Coral Gables' Segovia Tower just listed for a cool $10.5 million, at $1,236 SF. The Mediterranean-inspired, 8,492 SF unit includes 8 bedrooms, 12 bathrooms and 5 parking spaces. It also includes a library, billiards room, media room, wine cellar, private elevator, summer kitchen, 2 indoor kitchens, private gym and a marble fireplace. The penthouse is currently owned by attorney James L. Ferraro. Listing and photos by One Sotheby's.
Photo Via Curbed Miami
Design District's Area 41 is moving forward after securing financing with a $24.3 million loan from LA based Canyon Partners. Design District Development Partners project located at 112 NE 41st St. will be a 7 story, 8,082 SF mixed-use commercial development. It includes 10,000 SF of showroom and retail space, 20,000 SF of office space and a rooftop restaurant/ lounge. A rift between developers Benjamin Norton of Design District Development Partners and Asi Cymbal almost ruined the project earlier this year but was settled confidentially. Tenants are yet to be announced and leasing will be handled by Chariff Realty Group. First reported by The Real Deal.
The Ritz-Carlton Residences Miami Beach released some updates as they have completed the lobby and library. The stunning LEED Certified, 111 unit waterfront building located at 4701 North Meridian Avenue is under development by Lionheart Capital and designed by Lissoni Associati. The building is currently around 65% sold and plans are to to deliver in the Q1 2017. The lobby design pays tribute to the Seminole Tribe of Florida. Units range from 1, 2, 3, 4 and 5 bedroom layouts with 15 private single-family villas. Sizes range from 1,700 SF to more than 10,000 SF and $2.8 million to over $40 million. The Ritz-Carlton Residences Miami Beach will be one of the finest and most private residential buildings in Miami Beach.
One of the most excusive communities in South Florida, Fisher Island, has delivered its new Palazzo Del Sol project and it is simply stunning. PH2 is one of the crown jewels of the island, at 9,715 SF indoor, 8,595 SF outdoor and a whopping $38.5 million price tag. The unit features 7 bedrooms, 8 bathrooms, private rooftop, pergola, jacuzzi and summer kitchen. Photos and listing by Douglas Elliman.
Developer Eduardo Costantini of Consultatio has estimated the sell-out value of their Bal Harbour super-project Oceana Bal Harbour to be $1.3 billion. They claim this would be a record for Miami, and would be a nice return on the $220 million they paid for the site and $332 million construction loan. The 28-story building will feature 240-units and topped off in February. Two penthouse units recently went under contract at $26 million a piece, bringing the project to over 75% sold with the bottom floors already having received their interiors. Opening price points were around $2 million with 2,3 and 4 bedroom layouts. Closings are expected to begin in November.
11 Star Island is set for a major upgrade. Lennar CEO Stuart Miller has submitted plans to the Miami Beach Board of Adjustment to build a 70K SF+ development with over 45K SF under A/C. Only a height variance stands in the way as the board approved most of the variances earlier this summer. The mansion will include a lagoon surrounding the main house, lush gardens and landscaping, a dock, guest house and underground parking for 32 cars designed by DOMO Architecture. Miller is also building another mansion at 22 Star Island, and the community has seen a great deal of major luxury-housing development in recent years.
The owners of the Key Biscayne mansion featured in Colin Farrell and Jamie Foxx's Miami Vice have listed the 12,000 SF home for sale at $39 million. The mansion, located at 400 South Mashta Drive, features over 500 ft of waterfront. It also includes dual master bedrooms, movie theater, library, mahogany doors, Saturina stone and an outdoor kitchen. The home is listed for sale with Jorge Uribe of One Sotheby's.
Closings have begun in Bond at Brickell, the most recent building to receive its TCO and begin Closings. Developed by the Rilea Group, Bond is a luxury residential tower in #Brickell with 328 units raging from 1-3 bedrooms. Units feature floor-to-ceiling glass with layouts fitted with custom kitchens and interior design by Loguer. The concept was designed by Nichols Brosch Wurst Wolfe & Associate to offer British elegance and modern amenities. The full-service building includes a pool area with lush landscaping and a waterfall and multiple pools, outdoor lounge and fire-pit, Parlaiment Lounge, business center and health club. The location provides easy access to Mary Brickell Village and the new Brickell City Centre.
Prices and sales for the Miami condo market were mostly flat through the first half of 2016, as reported by the Miami DDA. Average price per square foot was down about 4% in the first half of 2016 from last year and the number of sales was stagnant. 7,500 units are under construction and set to be delivered by Q1 2018. Thankfully most of these units have been mostly paid for in cash, helping to fend off potential developer bankruptcies and failure to repay loans. Despite this there is still a strong demand for rentals, where Miami is currently 8th in the United States for average monthly rental rate. Condo sales are expected to drop a bit before recovering.
Thor Equities and architects Touzet Studio plan to pay homage to the former Coca Cola plant, which previously stood on the site of their proposed mixed-use Wynwood development including 306 apartments and 88,000 SF of commercial space. They aim to preserve the areas industrial past while incorporating Wynwood's art theme. They announced in Instagram they will use local artists to inspire the city's culture.
