All of the aforementioned Miami condo developments are fetching prices that might have seemed unfathomable even a summer ago.
While much of downtown — including the new Bond at 1080 Brickell, which secured 130 deposits in four hours after launching sales in May — trades for about $500 per square foot, 1000 Museum has deposits for two 9,900-square-foot condos priced at more than $10 million each.
And in Miami Beach, exclusive condos “used to be $1,200 to $1,500 per foot,” Schrager points out. “We’ve doubled that.
“We based [the pricing] on what we would do in New York. There’s always room in the market for doing something special. People will respond.”
Source: NY Post
As The Post previously reported, “As Seen on TV” creator Ajit Khubani bought the record-breaking Edition penthouses, which Cantor Fitzgerald CEO Howard Lutnick had his eye on.
Up on Collins Avenue in Sunny Isles Beach, where buildings like Regalia, Chateau Beach Residences, the Mansions at Acqualina and Jade Signature have briskly sold condos for upward — sometimes well upward — of $1,000 per square foot, developer Gil Dezer broke ground in April on his Porsche Design Tower and its “sky garages” that allow buyers to park cars next to their apartments. The 132 units are about two-thirds sold, with a 9,000-square-foot penthouse featuring two swimming pools on different levels and a six-car garage selling for $22.5 million.
“Our main business comes from South America,” says Dezer, who aims to sell out Porsche Design by September/October and plans to launch another luxury Sunny Isles development in the coming months. “Our summer is their winter.”
In fact, Dezer, who also developed Sunny Isles’ Trump Towers, has noticed more South Americans buying in the summer than any other time in recent years.
Down in South Beach’s always sizzling South of Fifth area — where Jorge Perez of the Related Group has resurfaced with One Ocean, offering units starting at about 3,000 square feet and more than $5 million — the demand at the top end of the market remains high. De la Vega is marketing Glass, a new 18-story condo building on Ocean Drive with 10 residences that start at 3,500 square feet and between $8 million and $9 million. The building was getting bids even before sales officially launched last month and has already sold seven units, with buyers coming from New York, Boston and London, says David Martin, president and COO of Terra Group, the developer of Glass.
“Miami Beach is big on historic preservation, so there’s a high barrier of entry in South of Fifth,” Martin says. “There was a pent-up demand by the time we launched.”
A demand for something that’s not just a vacation home.
“There are very few residential buildings in areas that are not so touristy,” Martin says. “South of Fifth has become a place where people can live year-round.”