What To Expect In Miami’s Luxury Real Estate Market During 2023 Posted on December 5, 2022December 12, 2022 by Sarah Elles Boggs Inflation. Interest rate hikes. Supply chain problems. Layoffs. Crypto-crash. Now that Art Basel 2022 is a wrap, these are the buzzwords that fill news stories leading up to the end of the year. What a buzz kill. But does this tell the entire story? Not according to Knight Frank, one of the globe’s largest real estate consultancy firms. Each year, Knight Frank publishes its annual Wealth Report. This consists of a breakdown of the world’s prime property markets. It goes through global wealth distribution and threats and opportunities for wealth in these top markets. The 2022 Wealth Report has listed Miami as the second fastest growing luxury real estate markets in the Americas with just over 28% growth since 2021. Knight Frank Luxury Markets Growth 2022 We make it a point to remain objective about Miami’s position in the global arena, the pros and the cons, and what needs to happen in order to ensure we remain perched at the top of the list. For 2021-2022, the growth was largely fueled by the aftermath of COVID-19 and then intensified by Florida’s tax climate paired with Miami’s collaborative business culture. Let’s be honest. If we are forced to quarantine in place and remote working is a viable option, are you going to work remotely in a snowy, dreary climate with excessive taxes, or would you rather quarantine in a sunny climate that invites breezes coming through open windows as you collaborate with others in your field without the worry of excessive taxes? The answer is clear. All of these positive attributes aligned and created a run on the luxury real estate market, throughout Greater Miami (including Coral Gables, Coconut Grove, Downtown Miami, Edgewater/Wynwood, Brickell and Miami Beach). Available inventory was snapped up at record pace and for record prices, yet the prices were still viewed as a bargain for New Yorkers who are accustomed to price tags over $5,000/square foot. In turn, the prices of luxury properties rose over 28%. Is this growth sustainable? Now that we are inching closer to 2023, the Fed has steadily raised interest rates, inflation has hit an all-time high, FTX bombed the already struggling crypto market big time and a new Presidential race is beginning to simmer in the wings. Will we crash or will we continue? It would be very easy to say that because of the crypto markets alone, Miami should prepare for a hit. Knight Frank does not share this sentiment, having ranked Miami again as the second overall market for the high-end housing market. It does predict a slowdown, but not a bust. Rather than the unheard of 28% growth, we should expect a 5 percent price growth in 2023. This may seem like a stumble, however compared to the 2 percent growth anticipated for the global luxury market as a whole and the previously forseen 2.7 percent growth for the Magic City, this really is something to celebrate and look forward to. We are moving back into a place of stability and manageable growth. As we mentioned last week, both the art world and the real estate markets are trending toward traditional, tangible choices. Kitschy digital art did not sell as well at Art Basel as it has in recent years, and the new luxury developments that are performing the best are those with a timeless, elegant feel. Examples, please. Lest we all forget the banana duct-taped to the wall that sold for over $2 million at Art Basel Miami Beach 2019. This year’s viral piece was an ATM that doubled as a leaderboard, ranking attendees by their bank account balance. It did not sell, but was an awful lot of fun and an amazing conversation piece, even if the novelty does wear off as quickly as the 2019 banana on the wall turned brown. While gallerists noted a drop in digital art sales, there was an uptick in more traditional works by artists who used more traditional media. Rather, paintings by Agnes Martin and Phillip Guston were trading for $7 million. Warhols were changing hands. The same holds true for the real estate presented. The real estate projects that fared the best were timeless. Exclusivity and privacy took a front seat to overt opulence and garish finishes. Six Fisher Island Drive was one of the standouts of this year’s fair. This is the new development that is already infamous as being so exclusive, you have to be invited to even consider purchasing. Other new projects that we are seeing perform increasingly better over recent months are those that have solid brand names such as St. Regis Sunny Isles (pictured above), Cipriani in Brickell, and Waldorf Astoria Residences in Downtown Miami. Another strong sector in luxury Miami real estate is new developments that pay homage to nature and wellness. We are very excited to see these projects come to fruition and contribute to the evolution of Miami’s always-changing skyline. If you are interested in speaking more specifically about a neighborhood, project or listing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Major Food Group and JDS Make Major Moves in Brickell with Major Residences Posted on May 26, 2022December 19, 2022 by Sarah Elles Boggs Keeping up their reputation of being the effervescent trendsetters and risk takers, New York’s Major Food Group has teamed up with Michael Stern and JDS Development Group to bring a new and shiny super-tall tower to Miami’s Brickell Financial District. The 90-story, 1049 foot tall super-luxury condo and hotel tower is beginning sales this summer. It is slated to be built at 888 Brickell Avenue, replacing an office tower that is currently occupied by Diario las Americas (for those Brickellians who recognize building names before addresses). About the Developers For those who are more familiar with Miami than New York, Major Food Groups lives up to their name. They are, in fact major. In addition to being trendsetters and risk takers, they are also influencers. Teaming up with Michael Stern (the co-developer of Echo Brickell and Monad Terrace) was a natural fit. Major Food Groups has founded more than 30 restaurants, hotels and private clubs. Many of these have popular outposts in South Florida including Carbone and HaSalon in Miami Beach, Dirty French Steakhouse at 12th and Brickell, Sadelle’s in Coconut Grove and the members’ only ZZ’s Club in the Miami Design District. We could go on, but let’s get to this gilded tower… Rendering of Major Brickell Miami Residences Exterior via JDS About the Building With 259 residences spanning 90 floors, the 1,049 ft supertall skyscraper will also have 115,000 square feet of amenities spanning 8 floors. It is set to boast existing Major Food Group concepts as well as new ones. There has been speak of a Chinese restaurant in the private club, according to the developers. There will also be a 20,000 square foot spa, a fitness center that includes a boxing gym, F1 and golf simulators and sports court, plus the pool deck is multi-leveled with cabanas. Speaking of the pool, we forgot to mention that it is gilded. Yes, sir. “I want to celebrate this sexy City with an indulgent swim in the only silver and gold pool in Miami,” said tower designer William Sofield of Studio Sofield. Lest we not leave out the champagne pool and mineral pool. The valet court is also trimmed in gold leaf and decked out in monolithic slabs of Italian travertine and canopied by a gold-beaded screen that emits a warm, indulgent glow. “It will exude exuberant Gatsby-level energy and delight,” the developer said. 250 parking spaces are accessible by car elevator or valet. With culinary delights in mind, there will be restaurant spaces on at least four floors as well as event space, wine rooms and a cigar room. Inside the Residences One of the stand-out features of these residences is that the hotel and condo sections of the building are not separated. They are considered hybrid condo-hotel units and each one has a unique “lockout” function that allows the unit to convert from a residence to a suite or even just to a guest room. Rendering of Major Residences Brickell Miami Kitchen via JDS Details of the kitchen and bath finish outs are not yet available, however custom furniture by Studio Sofield is included with each apartment. This allows continuity for those owners who wish to add their residences (or portions of the residence, as the case may be with the new lockout system) to the hotel program for use while they are away. The apartments are slated to range from one to four bedrooms and Tier 1 (friends and family) prices are set to range from $1.6 million to $11 million. Penthouse prices and details have not yet been released. If you are interested in a presentation, more details about the new concept lockout system and/or specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Rendering of Major Residences Brickell Miami Views via JDS
Formula 1 Champ Tours Penthouses And More Car-Themed Condos Posted on May 6, 2022May 6, 2022 by Sarah Elles Boggs Oh boy. The city has him now. Emerson Fittipaldi, the Brazilian racing driver who was the youngest ever F1 champion in the 1970’s, racing for both Lotus and McLaren, has been spotted touring a $30 Million penthouse on Miami Beach. We’ll not pretend to be surprised though. The Magic City has a way with people. It happened to me. I visited friends in the aught’s, thinking it was just a vacation. By the end of the week, I flew back to my hometown, quit my job, packed my things and headed on back to Miami within 3 weeks’ time. It has a way with people like that, and I am not mad at it. I mean, what’s not to love? The properties are beautiful, the weather is beautiful, the people are beautiful, the community is so rich in culture, the area boasts endless possibilities and there is no state income tax! To prepare all of those visitors who are car enthusiasts and are also being beckoned by the 305, lets go over some of the car-themed condo developments that Miami and Miami Beach has to offer. Chateau Beach While Chateau Beach is not necessarily car-themed, it is the building where Mr Fittipaldi was spotted touring the $30 million duplex penthouse. The 9,000+ square-foot penthouse comes with sweeping ocean views, high ceilings, floor-to-ceiling glass and furnishings by Fendi, Poltrona Frau and Minotti. There is also a 4,500+ square-foot wraparound terrace with a private pool. Quite the chic space for retiring from the fast lane. 1100 Millecento Kicking off the trend of car-themed developments is 1100 Millecento in the Brickell Financial District. Having opened in 2015, Millecento is a partnership between The Related Group and Italian auto designer Pininfarina, who designed Ferrari’s for many years. The 42-story development is filled with car-themed touches including Ferrari-red elevator lobbies, streamlined interiors to mimic the sleekness of the vehicles and elegant art works of the residents’ own luxury cars hanging in the common areas. Porsche Design Tower Not to be outdone by anyone (and we mean anyone), Gil Dezer comes back to the scene with a large idea. What if you could build a special elevator that would allow you to park your supercar in a personal garage at your front door even though you live in a high rise? I know, it sounds wild. But it is also very cool. Enter Porsche Design Tower and the now-famous Dezervator. Prices currently start at $4.5 million up to $21 million. Aston Martin Residences Currently rising at the mouth of the Miami River in Downtown, Aston Martin Residences boasts 66 floors of indulgence and opulence. There are only 391 waterfront ultra-luxury residences by Argentenian developer C&C Developments. Residents will enjoy a rooftop helipad, private beach club access, high ceilings, private elevators and practically any other amenity you can fathom. The upper penthouse (currently offered for $59 million) even includes an Aston Martin Vulcan. Race with that, why don’t ya? Bentley Residences Going back up to Sunny Isles Beach, the first-ever Bentley branded residential development is rising 60 stories above the sand. Each residence will have a private pool and sauna, as well as the Dezervator that was such a hit in the Porsche Design Tower. Bentley Miami Tower Rendering One Thousand Museum Ok, we understand that One Thousand Museum is not branded, but it still fits into the list as this is where the Red Bull F1 driver famously did donuts on the rooftop helipad 700 feet in the Miami skyline back in 2018. That was a site. Since then, the Zaha Hadid-designed super luxury tower has been completed and opened. It is home to many celebrities including David and Victoria Beckham and Nicky Jam. Each apartment spans either a half floor or a full floor and prices currently range from $6.6M to $33.7M. One Thousand Museum Condos Auto House Miami What if you already have a place in Miami, but you need a special place just for your car(s)? AutoHouse is your solution. This is similar to a fancy dry dock for your yacht. It is a 7-story development in the Miami Design District that has 45 residences for cars and motorcycles. Louis Birdman, the developer of AutoHouse (and also co-developer of 1000 Museum) said of the innovative development, “Because a lot of people travel in and out of Miami seasonally, a lot of people who own cars like this are looking for alternative solutions on where to put vehicles safely when they leave so they aren’t exposed to the elements.” Each unit comes with polished concrete floors, hurricane-resistant windows, and in-unit climate controls, but Birdman expects owners to add more personal touches to the spaces to entertain, like a pool table, wet bar, sound system or sofa to watch TV. There is also a penthouse-level club where like minded car enthusiasts can gather for cigars and scotch or wine, a car simulator and more. If you are interested in more information on any of these themed buildings and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.