Top 8 Uber-Luxe Condo Sales of 2017 (All Over $10M) Posted on January 3, 2018January 3, 2018 by Michael Light The Miami/Miami Beach luxury condo market is always a hot-button topic among real estate news outlets around the globe. And, with many people questioning the stability of the luxury market, it is important for me to point out that there were 8 condos that sold over $10 Million in Miami-Dade County in 2017 (per MLS data). And, think about this…this list does NOT include developer inventory not on the MLS, which, if I had access to, would make this number much higher. Topping the list for a second consecutive year was a luxury penthouse at Palazzo del Sol on the ultra-exclusive Fisher Island. In 2016, Penthouse 3 topped the list selling at $21,500,000, but the 2017 sale surpassed that by a landslide with the sale of the ultimate trophy Penthouse 2 selling for a whopping $31,261,545 in the summer of 2017. Top 8 Condo Sales of 2017 (Over $10M) #1 Palazzo del Sol PH 2 | Fisher Island | Sold for $31,261,545 Closed on 05/04/2017 9,715 SF Living Area | 8,595 SF of Terraces 7 Bedrooms | 7.5 Bathrooms Sold for $3,217.86 Per Square Foot #2 Porsche Design Tower PH 5601 | Sunny Isles Beach | Sold for $25,000,000 Closed on 03/31/2017 9,560 SF Living Area | 6,515 SF of Terraces | 3,328 SF of Garage Space 4 Bedrooms + Den | 6.5 Bathrooms Sold For $2,615.06 Per Square Foot #3 Palazzo del Sol Unit 7053 | Fisher Island | Sold for $16,500,000 Closed on 12/01/2017 9,826 SF Living Area | 1,797 SF of Terraces 7 Bedrooms | 7.5 Bathrooms Sold For $1,679.22 Per Square Foot #4 Faena House Unit 9A | Miami Beach | Sold for $12,500,000 Closed on 01/12/2017 4,730 SF Living Area | 1,516 SF of Terraces 5 Bedrooms | 6.5 Bathrooms Sold for $2,642.71 Per Square Foot #5 Faena House Unit 6A | Miami Beach | Sold for $13,000,000 Closed on 12/28/2017 4,720 SF Living Area | 1,526 SF of Terraces 5 Bedrooms | 6.5 Bathrooms Sold for $2,754.24 Per Square Foot #6 Oceana Bal Harbour UPH 02E | Bal Harbour | Sold for $14,490,000 Closed on 03/03/2017 6,145 SF Living Area | 4,957 SF of Terraces 3 Bedrooms + Den | 6.5 Bathrooms Sold for $2,358.01 Per Square Foot #7 W South Beach UPH 5 | South Beach | Sold for $10,200,000 Closed on 06/12/2017 2,912 SF Living Area | 690 SF of Terraces 3 Bedrooms | 3 Bathrooms Sold for $3,502.75 Per Square Foot #8 Regalia Unit 37 | Sunny Isles Beach | Sold for $10,100,000 Closed on 02/07/2017 5,515 SF Living Area | 2,085 SF of Terraces 4 Bedrooms | 5.5 Bathrooms Sold for $1,831.37 Per Square Foot If you are interested in learning more about luxury condos in Miami, please contact Broker Associate, Michael Light, Senior Director of Luxury Sales at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman. You may reach Michael directly at (305) 350-9842 or michael@miamiluxuryhomes.com. Disclaimer: The information contained herein was retrieved from the Multiple Listing Service (MLS) on January 2, 2018 and developer floor plans. All information contained herein is for informative purposes only and should not be relied upon without representation.
38 Canadian Real Estate Professionals Tour Miami Pre-construction Projects With Michael Light Posted on November 13, 2015November 13, 2015 by Michael Light Last week, I hosted a group of 38 members from Toronto, Canada’s Building Industry and Land Development Association (“BILD”) for exclusive presentations of Miami’s top pre-construction condo developments. The study tour for the BILD group was primarily to learn how Miami developers are attracting luxury buyers to our Miami market AND many of the individuals on the tour were interested in purchasing pre-construction condos for their own investment purposes. One of the members of BILD is an avid reader of this very blog and thought I would be the perfect broker to work with because of my knowledge of the Miami condo market. About nine months ago, I was approached by BILD to assist them with touring multiple, highly-sought-after pre-construction condo developments in Greater Downtown Miami, including Brickell and Edgewater along with Sunny Isles Beach. I spent the better part of a month putting together the logistics of the tour which took place on Wednesday and Friday last week. On Wednesday, I started the tour with a presentation and breakfast at the Delano Hotel where I presented a snapshot of the Miami condo market, average pricing by neighborhood and an overview of the vast number of new projects either currently under construction or in the planning stages. We went on to receive presentations of Elysee, Gran Paraiso and Aria on the Bay in Edgewater and One Thousand Museum and Paramount Miami Worldcenter in Downtown Miami. On Friday, we began our day by visiting Brickell Flatiron, who hosted a breakfast for the group, and then went on a walking tour through Brickell as I pointed out and described each individual building under construction and existing, on our way to visit Brickell City Centre’s Reach and Rise Towers followed by a visit to Sunny Isles Beach for an amazing presentation of Porsche Design Tower to end the day and the tour. The overall tour was a great success! I made great connections with many developers, brokers looking to refer their clients in the Miami area and others that were interested in individually purchasing investment properties in Miami. The Real Deal attended my presentation on Wednesday at the Delano Hotel prior to the tour, so please CLICK HERE to see the article written by the Real Deal. Michael Light Giving Presentation to BILD Housing Study Tour I would also like to say a special Thank You to all of those who participated and/or supported the tour in Miami! Check out some of the pictures from the tour below! One Thousand Museum by Zaha Hadid Presentation Paramount Miami Worldcenter With The Fabulous Liza Hernandez Porsche Design Tower Presentation If you, or someone you know, are interested in purchasing a condo in Miami, please contact your Miami condo specialist, Michael Light. You may reach me at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Miami Luxury Condos are Surprisingly Inexpensive by Comparison Posted on May 6, 2015 by Michael Light Compared to New York, London, Monaco, Hong Kong and Singapore, ultra-luxury condos in Miami are surprisingly inexpensive. Worldwide Prices are Absolutely Bonkers In New York, you have 432 Park Avenue selling at $6,750 per square foot on average, One57 and 56 Leonard selling at $6,000 per square foot on average and One Madison selling at $5,000 per square foot on average. In London, One Hyde Park is selling at a whopping $9,900 per square foot and South Bank Tower at $3,300 average price per square foot. Then you have Opus Hong Kong in Hong Kong selling for a crazy-high amount of $10,740 average price per square foot, Tour Odéon in Monaco selling at $8,900 per square foot and Clermont Residence in Singapore at $2,360 per square foot. The Value of Miami Luxury Condos One Thousand Museum, in Downtown Miami, is one of the most luxurious new construction projects in Miami. Designed by starchitect Zaha Hadid and offering a luxurious 6-star lifestyle to its residents, condos at One Thousand Museum are currently selling for $1,500 per square foot on average. Compare this to Porsche Design Tower in Sunny Isles Beach which is selling at approximately $1,500 per square foot on average and is home to more billionaires than any other condo in Miami-Dade County. And, Park Grove in Coconut Grove which is selling at an average of $1,100 per square foot. Now, compare these luxury Miami condos to the crazy, ridiculously-expensive prices per square foot in New York, London, Monaco, Hong Kong and Singapore. Why the Huge Difference? Compare One Thousand Museum, Porsche Design Tower and Park Grove prices to One Hyde Park or Opus Hong Kong….the price differences are astronomical! What do these luxury condos around the world have that the luxury condos in Miami don’t? Nothing that I can think of. I mean, besides the fact that Miami has the most beautiful beaches in the world, vibrant culture and art and amazing restaurants and shopping, Porsche Design Tower even has a car elevator that literally takes your car up to your condo and One Thousand Museum has an exclusive helicopter pad on the roof! Smart investors should see the Miami luxury condo market as a smart investment, especially when they can purchase a luxury property at far less than 50% of what they would spend in certain worldwide destinations. If you, or someone you know, are interested in purchasing a luxury condo in Miami, please contact your Miami condo specialist, Michael Light. You may reach me on my cell at (786) 566-1700, directly at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com. Disclaimer: The information contained herein is for informative purposes only, may not be accurate and should not be relied upon as the sole determining factor for an investment.
Porsche Design Tower Attracts the Most Billionaires Posted on April 24, 2015April 24, 2015 by Michael Light As of this week, Porsche Design Tower has only 9 luxury condos that remain available in the ultra-exclusive, high-end luxury condo development. With expansive luxury residences and unparalleled luxurious amenities, it should be no surprise that Porsche Design Tower in Sunny Isles Beach is attracting the wealthiest people from around the globe. In fact, it has been stated that more billionaires have purchased residences at Porsche Design Tower than any other condo project in Miami-Dade County. This over-the-top luxury condo tower will even include a car elevator that will literally allow you to park your Bentley Rolls-Royce Porsche on the same floor as your residence…talk about unique! Porsche Deign Tower has already broke ground and is scheduled for completion in mid-2016. The remaining units at Porsche Design Tower range in size from 4,252 to 17,000 square feet of interior space and are offered between $6 – $32 Million. So, you think $32 Million may be a lot to spend on a luxury condo…you may change your mind when you find out what it includes: Tower Suite Penthouse 17,000 square feet 4 levels 4-6 bedrooms (CAN BE CUSTOMIZED) Maids’ quarters 6.5 bathrooms Internal private elevator and staircases 21′ ceilings 4-car garage Multiple terraces with private pool, outdoor kitchen and fireplace Sweeping, jaw-dropping views Download Porsche Design Tower Brochure Porsche Design Tower Terrace With Private Pool If you are interested in purchasing an ultra-luxury condo residence at Porsche Design Tower in Sunny Isles Beach, please contact Michael Light of Miami Luxury Homes at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Here are additional photos of Porsche Design Tower: Porsche Design Tower Duplex Living Room Porsche Design Tower Level 5 Amenities Deck Porsche Design Tower Beachfront Pool Porsche Design Tower Vehicle Elevator