Fisher Island Penthouse Combination Sets Record With Sale Over $150 Million Posted on April 5, 2024April 7, 2024 by Sarah Elles Boggs One of the wealthiest zip codes in the United States is getting wealthier with a new-record-setting penthouse sale at Six Fisher on the famed Fisher Island in Miami Beach. The project, which gained additional notoreity as being the first new residential development to require an invitation in order to consider a purchase, has sold a combination of upper penthouses for over $150 million, according to Bloomberg. This ultra-luxurious sale follows a trend that has become prevalent across the coastal region. Miami’s business-friendly climate has attracted an inordinate amount of ultra-high-net-worth individuals as well as the companies they have founded and the high earners that work together to keep the companies fruitful. “We’re seeing a great exodus that is coming to Miami, not just to buy real estate, but for the companies to make Miami their base. That’s bringing the very high-end employment that is going to afford the condominiums,” said Related Group founder Jorge Perez in a Bloomberg interview. At the time of the interview, Perez was in Brazil, visiting with VIP clients and expanding his ever-growing art collection. He made note of the fact that Latin America has always responded well to Miami. Ultra high net worth South Americans feel safe and welcomed in the area, the location is convenient and the climate is conducive to relaxation. With that being said, he mentioned that the high-level business influx has brought unbridled competition for the residences from domestic buyers. Perez noted that of late, domestic buyers have made up half of the residence sales in his most exclusive projects, traditionally representing 20%-25% of the owners. The remaining buyers have been foreigners, most often from Latin America. Rendering of Six Fisher Island Porte Cochere “miami has become a very serious city,” Perez told Bloomberg. “Before it was a tourist city. Fun and sun.” Long gone are the days of Miami and Miami Beach being a single-faceted party destination. In years past, the city lived up to its reputation as a mecca for hard partying tourists, but the new influx of lucrative businesses has paved the way for a more refined and luxurious destination. Miami Beach is becoming the American Riviera, with elevated experiences now being commonplace and competition mounting for the most elevated and exclusive experiences possible. Fisher Island has always been on the upper crust of exclusivity and privacy, as it is accessible only by boat. Guests are security-checked at the dock and residents live a relaxed, resort-lifestyle in the confines of their domain. The island essentially operates as a small town with its own exclusive elementary school, post office, police force and EMS, a golf club, private beach, spa and multiple restaurants. With less than 600 residents, you will see plenty of people cruising around on golf carts, enjoying the countless amenities at their fingertips. Rendering of Six Fisher Island Golf Club Rendering of Six Fisher Island Pool Rendering of Six Fisher Island Deep Water Dock Six Fisher Island has been a pioneer in the new method of purchasing in the most exclusive of condo developments, selling over $300 million in residences (a third of the entire project) within the first couple of months from launch. During this launch period, there were no press releases or sales blasts, rather the project was privately offered to a list of VIP clients, who told their friends of the opportunity and viola! We will not know the concrete sales prices of the residences until the project is complete and closings commence, this is expected in 2025. Considering the Fisher Island resale market, where we do have concrete figures, the average cost of a condominium residence was $4.3 million in the fourth quarter of 2023. The most expensive recent penthouse sale was $40 Million, and tennis great Caroline Wozniacki is asking $42.5 Million for her penthouse at Palazzo Del Sol. She shares the residence with her husband, New York Knicks player David Lee. Palazzo Del Sol is among the newest developments on Fisher Island, it was completed in 2016. Rendering of Six Fisher Island Terrace Rendering of Six Fisher Island Primary Suite Six Fisher is in good company in the race to be the most exclusive development in the area. The Shore Club at 1901 Collins Avenue recently took the crown as the highest-priced penthouse sale, with an anonymous buyer signing a reported $120 million for the upper penthouse. Other jaw-dropping offerings include a $150 million penthouse combination at Michael SHVO’s Raleigh Hotel, also on Miami Beach, and Jeff Bezos’s buying spree on Indian Creek Island, which has become known as the Billionaire Bunker. Despite the offerings elsewhere, Fisher Island will always be unique as there are no other exclusive and full-service islands that are only accessible by yacht, ferry or helicopter. Even in the most exclusive of markets, each project has its own bespoke personality that caters to the exclusive buyers that are welcomed to Miami Beach. Douglas Elliman is the exclusive broker for Six Fisher. If you are interested in an invitation to consider this project, 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. Images courtesy of: Six Fisher by The Related Group
Inside Miami’s Hottest New Development Amenity – Gourmet Private Dining Posted on May 24, 2023May 27, 2023 by Sarah Elles Boggs “It’s the only restaurant in Miami that costs $5 Million to get a reservation,” joked Gil Dezer in a chat with The Real Deal. Dezer is one of Miami’s most prolific developers of super-luxury condo developments and the visionary that brought the latest trend to fruition. When he developed Porsche Design Tower in 2016, he included an exclusive residents-only gourmet restaurant on the property. This trend seems to have resonated with buyers, as there are now a few options for new buildings that offer the like. Here is a run-down of the different buildings and concepts that are to be offered… Rendering of Perigon Miami Beach Pool and Cabanas 1 – The Perigon Miami Beach Along Millionaire’s Row in Miami Beach, The Perigon Miami Beach is beginning construction on the boutique waterfront complex with just 82 private residences. To add to the luxurious experience, Starwood Capital and Mast Capital have partnered with Michelin-starred Chef Shaun Hergatt to bring both a private eatery as well as a speakeasy to the project. “We are designing more than a condominium at The Perigon, it is a private, highly serviced five-star resort exclusively for the owners. Additionally, our partnership with such a notable chef as Shaun Hergatt further solidifies the commitment to the quality of luxury The Perigon will offer to its residents,” said Camilo Miguel Jr, Mast Capital’s CEO. It has been revealed that the restaurant will be dubbed Nota and will feature locally-sourced ingredients centering around a clean, crisp Mediterranean-inspired palette anchored by rich seafood. Chef Hergatt plans to utilize wood fire grilling techniques in order to create approachable yet refined dishes that play to the understated elegance of the development. The private speakeasy is called Fifty Three, a nod to the building’s location at 5333 Collins Avenue. It will offer a playful aesthetic with bold colors and patterns with plenty of bronze accents tying in the whiskey-themed palette. Prices at The Perigon Miami Beach range from $4 million to $37 Million for Penthouse West. Rendering of Cipriani Residences Brickell Miami External View from West 2 – Cipriani Residences Miami The Brickell Financial District is going the extra mile to offer a taste of home to the New Yorkers who venture South for a more agreeable climate, lower prices and lower taxes. After the steady success of their Brickell restaurant location, which opened in 2015, Cipriani has partnered with MAST Capital to bring an entire residential development to the neighborhood. The sales were launched just over a year ago, with the sales center opening this past February. At the time of publication details of the associated restaurants a scarce, but we anticipate an offering that is open to the public as well as a more private restaurant within the project. It has been revealed that a residents-only speakeasy will be one of the many amenities offered. Prices at Cipriani Residences currently range from $1.4 million, up to $6.9 million excluding penthouses which have not yet been released Rendering of St Regis Miami Brickell Entry 3 – St Regis Miami Residences After hearing the call of buyers interested in the project, Related Group has opted to revamp their behemoth debut of the St Regis brand in Brickell to a more boutique project with just one tower and 150 residences. This allows for more of a private, VIP atmosphere in the bayfront development that is set to rise in the sleepy South Brickell section of the financial district. While there is no hotel component in the tower, it is exclusively for residents, there will be a St. Regis-branded tea room on site for these residents and their guests. Prices range from just under $3 million to over $8 million with each residence having a water and city view. Rendering of Residences at 6 Fisher Island Drive 4 – Six Fisher With an address on Fisher Island, residents expect next-level services and amenities, and Six Fisher delivers on expectation. If you are lucky enough to garner an invitation to consider purchasing in the newest building on the private island, which is also the last available development site, then you should come prepared to embrace top-tier amenities that will include private dining. Details of the amenities at Six Fisher are kept strictly under wraps at this moment, as the residences are immensely private, but we do know that a private restaurant is planned. Even if you choose a residence in one of Fisher Island’s existing buildings, there is a private club in the Vanderbilt Mansion that includes a private restaurant. Initiation fees to the Fisher Island Club are $250,000 for the first year. Several of the buildings are also home to onsite gourmet bistros for the convenience of residents and their guests. The residences at Six Fisher start at $15 million, with the crown jewel being a 15,000 square foot penthouse that is being offered for $90 million. There is also a ground-floor villa that boasts an unheard-of half acre backyard for $55 million. Rendering of Rivage Bal Harbour 10245 Collins Inlet 5 – Rivage Bal Harbour In a neighbor that is no stranger to ultra-luxury, The Related Group has partnered with Rockpoint and Two Roads Development to bring the first luxury tower in almost ten years. The last residential development to be completed along the sandy beaches in Bal Harbour was Oceana, which was completed in 2016. Rivage is set to be completed in 2026 and will bring 56 ultra-luxury residences with sweeping views and sprawling floor plans to the neighborhood, along with an array of highly curated amenities for the jet set crowd that embraces the lifestyle of Bal Harbour. Among these amenities will be a private restaurant, according to Jon Paul Perez, who is heading the plans for this elegant development. “Bal Harbour is one of South Florida’s most special neighborhoods and an area we’ve wanted to build in for many years,” says Jon Paul Pérez, Related’s President. “Everything is in place to make this a truly once-in-a-generation project, from the site to the team, to the general scarcity of newly constructed high-end supply in this neighborhood. Together with our partners, we look forward to delivering a property that honors Bal Harbour’s glamorous history while helping shape its future.” As of today a chef and cuisine offering has not yet been announced, although a private dinner presentation that was recently held at the Surf Club Four Seasons a few blocks away has offered a preview of the quality that will be offered. Prices of the bespoke residences at Rivage Bal Harbour are expected to start at $8.5 million to upwards of $65 million for the upper penthouse. Rendering of Bentley Tower Residences Sunny Isles Crown 6 – Bentley Residences Gil Dezer is at it again. After the resounding success of Porsche Design Tower in Sunny Isles combined with feedback from prospective buyers, he has added a sister tower to PDT (Porsche Design Tower). Bentley Residences in Sunny Isles offers many of the amenities that made their debut in Porsche, with a more feminine and elegant touch. These amenities include the Dezervator, Mr. Dezer’s signature patented car elevator that allows owners to park their car collections on the doorstep of their sky residences, and also a private signature restaurant. At Bentley Residences in Sunny Isles, Dezer has partnered with celebrity chef Todd English, who is also a four-time James Beard Award recipient. “Luxury is defined in many different ways, but taking solace and having more personal space in your own way is a great feature of new luxury experiences. It’s like carving out your own niche. Today, the more we become automated, the more we need our own personalized space, and the resident-only restaurant is a perfect example of newly defined luxury experiences,” English said. Once opened, Chef English plans to be very hands-on with the culinary experience of Bentley’s residents. There will be a private residents-only restaurant as well as in-home dining or poolside al fresco dining and drinks. The curated cuisine is anticipated to be freshly sourced with a relaxed yet sophisticated atmosphere. Prices at Bentley Residences Sunny Isles range from $5.5 million to $57 million for the upper penthouse. Rendering of Villa Miami 7 – The Villa Residences Back on the mainland in booming Edgewater, the latest development to offer culinary delights as a selling feature also offers the most extensive package of exclusive gastronomically-focused amenities. With Major Food Group as a development partner, The Villa Residences will be curating food and beverage experiences throughout the building. There will be a new signature restaurant spanning 2 levels that offers waterfront dining and private dining rooms, at-home private chef services and cooking lessons, and of course catering. A juice bar and coffee lounge awaits you in the morning as you rush off to your day, or poolside dining and drinks as you lounge. Mario Carbone himself even put his touch on the design of the kitchens and the appliance packages. The entire development centers around gastronomy. When residents go traveling, their VIP status travels with them, offering the ability to acquire special reservations and signing privileges at any Major Food Group concept around the world. Prices for Villa Miami begin at $4.5 million up to $30 million. How It Works Having a private 5 star restaurant is an amazingly opulent amenity, particularly given the practical side of it. Restaurants are not inexpensive to run. Between the dining and kitchen space, ingredients and staff, the tab ads up quickly, especially with the level of service and cuisine offered in these buildings. So how does the restaurant run? The developers typically add the cost of the build out to the initial finishes of the building’s construction. It is up to the HOA to maintain the space and cost of operation. Furthermore, these restaurants are not designed to turn a profit the way that a public restaurant would. It is solely designed for the enjoyment and convenience of the residents. With the HOA taking care of staff salaries, menu prices are able to remain reasonably priced. You should always tip your server though. If you are interested in a private presentation, more details on any of these projects and/or specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, the exclusive broker for the project. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Fisher Island Preconstruction Beats The Odds – $300M Sold At Six Fisher Within Weeks Of Launch Posted on January 16, 2023January 22, 2023 by Sarah Elles Boggs What could have been seen as a gamble, launching an ultra-luxury development that you have to be invited to even be considered for in a nationally declining real estate market, is proving to be a stroke of genius. Related Group’s The Residences at Six Fisher has sold nearly 30% of its inventory just a few weeks after its soft launch at Art Basel. The project is set to rise on the last available development site on Fisher Island, a private enclave of ultra-luxury condos and homes with its own school, private club, police force and more. There is currently one crane on the property, preparing for groundbreaking when the rest of the country is stressing interest rates and new pending sales that are practically in a free-fall. Despite the woe in the macro-real estate market, Jorge Perez believes in Miami. As “the condo king of Miami,” he certainly knows his kingdom and places all of his cards where they need to be. Anticipating a $1.2 billion sellout on the 10-story, 50-unit project, he paid nearly $125 million for the land to build and declared that not just anyone can garner a presentation on the project. He has hand-picked those who are able to consider the luxurious investment. It seems that he has chosen well, as $300 million of contracts are currently out, with initial buyers not only hailing from international locations such as Brazil, Canada, Mexico and Israel, but also from domestic locations as well. “Almost 30% of the units are spoken for,” said Perez. “Contracts have gone out for over $300 million, and we haven’t really done any marketing. Nevertheless, should the market slow down a little bit, we’re in a fortunate position.” The residences start at $15 million, with the crown jewel being a 15,000 square foot penthouse that is being offered for $90 million. There is also a ground-floor villa that boasts an unheard-of half acre backyard for $55 million. In order to secure their spot in the projects, preconstruction buyers are required to contribute a 50% non-refundable deposit. The Draw of Miami It has been no secret that the Miami real estate market is not following the same trajectory as the rest of the United States, particularly in the ultra-luxury market. Between the favorable tax climate and the favorable weather-related climate, prices have remained strong in South Florida. What makes us a true outlier is the fact that Miami has traditionally been an internationally-focused market. When wealthy international people seek to enter the US market, they largely choose Miami due to weaker economies and political instability in their home countries, but also the ease of access, undervalued prices, vibrant lifestyle and unique mix of cultures that Miami offers. It is very easy to feel at home in Miami, no matter where you are from. Over recent years however, domestic buyers have descended upon us, looking for more favorable tax environments, so the surge of demand with weak supply continues to push prices & projects skyward. “Yes, the market across the country has gone down, particularly in luxury units, but we’re finding that in enclaves that we have, like Fisher Island, we still see a great level of interest from those people that can afford the best,” Mr. Perez told CNBC. Inside the sales cycle of ultra-luxury projects It is not unheard of for new ultra-luxury projects to experience a busy launch, then having the sales taper off as the development nears completion. Initial buyers are offered incentives for placing their trust in the developer’s plan without having a tangible example to tour. There is also obviously more inventory to choose from. As the project rises and prospective buyers have more information to base their decisions on, prices rise. Despite the higher prices, the projects continue to sell, with buyers in this price bracket searching for “The One”. They are looking for something unique, something bespoke to their own tastes and needs. With The Residences at Six Fisher, they find this and more. Fisher Island offers ultra exclusivity, privacy, security and amenities. The island is accessible only by ferry, yacht or helicopter. They have their own private school, the convenience of their own grocery store and restaurants, a private beach and a golf club. There is currently a five to seven year waitlist in Miami to join a golf club, so the immediate inclusion that buyers of Six Fisher receive to the Fisher Island Club proves to be immensely valuable. Douglas Elliman is the exclusive broker for Six Fisher. If you are interested in an invitation to consider this project, 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.