South Florida’s Market is Sizzling—and Large Slate of New Developments are Set to Make a Splash
As residents flock to the Sunshine State, these projects from Boca Raton to Miami Beach are chock full of amenities and high-end perks
In the Miami/Dade County luxury market, domestic buyers fleeing high-tax states and scooping up high-end condos and single-family homes continues to be the main story.
“It’s not just buyers from the Northeast anymore,” said Ron Shuffield, president and CEO of Miami-based Berkshire Hathaway HomeServices EWM Realty. “We’re seeing buyers from Minnesota, from the Chicago area.”
Anna Sherrill of ONE Sotheby's International Realty said she is seeing lots of buyers from California for the first time, “from both northern and southern California.
“They’re buying bigger and spending more money,” she said. Now they’re looking for a primary residence to live in, not just for vacation.
“They’re all looking for luxury,” said Ms. Sherrill, who specializes in the luxury condo market. “They want something that is easy for them, that’s turnkey, maybe a model unit or one that’s been decorated.”
“They’re not looking to build and they don’t want to renovate,” she added.
Arte Photo: BlackHaus
Within the luxury market, between $1 million and $2 million is particularly vibrant, Mr. Shuffield said.
In addition, “when you pass the $10 million threshold, the market is actually increasing,” he said. “That’s another indication to me that it’s the wealthiest who are trying to escape these taxes.”
In the over $1 million luxury market, sales of single-family homes were up 12% and condo sales were up 24% in Q4, he said. And that trend is continuing into 2020.
Arte Photo: BlackHaus
Arte Photo: BlackHaus
Mr. C Residences Coconut Grove (Photo: Courtesy of Mr. C Residences Coconut Grove)
Mr. C Residences Coconut Grove (Photo: Courtesy of Mr. C Residences Coconut Grove)
In January, Miami’s total home sales increased 15.6% year-over-year, from 1,607 to 1,857, according to the Miami Association of Realtors. In the luxury market ($1 million and up), Miami single-family homes jumped 34.5%, and sales of existing condos increased 6.5%.
But oversupply of luxury condos continues to be a problem.
It’s important to look at supply as a major determinant in this market, Mr. Shuffield said. “We like to have 12 to 18 months of supply in the luxury market—that’s what the market can handle.”
In Q4 of 2019, the luxury condo market had 42 months of supply, compared to 20 months for single-family homes, he said.
He dates the beginning of the oversupply to Q4 2015, when “we saw inventory sky-rocketing for condos. Now we’re seeing inventory for the first time in five years dropping back.”
When inventory starts to drop, prices will start to go up, Mr. Shuffield added.
Some neighborhoods, including Sunny Isles, Edgewater and the Brickell/downtown area, have been particularly hard hit with an oversupply of condos, Ms. Sherrill said.
Meanwhile, the international market continues to lag well behind the surge in domestic buyers.
“The international market the last five years has taken a back seat because of currency-exchange rates against the dollar,” Mr. Shuffield said. “In some countries—Argentina, Venezuela—the buyers are just not there.”
In the Miami/Dade luxury market, 25% of sales are now international, compared to 40% in previous years, he said.
Good amenity packages remain a powerful draw for luxury buyers, Ms. Sherrill said. “They want a gym, a pool, concierge services, and they’re going for that wellness thing—steam, a sauna, a place where they can go get a massage and relax.”
Over-the-top amenities in this latest roundup of new projects include an ice skating rink, bowling lanes, dog parks, a meditation pond, rooftop tennis courts, a multi-sport simulator room and a poolside Bellini bar.
Below are some new developments launching now and through the spring.
Ocean Park South Beach (photo: Lifestyle Production Group)
Ocean Park South Beach (photo: Lifestyle Production Group)
Ocean Park South Beach, 312 Ocean Drive, Miami Beach
Set within Miami Beach’s prestigious South of Fifth (SoFi) enclave, this four-story collection of 10 luxury beach residences will be located on the Ocean Drive thoroughfare directly across from the Atlantic Ocean and its white-sand beaches. It is also steps from the lush gardens of Marjory Stoneman Douglas Park, which feature paved promenades, outdoor exercise areas and children’s play areas.
The two- and three-bedroom residences will feature private elevators that open directly into home foyers, 10-foot ceilings, floor-to-ceiling windows with sliding doors, and light oak and natural stone flooring. The kitchens will be by Poliform with Matte Touch cabinets, Wolf and Sub-Zero appliances, and Silestone Calacatta Gold stone grooved waterfall edge countertops and backsplashes. The master bathrooms will offer floating vanities with double sinks, marble showers and floating European-designed standalone bathtubs. The penthouses will have 12-foot ceilings, floor-to-ceiling windows with 12-foot sliding doors, and an upgraded appliance package with a tower wine cooler and double-fridge unit. Each penthouse will additionally have a rooftop deck with a private spa pool, a summer kitchen and a dedicated powder room.
Sales for Ocean Park South Beach launched in January, with delivery slated for December 2021.
Photo: Lifestyle Production Group
Number of units: 10
Price range: $1.6 million to upward of $6 million for the penthouses
Developer/Architect: Multiplan Real Estate Asset Management/Revuelta Architecture International
Residence sizes: 1,117 to 1,715 square feet, with large terraces providing an additional 267 to 1,194 square feet of outdoor living space. The penthouses will have 2,393 square feet of interior space and 1,564 square feet of terrace space.
Amenities: Landscaped tropical outdoor areas; a 36-foot-long pool with Italian-designed poolside chaise lounges and umbrellas; an outdoor relaxation spa with a Jacuzzi; a poolside summer kitchen, outdoor dining area and a pool deck relaxation lounge; beach service; an outdoor gym deck; and a 24-7 front desk staff and valet services.
Website: OceanParkSouthBeach.com
Photo: Lifestyle Production Group
Photo: Lifestyle Production Group
Royal Palm Residences, 475 East Royal Palm Road, Boca Raton
Directly across the street from some of Boca’s finest restaurants and adjacent to a planned six-acre, multi-million-dollar waterfront park, Royal Palm Residences will offer 48 boutique residences, including six penthouses and four villas, in three nine-story mini towers. The development is a short walk from Boca’s beaches and steps from the north entrance of the Boca Raton Resort & Club. Each residence will have 270-degree city, water and golf course views as well as dual entry private elevator access, Wolf gas barbecue grills built into large outdoor terraces, and state-of-the-art home automation technology by Crestron. Sales launched in late January and delivery is expected in 2022.
Number of units: 48
Price Range: From $1.75 million to $4.1 million for single units, to $8 million for combined units
Developer/Architect: P6 Group/RLC Architects
Residence Sizes: 2,425 to over 7,100 square feet
Amenities: A modern wellness plaza with a state-of-the-art fitness center, tranquility pool and relaxation spa; a lounge and wine cellar; a fully equipped lobby with quiet meeting areas; exclusive membership incentive at Boca Rio Golf Club; and a one-year membership with One-on-One Concierge.
Website: rpresidences.com
Photo: ONE Sotheby’s International Realty
The Estates at Acqualina (Photo: ARX Solutions)
The Estates at Acqualina (Photo: ARX Solutions)
The Estates at Acqualina, 17895 Collins Ave., Sunny Isles Beach
In February, Trump Group launched sales of the second waterfront tower at its Estates at Acqualina in Sunny Isles Beach. When completed, the Estates at Acqualina will offer 248 luxurious residences from three to seven bedrooms in two 50-story buildings, the South Tower and the newly launched Boutique North Tower. The Boutique Tower will have just two residences per floor, each with a dramatic 57-foot living space with an open floor plan.
Each residence will be equipped with a La Cornue gas range and Sub-Zero appliances, imported stone countertops, smart-home technology, 10-foot 6-inch ceilings and a vent-free fireplace. Each master suite will feature an expansive terrace and his and her bathroom suites with imported onyx countertops and walls, marble floors, a steam mist shower, a free-standing custom tub and elaborate his and her dressing rooms. The common areas were created by the late designer Karl Lagerfeld. Sales started for the South Tower in mid to late 2016. Construction on the South Tower began in May 2018, and the project topped off at 49 floors in February, with the opening slated for 2021. Construction on the Boutique Tower began in January. It is slated to open in 2022.
Number of units: 248
Price Range: $6.3 million to $32 million for the Boutique Tower; $4.6 million to $31 million for the South Tower
Developer/Architect: Jules and Eddie Trump (no relation to the President Donald Trump)/CFE Architects
Residence sizes: The Boutique Tower will have 94 turnkey-delivered residences ranging from 4,385 to 9,134 square feet. There will be two residences per floor on floors 5 to 46 and one suite per floor for floors 47 to 49. The tower will also feature one single-family home with a private pool and two penthouses with private pools. The South Tower will have 154 residences ranging from 3,200 to 5,600 square feet. Floors 4 to 30 will feature 3,200- to 3,700-square-foot residences, and floors 31 to 46 will have 5,100- to 5,600-square-foot residences. The tower will also have two single-family homes, a suite and two two-story penthouses ranging in size from 6,226 to 9,000 square feet, all with private pools.
Amenities: The 45,000-square-foot Villa Acqualina includes a spa and fitness center as well as Circus Maximus, a full floor of amenities including an ice skating rink, a Formula One simulator, a golfing simulator, bowling lanes, a movie theater, and a Wall Street Trader’s Club room where residents will have access to ticker tape, computers and a boardroom. A restaurant is expected to be announced later this year. The Estates’ 5.6-acre grounds will offer lush landscaped gardens, multiple infinity pools, a FlowRider for surfers (a surfing simulator similar to what they have on cruise ships), a basketball court, a bocce court, a dog park, a soccer field, a beachfront restaurant and 502 feet of Atlantic oceanfront with beach and pool service.
Website: estatesatacqualina.com
Photo: ARX Solutions
Mr. C Residences Coconut Grove (Photo: Courtesy of Mr. C Residences Coconut Grove)
Mr. C Residences Coconut Grove (Photo: Courtesy of Mr. C Residences Coconut Grove)
Mr. C Residences Coconut Grove, 2655 South Bayshore Drive, Coconut Grove
Mr. C Residences Coconut Grove is being developed by Terra in partnership with leading hospitality brand Mr. C, founded by fourth-generation Cipriani brothers Ignazio and Maggio. The new development on South Bayshore Drive will feature a 20-story condo tower with 118 units. This marks the first large-scale residential project for the Mr. C brand.
Raymond Fort of the Miami-based Arquitectonica architectural firm designed the look for the building’s exterior, which plays off the project’s waterfront location with a sail-inspired design. All units will feature 11-foot ceilings, floor-to-ceiling glass, private outdoor terraces, Italian terrazzo and quartz countertops, Italian cabinetry, European porcelain tile floors, a custom kitchen island, Sub-Zero and Wolf appliances, and solid core interior wood doors. They will have panoramic views spanning from Peacock Park across Biscayne Bay to Key Biscayne and beyond. Sales were launched in late January, and the project is set to be completed in 2022.
Courtesy of Mr. C Residences Coconut Grove
Number of units: 118
Price Range: $600,000s to over $5 million
Developer/Architect: David Martin, Terra/Raymond Fort, Arquitectonica
Residence Sizes: One- to five-bedroom units that range from 650 to 3,645 square feet
Amenities: A specialty gourmet market and a café offering in-home delivery, a wellness lounge and juice bar, a private Bellini bar on the pool deck, poolside food and beverage service, personal trainers and specialty classes, indoor yoga and Peloton studios, and a spa with treatment rooms
Website: mrcresidencescoconutgrove.com
Courtesy of Mr. C Residences Coconut Grove
Courtesy of Mr. C Residences Coconut Grove
Photo: BlackHaus
Photo: BlackHaus
Arte, 8955 Collins Ave., Surfside
This 12-story building with 16 oceanfront ultra-luxury condominiums is the first residential project in North America by the Italian architecture and design partnership of Antonio Citterio and Patricia Viel in collaboration with Kobi Karp Architecture & Interior Design. Citterio is known for designing the Buglari Hotels in Dubai, London, Milan and Bali as well as the Mandarin Oriental in Milan. Arte spans more than an acre in Surfside, an exclusive neighborhood between Miami Beach and Bal Harbour. All of the units have expansive terraces with direct ocean views, and the upper penthouse features a rooftop terrace with a summer kitchen, and a private pool and lounge area. Sales launched in January.
Photo: BlackHaus
Number of units: 16
Price Range: From $7.9 million
Developer/Architect: SC 8955 LLC, a subsidiary of Sapir Corp LTD/Antonio Citterio and Patricia Viel in collaboration with Kobi Karp Architecture & Interior Design
Residence sizes: 3,126 to 7,681 square feet for the upper penthouse
Amenities: A 51-foot-long outdoor swimming pool with sun beds, outdoor meditation pond with private cabanas; a 75-foot-long heated indoor lap pool with travertine decking and onyx accents; a fitness center and yoga studio; sauna and steam rooms by Effegibi; a residents’ lounge with a full kitchen for entertaining; an outdoor rooftop tennis court with separate men’s and women’s locker rooms; a children’s playroom designed by Kinder Modern; private temperature-controlled parking spaces, and direct beach access.
Website: artesurfside.com
SeaGlass Residences, 1500 Beach Road, Tequesta, Florida
Situated on exclusive Jupiter Island in Palm Beach County, SeaGlass is a new luxury beachfront condominium featuring 21 expansive three- and four-bedroom corner residences with unobstructed 360-degree views of the ocean and Intracoastal Waterway. Priced from $5.9 million to more than $10 million, each residence in the 10-story building will have large private terraces with summer kitchens; intelligent climate controls; direct elevator access and private elevator entry foyers; walk-in closets in all of the bedrooms; kitchens with Miele appliances and imported Italian Snaidero cabinetry; and electric-vehicle-ready, climate controlled two-car garages. The homes will also have private terrace access from the master suites, which feature dual marbled master bathrooms and steam showers with a full-height frameless glass enclosure. Closely located to the unspoiled Blowing Rocks Preserve, SeaGlass is nestled among landscaped gardens with 170 linear feet of Atlantic Ocean beach frontage.
Construction is expected to be completed by early 2022. Sales will launch in early April.
Number of residences: 21
Price Range: $5.9 million to over $10 million
Developer/Architect: Turnberry Beach Road, LLC/Swedroe Architecture
Residence Sizes: 3,781 to 5,323 square feet
Amenities: A gated arrival entry with valet; a 24/7 attended two-story lobby; an oceanfront infinity-edge heated swimming pool with a sun shelf and relaxation spa; a poolside sandy beach with chaise lounges; a beachside summer kitchen and outdoor viewing terrace; a fitness center with state-of-the-art weight-training and cardio equipment; a yoga and meditation lawn; a Club Room with demonstration kitchen, a lounge seating and game area; an outdoor social terrace with barbecues and a fire pit; a dedicated dog walking area and bathing station; and dedicated bicycle storage.
Website: SeaGlassJupiterIsland.com
Photo: Turnberry Beach Road, LLC
Forte Photo: Rendering by ARX
Forte Photo: Rendering by ARX
Forté, 1309 South Flagler Drive, West Palm Beach
Overlooking Palm Beach from an idyllic waterfront setting on South Flagler Drive, Forté is a collection of 41 residences, including one duplex penthouse in a 24-story tower. The development will have just two flow-through residences per floor, with an option to combine units to a full floor. Each home will have 1,000 square feet of outdoor living space; sweeping and unobstructed views of Worth Avenue, the Intracoastal Waterway and the Atlantic Ocean; private elevators and foyers; custom bath cabinetry; Jean-Louis Deniot and ItalKraft custom kitchens with customizable floor plan options; and ceiling heights just over 10 feet. Sales launched in early March.
Photo: Rendering by ARX
Number of units: 41
Price Range: From $4.9 million
Developer/Architect: Two Roads + Alpha Blue Ventures/Bernardo Fort-Brescia, Arquitectonica
Residence Sizes: Four- to five-bedroom homes, ranging from 4,200 to 8,400 square feet
Amenities: A 75-foot-long lap pool with a heated spa; a pool deck with outdoor dining and lounge areas; a private dining room that seats 24 guests; a great room, card room and evening lounge; a theater; his-and-hers spas equipped with a steam room, sauna, lockers and private treatment rooms; a fitness center and yoga studio; a business center; a multi-sport simulator room; two furnished guest suites; 24-hour security, a lobby attendant and valet service; Forté house cars; charging stations for electric cars; and concierge services.
Website: Fortewpb.com
Photo: Rendering by ARX
Photo: Rendering by ARX
Solemar, 1116 North Ocean Blvd., Pompano Beach
When it’s completed, this 20-story luxury condo tower by the Related Group will be the tallest building in Pompano Beach. The 105-unit building will have 250 feet of pristine beachfront. All residences feature balconies with close-up views of the Atlantic Ocean as well as modern interiors with high-quality European finishes. Sales are launching later this spring.
Number of units: 105
Price Range: $1.35 million to $2.3 million (excluding penthouses, where prices were not being released)
Developer/Architect: The Related Group/Arquitectonica
Residence Sizes: Two- and three-bedroom residences ranging from 1,900 to 2,400 square feet, as well as penthouse units up to 4,000 square feet.
Amenities: An oceanfront pool deck with a beachfront, an ultra-contemporary heated pool; expansive green space above the garage with a barbecue area, putting greens and covered terrace areas; a sommelier wine room; a fitness center with sauna; a private party room; a residents’ lounge; 24-hour valet parking and private covered parking.
Website: solemarbeach.com
Photo: The Related Group
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