By Aice Morais
The Miami real estate market is in the middle of a cool down. The average luxury price has decreased about 8-10 percent year over year in the past five years, according to a 2016 report on Miami condominiums by ONE Sotheby’s. The late construction boom has created a variety of options, and demand from foreign buyers has played an important role in this scenario.
Experts don’t see this as a sign of an economic crash, but as evidence of a correction of a bubble and the market stabilizing. “I’m pretty happy with the state of the market,” said Daniel de la Vega, president of ONE Sotheby’s International. Certainly the most interesting thing about this moment is that it has turned South Florida from a seller’s market to a buyer’s market, with buyers having options from a large selection of inventory and negotiating power.
Even so, a waterfront location still reigns once location is paramount when buying a construction. Despite the downturn, waterfront neighborhoods did very well in the first half of 2016, mainly compared to 2015, according to the Sotheby’s report.
And because market can’t stop, the new developments have a lot to offer. From interiors by famous fashion labels to incredible features. Here’s a selection of the most exciting new options on the market:
Missoni Baia, 700 NE 26th Terrace
Fashion lovers, take note: Missoni Baia is the world’s first branded residence from the Italian fashion house Missoni. The 57-story tower will be in the Edgewater neighborhood, between downtown Miami and the exciting Wynwood Art District. The tower will feature 146 expansive residences, each with a waterfront view. OKO Group has assigned Hani Rashid for the project. Rashid was recently commissioned to design the Hermitage Modern Contemporary Museum in Moscow. For this project, Mr.
Rashid said he was “inspired by the beautiful and pristine sculptural works by the great American minimalist sculptors, such as Sol Lewitt and Donald Judd”.
And, obviously, the interior design of the building features Missoni’s trademark bright palate and furniture pieces by Missoni Home will be displayed in the building’s public spaces. Residents will count on amenities such as sunbathing deck, five pools, tennis courts, a fitness center and spa. Sales are expected to begin this fall.
Number of units: 146 units, with only three per floor
Price range: Approximately $900/square foot, begins at approximately $2 million.
Developer/architect: OKO Group/Missoni/ Asymptote Architecture
Apartment sizes: Two- to four-bedrooms, ranging from 2,500 square feet to 3,700 square feet Amenities: Deck with cabanas, five pools including an Olympic-size lap pool, hot and cold plunge pools, children’s pool and infinity pool, elevated tennis courts, fitness center, spa, private elevators with direct access to apartments Website: Missoni Baia
Monad Terrace, 1300 Monad Terrace
Future residents of the Monad Terrace will have the privilege of living in the first residential building projected by Pritzker prize architect Jean Nouvel. The building looks over the bay in South Beach and provides a study in water, light and flora, with a façade that captures the water and sunshine of the astonishing location. Nouvel calls it a “reflection machine” The building also integrates with its surroundings through a reflecting pool, lush andscaping and climbing gardens, and a unique lagoon feature with an infinity edge that makes it appear as though it extends into the bay.
The light and green continues within the lobby, which has a double-height canopy installation of reflective panels and screens with hanging gardens inside of them that incorporate live tropical plantsfor shade. Apartment amenities, such as custom mirrored glass and bronze kitchen cabinets, bring these design features inside the units as well. Sales are expected to open later in the fall.
Number of units: 59
Price range: Will be announced when sales open mid-fall
Developer/architect: JDS Development Group/ Jean Nouvel
Apartment sizes: Two- to five-bedroom residences, penthouse residences include private pools
Amenities: A lagoon, water features, juice bar, fitness and spa with yoga, dock access, private or semi-private elevators, custom Jean Nouvel design in the bathrooms, curated climbing gardens on apartment terraces, cantilevered marble islands in the kitchens
Website: Monad Terrace
The Fairchild Coconut Grove
For those looking for more privacy, The Fairchild Coconut Grove, on an expansive stretch of waterfront in Coconut Grove, is the best choice to get away from the confusion of the city. The boutique residences are designed by Miami architect Max Strang, alongside New Yorkbased interior designer Rafael de Cárdenas.
The relaxed setting matches the inside and outside, with private boat slips, porters for indoor and outdoor entertaining, sunset roof decks with an outdoor cinema and gardens. The landscaping is filled with beautiful examples of tropical Florida vegetation.
The already relaxing property gets an extra due to a spa with steam room, treatment rooms, and a sauna. Sales have just launched.
Number of units: 26
Price range: $1.4 million-$4.6 million
Developer/architect: Rovr Development/Strang Architecture
Apartment sizes: Two- to four-bedroom homes, ranging from 714 square feet to 4,114 square feet.
Amenities: Resident bicycles by the luxury commuter bicycle company Martone Cycling, sunset roof deck with serenity garden, private boat slips, indoor and outdoor porters, bayside lounge, spa, natural stone flooring, dedicated elevator lobbies, an outdoor movie theater, private outdoor living areas, outdoor showers.
Website: The Fairchild Coconut Grove
3550 South Ocean, Palm Beach
Buyers who want something new in Palm Beach should be excited: 3550 South Ocean is the first new waterfront condo development in the area in more than 10 years. The floor-to-ceiling hurricane-proof glass windows and balconies will make beautiful use of the location, overlooking both the Atlantic Ocean and the Intracoastal waterway on the other side.
Residents will also be able to take in views from an oceanfront swimming pool or enjoy private beach access. Post sun and sand, the building offers access to the Eau Palm Beach Resort’s Spa, a 42,000-square-foot, seven-acre wellness paradise. Sales are expected to start later this fall.
Number of units: 30
Price range: From $2.3 million
Developer/architect: DDG/Garcia Stromberg for DDG/Kobi Karp Architecture
Apartment sizes: Two- to three-plus-bedroom homes, from 2,400-3,000 plus square feet
Amenities: Access to Eau Spa, direct beach access, oceanfront pool, floor to ceiling windows and private balconies in every residence, fitness studio with natural lighting, tropical landscaping, oak flooring
Website: 3550 South Ocean