Aria Development Group, the Miami and New York-based real estate investment and development firm behind 321 Ocean, announced the release of the luxury oceanfront project’s only remaining inventory – two Beach Villas and two penthouses – at a private reception on June 19 for Miami’s top luxury real estate brokers.
Designed by renowned architect Enrique Norten and located on the last undeveloped oceanfront lot in Miami Beach’s coveted South of Fifth neighborhood, 321 Ocean is officially 80 percent sold, having converted 100 percent of reservations to contract and achieving sales of more than $60 million. Cervera Real Estate, the exclusive sales and marketing firm for the development, has sold 17 of 21 residences comprised of three- and four-bedroom homes.
The remaining units at 321 Ocean include two, two-story Beach Villas ranging from 3,800 to 4,500 square feet plus terrace, private pool deck and gardens, along with two penthouses. The 3,000-square-foot Ocean Drive Penthouse features three bedrooms plus den, three-and-a-half baths and an oversized terrace with two balconies. 321 Ocean’s most exclusive residence is the $25 million Ocean Tower Penthouse which includes five bedrooms plus den and library, six bathrooms, 7,000 square feet of interior space (13,000 square feet including the outdoor space), 11-foot floor to ceiling windows, private, rooftop infinity pool and 360 degree panoramic views of the ocean and city.
“Miami’s real estate market – the ultra-luxury segment in particular – is experiencing incredible growth and there is strong demand to purchase a unique, waterfront condo in a prime location like South of Fifth,” said David Arditi, principal of Aria Development Group. “Our exceptional sales success is a testament to 321 Ocean’s refined approach to luxury and the impeccable residence features available to buyers. We anticipate our strong sales momentum will continue with Ocean Penthouse, Ocean Drive Penthouse and the Beach Villas.”
Miami’s Condo Market
The luxury condo market in Florida is in a boom period, with many new companies beginning construction to capitalize on the increased number of sales.
According to a June NY Post article, this summer has been especially strong for construction.
Mayi de la Vega, CEO of One Sotheby’s International Realty expressed surprise.
“I never expected the market would have a summer like this,” says de la Vega.
De la Vega had already secured 100 million dollars in reservations for 1,000 museum condo tower before its sales center opened in July. Ian Schrager, developer for the Residences at the Miami Beach Edition, says they’ve sold about 75 percent of its 26 units. The two penthouses went to the same buyer for a record 3,800 per square foot.