Luxury real estate in Miami is on the rise again with condominiums reaching record-breaking closing prices. As 2012 and 2013 Top Producer in Florida, Senada Adzem has sold more than $200 million in real estate since 2006. She has extensive knowledge of South Florida and the luxury market, which makes her the perfect fit for her position as director of luxury real estate at Douglas Elliman. Adzem has taken notice of the rising demand in luxury real estate saying, “I see real estate as an aspect of life my clients want to fulfill. Staying authentic and listening to the needs of the market allows me to have a clear perspective of what’s to come.”
Adzem recently closed a luxurious condo in Miami for top dollar, yet again—this time selling unit 406 at Boca Raton’s One Thousand Ocean for an impressive $5.7 million after just four months on the market. The unit boasts floor-to-ceiling glass doors and windows, limestone flooring and oceanfront views.
Adzem is the property’s original listing agent and set a record when she sold a penthouse unit for $10.4 million last year. The penthouse was listed at $13.95 million, and both the asking and closing prices set new records. At $1,500 per square foot, the unit was listed as the highest ask for a condo in Palm Beach County and purchased for the highest price per square foot.
More recently, Adzem sold a two-story waterfront villa at the luxury development for $3.9 million. One Thousand Ocean is a nautilus-inspired shaped, seven-story building with 52 units. It is equipped with oceanfront residences, beach villas and penthouses. Concierge assistance is available along with valet parking and other premier amenities. The development is currently sold out of all of its units, generating more than $250 million in sales since opening in 2010.
Aside from her records at One Thousand Ocean in Boca Raton, Adzem made the second-largest condominium sale in Miami-Dade County when she sold a unit at St. Regis Bal Harbour for $24.6 million last year. Luxury is no question when it comes to Miami’s premier locations. The Continuum located in South Beach, for example, which had the only unit that topped Adzem’s Bal Harbour sale, selling for $25 million, houses state-of-the-art spa, fitness center, pool and 1,000 feet of sandy beaches.
Similarly, new developments set to open in the next few years in South Florida are pulling out all the stops. Brickell City Centre, which is to be completed by the end of 2015, will be home to 820 condos in two separate towers. A wellness center of more than 100,000 square feet, a shopping center and a mixed-use building are also in the works. The condominiums will have upgraded appliance packages, oversized walk-in closets, spectacular city views, marble floors and the option for a fully furnished condo.
In addition, SLS Lux Brickell will feature luxury amenities such as museum-quality art in lobbies and other common areas, two assigned parking spaces per unit and a cocktail lounge by SBar. The development, which is set to be 57 stories with 450 residences, will be located in Brickell, just steps away from the proposed Brickell City Centre. Twelve penthouses will be made available when the condo is finished in October 2017. Units will offer several choices for cabinet and countertop finishes, premium Wolf appliances, rain showers and spa tubs. Yabu Pushelberg will be designing the condominium interiors. Semi-private elevators will also be included, along with almost any service that comes to mind—from nanny services to laundry, and plant maintenance to grocery shopping and delivery.
Aside from Brickell City Centre and SLS Lux Brickell, a number of new developments are being planned in the South Florida area. These include Echo Brickell, Biscayne Beach, 400 Sunny Isles and Echo Aventura. According to the latest Miami Association of Realtors report, condo sales in Miami will continue to rise if they keep up with the current trends. The average sale price for condos has increased 10.3 percent since 2013, leaving new developments in a good place for future sales and profit. Plus, the median sale price for condos has continuously increased in the last 34 months. In the same report, Chairman of the Board of the Miami Association of Realtors, Liza Mendez, said, “Demand remains strong for both single-family homes and condominiums, as both domestic and international buyers continue to be drawn to the unique and vibrant Miami area and all the opportunities that the local market offers.”