Boutique developments in South Florida are making a comeback as homebuyers look to buy into smaller, less densely populated buildings. Buyers are reacting to the ongoing pandemic as well as to low inventory and high prices for single-family homes.
In recent years, the market had trended toward larger developments where homeowners would often encounter neighbors on a daily basis. Now, buyers want amenities such as increased privacy, curated services and features such as private elevator entries and foyers that help limit interactions. Buyers are also drawn to buildings with ample outdoor space that they don’t have to maintain themselves, especially if they plan to split time between Florida and another home elsewhere.
Several boutique developments stand out:
160 Marina Bay in Fort Lauderdale
Sales have launched for this five-floor, 16-unit development, which is set to be completed in 2022. Units will range from 2,875 to 2,918 sq. ft. and will each feature a terrace that brings the total size to more than 3,000 sq. ft. Each will feature three bedrooms, 3.5 bathrooms and waterfront views. The condos will come with an in-wall smart home system with multiple control panels for managing entry locks, thermostats, showers and lighting remotely or via voice activation. Prices start at $2 million for most units and $2.5 million for penthouses.
2000 Ocean in Hallendale Beach
This 64-unit, oceanfront building is slated for completion in 2021. Each residence will be either full-floor or half-floor, with pricing starting at $2.7 million. The half-floor units will cover 2,813 sq. ft. and feature three bedrooms and 3.5 bathrooms. Full-floor units will offer 5,832 sq. ft. of space, including five bedrooms and 5.5 bathrooms. Building amenities include a spa with steam bath, a bamboo garden, a curated art library and a tranquility garden.
3550 South Ocean in South Palm Beach
Completed in 2019, this beachfront development offers units ranging from 2,600 to 3,390 sq. ft. Each condo features either two bedrooms and a den or three bedrooms. Pricing range from $1.78 million to more than $5 million. A coral reef located off the beach gives residents a convenient snorkeling destination.
Arte in Surfside
Located on the waterfront, this development offers 16 residences, a sauna, a fitness center, a pool and a rooftop tennis court. Each unit has a deck area and views of the ocean and the Miami Skyline. Interiors feature luxury touches such as oak vanities and high-end appliances. A penthouse unit recently sold for $33 million.
The Fairchild Coconut Grove in Coconut Grove
The waterfront location of this boutique building gives residents opportunities to focus on wellness and connecting with nature. The 26 units within feature two to four bedrooms and range in size from 1,714 to more than 4,000 sq. ft. Remaining condos are priced from just under $2 million to about $2.8 million.
Monad Terrace in Miami Beach
Monad Terrace by Ateliers Jean Nouvel in Miami Beach features 59 bayfront residences ranging from two- to five-bedrooms spanning 1,453 to 5,350 square feet and up to 11,380 sq. ft. for a penthouse. Lush hanging gardens, a central reflection lagoon, sun decks with an infinity pool, private elevator access and an elevated structure that places it above potential flood levels are among the building’s unique features. Monad Terrace has seen a surge in demand with well over $40 million in sales in 40 days, and three of the four penthouses sold. Available for immediate occupancy with prices starting at $2 million.
One Thousand Museum in Miami
This downtown development features fewer than 100 half-floor residences, full-floor penthouses and duplex townhomes contained within a visually striking tower. Units cover 4,600 to more than 10,000 sq. ft. Each residence has a private terrace, as well as deluxe interiors. Building amenities include an indoor aquatic center, a full spa and a private helipad. A half-floor unit on the 47th floor recently sold for $6.3 million and a penthouse went for $16 million.