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Spike in Miami condo sales bodes well for new developments

by Stacy Carchman

Spike in Miami condo sales bodes well for new developments

Miami is on fire in terms of high-end luxury condo sales, continuing a trend that started in 2021.

Rishi Kapoor, CEO of  Location Ventures, is the developer of Villa Valencia, a high-end condominium project in Coral Gables.

Kapoor said there is a migration  of wealthy buyers from other states like New York and California, who are flocking to Miami. This creates a demand for luxury condos, he said.

“Buyers are looking for more space,” said Kapoor.

“The pandemic accelerated the trend of buyers to migrate to south Florida. Buyers enjoy the lifestyle, weather and tax effect. There is no income tax in Florida, unlike some other states. This savings will help to buy the condo unit,” he said.

Many high-end condos also have health and wellness features. “We work with Delos, out of New York, to provide our buyers with Circadian Rhythm Lighting, air and water purification systems. They are smart home equipped, furniture ready, and in a tropical setting,” Kapoor said.

Location Ventures is also launching a project in Fort Lauderdale. They have both local and international buyers. Latin America and Mexico are big feeder markets, said Kapoor.

Other new luxury condominiums in the works include Ritz-Carlton Residences in Miami Beach developed by Lionheart Capital. They sold 30 residences in the last 75 days, totaling over $130 million. The residences sold out its Penthouse Collection totaling over $51 million in sales, according to a press release.

“We are seeing a real sense of urgency from buyers as the Miami real estate market is heating up. The response to The Ritz-Carlton Residences has been tremendous,” said Ophir Sternberg, CEO and founder of Lionheart Capital, in a press release. “Our competitive edge is that our residences feel like bespoke homes coupled with the highest-quality finishes and five-star services provided by Ritz-Carlton.”

According to a press release, the homes are from two-five bedrooms ranging in size from 2,000 to over 10,000 interior square feet and have a selection of over 60 unique floor plans, starting at $2 million. Some notable residents include celebrity couple Cindy Crawford and Rande Gerber; Major League Baseball Hall of Fame recipient Mike Piazza; Miami Marlins’ Major League Baseball top draft pick Corey Dickerson; former Miss Germany Petra Levin; CEO and chairman of American Eagle Outfitters Jay Schottenstein; and celebrity sports agent Jason Rosenhaus.

Another community in Miami that has seen an upswing in sales is Missoni & Una Towers at $74 million sold.

“South Florida has always been a great place to live, but it’s becoming more obvious to a lot of people,” OKO Real Estate CEO Vanessa Grout said . In addition to Florida’s tax-friendly policies and lower business and living expenses, buyers are attracted by our lifestyle, diverse culture and business community — and overall quality of life. We expect the uptick in sales we’re seeing from domestic buyers looking to move their families and businesses to south Florida to continue in 2021.”

In addition, she said, “The pandemic coupled with people and companies looking to relocate from major U.S. cities — specifically in the Northeast and Midwest regions — to tax-friendly states with reduced business and living expenses, is enticing out-of-state residents to make the move to south Florida.”

“Now that remote work has become so prolific and many people work form wherever they choose, thanks to technology made more commonplace by the pandemic, we’re seeing buyers from cities like New York and Chicago, making the move to Miami.”

In addition to Una Residences and Missoni Baia condominium towers, OKO Group is also developing the 830 Brickell office tower in downtown Miami, and the recently approved Aman Hotel and Residences in Miami Beach.

However, the luxury condo boom is spreading beyond Miami. A new community on Jupiter Island, SeaGlass, Jupiter Island, has also seen an increase in sales.

Jim Cohen, president of residential for Fontainebleau Development, said, “SeaGlass, Jupiter Island is one of the first buildings to be constructed in the area in decades, and once completed, it will become one of the most coveted addresses in the area. The unique location of the site offers direct ocean and intracoastal views along with views of protected parks to the north and south with no neighboring buildings close by. When we were presented the opportunity to develop on this location there was no hesitation as a site like this is truly rare.”

“There is absolutely a demand for larger condominium residences today. Fortunately, we as developers have always specialized in the ultra-luxury market where the buyers are end-users who prefer larger-sized residences.”

In addition, Cohen said, “SeaGlass was designed from the inside out. First, we thoughtfully considered the usability of the residence floor plans, and then followed with an architecturally stunning building design. The aesthetic represents a casual elegance that relates to the building’s unique beachfront location. The lobby was designed to feel modern with a contemporary color palette inspired by the surrounding sea, beach and dunes, including the cast-glass chandelier that represents forms of sea glass.”

 

 

 

 

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