Miami has ranked as the 9th most expensive market when it comes to renting in the United States according to Zumper. The average price of 1-bedroom rentals remained the same year over year, at $1,800. The average rate for 2-bedroom units fell by 2% to $2,450. The most expensive places to rent remained Fisher Island at $5,500 for a 1 bedroom unit per month, Park West at $2,375, South Pointe, at $2,300, Oceanfront, at $2,250, Key Biscayne at $2,200, Coral Gable's Industrial Section at $2,150, and Coconut Grove and Brickell at $2,100. The cheapest markets to rent remain Brownsville at $750 per month for a 1 bedroom and Gladeview at $880. The Upper East Side and Bayshore had the fastest increasing rents, both up over 13%. Little Haiti and Allapattah fell by over 11%.
Privé at Island Estates Powers Towards Completion With 3 Units Going Under Contract For $15 Million
Privé at Island Estates is reporting strong sales as the two luxury towers power towards completion and are just weeks until opening. 3 units, including a penthouse and a unit from the Reserve Collection B, have sold, totaling $15 million. The penthouse is part of the B Collection and spans 4,446 SF of interior space and over 2,500 SF of terrace. The unit features a private, 24' rooftop swimming pool and summer kitchen, 15' floor-to-ceiling glass offering panoramic views of Sunny Isles skyline, bay and ocean as well as a slip in Privé's private marina. Reserve Collection B residence spans 6,200 SF, a 130' long terrace and a 21' center kitchen island.
Privé at Island Estates offers five-star resort-style amenities with 70,000 SF of public space, including a 10,000 SF gym and spa in each tower, a full-circuit running path tracing the shoreline of the island, outdoor summer kitchens and dining terraces, a private jetty, 2 expansive lap pools, a poolside café, wine and cigar rooms, a tennis court, multiple pools, jacuzzis, and a private marina. Privé at Island Estates is nearly 80% sold and is under development by BH3 development. The 16-story, 2 tower project was designed by Sieger Suarez Architects with interiors by Steven G. The towers topped off in the fall of 2016 and feature 160 luxury residences with pricing starting at $2.1 million. Enjoy the drone video tour of Privé's model unit and renderings below.
NR Investment's CANVAS in the Arts + Entertainment District Unveils New Renderings of Rooftop Lounge & Ground Floor Retail
NR Investment's newly topped off 37-story residential condo project CANVAS in the Arts + Entertainment District has released new renderings its 4,500 SF rooftop lounge. In total, CANVAS has 14,500 SF or retail space with 10,000 SF or ground floor retail. The asking price is around $40 SF triple net and leasing is being overseen by Alex Acker and Frank Rodriguez Melo of Cedano Realty Advisors. CANVAS is expected to be completed for occupancy in March 2018.
Featured Listing: Oceanfront Condo Unit in South Beach's Il Villaggio Hits the Market for $3.999 Million
A stunning oceanfront condo unit in South Beach’s Il Villaggio has hit the market for $3.999 million. The The 3 bedroom, 3 bathroom open floor plan is spread over 1,781 SF and also boasts 324 SF of outdoor terrace space. The residence was fully renovated by Sojo Design and is completely turnkey featuring a custom chef's kitchen with Quartzite countertops and backsplashes, complimented by Wolf & Subzero appliances, new bathrooms and showers, private elevator, low maintenance Italian porcelain flooring throughout, custom cabinetry and fully built-out closets. The residence also provides full smart home integration allowing the owner to control the Lutron lights, security cameras, surround sound, electronic window treatments and thermostat from a tablet or phone. 1455 Ocean Drive #1506, Miami Beach is listed for $3.999 million with Devin Kay of Douglas Elliman.
"This stunning full renovation by Sojo Design offers a buyer the ultimate turnkey property located at one of the most prestigious addresses in Miami Beach. This is currently the only residence on the market at Il Villaggio offering a high-end renovated product with all of the modern day amenities, in which a buyer can just bring their clothes and move right in. The desirable flow-through layout offers both direct ocean views as well as the downtown city skyline and sunsets. The attention to detail is simply unmatched," said Devin Kay, Senior Director of Luxury Sales/The Carroll Group at Douglas Elliman.
Check-Out University Bridge Residences, The 1st Student Housing Condo Project in Miami Near FIU
University Bridge Residences, near FIU, has launched as the first student housing condominium project in the Miami market. University Developments introduced plans for the purpose-built residential condo development for student tenants located across the street from the main campus of Florida International University (FIU). The residences will have direct connection to campus via the new 8th Street pedestrian bridge. University Bridge Residences will rise 20 floors and feature 492 units. Units range from 317 SF studios to 1,634 SF 4-bedroom units as well as 3-bedroom and 4 bedroom townhouses. Prices range from $190K to the high $600K's. Residences will feature en-suite bedroom's with bathrooms as well as in-unit washer and dryers. University Bridge Residences will offer a stunning amenity deck with a landscaped recreational area boasting a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas, a state-of-the-art fitness room, 24-hour concierge and security, a 5,500 SF indoor lounge and game room, study rooms, conference rooms, business center, outdoor video screen, sunset terrace complete with dining areas, large yoga lawn and performance stage. To aid in residents’ academic pursuits, students will enjoy complete access to all university online tools directly from their condominium, just as if they were on campus. Completion is expected in 2020.
University Bridge Residences will serve the school’s rapidly growing student population’s housing demand as FIU is the 4th largest university in the United States by enrollment, with more than 55,000 students. Only a mere 8% of the student body lives in college owned, operated or affiliate housing. As part of the City of Sweetwater’s newly-designated University City, ownership of the units is open to all qualified buyers; however residents must be university affiliated. University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. The project was designed by Arquitectonica and will be managed by Landmark Properties, one of the top US firms specialized in off-campus student housing.
“FIU has enjoyed tremendous growth in both students and reputation as one of the region’s top universities,” said Brian Pearl, principal of Global City Development. “As with many schools located within dense urban or suburban environments, there is a great need for housing. With its rapid growth, FIU has even more need than most, and we feel privileged to be part of the long-term solution.”
“This is a truly unique opportunity for condominium buyers looking to diversify their real estate portfolio,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate, the exclusive sales and marketing brokerage for University Bridge Residences. “The project is ideally priced and the demand is compelling.”
Construction Update: The Optimum, Coconut Grove's New Arquitectonica Designed Office Development Breaks Ground
Optimum Development USA celebrated the ground-breaking and start of construction of The Optimum, a 5-story, class A office tower in the heart of the Grove. The Optimum is being developed by Optimum Development USA, led by Ricardo Tabet, and was designed by Arquitectonica. The development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed in 12 to 14 months.
Construction Update: CANVAS Tops off In Miami's Arts + Entertainment District
CANVAS Condominium from NR Investments has topped off their 37 story residential tower in Miami’s burgeoning Arts + Entertainment District (A+E). The announcement was made August 10, 2017 in tandem with general contractor Stiles Construction and the project’s exclusive broker, Fortune International Realty. Prices for the remaining inventory ranges from $345K to $654K, with sizes encompassing 620 SF to 1,110 SF. With CANVAS being Fannie Mae approved, prospective buyers are able to capitalize on reduced deposit requirements and other benefits of the program, furthering access to millennials and first-time buyers. The sleek, contemporary tower with ocean, bay, sunset and Miami skyline views. In a nod to the surrounding local influence including Wynwood, one of the newly unveiled hallmarks of the tower will be a massive, collaborative installation involving 22 globally renowned street artists and yielding more than 200 original works of art for the building’s residential corridors and common areas. CANVAS is expected to be delivered to residents next spring (2018) after the project originally broker ground in February 2016.
CANVAS is located at 1630 N.E. 1st Avenue, in the heart of of Arts + Entertainment District. Developer NR Investments and its principals are the founders of the Arts + Entertainment District, an enclave flanked by Wynwood, Edgewater and downtown Miami. At CANVAS, amenities include sunrise and sunset pool decks, a serene indoor/outdoor yoga garden, a state-of-the-art gym, a glass-enclosed racquetball court, Zen spa/sauna treatment rooms, and a multimedia screening and theater facility.
“Buyers have been flocking to this project from across the globe,” said Ron Gottesmann, Principal of NR Investments. “We know this neighborhood presents a great deal of appeal among those looking for a central location in a neighborhood being fueled by the arts – one that puts residents within walking distance of area landmarks and top entertainment venues. For those seeking a second home or primary residence, CANVAS represents the opportunity to be at the epicenter of everything Miami has to offer.”
“What we’ve built in the Arts + Entertainment District has been transformative…and CANVAS is a direct reflection of that,” said Nir Shoshani, Principal, NR Investments. “Overall, this is an important moment for the city as it is another example of the strong interest among buyers to live in the urban core of Miami and take advantage of its art-infused offerings.”
Enjoy the Top-Off Video Below:
Photos & Video Via Golden Dusk Photography
Tour the Beachfront Townhouse in Surfside that Just Sold for $5.7 Million
Surfside continues to power itself as one of Miami's premier neighborhoods. A newly-constructed, five-story oceanfront townhouse at Ocean 7 just closed for $5.7 million at 9501 Collins Avenue. The home is layout out over 4 bedrooms and 5.5 bathrooms spread over 4,058 SF. The townhome features amazing ocean views, direct access to the beach, a rooftop terrace with plunge pool and a summer kitchen, 10 ft high ceilings, a glass elevator, marble flooring, top of the line appliances and designer finishes throughout the home. The Ocean 7 Townhouse 7 sale was overseen by Ivonn and Richard Goihman of the Goihman Group of Douglas Elliman.
Amara at Paraiso Unveiled, Michael Schwartz' New Edgewater Restaurant in Edgwater's Paraiso District
Amara at Paraiso has finally been unveiled by Michael Schwartz as their new concept in Edgewater at Related Group's new Paraiso district. Amara at Paraiso will feature bayfront dining with cuisine that is an ode to Michael Schwartz's "love letter to Miami" with a menu featuring tropical items from their wood grill and Josper charcoal grill oven with influence from coastal and Latin American cuisine including meats, fish, and grilled flatbreads. Amara at Paraiso will open in November 2017 in the 4,500 SF Paraiso Beach Club and will feature a main dining room and bar with seating for 150 and patio seating for 70 directly on Biscayne Bay. The Paraiso Beach Club is being designed by Mayer Davis Studio and is located at 3101 NE 7th Avenue.
Featured Listing: South-of-Fifth Enrique Norten-Designed Oceanfront Penthouse at 321 Ocean Asks $34.9 Million
The penthouse at South-of-Fifth's exclusive 321 Ocean is back on the market. The newly-listed, Enrique Norten-designed oceanfront penthouse comes fully furnished at $34,999,999 by Douglas Elliman’s Bill Hernandez and Bryan Sereny of the Bill and Bryan Team. The unit is the top two full-floors, the ninth and tenth, spread over 6,800 SF of interior space and 6,200 SF of exterior space. The penthouse features 5 bedrooms, 5 full bathrooms and 2 half-baths plus media room and library/office. The unique floor-through layout of the penthouse comes complete with East and West balconies and 360 degree breathtaking views of both the Atlantic Ocean and Miami Beach skyline. The unit also features floor-to-ceiling glass, private rooftop terrace with a 36' Infinity pool, outdoor kitchen and fireplace. The residence also features a 10’ deep lower, oceanfront terrace and stunning art throughout. Enjoy the photo tour and video tour below.
Take the Video Tour Below:
Photos via Lifestyle Production Group