New Developments on Tap for Miami’s Sizzling Luxury Market

March 19, 2021

These five projects cater to buyers heading to the Sunshine State for more space, better weather and modern amenities

As the Miami and South Florida market continues to heat up, buyers increasingly are seeking larger homes, an enduring trend since the beginning of the coronavirus pandemic last year.

“Covid has really impacted how families view their homes and how they use the space,” said David Martin, CEO of the Miami-based development firm Terra.

“We’re seeing a lot of buyers from California and New York,” he said. “They want their condos, and they want the amenities, and they want larger apartments.”

He described the new sweet spot for apartments as 2,200 to 3,500 square feet, up from 1,500 to 2,500 square feet. At Mr. C Residences in Coconut Grove, which Terra is developing, buyers are purchasing multiple units in the 20-story condo tower and combining them to up their square footage. The project launched sales in the first quarter of last year with 118 units, and 60% percent of the condos have now been sold, Mr. Martin said. Most of the new combined units are in the $2 million to $3 million range.

“I’ve never experienced a market this strong,” he said. “Miami has always been a kind of live-and-play place. Now the city is becoming a center for business and commerce, rather than just tourism. We’re seeing multi-sector job growth.”

For the $5 million-plus single-family market in Miami-Dade County sales in November, December and January were “up over 400% year-over-year,” said Ron Shuffield, president of EWM Realty International. ‘

A year ago, for the $5 million-plus market, “we had seven years of supply,” Mr. Shuffield said. “Now we’re down to nine months of supply for single-family homes and 36 months for luxury condos. That inventory is decreasing daily.”

For single-family homes over $1 million, Miami-Dade County recorded an average 189 sales per month in November, December and January, compared to 87 a year ago, a 117% increase, he said. For condos over $1 million, there was an average of 115 sales per month during that same timeframe, compared to 65 a year ago, a 77% increase.

There has been an “increase in demand and a shrinking of supply,” Mr. Martin said. “We’ll start to see a steady growth in pricing.”

As buyers weigh their options with existing and new inventory, let’s take a look at five new projects that are launching sales now and in coming months.

The Villa Collection at the Ritz-Carlton Residences, Miami Beach, 4701 Meridian Ave., Miami Beach

_{Rendering: Courtesy of The Villa Collection at the Ritz-Carlton Residences, Miami Beach}

Amid booming demand for Miami Beach single-family homes with dockage, the Villa Collection at the Ritz-Carlton Residences, Miami Beach simultaneously broke ground and launched sales in late January. The first villa deliveries are slated for early in 2022’s second quarter. Located in the heart of Mid-Beach and minutes from downtown Miami and South Beach, the 15 free-standing two-story villas are part of the Ritz-Carlton Residences, Miami Beach, which features 111 luxury condos spread across a 7.5-acre site with unobstructed lake, ocean and city views. With interiors and exteriors designed by Italian architect Piero Lissoni, the 15 single-family homes feature floor-to-ceiling windows, custom architect-designed Boffi kitchens with Gaggenau appliances, bathrooms lined in marble and anchored by stand-alone tubs, and expansive private terraces wrapped in glass. Other features include two-car garages, fenced yards and private infinity-edge pools in a lavishly landscaped tropical waterfront setting. Eight of the waterfront villas will have private boat dockage and seven will offer scenic secret gardens.

Number of units: 15 two-story villas
Price range: Starting from $4.375 million
Developer/Architects: 4701 North Meridian LLC, with GFI Development Company as the development manager/Choeff Levy Fischman Architecture and Design, and Piero Lissoni
Home sizes: Ranging from 3,263 to 4,643 square feet, with five different floor plans providing three-, four- and flexible five-bedroom options
Amenities: A residential art studio, 36 private boat slips, an on-site captained Frauscher day yacht, a half-acre rooftop pool deck with private cabanas and a poolside private residents-only restaurant, a community garden, a club room and a waterfront social room for entertaining, a kids’ room, a library, pet grooming facilities, a yoga studio with Pilates equipment, a cinema-style screening room, a state-of-the-art spa and fitness center, and a meditation garden.
Website: theresidencesmiamibeach.com

_{Rendering: ARX Solutions}

Baccarat Residences Brickell, 444 Brickell Ave., Miami

The 75-story luxury Baccarat-branded development will bring upwards of 300 units and 40 riverfront villas and is one of three towers making up a four-acre mixed-use enclave in the heart of the Brickell Financial District. The entire project will bring up to 1,400 units, with plans to potentially include hotel and office components. The condo project will offer high design, exceptional service, and amenities that reflect the storied French crystal company’s more than 250-year heritage, according to the Related Group, the developer. The aesthetic will fuse 18th-century Paris and 21st-century Miami, with a 1930s Art Deco influence. Décor elements include a curated collection of furnishings and accessories from top auction houses, custom upholstery and millwork, specialty finishes with European plaster and hand-carved stone, custom Baccarat lighting, and aged French oak flooring. Sales are launching in March/April, with the groundbreaking set for early next year and completion in 2025.

Price range: Expected to be in the $800-per-square-foot range
Developer/Architect: Related Group/Arquitectonica
Apartment sizes: One- to four-bedroom units, with 1,337 to 3,000 square feet for the tower residences and more than 7,000 square feet for the penthouses; 1,150 to 1,400 square feet for the riverfront duplexes
Amenities: Permanent art collection with rotating installations, access to 1 Beach Club at 1 Hotel South Beach, extensive fitness and wellness facilities, waterfront pool deck with cabanas, yacht dockage, and a riverfront promenade.
Website: relatedgroup.com

Onda, 1135 103rd St., Bay Harbor Islands, Florida

_{Rendering: Onda Bay Harbor/Tecma Solutions SpA}

This Miami-Dade County luxury boutique development will offer 41 residences and penthouses in a seven-story condo tower. Standout features and amenities will include expansive waterfront views, a private marina, a gym and spa, and a rooftop pool.

Additional design features include floor-to-ceiling impact-resistant sliding glass doors and windows, Italian flooring throughout, spacious tiled terraces or private gardens for most units, private and semi-private residential elevators, open-plan layouts with up to nine-foot ceilings, and energy-efficient air conditioning and heating systems with ultra-quiet technology. The fully accessorized Snaidero kitchens will feature top-of-the-line Miele appliances, and the bathrooms will have Italian marble and wood cabinetry. Onda will have four penthouses, two of which will have private pools. Sales launched earlier this month, with the ground-breaking expected by the end of 2021 and completion slated for mid-2023.

Number of units: 41
Price range: $1.8 million to $8 million
Developer/Architect: Valerio Morabito of Morabito Properties and Ugo Colombo of CMC Group/Arquitectonica
Apartment sizes: Two-, three- and four-bedroom options, ranging from 1,809 to 3,525 square feet, and four penthouses up to 5,073 square feet
Amenities: A rooftop deck and pool with a summer kitchen and a bar; a gym and spa with exercise equipment, sauna and steam, a yoga studio, a treatment room, and changing facilities; a private marina with 14 slips for boats ranging from 30 to 55 feet and a water sports launch dock with available kayaks, paddleboards, and inflatables; covered valet drop-off, personal parking spaces in an enclosed garage, electric vehicle charging stations and bicycle storage; and secured individual residential storage space.
Website: ondaresidences.com