Originally listed for $27M in April of 2010, this 5,803 sf residence was owned by Netscape Founder Jim Clark.  Clark originally purchased the unit in 2004 in “decorator ready” condition (raw) for $9,000,000.  The Penthouse has 4 bedroom and 4 baths.  The buyer is not a celebrity and said to be a private businessperson

Two records were shattered not only in South Florida but all the way up to New York City.  To my knowledge, there has not been a single condo unit South of New York City that has traded for over $16,500,000 ($2300 psf) which was in Apogee South Beach ‘PH C’ ; additionally, I’m certain that no unit ever has obtained in excess of $3700 psf.

Setai PH ‘A’ sits atop of the 40-story world-famous Setai Resort known for its luxury and celebrity clientele.  The Setai South Beach is serviced by Singapore-based, five star hotel management company GHM Hotels.  There is also a Setai outpost in New York City.

More pictures of the Record Breaking Miami Beach Real Estate Sale at Setai South Beach

The last PH that sold in Setai South Beach was a lower PH, which sold in 2010 for $15M.  There has been intense activity in the ultra-high end homes and condos here in Miami Beach this year.  Apogee PH ‘A’ sold for what I believe was an unremarkable number of $11.5M, earlier in the year.  So far this year there have been four properties that have sold at or about $20M in Miami Beach:

• 1736 W. 28 -Sold for $19.8M in July*
• 4570 & 4580 North Bay Road- Sold for $20 in September*
• 13 Star Island Drive- Sold for $25.5M in April
• 101 20th Street PH ‘A’ -Sold for $21.5M in December*

*denotes ONE Sotheby’s International Realty’s involvement in sale

Related Reading:

• Miami’s Million Dollar Real Estate Boom [Florida Trend]
• The New Global City [WSJ]
• Condo Inventory Detailed in New Report [Miami Herald]

Today, I had the opportunity to take a tour of the Canyon Ranch Living Hotel and Restaurant.  I was treated to a lunch with the developer, not a buffet-thing for agents, but a real impromptu lunch at the Canyon Ranch Living Restaurant.  The hotel is now in it’s soft opening phase. 

After healthy-living, Canyon Ranch is known for it’s food.  I wrote a post for the opening of DeVito’s Restaurant in South Beach and I had some disappointed readers annoyed that I didn’t “photograph” the menu.  It seems a little cheesy to me, but here it is…..

The numbers to the side of each menu selection display the calorie/carb/fat counts for each. 

Now that the “menu issue” is off my ”plate,” follow me right through my lunch today at Canyon Ranch.

As I entered the lobby, the paparazzi were frightening.  Flash bulbs.  “Kevin, over here!”  “How are you today, Kevin?”  “Can I get a smile for the New York Times, Kevin?”  Stressful.  Now I know what they all go through.  Oh, and the lobby is pretty hot, too!

The hotel is located in the center or Carillon Tower.  The Carillon was the hotel in it’s day (50′s) and a stellar example of Mimo (Miami modern) architecture.  A few people I know, including Rose Harris, babble about getting “it” for the first time at the Carillon.  I don’t know what she “got”, but I hope it is not communicable.  I’m not a big fan of looking back and re-hashing the olden days….so maybe someone can comment here more about “the day.”  Canyon Ranch Living-Miami Beach 2008:  think more Lindsay post-rehab and less Frank Sinatra (was there rehab in the “day”?).  

The restaurant is located just off the lobby and, as expected, both have a very earthy, and very high-end, feeling.  Though not open today, the restaurant has a very large outdoor seating area, and as far as I know, Canyon Ranch will have the only restaurant with oceanfront dining.  The Ritz-Carlton in South Beach has a very nice restaurant on the boardwalk, but Canyon’s restaurant is ON the ocean and comes complete with climate-control (that’s my fancy way of saying dining alfresco at Canyon is air-conditioned).  What recession.

My delicious mixed-greens salad, and in the distance, a chicken appetizer the Dieter raves about.

I know my knife is crooked, it bothers me, too.  I’m not a fan of pulled pork ANYTHING, but today I ventured out of my comfort zone and ordered the pulled CHICKEN sandwich.  I figured that this would be a safe foray into the “pulled” arena.  If you like spicy, you’ll love this.  My sandwich was on a great whole-wheat/multi-grain-type bun.  Dieter and Phil had the churrasco.  In front of my plate were the artichoke french fries.  That’s right.  The food was perfect and I loved the size of the portions.  I didn’t feel like a big, fat cow after eating.  After lunch we had a “home-made” soda.  It’s delicious because, the juice of choice, I had passion-fruit, is poured right into a sparkling soda.

This is the lounge area between the lobby and the restaurant.  This is the only Canyon Ranch that serves alcohol (organic, I’m told).

There is so much to see at Canyon Ranch, I couldn’t possibly fit it in all into one post.  Later in the week, I’m getting a tour of the hotel rooms and early next week, a tour OF THE SPA.

Browse Canyon Ranch Living real estate here

• More on Canyon Ranch Living-Miami Beach [Miami Herald]

The Union Tribune is reporting that a proposed joint venture between a local San Diego developer and New York’s Setai Group to create a west coast outpost of the prestigious, The Setai South Beach, is now uncertain.

In November, the Setai Group sued 5th Avenue Partners and its principal, Orange County developer Rebeil, alleging that the San Diego project is being falsely promoted as a Setai property under the name Setai San Diego.

5th Avenue formally announced that the Setai Group would operate the Diegan as the Setai San Diego in an Oct. 18 news release, claiming that the San Diego property would be the first “five-star luxury condominium-hotel in the city as the result of a groundbreaking east coast-west coast partnership considered to be the first of its kind in the country.”

Within hours, the Setai Group’s attorney informed 5th Avenue that talks were off and “improperly repudiated” the letter of intent, according to the 5th Avenue countersuit.

Burton said there was nothing improper about Setai pulling the plug. Final terms were never agreed on, so the proposed partnership never materialized, he said.

The Setai Group operates The Setai Resorts & Residences South Beach and the Setai NYC.

Translating the Setai to NYC [Real Deal]

This is the lobby for the condominium of One Bal Harbour.  It is very traditional.

Here we have the oceanfront social room.  The room resonates with sophistication.

One Bal Harbour offers a theater for building residents which is equipped with surround sound.

An elegant bar within the oceanfront social room.

Oceanfront pool for residents of One Bal Harbour.

One Bal Harbour’s location is arguably one of the two best locations in Miami, at 10295 Collins Avenue in Bal Harbour, Florida.  The condominium has 185 residences and is combined with a five-star-quality Regent Bal Harbour condo-hotel which has 124 units. 

This is a great example of why One Bal Harbour’s location is considered so priveleged.  The north side of the building overlooks the Haulover Inlet which provides breathtaking, expansive and unobstructed northern views. By the way, this photo WAS NOT provided by the developer and is not a rendering.  I took this photo from the 25^th floor of the condominium.

The developer of One Bal Harbour Condominium and The Regent Bal Harbour condo-hotel is WCI Communities.

One Bal Harbour provides the amenities of a 5–star hotel to its owners including fine dining and a 10,000 s.f. world-class spa managed by the famous L’ Institut de Guerlain Paris offering massage, skin treatments, hand and foot therapies as well as nutritional and anti-aging treatments (woo hoo!). 

For more information on One Bal Harbour Condominiums click here

One Bal Harbour, Miami Condos, Miami Beach real estate, Miami Beach condos

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Canyon Ranch Living is a three-phase project that is located on the ocean at 6801 Collins Avenue in Miami Beach. This perfect address encompasses more than 1,000 linear feet of oceanfront and is just minutes north of world-famous South Beach and minutes south of the Bal Harbour Shops.

Phase one is the South Tower (condo residences) and the Center Tower, also called the Carillon Tower (condo-hotel units and condo residences). The second phase will be the North Tower, and the third phase will be the historic Golden Sands Hotel property at 6901 Collins Avenue (no details yet on how the Golden Sands will fit into the project). The first two phases of the project will have 581 units total:

• 143 in the South Tower (phase one)
• 151 condo-hotel units in the center Carillon building (phase one) on floors 2–10; floors 10–16 in Carillon Tower are condominiums
• 80 condo units in the center Carillon building on floors 11–16
• 207 condos in the North Tower (phase two), including seven direct oceanfront beach houses

The developer is expecting the T.C.O. (temporary certificate of occupancy) for the South Tower any day. Closings will begin ten days after a T.C.O. is obtained. Closings for the Center Tower (Carillon) should begin 30 to 60 days after the South Tower, and the Canyon Ranch Living Miami Beach Resort should open in the first part of 2008.

Restaurants at Canyon Ranch Living Miami Beach

Cabana Grill – Offers healthy meals served in the pool area exclusively for Canyon Ranch guests and residents.

Café Vida – Casual dining and tasting room offering creative cuisine, fine wines, and to-go items.

Juice Bar – Here you can sample locally-fresh and seasonal juices and smoothies in the ocean-view Juice Bar located on the 4th floor Spa Lobby.

The Restaurant at Canyon Ranch – A fine-dining oceanfront restaurant with indoor & outdoor seating will offer award-winning and nutritionally-balanced gourmet cuisine and will be open to the public. Open for breakfast, lunch, and dinner daily, the restaurant sits adjacent to the hotel lobby and borders the beach. The terrace features dining with superb ocean views. Sensual and experiential dining venues include an exhibition kitchen, tapas area and private dining for up to 40 guests – all serving signature, nutritious Canyon Ranch gourmet cuisine. Lobby level.

The food at the Canyon Ranch Restaurants will be organic, seasonal, delicious, and healthy!

Amenities for Hotel Guests & Residents of Canyon Ranch Living

• 73,000 sq. ft. spa for residents and hotel guests only
• 22 treatment rooms with nine different “experiences”
• The Health & Healing Center will have full-time physicians and health practitioners offering integrative medical consultations and will focus on a preventative approach to health
• Complimentary fitness classes
• Four pools within the Canyon Ranch Living Miami Beach resort, including an adults-only pool above the spa
• Additional 7,000 sq. ft. fitness area in the North Tower
• Two-story indoor rock climbing wall with ocean view

Condos for Sale in the Canyon Ranch Living Miami Beach North Tower

It is no secret that I am a huge fan of this project. Here’s why: Canyon Ranch Living will NOT be just another condominium; it will be a destination. Guests will come specifically for the Canyon Ranch experience. They want to de-stress, unwind, get healthy, meet new people, and eat beautifully prepared, organic healthy meals.

Even in today’s real estate market, Canyon Ranch Living Miami Beach is doing exceedingly well. The first phase of the project, the South and Center Towers, has been sold-out for two years or more. With the introduction of the North Tower, sales continue to be brisk because Canyon Ranch is selling more than real estate-they are selling lifestyle, wellness, and well-being.

North Tower Beach House Availability

• Direct oceanfront southeast corner, two-story beach house, 3 bedroom/3.5 + den, 3,555 sq. ft., $4,950,000
• Direct oceanfront 2 bedroom/2.5 + den, two-story beach house, 2,450 sq. ft., $3,500,000

North Tower Condo Residences Availability

• Direct oceanfront, 18^th floor 2/2, 1,290 sq. ft., from $1,548,000
• Flow-through 2/2.5, 2,050 sq. ft., direct ocean and bay views, from $2,300,000
• North Tower condo units facing west, 22^nd floor 2/2, 1,280 sq. ft., from $1,400,000
• Flow-through, wraparound corner unit, 3/2.5, 2,150 sq. ft. with east, north and western exposures, from $2,750,000

The North Tower is scheduled for completion in early 2008.

These are the beach houses for the South Tower at Canyon Ranch Living.

Click here for condo residences and condo-hotel re-sales in the South and Center Towers.

Canyon Ranch Living Miami Beach condos and condo-hotels and real estate

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According to the Miami Herald, the Regent Hotel has left as operator of the new hotel at 1458 Ocean Drive in South Beach.  The new hotel operator is Vincci, a Spain-based hotel chain.  The 80–unit property opened nine months ago were sold as condominium hotels.

If I were a owner of a unit, I would be pretty annoyed.  That is one of the risks of buying a condo-hotel unit.  It would be like the equivalent of buying a unit at The Ritz Carlton and ending up with a Super 8 operator, or worse yet, a Nicky O!

Speaking of Nicky O’Hilton

The Bentley Beach, a 109–room condo-hotel located at 101 Ocean Drive in South Beach, will become a Hilton next week.  The Hilton was famous for operating The Fontainebleau Hotel on Collins Avenue up until 2005.  Since 2005 Hilton has not operated a hotel on Miami Beach.

What’s Up With Paradiso Condos/Gansevoort Hotel?

It seems that the Chetrit Group, L.L.C., has sold the project to the owners of the Gansevoort Hotel in NYC.  Gansevoort Hotel owners, William and Michael Achenbaum, were originally tapped to be the hotel operator for the South Beach project.

A source has informed me that a mortgage was recorded on the property, by CSFB, earlier this summer for $370M.  Calls to the sales office have confirmed that Chetrit Group, L.L.C. is no longer the developer. Closings of Paradiso condominiums are scheduled to begin in October while the Gansevoort Hotel is slated for opening in November. 

Michael Achenbaum tried unsuccessfully to take over the Royal Palm Crowne Plaza Resort in 2004.

Gansevoort Hotel, Paradiso South Beach, Miami Beach condo-hotels

Word on the street (or in my ear) is that the penthouse at Setai South Beach, located at 101 20^th Street in Miami Beach, is under contract. Penthouse Villa B encompasses the entire 40^th floor of the high rise and is 6,200 interior sq. ft. with a 4,000 sq. ft. roof terrace and private pool.

While this rumored sale would be newsworthy on its own, the magnitude of this potential sale is staggering. If the unit closes at or above $22.5M (which I heard…), here’s what it would mean:

Real Estate Records Broken in Miami-Dade & Broward Counties

It would be the second highest-priced residential property (condo or single family home/land) ever to be recorded in Miami-Dade and Broward Counties.

If the closed price is at $22.5M, or above, that would mean a price of $3,624 p.s.f., which would beat the previously-reported pre-construction sale at the nearby W South Beach of a one-bedroom direct oceanfront bungalow at $3,348 p.s.f .

The Setai penthouse was purchased in May 2004 for $9.5M and is owned by Andrew and Elyse Barroway of Philadelphia. They seem to have a knack for picking winners when it comes to real estate.

Luxury Miami Beach & Fisher Island Condos Continue to Break Real Estate Records

Despite weaker market conditions for “regular” condominiums, 2007 has been a very good year for luxury condos in Miami Beach and Fisher Island.

Right now, I’m listening to Frank Sinatra sing “It was a very good year.” Indeed it has been so far.

[youtube:http://www.youtube.com/watch?v=cDp8anVM0eU]

Today I went to a presentation by the Canyon Ranch Miami developer. To give you a little background on me and my history of this project, I have been a fan of this project since BEFORE the project was launched over three years ago. The project consists of three towers on OVER 6 acres of oceanfront property which encompasses 1100 linear feet of prime Miami Beach ocean frontage. The 21 story south tower, which are condo residences only, has 143 units, the 16-story center tower, which is the historic Carillon building, has 151 condo-hotel units (floors 2-10) and 80 condo residences (floors 11-16). The north tower, which is the tallest building at 35 storys, has 207 units including 7 direct oceanfront townhomes

Canyon Ranch: More Than Just Real Estate

Since the inception of this project, my focus has been on the real estate side of the project for the obvious reasons. After today’s presentation, I am even more excited about this project and what it brings to Miami Beach because it is SO much more than just another condo or condo-hotel. Canyon Ranch Living Miami Beach, which is dubbed “where the wealthy get healthy”, is more about the amenities and healthy lifestyle than the real estate.

The “Power of Possibility” is their slogan and today I learned exactly what it means. Many people come to “The Ranch” to change their lifestyle, to de-stress, get in shape and learn healthy living habits. I saw this incredibly interesting video where a 54 year-old man went to Canyon Ranch in Tucson, AZ and Lenox, MA for four months. They tested him at the beginning of his stay and determined that two of his arteries were 70% clogged, he had numerous ailments and he said he was taking about 17 Advil a day! The doctors estimated that this 54 year-old man had the body of an 84 year-old. After his four month stay at Canyon Ranch, his arteries showed NO SIGNS of blockage, lost 30 lbs. and doctors estimated that the 54 year-old NOW had the body of a 52 year-old man. Fascinating!

Update: Closings to Begin in Late July

The south tower (condo residences) is estimated to begin closings in late July. The center (Carillon) tower closings are estimated to start in September. The hotel and spa will have a soft opening by year’s end.

Back to Business

The reason why I continue to like this project so much is because throughout Miami and Miami Beach the branded projects like Setai, ICON and W South Beach continue to do well even in today’s market. Comparing other branded projects to Canyon Ranch is not fair because Canyon is so much more than just a brand it is a destination! The south and center (Carillon) towers have been SOLD OUT for about two years! There are re-sales available in south & center towers and the developer has great buys on the remaining units in the north tower. Prices in the north tower are about $1000-$1100 p.s.f. for western exposure, and $1100-$1200 p.s.f. for oceanfront units, which is a very fair buy for direct oceanfront luxury property.

Rumor has it that Vitri South Beach – just north of the “SoFi” neighborhood (ICON, Murano Grande, Apogee) is returning deposits and considering a change of use to a hotel. From what I know the units on the lower end of the price range sold well, but the penthouses, which were priced @ $1100 p.s.f., were not moving. The 66 residence low-density development is being developed by Leviev-Boymelgreen (Marquis in downtown Miami and many other projects in the New York City area). Pricing started in the $600Ks and up.

It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.

I was a bit surprised to see how many of the $5M+ condo sales this year were on Fisher Island. Five units went for more than $5M; that is one a month! And if you think that’s pricey, then consider the $250K equity membership you must purchase just to use any of the Fisher Island’s amenities!

The Setai came in with the highest $ psf for non-pre-construction at just over $2300.

And get this—W South Beach sold a 2,700 sq. ft., south-facing PH for a cool $7.3M. Impressive, considering W South Beach just commenced construction and isn’t slated for completion until mid-2009!

Fontainebleau II sold an incredible PH for $6.4M. The view from this 4,500 sq. ft. residence with rooftop Jacuzzi is amazing.

SPECTACULAR MIAMI BEACH REAL ESTATE:

NEW TO MARKET

MIAMI BEACH PENTHOUSES

Il Villaggio – Spectacular PH in one of Miami Beach’s finest and most desirable buildings, Il Villaggio. $17,500,000. This Penthouse is a stellar piece of real estate. The unit has A LOT of millwork, so you better like wood-EVERYTHING!


1500 Ocean Drive- Largest condominium residence ever to hit the Miami Beach real estate market! 11,940 sq. ft. + 9,824 sq. ft. balcony/rooftop; 10 parking spaces (that’s right, 10!). Taxes: $107,246; monthly maintenance: $10,817. $18,500,000. 1500 Ocean Drive was built in 2000 and designed by architect Michael Graves.


Continuum- Tri- level, 40th floor Penthouse in SoFi’s exclusive Continuum I. Breathtaking direct ocean, South Beach and Fisher Island views! 7,400 sq. ft. with 6,000 sq. ft. of terrace with pool. Oh yeah, a paltry $25,000,000 for this pied-a-terre.  [Update: off market]


Continuum- While this is not a TRUE Penthouse, this one rates! This unit was in the BIG hit movie Miami Vice (joke). This condo is the epitome of over the top drama. It is basically a sexy bachelor pad. I love this unit– ALL FANTASY, NO REALITY! $18,000,000…chump change!  [Update: off market]

Setai-This isn’t the TRUE Penthouse in Setai, but it has received a lot of play by throwing that PH “thing” around. PH Villa B is a single-story unit in the uber-fab Setai, which basically is a deluxe hotel room which they “say” commands $25K per night. Madonna and Mariah have slept there; out of Britney’s and Lindsay’s league! I wonder if David Hasselhoff has dined on the master bathroom floor? Hmmmm….