Category Archives: Miami Condos

1 Hotel & Residences South Beach

A Miami Beach Condo & Condo-Hotel with a Storied Past and Starry Future

I’ve never really devoted a post entirely to a Miami Beach real estate project, so this is a bit odd but FUN for me. The reason I decided to is because 1 Hotel & Residences South Beach is the last development of its kind in this area. What exactly do I mean by that?

1. It’s an oceanfront condo and condo-hotel in South Beach, where there’s no more land on which to build.

2. None. No more.  Zero. Zip. Nada.

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Rich History of the Property – Who Knew?

1 Hotel & Residences has had many incarnations over many years. The hotel was established in 1926 as the Roney Palace Beach Resort and became known as Florida’s greatest hotel. Built by N.B.T. Roney of New Jersey, it was designed by Schultze and Weaver, the architects of the second (and current) Waldorf Astoria in New York. The firm also designed such Miami landmarks as the Freedom Tower downtown, the Biltmore Hotel in Coral Gables and in Palm Beach, the fabled Breakers Hotel.

RONEY_newThe supremely elegant property had a life span of just over 40 years; it was torn down in 1968. The new Roney Palace, a resort with a condominium component, opened in 1971.

Roney Palace shut down in 2004 when the Chetrit Group bought it for $150M. In 2007, Chetrit sold their interest for $370M to William and Michael Achenbaum, owners of the Gansevoort Hotel in NYC.

The Gansevoort Group converted the property into an outpost of their uber-fab NYC hotel, naming it Gansevoort South Beach. The new project opened in 2008 just before the financial crisis. By December 2009, it was in foreclosure. The leinholder ran it under the Gansevoort name until the property was acquired in February 2012 by Starwood Capital Group, The Lefrak Organization and Invesco. The new owners changed the name to The Perry South Beach Hotel.

The Perry consisted of 334 hotel rooms, 255 condo units and 90,000 square feet of retail space, including a David Barton Gym and an STK restaurant from New York City.

Roney Plaza Hotel Miami Beach

In early 2014, the building will reopen as 1 Hotel & Residences South Beach.

Introducing the NEW 1 Hotel & Residences South Beach

In addition to the name-change, the new owners plan a complete renovation of the 1960s property. It was initially estimated that $100M would be spent to transform the structure into a LEED-certified “green hotel.” Everything is scheduled to be replaced… from the windows on in. My sources tell me that the final tab for the massive makeover will be closer to $200M.

The project will consist of a 417-room hotel and 163 private residences run by SH Group, which is Starwood’s hotel management company. 1 Hotel is being developed by Starwood Capital Group’s highly-acclaimed chairman and CEO, Barry Sternlicht, who is also the former chairman and CEO of Starwood Hotels & Resorts, and creator of the very successful W and St. Regis hotel brands.

1 Hotel & Residences South Beach: The Residences

The 163 condos will occupy floors 9 through 16. Initial offerings will include 1-, 2-, 3- and 4-bedroom floor plans, which will range from 830 square feet to about 4,000 square feet. The 15th and 16th floors will feature premium penthouse residences with a distinctly different look and feel from other units. Three stunning oceanfront duplex apartments will also be on floors 15 and 16; these are the @ 4,000-square-foot properties.

1 Hotel & Residences South Beach: The Condo-Hotel

With the wild success of Miami Beach condo-hotels in general (W, Canyon Ranch, Fontainebleau, Mondrian…), there could be interest from potential 1 Hotel owners to place their condos into the hotel pool. This makes the purchase even more attractive because Miami is consistently one of the top-performing U.S. hotel markets.

Buyers will be able to place their units in the rental pool if they purchase the 1 Hotel furniture package as well. More details coming soon!

1 Hotel & Residences South Beach: The Amenities

Yes – 1 Hotel will continue to feature its now-famous rooftop pool, along with three other pools. Owners and guests will enjoy 600 linear feet of oceanfront with private beach club amenities. Additionally, the hotel will have a 40,000-square-foot gym and spa, 24-hour, in-residence dining, and STK from NYC will still call 1 Hotel & Residences home – after the restaurant undergoes a major upgrade.

1 Hotel is slated to open in the first half of 2014, and sales should start in the next 30 to 45 days. While prices have NOT been set yet, I have a feeling they will come in around $950 to $1,000 PSF to start.

Given the notable shortage of Miami Beach real estate inventory and the fact that 1 Hotel is nearing completion, I think these units should move VERY quickly.

Read more on 1 Hotel & Residences South Beach.

 

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Breaking News: Setai South Beach Condo Sale Breaks Record… AGAIN

SBCB Exclusive

Sale of a Setai Condominium breaks $PSF record for a non-penthouse unit.

Last week it happened again! Another Miami Beach real estate record was shattered. And from what I understand, yet another record transaction may go down here in the next day or two.

Setai Residences unit PH-B sold for an ASTOUNDING $3,411/SF. Why is this astounding? Well, for one thing, even though this unit has a PH address, it isn’t really a penthouse. It doesn’t have a large outdoor terrace or rooftop space, or outdoor pool or jacuzzi, which usually defines a true penthouse.

This residence is special, though, because it’s one of only three condos of its kind in Setai South Beach: the “09” line on floors 37-39. The 2,521 SF, three-bedroom condos are rare because they encompass the whole front of the building. The double-corner unit has views to the south, east and north.

The interior was upgraded from the standard developer finishes, but it’s the real estate (or lack thereof) that makes this luxury Miami Beach condo so valuable that it didn’t even hit the open market. Yup! Three offers, just like that.

Setai South Beach Kevin Tomlinson

The seller purchased the property in July 2012 for $6.55M and flipped the unit to Andrew Rosen, a co-owner of the Theory clothing line, for $8.6M – thus making a $2M profit in LESS than one year. BAM.

Setai South Beach, Miami Beach         Setai South Beach, Miami Beach real estate

Setai PH-C (3709) sold last March to NYC developer Mr. Lefrak for $7.2M. Lefrak is now in partnership with Starwood Capital to renovate and re-market the old Gansevoort Hotel into a “green” concept condo-hotel, 1 Hotel & Residences South Beach, located two blocks north at 2399 Collins Avenue. Vladislov Doronin, Naomi Campbell’s Russian boyfriend, who now lives on Star Island, once owned Setai PH-A (3909).

Miami Beach’s Top Luxury Condo Sales

Most of them are in Setai South Beach or W South Beach:

CONDOMINIUM SALES PRICE SALES $PSF SOLD DATE
Setai South Beach Villa B $27M $3,799 1/14/2013
Setai South Beach Villa A $21.5M $3,463 12/8/2011
Setai South Beach PH-B $8.6M $3,411 5/21/2013
Continuum South PH 3 $15.75M $3,379 6/1/2012
Setai South Beach #2308 $7.79M $3,045 3/5/2013
W South Beach #1928 $8.3M $2,975 2/16/2012
Setai South Beach PH-C $7.2M $2,856 5/14/2012
Setai South Beach #2408 $3.3M $2,892 7/5/2012
Setai South Beach #3108 $3.26M $2,857 8/6/2012
W South Beach #1828 $3.5M $2,825 11/1/2012
ICON South Beach PH-2 $20.96M $2,623 1/1/2013

The developer of The Miami Beach EDITION, a new condo-hotel and residence project from uber-hotelier Ian Schrager, has reported a sale of two combined penthouses for $34M or $3,800/SF.

Related Reading:

                   Miami and Tampa had annual gains of 10.7 percent and 11.8 percent

                   Miami-Dade home prices rose 23.7 percent, condos up 17.1 percent

 

 

 

 

Miami Beach Real Estate: 2011 South Beach-South of Fifth Condo Market Index

I know, I know. I’m sorry. It’s time for mid-year stats, and here I am just getting to last year’s analysis! It’s been crazy, crazy, crazy here.

Continuum South Beach

“The Music Started Playing Again” – Peter Zalewski

Last year was totally nuts. I could write a lot in hindsight, but that wouldn’t really be fair, so I’ll just give you the Miami Beach condo stats for luxury real estate in the South of Fifth (SoFi) neighborhood. I’ll also do some analysis, and compare and contrast numbers from prior years.

This Miami Beach real estate index is comprised of nine (soon to be 10) buildings in the SoFi neighborhood of South Beach. The index is very stable and is also a good representation of the luxury condo market in Miami Beach for the following reasons:

1. The condos are all in the same neighborhood.

2. They were all built during the same period (1998-2008).

3. They are all waterfront properties.

Miami Beach luxury condos

So, here’s how 2011 fared. As I provide the info, I realize that I have yet to see this analysis elsewhere (whew!) and am quite surprised by the numbers.

Number of Miami Beach Condos Sold

2008: 153

2009: 129 (bottom of the market for Miami Beach)

2010: 149

2011: 198

In terms of number of units sold in 2011, we are up 33% from 2010 and 53% from 2009 (market bottom)!

south beach real estate condo statistics

Usually this is the most boring chart of the analysis. Not this time. Continuum North and Continuum South are nailing it. Inventory is at an all-time low, and units are selling very quickly. The Days on Market (DOM) for both Continuum North and South are way down.

In 2010, the DOM for Continuum South was 242 and Continuum North was 252. Additionally, Portofino Tower, which had been lagging, has moved some units (2010: seven units sold; 2011: 19 units sold), and DOM has dropped DRAMATICALLY from 284 to 139! BAM!

Apogee South Beach: $PSF Up 37% Y-O-Y

Luxury South Beach condos

Below you have 2010’s average SOLD $PSF vs. 2011’s. The information reflects what the market at large is saying:  the biggest gains are in the ultra-luxury niche. The $PSF at Apogee is up 37%. Other notable movement: Continuum South is up 30%, and Continuum North is up 15%.

CONDO 2010 2011
APOGEE $1,303 $1,779
Continuum South $832 $1,081
Continuum North $1,009 $1,157
ICON South Beach $510 $615
Murano at Portofino $756 $761
Murano Grande $573 $548
Portofino Tower $567 $590
South Pointe Tower $580 $582
Yacht Club $452 $502

 

Here is a Video from CNBC’s Diana Olick from March

(I know, not fair… but it’s my blog)

That’s it. I’m done. I’m sorry it took so long. Even six months later, I was surprised by the insight I gained writing this post.

Related Reading:

Super-Flip: Apogee South Beach Penthouse Re-listed for $13.5M MORE Than $11.5M Paid. South Beach Penthouse Report

The Apogee Penthouse, 800 S. Pointe Drive, PH #A, has been listed almost a year to the day of last year’s purchase for an astounding $25,000,000.

From my knowledge of being the original listing agent, and the pictures on the MLS,  the owner has not improved the property from when it was purchased.  Um, ok.

Follow the travails of this Apogee Penthouse here:

*Update*  I never just do a basic, simple post.  I tried to get away with it tonight, but my “content integrity” radar conscience wouldn’t let me just “post and run.”

Miami Beach Penthouse Report

The Miami Beach real estate market is FLOODED with luxury Penthouses like NEVER before.  There are about 20 to 22 units in South Beach that could command the title of a true Penthouse.  There are 15 Penthouses on the market for a total list price of $234,109,000.

 

  • Two of the three penthouses at Continuum South AND #3603 (which qualifies as one of the most important pieces of real estate on Miami Beach) are on the market.
#3603 – $35M
#PH 2 – $35M
#PH 3 – $19.5M
List price total: $89,500,000 (zeros used for emphasis).  O.M.G.

 

#4003 – $6.495M
#4005 – $7.9M
#4006 – $4.5M
#PH 1 – $11.75M

 

  • South Pointe Tower, 400 S. Pointe Drive, has #2408 on the market for $3.899M
  • List price total: $33,900,000
Zipping north and back east over to the ocean to 1500 Ocean Drive, 1500 Ocean Drive has a monster of a Penthouse listed for $25,000,000.

 

Leaving South Beach and heading north to The Bath Club for a special offering, though not a Penthouse, it is unique, much like #3603 in Continuum South.  The Bath Club, 5959 Collins Avenue, Villa #3006 for $7,700,000 makes the cut because of the rarity of such a product.  In Miami-Dade County, we do not have oceanfront homes, except for the few in Golden Beach at the Miami-Dade/Broward County line, so as one of only six direct oceanfront villas in Miami Beach proper, this is special and deserves inclusion.

 

Kevin Tomlinson’s (me) analysis:
  • Best real estate:  Continuum South Beach #3603
  • Best all-around:  Continuum South Beach #PH 3
  • Best floor plan:  ICON South Beach #PH 1.  This PH has a “wow” factor in its DNA. Jaw-dropper AND good floor plan.
  • Best outdoor/rooftop space: 1500 Ocean Drive #T1.  Since 1500 Ocean Drive is only a 16-story bulding, the rooftop is actually usable and is stunningly designed.
  • Best value:  ICON South Beach #PH 1.  “Moderately” priced at just under $1800 PSF, this Penthouse has its own private rooftop pool, private parking garage spaces for up to seven cars and a separate two-bedroom guest/staff apartment on the same floor.
  • Which Penthouse would Kevin buy?  If available, Apogee #PH C — but it’s not, so I must get over it.  It is truly a toss-up between Continuum #PH 3 and ICON South Beach #PH 1.  #PH 3 is so elegant and luxe, but ICON #PH 1 is “WOW” for much less dough and much more real estate.  It just has the drawback of being in a building that can’t *easily* command a $15M unit.  Unit prices in ICON start in the $600k range.  When Apogee #PH C comes to market, I’ll tell you why I know it truly is one of the “Top Ten” pieces of real estate south of New York City.
Dream, Buy:
Check out all our luxury $5M+ condos available in Miami Beach

 

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Miami Beach Real Estate: Netscape Founder, Jim Clark, Lists Setai South Beach Penthouse for $27M, PH B Sells for $15M

I’m baaaaaaaaaaaack!  Sorry for the delay. Don’t let the media fool you.  I’ve been busier than I have ever been.

Moving right along.  I’ve got lots to talk about this week-so I hope not to annoy you…but I promise it will be QUALITY content.  I’m out there with my ear to the ground looking for INTERESTING stuff to pass along.

Jim Clark, Netscape Founder, and Developer of Marina Blue and Blue condominiums, Lists THE Penthouse at Setai South Beach for $27M

Setai South Beach, 101 20th Street, Miami Beach.

The Real Penthouse, owned by Silicon Valley wizard Jim Clark, at Setai South Beach, was listed for a WHOPPING $27M.

Now, I know that you’ve heard tale of another Setai “Penthouse” being on and off the market for years by Philadelphia lawyer Andrew Barroway–but Penthouse A is the mack daddy of Setai South Beach and arguably one of the two best pieces of Miami Beach real estate.

Setai South Beach PH Villa B Sells for $15M

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Finally, after YEARS of being on the market, Setai PH Villa B, sold for a impressive $15M, that is over $2400 psf for the 6,208 sf unit. The buyer(s) are said to be a Scandinavian investment group from West Palm Beach.

The highest price ever paid for a condo is PH C at Apogee in South Beach for $16.5M.

Check out more Miami Beach real estate here

Jennifer Lopez and Marc Anthony “Buy” Miami Condo in ICON Brickell

According to People Magazine, JLO and Marc Anthony have “bought” a new apartment at ICON Brickell.  I find it very hard to believe that they would actually spend money to live in a complex with 1,800 people.   I can’t wait to see the tax roll come up.

So far there has only been about 30 units closed in the massive project.  The developer has been leasing out units.  On the bright side, they probably won’t see anyone in the complex for years to come.

It is well-known that when JLO and Marc Anthony come to town that they stay at the guest estate of JR and Loren Ridinger on North Bay Road.

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