Category Archives: South Beach

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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Miami Beach Luxury Real Estate: 2012 Mid-Year Waterfront Stats and So Much More [Updated]

So last year at this time I proclaimed, “Miami Beach Luxury Real Estate is Back… and in a Big Way!”

When I made that statement, I had no idea what was to come. The stats I’m putting out today completely blow everything away — everything ever. Miami Beach luxury real estate has gone to the NEXT LEVEL.

Let’s take a quick look back. When I got into real estate in the mid-90s, a $3-5M transaction was a BIG DEAL. And, even though Star Island, Indian Creek Island (Village, technically) and La Gorce Island have always been prestigious, expensive and the creme de la creme, they’ve never enjoyed the desirability that they do now. As an example, below are the waterfront sales (including lots) for each island from 2007 through 2009:

Island 2007 2008 2009
Indian Creek 3 2 2
La Gorce 2 0 2
Star Island 0 0 1

Nothing exciting. I think the real estate activity on the islands, for as “important” as they are, has been lackluster. Historically, buyers have not been that excited about these enclaves. From 2007 to 2009, all the big Miami Beach real estate sales went to North Bay Road. All the celebrities and CEOs, etc., gave up the prestige and security of these islands for two reasons: 1) They love the open, wide-bay views that North Bay Road offers, and: 2) Location. Star Island is just off the mainland, so if the causeway is backed up… tough. Indian Creek is too far from South Beach and all the action. Same for La Gorce Island.

As a Miami Beach real estate broker for almost 20 years, I think the most interesting time here has been the post-Lehman era. The Lehman financial crisis happened in late 2008. 2009 was our nadir in terms of real estate values. Prior to that, even during the so-called “boom,” we were used to one big sale per year, and that sale was usually in the $15 to $17M range. Things started to change in 2010, when, even though our high sale was “only” $16M at 88 La Gorce Circle, La Gorce Island, the market was swiftly and very quietly ascending to the next level. We had another seven sales that year at, near or just above $10M. That was telling. Our high end was definitely beginning to “percolate.”

It’s been typical “broker-speak” the past five years to say, “We only have so much waterfront land.” That blurb NEVER resonated with clients. They seemed to dismiss it as “broker babble.”  After four years of irrefutably steady and impressive numbers, buyers almost feel panicked to purchase. Lots on Star, La Gorce and Indian Creek islands that have been available for YEARS are being snapped up at breakneck speed — and at jaw-dropping prices.

Luxury Miami Beach Real Estate Sales Thru 6/31/2012

Miami Beach real estate sales 2012

Sorry, Bargain Hunters – Prices Are Up Almost 20%

in 2011, the price-per-square-foot for Miami Beach real estate was $769. Now it’s 18.2% higher at $909 PSF. We saw about three years of relatively flat $PSF.  Those days are over.

YEAR SALES VOLUME # OF SALES $PSF
2008 $245,777,500 49 $934
2009 $169,331,447 42 $702
2010 $226,854,000 53 $710
2011 $351,263,033 75 $769

 

Miami Beach Luxury Real Estate – The Next Level

It really hit me yesterday when I read that a $23.94M sale was Palm Beach’s “biggest” this year.  Being the nudge I am, I contacted the most important person in Palm Beach real estate.  He confirmed the $23.94M deal and characterized the “trophy price range north of $20M” as “lackluster.”  From what I’m hearing from my Palm Beach sources, there is a $100M+ deal simmering – which would break ALL records.

Real Estate Records Broken on Indian Creek Island

Miami-Dade had its largest sale ever on Indian Creek Island this year at $38.4M. Congrats to Jorge Uribe at ONE Sotheby’s for that one.  As reported by every major local news outlet, 3 Indian Creek, Indian Creek Village is pending and awaiting closing. Rumor has it that the sale price is in the high $40M range. Another record waiting to be broken.

The Number and Velocity of “Trophy Sales” is Astounding

In 2011, there were 75 “luxury” waterfront sales in Miami Beach, an increase of 41% from 2010.  In 2011, the average waterfront home price in Miami Beach was $4,680,000. For the first half of 2012, we’ve had 45 luxury waterfront sales.  The total sales volume of these properties is $270,997,700, which makes the average price of a waterfront home in Miami Beach $6,022,222.  Additionally, in the first half of 2012, there were six land sales in Miami Beach.  The sales volume for the six deals is $63,150,000. Five of the six land sales this year were either on Star Island or Indian Creek Island.  Land sales volume for all of 2011 was $26,435,000.

More, More AND More

Villa Vecchia – 4821 Pine Tree Drive, Miami Beach

Now, let’s chat about some pending sales. This is an interesting story.  Villa Vecchia, described as a “historic property,” went under contract last week.  Originally listed at $21M in August 2011, and currently priced at $19.8M, Villa Vecchia, which is located at 4821 Pine Tree Drive, was built in 1928 and is the ONLY property in Miami Beach I know of with a formal ballroom; the current owners built it as a “necessity.” The palatial residence has 18,000 +/- int. sq. ft., 13 bedrooms and 12.5 bathrooms. I’ve confirmed through Facebook, of all sources, that the house is definitely under contract for $14.1M.  Whoa! That’s a big chop from the $19.8M asking price. [UPDATE]  The property just closed TODAY for $13.1M or $727 psf.  That’s what I get for trusting Facebook as a source, eeh?  I was only $1M off.  Thanks Zuckerberg.

Villa Vecchia SOLD $14.1M

Here are the goods:  The home has been curiously on and off the market for the last year. When it went pending last week, we brokers got an email notification that it was officially “under contract.”  A few hours later, we got another notification that the property was “temporarily” off the market.  Hmmmm.  I knew there was a story here. According to my sources, the house IS under contract and scheduled to close in about a month. From what I can see, it seems that the broker was relieved of his/her duties of marketing the property.  The rest of the story veers into gossip – and I’m not going there. Here’s a slideshow of Villa Vecchia, 4821 Pine Tree Drive:

 

SBCB Exclusive

This Just In: Another Broken Record! Three Contiguous Properties Close on North Bay Road for $19.6M

Ok, so I was just kinda catching my breath and was going to wrap this long, long info-packed post up, when this juicy tidbit was whispered in my ear.  Get this: three lots – 4666, 4682 and 4700 North Bay Road – with houses on them and arguably the best views on all of North Bay Road – were sold for $19.6M, which equals $369 PSF for land.  This is the highest price ever paid PSF for land, but you gotta pay if you want to play. North Bay Road has long been considered “where the big boys are.”

The buyer, Wayne Boich, who is young as shit and cool as shit, is in the energy business in Ohio.  He plans, of course, to knock down all three homes and build quite possibly the most important estate in Miami Beach. The three parcels of land combine to 300 linear feet of prime wide-bay waterfront and 53,130 sq. ft. of land. Currently, his panty-dropper of a penthouse at ICON South Beach is under contract for OVER the asking price of $19M. It’s rumored to be in the nabe of $21M, furnished of course. Closing, according to the MLS, is scheduled for September 1.

As many know, Lil Wayne lives on La Gorce Island.  This is BIG Wayne Boich, who once dated the lovely and sophisticated Tara Reid.  Judging from his new girl, he took some major steps up. Oh, my god… am I really writing this?  It’s Miami Beach, people.  This is how we roll. (Ugh, I feel like a Kardashian.)

A little trivia for you: Anita Bryant owned 4682 North Bay Road in 1982.  She bought it with her then ex-husband, Bob Green. H/T to the doyenne of the high end, Esther Percal for this tidbit.

Waterfront Land Sales in Miami Beach and Indian Creek Village Thru 6/31/2012

Miami Beach Waterfront Lot Sales
Does not include the above-referenced, three-lot sale on North Bay Road.

So, to bring this baby in for a landing, NEVER has Miami Beach seen this many deals at prices this high – and we have another five months to go.  Hmmm.

2012 Miami Beach Property Sales at $10M+

  • 9 Indian Creek $19.2M
  • 2 Indian Creek $14.5M
  • 14 Indian Creek $38.4M
  • 7 Indian Creek $14.8M
  • 29 Star Island Dr. $14.325M
  • 5130 N. Bay Road $10.6M
  • 1758 W. 28th St. $12.3M
  • 2817 Lake Avenue $9.45M
  • 4666, 4682 and 4700 North Bay Road $19.6M*

Pending Sales

4821 Pine Tree Drive $14.1M (closed for $13.1M)
3 Indian Creek Drive $47-$50M (est.)

*Sale not included in mid-year stats.


Related Reading (as if you’d want to do more):

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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Versace’s Ocean Drive Home-Casa Casuarina

The former Versace residence, located at 1100-1116 Ocean Drive in South Beach

Casa Casuarina was built in 1930 and modeled after the Alcazar de Colonin Santo Domingo, a residence built in 1510 by the son of Christopher Columbus and reputedly the oldest existing house in the western hemisphere.

Gianni Versace purchased the building in 1992 for $2.9 million. After receiving city approval, he demolished the hotel next door, and a two-story, 6,100-foot addition was built, transforming it into Versace’s Miami Beach house. [Miami Beach 411]

Photo: Me

UPDATE:  Here’s a photo of Casa Casuarina fka “Amsterdam Palace” before Versace renovated the property.  Question is: was it better now, or then?

Amsterdam Palace aka Casa Casuarina, South Beach

A little warning:  since the following links are about the early days of South Beach, some of the material and goings-ons in the posts may be considered objectionable.  Ok, now click away!

Related Posts

Miami Beach Real Estate Raffle: Win a South Beach Condo For $100

Click here for more info.

The prize is described as follows:

The winning prize is a stunning 1-bedroom waterfront condominium on Miami Beach, Florida. This 850 sq. ft. condo has been exquisitely renovated and comes equipped with travertine marble floors, granite counters, stainless steel appliance and custom built-in cabinetry. Veterans Retreat will pay for all local property taxes and monthly condominium maintenance fees through December of 2009. This condo is in the heart of South Beach

I don’t know what building it is in, but for one-hundred bucks, it doesn’t really matter.

South Beach Condo Blog is so NOT responsible for anything, good or bad, that transpires from the raffle.  I’m just postin’ a link!

Miami Beach Real Estate: This Week’s Pick of Luxury Condos Priced Right

Ok off the heels of last week’s wildy successful “Great Deals” post, I decided to make it a regular here at the SBCB.  Some of these condos may or may not be in foreclosure or bank-owned.  I truly believe that the best deals are out there, it’s just that they are being overlooked because many people’s eyes light up when they hear foreclosure or short-sale.  Word to the wise:
short-sales and foreclosures are not always the best buys.  Don’t tell me I didn’t warn you!

Blue Diamond:

4775 Collins Avenue #3106.  Best buy for a 1/2 + den on a high floor.  Bank-owned.  Have at it!

Check out all Blue and Green Diamond condos for sale here

Canyon Ranch Living Miami Beach

6801 Collins Avenue #1405. $1.2M.  Incredible flow-through unit with east, south, and west exposures.  This deal is almost too good to be true.  AAA building with a great future!

6801 Collins Avenue #2006. $837K.  LPH unit on the 20th floor.  2/2 split floor plan.  Western views of Miami Beach and downtown Miami.  Huge terrace.  See for yourself.  Great price point to be in this exclusive resort.

Check out all Canyon Ranch Living Condos for sale here

The Floridian

650 West Avenue #1008. $599K.  3 bedroom/2 bath with 1191 sq. ft.  in newer bay front building in South Beach.  Haven’t seen these numbers in a while.  Bank-owned

AQUA Allison Island Condos

Gorlin Building: 6101 Aqua Avenue PH 11B.  $1.999M
Spectacular two-level penthouse in super desirable Gorlin building. Unit is drop dead! 2800 +/- interior sq. ft. with 20 ft. glass atrium and rooftop hot tub. Make offers.

Click here for all available condos for sale in AQUA Allison Island.

One Bal Harbour

10295 Collins Avenue #909. $2.25M. Incredible direct oceanfront northeast corner in the most talked about building on Miami Beach and Bal Harbour. Quality, finishes and amenities unrivaled by ANY luxury building in South Beach or Bal Harbour!

Click here for all available condos for sale at One Bal Harbour.