New Tendencies in Miami Luxury Real Estate Market *Part I

Miami Luxury Real Estate Market is experiencing new tendencies in its dynamics. Developers, designers, real estate consultants, financial institutions but mainly -of course- the consumers have been actively interacting to reshape the nature of our local luxury real estate market. 

The first new tendency we can clearly identify is that the units of new developments are more spacious and therefore less numerous. Developers are concentrating their efforts on maximum space and price rather than maximum capacity. For instance, Echo-Brickell, a luxury condominium at 1451 Brickell Ave will rise about 750 feet or 60 stories and include up to 170 units from 760 to 4,000sqf, in what would become the tallest residential building in Miami to date.

Chi has 38 Private residences in the sky. Set on one of the most exquisite spots in the world in Sunny Isles, Miami Beach. Each private floor has about 4700 Sq.Ft. of living area plus 1300 Sq.Ft. of terrace with a private pool overlooking the ocean.

As in New York, Miami developers are associating many of their highest-end projects with top architects: Foster’s Faena House, John Pawson at Edition, Denmark’s Bjarke Ingels at the Grove at Grand Bay, Mexican Enrique Norten at South Beach’s One Ocean and 321 Ocean, Zaha Hadid’s One Thousand Museum and Herzog & de Meuron at Jade Signature.

Developers are also thinking bigger: units at Hadid’s building will reportedly start at roughly 4,500 sq ft, while apartments at Norten’s One Ocean average roughly 3,000 sq ft. “Buyers want larger spaces; simpler spaces that are functional from moment one,” says Edgardo Defortuna, founder of Fortune International, which is building Jade Signature. “Adding a name like Herzog & de Meuron takes it to the next level” – and adds roughly 20 per cent to the price.

The new price tag on these condos offers more space, more sophistication but more importantly for many, more privacy since in some of these projects a single unit will occupy an entire floor.

*Notes taken from Financial Times.

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