Miami, renowned for its sun-kissed beaches, vibrant culture, and thriving real estate market, is witnessing a monumental shift in luxury living.
Exclusive condominium developments are redefining the city's skyline, offering residents unparalleled amenities, exquisite design, and a lifestyle synonymous with the world's most prestigious resorts.
The Evolution of Condominium Living
The demand for upscale condominium living is evolving at an unprecedented pace, fueled by an influx of discerning buyers seeking to experience at home the level of care and service found in hotel resorts.
With each passing year, we witness a surge in demand that outpaces the supply of new developments. Buyers are drawn to condominium buildings that offer more than just the standard amenities and provide a lifestyle beyond compare.
Setting the Bar: Iconic Condominiums in Miami
In the realm of luxury condominiums, Miami boasts iconic landmarks such as the Faena Hotel & Residences and the Surf Club Residences at the Four Seasons.
The Faena Residences, a masterpiece by Foster and Partners, set unprecedented records upon its completion in 2015, with prices ranging from $2,000 to $4,000 per square foot. Today, owning a residence within the building demands a price of no less than $3,000/sq ft., with very few residences turning over each year.
Similarly, the Surf Club Residences at the Four Seasons captivated the market with its blend of history and contemporary elegance. With private residences designed by Richard Meier and a spectacular hotel designed by Joseph Dirand, this development was unlike anything the town of Surfside had seen before.
Initially, its exceptional qualities required a gradual absorption of inventory; however, it has since emerged as the premier condominium of its kind in the city, with only the most fortunate buyers securing units today for around $3,500/sq ft., with some trading as high as $6,000/ sq ft.
Anticipating the Future: Upcoming Developments
The future of condominium living in Miami shines bright with the promise of ultra-luxurious developments.
The Raleigh, featuring only 40 ocean-front residences designed by Peter Marino and managed by Rosewood Hotels, is the perfect example of the new kinds of development that will shape the Miami Beach Condo market.
This 17-story glass tower will be part of a 3-acre resort boasting ~200 ft of Ocean frontage, featuring famed Milanese Restaurant Langosteria as part of a private Beach Club. The compound’s best-known building, the Art Deco Raleigh Hotel—a Miami Beach landmark since its construction in the 1940s—will be meticulously restored and renovated by Marino to preserve its unique character as a prime example of Miami’s architectural style.
The residences will be managed by Rosewood, and owners will benefit from access to all of the hotel’s amenities while also enjoying specific amenities reserved for residents, like a private gym, underground Porte-cochere, and sunrise and sunset pools.
Another iconic Art Deco tower on the mid-beach skyline will soon become home to Aman Miami Beach hotel and residences, where only a select few will be able to enjoy the no more than 22 residences designed by Kengo Kuma.
A third contribution to Miami's evolving architectural tapestry is the Shore Club Private Collection, born from the collective vision of world-class developer Witkoff and Robert A.M. Stern Architects, in partnership with Auberge Resorts Collection.
Shaping Miami's Real Estate Landscape
The demand for exclusive condominium living in Miami is not merely a reflection of the city's year-round sunshine. Miami competes with global metropolises like New York, London, and Tokyo, enticing UHNW individuals with its low taxes, low crime rates, and vibrant lifestyle.
The city's ability to offer residential properties that rival the best in the world, aligning with the grandeur of renowned hotels, makes it a prime destination for those seeking a more elevated lifestyle.
The future of Miami's real estate market is being molded by the concept of "resort-like" amenities embedded in upscale condos. The addition of Social Membership clubs, featuring private restaurants and elevated cultural events, enhances the allure of these residences.
As Miami continues to attract global attention, luxury condominium living is becoming a cornerstone in the city's evolution, promising a lifestyle that transcends traditional boundaries.
Reach out today to learn how you can be part of Miami’s monumental shift into a beacon of elegance and refinement.
ISAAC LUSTGARTEN
EMAIL: [email protected]
MOBILE: +1 (305) 695-6025
OFFICE: +1 (305) 539-0071
ADDRESS: 1410 20th Street Suite 212, Miami Beach, FL 33139
LICENSE #: 3332063
Isaac Lustgarten is a Miami-based real estate professional specializing in luxury home and condo sales, investment purchases, and real estate management. Originally from Colombia, he moved to Miami at a young age and is one of the leading real estate salespersons on The Alexander Team at OFFICIAL, named the number one team in the country for years in a row by Real Trends & Tom Ferry The Thousand.