“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
In the world of Miami condo development, small is the new big. After years of pushing sky-blotting skyscrapers as the standard for new projects, many developers have dramatically shifted gears in the direction of smaller, more manageable buildings.
The reasons behind this change vary, but the consensus of opinion seems to be a desire to target buyers who are more comfortable in single family homes (and more accustomed to privacy), as well as reduced risk and overhead costs for the developers themselves. Many of these new “boutique” projects challenge their much larger competitors in terms of luxury and amenities, and allow architects to explore more creative design approaches.
Is this boutique trend just a short-term fad, or a genuine movement in modern Miami living? Let’s explore in this boutique condos edition of “South Florida by the numbers.”
8 units: at Beach House 8, a 10-story project at 3651 Collins Avenue in Miami Beach, developed by Ugo Colombo and Valerio Morabito. The project’s $14 million penthouse was purchased this summer by Brazilian entrepreneur Mario Garneo. [TheRealDeal]
9 units: at Kasa Bay Harbor, a seven-story, nine-unit condo at 1125 97th Street. It’s the first South Florida project for developer Vomed LLC. The project, where prices range from $949,000 to $1.75 million (or from $428 per square foot to $500 per square foot), is part of a surge of new development on the once-sleepy Bay Harbor Islands neighborhood. [TheRealDeal]
11 beach houses: for sale at Eleven on Lenox, at 1030 15th Street in Miami Beach. Developed by the Shoma Group, the project is within walking distance of popular shopping and dining attractions, as well as the museum and art district. Designed by Zyscovich Architects, the beach houses start at just under $3 million and range in size from 4,403 to 4,669 square feet – excluding outside terraces and balconies. [Miami Agent Magazine]
12 units: for sale at Louver House, in Miami Beach’s South of Fifth neighborhood. The project is Mast Capital’s first foray into development, with units in the three-story building priced from $1.9 million to $3.5 million. The units range in size from 2,088 to 2,432 square feet, and are designed by architect Rene Gonzalez. [TheRealDeal]
26 residences: at The Fairchild Coconut Grove, a boutique luxury condominium at 3581 East Glencoe Street being developed by ROVR Development. With two- to four-bedroom residences ranging in size from 1,700 to 4,200 square feet, and with prices ranging from $1.4 million to $4.5 million (or starting at about $823 per square foot), The Fairchild is scheduled to break ground in early 2017, and is currently the only waterfront development being built in Coconut Grove. [TheRealDeal]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.