Condo unit at Il Villaggio hits the market for $5.7M

The three-bedroom, three-and-a-half bathroom unit features two terraces that total 645sf

Jul.July 19, 2017 12:45 PM

Il Villaggio, unit 1405

Condo unit 1405 at Il Villaggio in Miami Beach just hit the market for $5.675 million, according to the listing agent.

The 2,310-square-foot unit at 1455 Ocean Drive is listed for $2,456 per square foot.

Property records show the seller is Michael Rudd, CEO of Louisville, Kentucky-based Rudd Equipment Co. His firm operates in the Midwest and works with manufacturers including Driltech, Esco, Euclid, Hitachi, Link-Belt, Tamrock, and Volvo, according to its website. Rudd bought the condo unit in 2011 for nearly $4 million, records show.

Listing agent Devin Kay of Douglas Elliman told The Real Deal units at the 17-story, 374,529-square-foot development typically sell to residents. “I, personally, am thinking the person who buys the unit will be someone already living in the building,” Kay said. “People who live there like the privacy it offers and know listings online don’t come on the market that often.”

There are nine units available at the 127-unit condo project developed by Worldinvest Joint Venture, according to Brown Harris Stevens | Zilbert. Units range from 1,210 square feet to 3,150 square feet and from $1.5 million to $6 million in price. The recently renovated condo tower was designed by Fullerton Group Architects. Property records show it was built in 1998.

Unit 1405 is on the 14th floor of the condo building. It marks the first time a high floor 05 line has hit the market since 2012, according to Kay.

The three-bedroom, three-and-a-half bathroom unit features two terraces that total 645 square feet, with one terrace coming off of the third bedroom, and the other off the master bedroom and living room. “The wrap-around terrace gets all-around exposure: direct ocean views, and views overlooking Government Cut, Lummus Park and the Miami Skyline sunset,” Kay said.

There’s a wave of development happening in the area. Optimum Development USA’s Ricardo Tabet is planning $40 million in renovations to his Celino South Beach hotel on 640 Ocean Drive, originally Park Central.

A new Italian restaurant and arts club called Forte Dei Marmi, at 150 Ocean Drive, opened in Miami Beach in January. It’s located in the South-of-Fifth neighborhood which is being transformed with new boutique condo projects, including Mast Capital’s Louver House, JMH Development’s Three Hundred Collins and Terra Group’s Glass.

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