South Florida’s Luxury Real Estate Landscape: A Glimpse into the Recent Transactions of Industry Titans
In the ever-evolving world of South Florida’s luxury real estate market, industry leaders from diverse sectors have recently sealed some notable deals. These transactions span the tri-county region, with property values ranging from a commendable $7.8 million to a staggering $10 million.
In the heart of Miami Beach, renowned actor Marjorie O’Neill-Butler parted ways with her cherished waterfront residence, fetching a price of $8.3 million. The new owners of the property at 603 East Dilido Drive on the Venetian Islands are Marcio Pacheco Ferreira and Luciana Augusto Mattoso Ferreira. Pacheco Ferreira is a distinguished partner and senior portfolio manager at Pharo Management, a hedge fund headquartered in New York City. The property, a classic built in 1935, boasts five bedrooms, three bathrooms, two half-bathrooms, and luxurious amenities like a pool and a dock. It was initially listed for $9.5 million last year.
Venturing further into Miami-Dade County, a prominent figure from Disney’s elite circle, Rich Frank, along with Leslie Frank, invested $8.7 million in a condo situated at Estates at Acqualina. Rich Frank’s illustrious career includes his tenure as president of Disney Studios and later as chairman of Walt Disney Television and Telecommunications. The couple’s current venture is the acclaimed Frank Family Vineyards in Napa. This property has also seen other high-profile transactions, including those by a dairy magnate and a jeweler.
Lastly, in the exclusive Admirals Cove community in Jupiter, financiers Tim Garry and Amanda Link sold their waterfront residence for a cool $10 million. The property, now under the ownership of the CKMH Family Trust, is a modern marvel built in 2020. Garry, a pivotal figure at the New York City-based Senator Investment Group, had initially purchased this property in 2021 for $6.5 million.
These transactions underscore the dynamic nature of South Florida’s luxury real estate market, reflecting the preferences and investment strategies of industry moguls.
Hakimian South Tower Proposed in Downtown Miami
A 42-story residential tower with a central location in Downtown Miami has just had its plans submitted to the city’s Urban Development Review Board. Rising 42 floors or 467 feet tall, the Hakimian South Tower is planned to have the following features:
631 residential units
3,140 square feet of commercial space
469 parking spaces on 8 levels
The submittal did not include any plans for the north tower. A property to the north of it is designated for potential development. A 30% parking reduction is among the seven coning waivers that are being asked for.
The architect is Corwil Architects with the developer listed as 16th Street Partners, LLC. The next hearing is scheduled for the Urban Development Review Board on July 19th.
CEO of Terra Group Sells Grove at Grand Bay Penthouse for $17.9 Million
CEO of Terra Group David Martin recently sold his penthouse at Grove at Grand Bay for $17.8 million.
The 9,541-square-foot, five-bedroom apartment at 2675 South Bayshore Drive was sold under the name GBPH Investments LLC.
Records show that a trust run by James Zubok and Leon Medzhibovsky purchased the penthouse. Medzhibovsky is a partner at DLA Piper and Zubok is a private equity investor.
David Martin’s penthouse had been advertised on and off for years, with a $28 million asking price at one point while the tower was still being built. Eloy Carmenate, Mick Duchon, John Gomes, and Fredrik Eklund brought it back to the market for $25 million in 2018 then for $19.8 million in late 2019. Summer of 2022, the unit was listed at $26 million.
The penthouse unit features 12-foot ceilings, floor-to-ceiling windows all around it, a rooftop pool, and 12-foot doors. Although Martin’s purchase price for the penthouse is unknown, developers frequently receive a sizable discount on their apartments. The price per square foot of the unit was roughly $1,900.
The Bjarke Ingels-designed project, a pair of 20-story twisted towers overlooking Biscayne Bay in Coconut Grove, was constructed by Martin’s Terra. The construction was finished in 2016. Billionaire Mike Fernandez, former baseball star and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin, have all purchased properties.
Since finishing Grove at Grand Bay, he has collaborated with Jorge Pérez’s Related Group to construct the three Park Grove towers in Coconut Grove and is currently constructing the Mr. C Residences condo towers close by. On the north side of U.S. 1 and 27th Avenue, a mixed-use apartment building with retail space called His Grove Central is also being built.
Outside of Coconut Grove, Terra is involved in a number of projects. The 15.5-acre land owned by Genting Group in downtown Miami is scheduled to be purchased for more than $1.2 billion by a group led by the company and Martin. The transaction, where Martin most likely intends to build a sizable mixed-use community, is anticipated to finalize later this year.
Vita Residences at Grove Isle Breaks Ground
Ugo Colombo of the CMC Group, one of Miami’s most well-known luxury developers, has started construction on Vita Residences at Grove Isle. The opulent boutique condominium is situated on the gated 20-acre private island of Grove Isle, which is close to the city’s fashionable Coconut Grove neighborhood.
The 65 exquisitely designed houses in the seven-story building, which is being constructed on the island’s final remaining beachfront parcel, will showcase unhindered panoramic bay views, exquisite detailing, and the finest materials and craftsmanship. The project is now under construction, and completion is anticipated in 24 to 28 months.
The majority of Vita at Grove Isle’s customers are from America, and more than 40% of the units there have already been pre-sold. The homes will range in size from 2,500 to 6,500 square feet and feature three-, four-, and four-bedroom units with dens. A group of twelve upscale penthouse houses will have private rooftop terraces with full-size swimming pools, full bathrooms, and summer kitchens that are each 3,400 to 6,600 square feet in size. Penthouses start at $12 million, with units starting at $5.5 million.
In order to create one-of-a-kind interior and amenity spaces for Vita at Grove Isle, Ugo Colombo collaborated with international architecture and design firm CallisonRTKL, regional architectural firm S & E Architects, and Italian designers Carlo and Paolo Colombo of A++ Architecture. The three buildings—Mare, Luce, and Sole—are designed to exhibit a singular architectural design and will provide a boutique living environment surrounded by beautiful, local vegetation. The graceful, curving shape of the structure, which was inspired by the island’s natural contours and maximizes views of the glittering Biscayne Bay, is a reflection of its distinctive Grove Isle position.
The waterfront retreat will offer a wide range of carefully chosen interior and outdoor amenities, including a private bayfront pool for residents exclusively, a poolside bar and lounge, a cutting-edge fitness facility, spa, and kids’ play area. Residents of Vita will also be given a house membership to the “Vita at Grove Isle Club,” which has lighted tennis, padel, and pickleball courts in addition to a club pool and a bar nearby. Additionally, residents will have access to the island’s private marina as well as a gourmet restaurant and bar offering lunch, supper, and cocktails that will be open to the general public.
Only the attention to detail in its design matches the level of preparation put into Vita at Grove Isle’s location and facilities. Each home will have a private elevator, a private foyer, modern open concept kitchens with hidden top-of-the-line appliances, elegant bathrooms with hand-selected book matched marble, masterfully crafted Italian stonework, custom Italian cabinetry, and pre-installed smart home technology like lighting, climate control, and water/air filtration systems, as well as at least 10-foot-high ceilings.
In addition to 24/7 valet service, private, individually covered garages with EV charging stations, accessible bike storage, and the most cutting-edge technology and WiFi capabilities installed throughout the building, residents also enjoy additional amenities.
Residents will also profit from Vita at Grove Isle’s personal concierge service, which will be available to help with a variety of arrangements and services, including home provisioning, housekeeping, child and pet care, personal shopping, private events, private drivers and transportation, car detailing, mail collection and forwarding, package deliveries, and more. This service is in addition to Vita at Grove Isle’s restaurant.
Additionally, Vita at Grove Isle residents will have access to the ‘Vita Linc’ app, a digital concierge service, which will enable them to register visitors and give them electronic keys, get in touch with the building’s management, send each other private messages, check on pending and delivered packages, access appliance manuals and condo documents, and request vehicles from valet.
If you or someone you know have an interest in purchasing at Vita Residence at Grove Isle, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at 786-247-6332.
Shakira is On the Move to Miami
Shakira has recently relocated to Miami with her children after leaving Barcelona, the hometown of her ex-boyfriend, Gerard Piqué.
The Colombian singer, who lived in Barcelona for eight years, explained in a farewell Instagram post that she was leaving following her breakup with Pique, 36, so she could begin “a new chapter.”
Shakira and Piqué first became acquainted while working on the music video for her song “Waka Waka (This Time for Africa),” which served as the FIFA World Cup 2010’s anthem. In March 2011, the pair announced their relationship for the first time. Last June, they made their breakup public.
Piqué, who was born in Barcelona, had a fruitful career with FC Barcelona, the illustrious team representing the city. Before the defender announced his retirement from the game in November 2022, his teams won eight La Liga championships and three Champions League trophies.
With the recent news of her departure, Shakira has been seen looking at homes across Miami and plans to spend up to $50 million for a mega-mansion.
Pictures of the glam pop diva and her brother visiting more than six potential properties in Florida’s wealthy neighborhoods were captured.
The 46-year-old is apparently renting a $15 million waterfront mansion while searching for a larger place to settle down with her kids Milan and Sasha, ages ten and eight.
Miami Beach’s Star Island is Now Ranked as the Nation’s Highest Priced Neighborhoods
Miami Beach’s exclusive Star Island has taken the top spot among the most expensive areas in the country, surpassing Port Royal in Naples, FL, Beverly Hill’s Gateway, and Trousdale Estates in Beverly Hills. In 2022, the price of the typical home sold on the island was $40.2 million, an increase of $16.7 million and 71% from 2019 when it was $23.5 million.
Ken Griffin, the founder of Citadel and a heavyweight in the hedge fund industry, has spent a total of $170 million over the past few years buying a collection of five houses on the island. Griffin made a big impression when he paid $75 million for a 1993 demolition on 1.8 acres at 8 Star Island Drive. At the time, the sale broke a record for Miami-Dade County single-family home sales, but Griffin is no stranger to shattering records.
Griffin also bought the nearby 10 Star Island for $25 million, 11 and 12 Star Island Drive for about $37 million, and 13 Star Island for $32.5 million in an off-market purchase. Also, he was the owner of 14 Star Island, which he acquired for $24 million in 2020 and reportedly traded for 13 Star Island for $18.5 million with former New York Yankee and real estate mogul Alex Rodriguez.
Griffin is not the only well-known investor who has bought and sold on the Island. Stuart Miller, the executive chairman of Lennar, paid $33 million for the old 4 and 5 Star Island Drive owned by Thomas Kramer, which marked the beginning of a protracted series of deals on the renowned island. With Todd Michael Glaser, Stuart Miller created an extravagant model home at 22 Star Island that was designed by DOMO Design and sold for $49.5 million in an off-market transaction managed by David Solomon and David Miller.
The owner of the NBA’s Memphis Grizzlies, Robert Pera, purchased the 1.9-acre property next door from Miller in 2019 for $25 million. A contentious 28,000 SF seaside home with a basketball complex is being built by Pera. Marc Iacovelli sold the historic Carl Fisher estate at 46 Star Island Drive to Roger and Sloan Barnett for $39 million on the other side of 22 Star Island. On the island, Shay Kostiner recently sold his vacant lot at 44 Star Island for $10 million, while Anthony Hsieh, the founder and CEO of LoanDepot, just paid $30 million to purchase 34 Star Island Rive.
Just over the MacArthur Causeway from Fisher Island’s entrance and Miami Beach’s South of Fifth district, the gated Star Island has long been one of Miami’s most sought-after neighborhoods. The Army Corps of Engineers constructed the island in 1922 as part of a dredging project, and Carl Fisher turned it into an island for the affluent and well-known. Celebrities and billionaires like Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller, and Vladislav Doronin currently reside on the island.
February Real Estate Stats Are in for Miami Dade County
In Miami-Dade County, condo sales and dollar volume increased in the first week of February. Volume for the week rose to $232 million which is up from $159.5 million from January 2022. Units sales increased from 210 to 259 units. The average condo price also rose from $759,000 to $896,000 in just one week.
The top sale for the first week of February was none other than a Palazzo Del Mare unit on Fisher Island. Sold at $21 million, which equals $2,874 per square foot. This property is considered the highest closing on Fisher Island this year.
The unit located at the Palazzo Del Mare unit 7153, features 5 bedrooms, 5.5 bathrooms, a terrace, a playroom, and a conference room spanning over 7,025 square feet. It also has a private 2-car garage on the parking level of the building and a private cabana near the pool.
Seller for the unit, Igor Olegovich Nesterenko, is a businessman in the meatpacking industry from Moscow. The buyer for this property is listed as Fana Fisher Palazzo 7153 LLC, which is managed by a trust in Bellevue, Washington.
For the second week in February, condo sales and volume fell slightly for Miami-Dade. Volume reached $148 million with sales totaling 206. The average condo price also fell to $719,000 from the $896,000 that was in the first week.
The top sale for this week included that of Oceana Bal Harbour. The unit located at 10201 Collins Avenue unit 2401 sold for $10.5 million equaling $2,630 per square foot. The sellers for this property include Tatiana Zorina and Kirill Stadnikov and the buyers are listed as Andrew and Jacqueline Africk.
This corner unit on the 24th floor of Oceana features gorgeous views of the ocean and the Miami skyline. The open-concept living areas flow effortlessly throughout with floor-to-ceiling glass windows. The 3 bedrooms showcase marble bathrooms and European cabinetry. This unit also features a private elevator foyer, powder room, 3 parking spaces, and storage space.
Miami-Dade County real estate has been steadily increasing month over month. In December 2021, we saw an 18.6% increase in condo sales with a 100% increase for luxury condo properties. We are excited to see what’s in store for Miami real estate.
CEO of Kayak Breaks 2 New Condo Records all on the Same Day
Photo Credit: Eloy Carmenate
Kayak co-founder and CEO Steve Hafner paid $40 million for a penthouse on Fisher Island–Palazzo Della Luna after selling his smaller unit at L’Atelier Miami Beach for $36 million in two straight record-breaking deals.
One of the records include Mr. Hafner’s duplex at L’Atelier Miami Beach, which was listed for $39.9 million in March and sold on Friday. Mr. Hafner purchased his 6-bedroom, 7.5 bathroom unit at L’Atelier Miami Beach for $21 million in 2017 while the project was still under construction. Mr. Hafner and his wife, Staci Hafner, worked with Bart Reines Luxury Home Builder to redesign the 8,000-square-foot unit.
A glass elevator, a private 40-foot infinity pool, and a summer kitchen and bar are all included in the penthouse. SMG Management and W Capital Group developed L’Atelier.
Mr. Hafner then smashed his own record by purchasing a nearly 10,000-square-foot condo at the Palazzo Della Luna on Fisher Island later that evening. The seven-bedroom mansion was first listed for $40 million in 2018 and then relisted for $48 million in April.
The new purchase sits on Fisher Island, a 216-acre private island south of Miami Beach, and is home to around 800 CEOs and business owners. According to the listing, Mr. Hafner’s new house at the Palazzo Della Luna is on the 10th level with various terraces and a rooftop patio with a pool.
According to the company’s website, Mr. Hafner co-founded Kayak Software Corporation, an online travel booking tool, in 2004. Booking Holdings bought the company for $1.8 billion in 2013. According to property records, Mr. Hafner, who also owns residences in Rowayton, Conn., and the Hamptons, sold his New York condominium for $23.5 million earlier this month.
Before these new records, the county’s highest-priced condo purchase of the year was a penthouse at Continuum that sold for $35 million in April. The highest-priced condo transaction ever was a $60 million double penthouse at Faena House in 2015.
According to the press release, Hafner hasn’t been to their NYC apartment since the pandemic first started and they didn’t see a way back. The seller’s were represented by Eloy Carmenate with The Corcoran Group. The buyer of the L’Atelier penthouse is currently unknown.
Rosso Development and Standard International are Partnering to Bring a 228 Unit Condo Project to Midtown
In its very first partnership, Standard International along with Rosso Development are collaborating on a residential project that will bring a 12-story tower to the Midtown neighborhood of Miami, the Standard Midtown.
Sales are slated to begin on November 30. Arquitectonica and Urban Robot are collaborating on the project, which will be located on the southwest corner of Northeast First Avenue and Northeast 32nd Street across from a grocery store development that is currently under construction.
The Standard Midtown will feature 228 luxury condos ranging from 432 to 965 square feet of living space with studio to two-bedroom floor plan options. Prices will range from $329,000 to $829,000
Payment Structure:
Deposit 10% at reservation
Contract and Groundbreaking 20%
6 months after contract 10%
Top off 10%
Closing 50%
The units will feature cubby kitchens designed by Urban Robot, expansive terraces, and master baths with double showers. Unit owners will be able to rent their units for periods up to 30 days with exclusive benefits to friends and family.
Amenities:
35,000 square feet of amenities
10,000 square feet of retail space
Expansive lobby with lounge areas and a cafe
Rooftop restaurant
Bar
60-foot resort-style pool
Sweat room and fitness center
Indoor pickleball court
Yoga and stretch studios
Karaoke bar
Pet Spa
Party room
Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.
Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.
Construction is planned to begin next year and be finished by the middle of 2023. The site at 3100 Northeast First Avenue, as well as the air rights above the existing neighboring garage, are owned by Vadia’s Midtown Opportunities VIIIB LLC.
U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?
Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.
In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.
With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.
According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.
According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.
Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.
According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.
