Just a few weeks ago, 73,000 international visitors flocked to Miami Beach for the 2014 edition of Art Basel, the leading global galleries show of artistic masters and newly emerging stars. Artists, collectors, gallerists, curators and art enthusiasts helped make the event a spectacular success, generating more than $20 million in revenue. While the artwork was the spotlight of the event, thousands came to area looking also for an escape from the cold weather and to hit the notorious night scene. And along with them, they brought their money and an open mind to invest in the resurging luxury real estate market that has put Miami back on the global real estate map. A recent New York Post article detailed the exciting ways in which Miami is still drawing attention, weeks after the infamous Art Basel event has ended. Here’s a look at what other rousing happenings are taking place in and around the great city of Miami.
- Luxury is Making it’s way north to Fort Lauderdale. With limited waterfront space available in Miami and construction costs a bit lower up north, Miami’s Fortune International and Related groups are partnering with the Fairwinds Group to build a new 171-unit luxury beachfront condo. The development is slated to span two buildings and is being called Auberge Beach Residences & Spa. Units will range from 1,500 to 5,000 square feet and are priced between $1.5 and $8 million. Each residence will have an ocean view and some units will have oversized terraces with private pools. Construction will begin in the coming year.
- The infamous Maison&Objet trade fair is making it’s US debut in Miami Beach on May 12. The long-standing Paris trade fair is dedicated to the luxurious lifestyle, design, and decoration, and is intent on expanding their fans to the “sizable” and “untapped” markets of the Americas and Caribbean. After being launched internationally in Singapore earlier this year, the show has gained international fame and is expected to fare well in Miami, where the city “pulses with the energy of Latin America.”
- Miami’s Residences at Faena Hotel features 13 fully furnished penthouses, and one of them has recently broken a Miami luxury real estate record. The six-bedroom, nine-bathroom listed for $55 million, making it the most expensive condo on the city’s market. The condos are set to be completed by next fall, bringing a whole new level of luxury to the area.
- Private villas in Miami are setting a new standard in amenities of choice. Ophir Sternberg of Lionheart Capital, the developer of the Ritz-Carlton Residences in Miami Beach says that “It is a very unique product in the Miami Beach marketplace to have the services and maintenance-free lifestyle of a condominium while still enjoying the privacy of a stand-alone home.” The Ritz’s version of the private villa includes 15 three- to four-bedroom properties, eight of which are oceanfront, and range from $5 million to $7 million. Oceana Key Biscayne includes 12 detached villas while Don Peebles’ Bath Club Estates will offer something a bit different. Two side-by-side oceanfront “villas” that are easily combined, each with 9,200 interior square feet and 4,126 square feet of outdoor space.
- Golden Beach has become one of Miami’s neighborhoods of choice currently, with celebrity residents including photographer Bruce Weber and designer Tommy Hilfiger. It is the only place in the city with homes directly on the Atlantic Ocean, including Hilfiger’s $25 million 15,000-square-foot mansion. While new constructions in the area are rare, architect Chad Oppenheim is designing a 20,000-square-foot estate on Ocean Blvd that is expected to list around $36 million. Oppenheim is rumored to be working on another “smaller, more modestly-priced home” there and architect Rene Gonzalez is currently working on luxurious compound for a billionaire Latin American family.
- Yet another must-have amenity in luxury real estate is the on-site urban farm and garden. Related’s Brickell Heights will include plots for residents to raise their own plants and vegetables, a phenomenon growing wildly across the country. On South Beach, LeFrak’s 1 Hotel & Homes will have a herb garden for use by the property’s food and beverage operations, overseen by reality chef Tom Colicchio. And TSG Paragon’s Cassa Brickell will have a residents’ garden on the rooftop sun deck.
- Sunny Isles has recovered from the 2008 real estate crash like no other area of Miami. 17 new condo towers are slated for construction, with three of them standing out for their “sheer audacity.” Gil Dezer’s 60-floor Porsche Design Tower will feature 132 units, each including a private garage within the condos themselves. Prices are expected to top $32 million. The nearby Mansions at Acqualina is a 46-floor tower that includes a 15,000 square-foot penthouse, fetching $50 million. And finally, the 57-floor Jade Signature from Swiss architects Herzog & de Meuron, will feature futuristic design and underground parking. The 192 units will have unobstructed views of lush landscape with direct beach access, and range in price from $3 million to $30 million.