Four years in the making, the ‘Beach House’ at the Regalia luxury residential building is hitting the market as the highest-priced listing in Sunny Isles Beach in northeast Miami-Dade County—according to the developer.
With an asking price of $35 million, the 17,015-square-foot unit encompasses the third and fourth floors of the beachfront development, which was completed in 2014.
Sunny Isles Beach has seen an influx of luxury development in recent months, including the 54-story Turnberry Ocean Club whose completion is set for 2018 and branded projects such as Residences by Armani/Casa, slated for occupancy in the first quarter of 2018, and the Porsche Design Tower, which should be ready in June.
Still, fears of an imminent correction of the Miami luxury condo market have been mounting as the inventory surges and demand wanes. The number of sales fell 18.9% in the first quarter of the year as a strong dollar and shaky global economy dampen international buyers’ appetite for U.S. real estate.
Kevin Venger, Regalia’s developer, said his project has yet to be affected by the headwinds and is currently 90% sold. Almost 20 of the buyers in the building come from Latin America, with half from Brazil. There are also clients from the U.S., Russia, France, Canada, India and Israel.
Prices for the development’s 37 full-floor residences, not including the Beach House and the three-floor penthouse, start at $10 million.
Venger said that completing the building before the Beach House and the penthouse allows them to show future owners in the building the kind of amenities and services they will have access to. At the same time, he added, their units should provide them everything they need without leaving their units.
“It’s got all the pieces of an oceanfront estate,” said Venger, who says he believes the Beach House can either cater to a family or an individual looking for penthouse-like housing but who don’t want to sit at the top of the building.
The Beach House, with six bedrooms, six full bathrooms and a 360-degree wrap-around terrace featuring a glass-faced pool and unobstructed views of the Atlantic Ocean, is expected to be complete and fully furnished in the summer, said the developer. Regalia Beach Developers is also behind the late Zaha Hadid’s One Thousand Museum currently under construction on Biscayne Boulevard.
Amenities at the Beach House include a full spa complete with a steam and Hammam room, massage beds, shower and a Jacuzzi tub; a stone-and-glass wine cellar with capacity for roughly 600 bottles, and a 2,000-square-foot entertainment and game lounge that includes a designer billiard table and movie seating. The penthouse, spanning 16,805 square feet, is also now available for $40 million.
Rose Marie Minio of ONE Sotheby’s International Realty is the exclusive sales representative for Regalia.
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