It hasn’t been an easy road for Miami developers of late, with sales—and construction—slowdowns happening across the market.
But experts say the tides are changing.
More:Prices of Miami Beachfront Condos Predicted to Slip 8%
"Miami in general has woken up because the election is over, like the outcome or not," said Dora Puig, principal broker and owner of Luxe Living Realty, and director of sales and marketing for the new Palazzo Del Sol condo tower on Fisher Island. Before the election, "there was a giant wait-and-see attitude," she said.
The real estate market started to slow down mid-summer last year and never really came back, she said. "Prices flattened and dropped a bit in 2016–not a crash by any means," Ms. Puig said. "It feels like a minor correction and we’re now getting traction again."
"There is a lot of confidence back in the market," said Anna Sherrill, an agent with ONE Sotheby’s International Realty. But, "I wouldn’t call it a strong market yet."
The strongest part of the market may be "affordable luxury."
"Everything up to $5 million is moving really quickly," Ms. Sherrill said.
More:Luxury Residential Projects Now Offer Everything Hotels Do… and Sometimes More
As far as neighborhoods that are seeing strong interest, Ms. Sherill pointed to South Beach. Also, there are new luxury developments in Miami Beach and Coconut Grove as well.
In the rest of Miami, though, new developments have grinded to a halt, Ms. Sherrill said. "The supply that’s on the market is high," she said. "We need to eat up the supply first before we add more to it."
Developers want to get their buildings finished and sold out before launching anything new, said Harvey Daniels, vice president of development sales at ONE Sotheby’s. "People are being a lot more cautious."
But generally things are looking up in 2017, said Mr. Daniels. "The end of 2017 and the beginning of 2018 will be a very interesting time in Miami real estate," he said.
Below, a list of new properties coming onto the market this spring:
The Markers at Grove Isle at 4 Grove Isle Drive
This project will bring 77 waterfront homes to the edge of one of Miami's most exclusive private islands. Grove Isle is a private island on Biscayne Bay and a short drive to Coconut Grove. The Markers is on the last buildable parcel of land on that island (the last building to go up on the island was built in 1981).
Highlights of the new development include a new Grove Isle Club with a Cliff Drysdale tennis center, yoga and fitness areas and waterfront restaurant. Residences are priced from $2.3 million to over $12 million for penthouses that include full-size infinity edge pools. Sales are expected to begin in April, with groundbreaking set for the fourth quarter of 2017. Construction is expected to take about two years.
Number of units: 77 Price range: $2.3 million to $15 million Developer/architect: Grove Isle Associates/CallisonRTKL Apartment sizes: Three and four bedrooms Amenities: New Grove Isle Club, including a restaurant, eight clay tennis courts designed by Cliff Drysdale, marina with boat slips available for purchase, waterfront infinity pool, fitness center with a yoga and Pilates studio, concierge services and valet. Website: cervera.com
Monaco Yacht Club at 6800 Indian Creek, Miami Beach
Sales will begin this spring at a new Miami Beach project meant to evoke the grand architectural style of the municipality of Monaco. Called the Monaco Yacht Club, the residences will be delivered fully finished featuring design packages exclusively by Piero Lissoni. Groundbreaking on a 48,000-square-foot parcel at 6800 Indian Creek in Miami Beach is set for the fall, with completion scheduled for 2019. The homes will have 11-foot-wide balconies and are designed to blend the outdoors with interior living. Every residence opens to water views, and some will have both bay and ocean views.
Units will include a private elevator with private foyer and 10- and 11-foot smooth-finish ceilings. Floor-to-ceiling glass doors open to expansive terraces.
The homes will have contemporary Italian kitchens designed by Piero Lissoni and spacious bathrooms with frameless, glass-enclosed rainfall showers.
Number of units: 39 Price range: Starting at $1.49 million and up to $12.6 million Developer: Optimum Developments USA, Ricardo Tabet Architect: Arquitectonica, Bernardo Fort Brescia Interior designer: Lissoni Associati, Pierro Lissoni Apartment sizes: One to four bedrooms, ranging in size from 950 to 5,000 square feet Amenities: State-of-the-art fitness center overlooking Biscayne Bay; 65-foot pool with views of the Miami skyline and Biscayne Bay; 12 boat slips available to accommodate up to 55-foot yachts; yacht concierge services. Website:MonacoYachtClubResidences.com
GlassHaus at 3161 Center St., Coconut Grove
This elegant new glass structure soon rising in Coconut Grove is aimed at local empty nesters. Aptly named GlassHaus, the five-story contemporary structure will feature floor to ceiling glass, open floor plans, stone flooring and top-of-the-line appliances. These are large, livable residences targeted to local affluent couples moving out of their big houses who don't want to compromise on style and would never leave the Grove. The 23 units will include three on the ground floor, off of a Zen garden, then four more floors of five units each. The apartments will have Italkraft kitchens with Bosch appliances and Duravit bathroom features. The building will stand on a 22,000 square-foot lot on 27th Avenue, two blocks from Biscayne Bay and three blocks from the heart of the village of Coconut Grove. The owners get membership in the waterfront Coconut Grove Sailing Club three blocks away. Owners also have use of the building’s fleet of electric bikes. Sales will launch this spring, with construction expected to start in the late fall and completion by fall 2018.
Number of units: 23 Price range: Starting at $440,000 for a one bedroom plus den up to $1.2 million for a three-bedroom unit Developer/architect: GD8 and Element Development LLC/Varabyeu Partners Apartment sizes: 900 to 2,200 square feet Amenities: Front desk lobby with staff ; gated underground parking with assigned spaces and electric chargers ; state-of-the-art fitness center ; rooftop club with pool, sundeck, summer kitchen and dining terrace under the stars Website:glasshauscondo.com
Aston Martin Residences at 300 Biscayne Blvd. Way
Luxury car brand Aston Martin is partnering with global property developer G&G Business Developments to bring its design sensibility to Miami. This 66-story waterfront tower will rise at 300 Biscayne Blvd. Way in the heart of downtown, where the Miami River meets Biscayne Bay. It will feature about 390 condos ranging from one to four bedrooms with panoramic bay and ocean views. The development will also feature seven penthouse residences and a duplex penthouse, all with private pools and terraces. The project marks Aston Martin’s first foray into real estate development and design, effectively expanding the company’s luxury brand beyond sports cars and speed boats—and giving consumers another chance to immerse themselves in the company’s "Art of Living" lifestyle. There will be two private lobbies, a two-level fitness center and spa, and an infinity pool located on the tower’s 55th floor. These spaces will be encased in a bold sail-shaped building. The sales center for the Aston Martin Residences will launch in April, with the project’s groundbreaking set for the fall of 2017.
Number of units: 390 units Price range: Residences from about $2 million to $8.5 million; penthouses from $14 million to $50 million Developer/architect: G&G Business Developments/Revuelta Architecture International & Bodas Miani Anger Apartment sizes: 698 to 18,811 square feet, one to five bedrooms Amenities: Rooftop infinity pool, spa and pool deck on the 55th floor; expansive double-level fitness center with spinning studio and boxing gym; his-and-hers fitness spa/lounge with meditation room, treatment suites and private steam, sauna and locker facilities; state-of-the-art business center and conference rooms; private event space; grand living room, bar and chef’s kitchen; art gallery; two private residence movie theaters; kids playroom, teen center and game rooms; virtual golf range; private yacht marina; beauty salon and blow-dry bar; barber shop Website: astonmartin.com
The Ritz-Carlton Residences,15701 Collins Ave., Sunny Isles Beach
The super-luxurious Ritz-Carlton Residences, Sunny Isles Beach has just opened its sales gallery. The 212 units have spacious floor plans with ocean, city and Intracoastal views. Ceiling heights range from 10 feet to 13 feet, and every home will have a private elevator lobby. The penthouses will have service quarters, lush garden terraces spanning 2,000 to 4,000 square feet, private pools and summer kitchens, with 360-degree views of the Atlantic Ocean and Intracoastal Waterway. Italian design kitchens will be outfitted with Caesarstone quartz countertops, Gaggenau appliances, including wine cooler, cappuccino maker and more. There will be no hotel on the premises or transient use, giving an added feel of seclusion. Michele Bönan designed the four-story glass lobby, which overlooks the pool and garden area and connects to the beach.
Number of units: 212 Price range: Units range from $2.5 million to $5.2 million, with penthouses offered upwards of $25 million Developer: Joint venture between Fortune International Group and Château Group Architect: Arquitectonica, with interiors by Italian designer Michele Bönan Sizes: Units range from two-bedroom, two-and-a-half baths to four-bedroom, five-and-a-half baths; Square feet per unit: 1,605 to 3,640. Penthouses range from three bedrooms, 4.5 baths to five bedrooms, 7.5 baths, with up to 6,320 square feet. Amenities: 24/7 valet, concierge and attended lobby; housekeeping, nanny and childcare services; dog-walking, limousine and chauffeur services private beach amenities, including cabanas, chaise lounges and umbrellas; beach restaurant offering pool and beach services as well as in-residence delivery; oceanfront pool; sunset pool with outdoor massage area, lap pool and two hot tubs; oceanfront fitness center and wellness center with treatment area, sauna and steam room; spa and salon services; Kids’ Club with indoor and outdoor play facilities, supervised physical activities, arts and crafts activities, beach and pool care and a game room. Website: theresidencessunnyislesbeach.com