Some Miami developers are trying to entice potential buyers to open their wallets by offering immediate amenities in some cases before shovels are even put into the ground.
In Hollywood, just north of Miami Beach, buyers of Hyde Beach House condominiums and Hyde Resort & Residences—where prices range from $690,000 to $1.1 million at the former — are being offered immediate access to SBE’s Hyde Beach Club, before they even have to put a deposit down.
While construction has yet to start at The Related Group’s project, which is not due for completion until the end of 2018, buyers can immediately enjoy the private club, which has views of the ocean as well as a restaurant, an infinity-edge pool, fitness center and steam and sauna rooms.
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In the past, developers showed buyers what their lifestyles could be like if they purchased one of these luxury condos through videos and brochures, but now they are showcasing it through actual experiences.
"Visualizing what life will be like in a new home is a process we wanted to make easier for buyers," said Carlos Rosso, president of The Related Group’s Condominium Development Division. "We’ve created several options for our buyers to preview these luxuries, including Hyde Beach House, where buyers have VIP access to Hyde Beach Kitchen + Cocktails and the Hyde Beach Club."
Over at the OMA/Rem Koolhaas’ Park Grove development, just off Biscayne Bay in Coconut Grove—where prices begin at $2 million —buyers are being offered instant access to their own personal shoppers at the nearby Neiman Marcus at Merrick Park.
Future residents of the building, which is under construction and slated for completion in 2018, can enjoy private consultations while sipping champagne with a Neiman Marcus stylist as soon as they put down their deposits.
A rendering of a view from a condo at Park Grove.
Hayes DavidsonAnd in downtown Miami, Paramount Miami Worldcenter has partnered with New York-based lifestyle management service Luxury Attaché, to offer an in-house team of expert lifestyle curators, aptly named Paramount Attaché, who will design highly customized amenities and offerings personally tailored to each of the tower’s discerning residents. The project broke ground in March and has plans to be completed in late 2018.
With over 50% of apartments sold at the building, the Paramount Attaché has been actively assisting existing contract holders with various lifestyle requests, including summer travel itineraries and bookings, concert and sporting event tickets to the neighboring AmericanAirlines Arena, restaurant recommendations and VIP dinner reservations, among others.
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"We’re seeing this trend in many housing markets that have experienced a lot of development over the past several years," said Jonathan Miller, CEO of appraisal firm Miller Samuel. "The idea is to give that one final push to the buyer. Clearly when more of that is being offered to buyers, it’s a reflection of the market not being as white hot as a few years ago."
Recent data has shown that the market across Miami has been softening over the past year amid an oversupply of luxury condos coming onto the market and weakening demand thanks to growing concerns over the global economy.