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Developers Are Turning To More Of An Exclusive Boutique Model
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Today, more and more luxury real estate developers are going boutique and putting their money behind ultra-high-end luxury condo buildings with extra spacious, amenity-laden units promising a high degree of exclusivity. They are bypassing building low- to mid-range housing for most of the population and concentrating on these "limited edition" luxury real estate residences. One example is the luxury Miami building 1000 Museum. The real estate developers originally won approval for a 60-story, 750-unit luxury condo tower. They tapped architect Zaha Hadid to do the design, her first skyscraper in the West, to design the luxury tower that overlooks Biscayne Bay. They decided to go unconventional and instead of cranking out many small and medium sized units, they went another route. They decided to create huge luxury spreads with more square footage than many standalone mansions. The result was only 83 units spanning the full 60 stories. It is not a small piece of real estate, but it is in terms of number of units. The smallest units are half-floor apartments with 4,600 square feet, that start at around $4.9 million. Full-floor units will cost up to $15 million and a duplex penthouse with an astounding 11,000 square feet will likely cost around $30 million. Units will have private terraces, 10- to 20-foot-high ceilings, floor-to-ceiling windows and access to posh building amenities such as a rooftop helicopter pad, a spa, indoor and outdoor pools, valet parking and “security” concierges.
Another boutique project in Miami is by boutique hotelier Ian Schrager. The Residences at the Miami Beach Edition is a luxury hotel-condo hybrid in Miami Beach with 26 “limited-edition” luxury Miami condos nestled across the top floors of the existing hotel and in a new sister tower. The residences, set to be displayed next year, are designed by architect John Pawson and will have “outdoor rooms” with private pools, dining areas and pergolas.
After only seven weeks after the real estate sales office opened in January, a majority of the 26 condos, which were priced twice as high as the rest of Miami's real estate market, had been taken. They went for an average of more than $3,000 per square foot. Then in March two side-by-side Edition penthouses encompassing more than 16,000 square feet (including 9,843 square feet of interior space) went for a record $34 million for a piece of condo real estate.
just down the street One Ocean, developed by Miami's the Related Group, is a South Beach boutique building that will include 46 condos and four villas with typical real estate units consisting of 3,000 square feet and prices at about $1,500 per square foot. To create even more exclusivity, high profile designers are enlisted to put their work into the new building. Architect Enrique Norten, interior design firm Yabu Pushelberg and landscape designer Enzo Enea are all slated to add their expertise. The floors of the Miami building will be designed by Michele Oka Doner, whose public art is featured in the New York subway and several airports, and artist José Bedia has been tapped to design the entrance gates.
Northeasterners that trek down every year demand more and more space in Miami real estate.
These “limited edition” buildings have been popping up in other major cities around the world. In Paris, the historic Hotel de Noirmoutier site is being transformed into 16 residences spread across five buildings. In Switzerland, the Du Parc Kempinski project boasts 22 units with hotel services, fingerprint recognition entry systems, and televisions hidden in walls.
Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Miami real estate for over a decade. For more information please visit http://www.constecrealty.com
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