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Starchitects & Sunshine Lead to Surge of South Florida Luxury Condo Sales



South Florida is a hot spot for real estate in the post-COVID world, experiencing a surge in demand from buyers seeking to relocate or ride-out the pandemic under sunnier skies. With single-family home inventory drying up, luxury buyers have shifted to scooping up multi-million-dollar condos.


Monad Terrace - Bay View


Boutique luxury condominiums created by world-renowned architects are leading the way when it comes to attracting high-end buyers. Monad Terrace by Ateliers Jean Nouvel in Miami Beach marked well over $40M of sales in 40 days, and three of their four penthouses are already sold.


“Our sales success and record deals are a testament to the quality and singularity of the project,” said Michael Stern, Founder and CEO of JDS Development Group.


The Bayfront building is available for immediate occupancy and features only 59 residences catering to a private, yet open outdoor lifestyle. Each light-filled residence is oriented to enhance uninterrupted water and city views, and feature expansive terraces with climbing gardens that seamlessly blend indoor and outdoor living. Amenities include private elevator access, in-house concierge, a Bayfront sun deck with a 116-foot swimming pool and hot tub, juice bar, wellness center, and private dock. Residences in some cases are even being sold sight-unseen, going under contract quickly and all virtually.


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Monad Terrace


“Buyers are looking for luxury, low-density and familiarity. You have people migrating from areas like New York and California who don’t know the area but want to make a decision quickly. They are gravitating towards turn-key buildings backed by architects and developers who they know and trust,” said Ida Schwartz with The Schwartz Team at Compass. “Condo living is also easy, with full amenities and low maintenance.”


In January 2021, new signed contracts for condos over $1M in Miami-Dade jumped by 224% compared to the same period in 2020, according to a Douglas Elliman market report produced in conjunction with Jonathan Miller of Miller Samuel INC.


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Arte


The beachfront Arte by Antonio Citterio is also experiencing a spike in demand, recently selling the penthouse for $33 million, a duplex villa for $16 million to a West Coast buyer, and a four-bedroom condo for $10.2 million to a New York buyer. Ivanka Trump and Jared Kushner are reportedly renting a unit in the building.


“We built Arte to cater to an exclusive selection of buyers who have not found quality design, exclusive privacy or outstanding service anywhere else in Miami,” said the developers of the project, Alex Sapir and Giovanni Fasciano. “The experience of owning at Arte is like joining a private club, where you have access to the amenities and services of the finest resorts around the world, and can enjoy the company of the country’s business and social elite.”


Featuring only 16 residences, the oceanfront building offers spacious floor plans, unobstructed water views and amenities including a spa with a sauna and steam room, indoor and outdoor pools, meditation pond, children’s room and rooftop tennis court programmed by celebrity coach James Bollettieri.


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One Thousand Museum


Zaha Hadid’s One Thousand Museum in downtown Miami reported $22 million sold in the first week of 2021 alone. A tech investor from San Francisco recently purchased a penthouse for $16 million and a hedge funder from New York bought a half-floor unit for $6.3 million.


The 60-story tower marks the late Pritzker Prize-winning architect’s first and final residential skyscraper in the Western Hemisphere – and offers a collection of expansive, museum-quality residences with a two-story amenity space, an aquatic center, health spa, and the city’s only private rooftop helipad.


“A lot of our buyers come to Miami looking for single-family homes, but they have come to realize very quickly that there is little to no inventory,” said Harvey Daniels and Anna Sherrill, with One Sotheby’s International Realty. “We have seen an incredible surge in sales at One Thousand Museum due to the fact that there are so many high-net-worth buyers now demanding large, completely finished and exquisite new spaces that they can move right into.”


By Evans Smith • Images courtesy of Monad Terrace, Arte and One Thousand Museum