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Heads Up! Here Are 5 Issues That Could Delay Your Real Estate Closing — Urban Resource
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Details are still forthcoming. Please contact Michael Light for a private presentation at 786-566-1700.
About a month after being quietly announced, details of the anticipated Ritz-Carlton Residences South Beach (formerly the Sagamore Hotel) are beginning to trickle out with whispers of the sprawling ultra-luxury oceanfront penthouse that is expected to command $125 million.
The crown jewel penthouse is a combination of the two duplex penthouse in the 15-story development, answering the demand from rich buyers who seek to build a “triangle” of luxe residences in multiple cities that that owners and their families can bounce between.
With 30 total residences and prices beginning at $3.9 million, developers expect a sell-out value of $450 million for the boutique project. Since inventory of exclusive properties such as the Ritz Carlton Residences South Beach is so low, the project is anticipated to sell out fast. Another example of an uber-exclusive project is The Perigon Miami Beach, where buyers have been known to claim multiple residences with the idea to decide which to reside in at a later date.
While it may sound risky to laymen, this demand is relatively normal for the savvy buyers of Manhattan’s most elite where Ken Griffin recently broke a record with a $238 million penthouse purchase. It is not uncommon for investment juggernauts such as Mr. Griffin to buy now and decide later.
“Miami is not just a tourist economy anymore,” co-developer Dayssi Olarte de Kanavos told Bloomberg. “We now have so many hedge fund, venture capital and real estate workers who live here.”
The tower is to be built at 1671 Collins Avenue, along what is now known as Billionaire’s Row in Miami Beach. Owners will enjoy residences of 1-5 bedrooms that include Ritz-Carlton branded amenities such as an oceanfront beach club and spa as well as a Michelin-starred culinary experience.
The Ritz-Carlton Residences South Beach is expected to be completed at in the Spring of 2027.
Douglas Elliman is the exclusive broker for this private collection of units at The Ritz-Carlton Residences South Beach. If you are interested in a private presentation of the building, in person or via zoom, please contact Michael Light, Executive Director of Luxury Sales at Douglas Elliman and member of the elite Sports and Entertainment Division. Only qualified buyers will be able to view floor plans, renderings and have access to site tours. You may reach Michael directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
Image Credit: The Ritz Carlton South Beach
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