Porsche Design Tower Miami – 1st Year In Review
Porsche Design Tower Miami has been a continual media sensation. The Porsche Tower had worldwide exposure, and this 2016 development had an interesting first year as condo resales took shape. In 2016, I was informed by an in-house Jade Signature representative that over 40% were to come back as resales. And now, a year or so later, we find available inventory not far off from that prediction! BTW, let’s see how Jade Signature does regarding resales throughout this year as closings are now taking place.
On to the Porsche research…
Porsche Design Tower Stats & Trends
- 40 residences available (out of 132) = 30% as resale
- $1,823 psf – Median Price Per Square Foot as Active/Available
- 3 Resales Since 01/2017 – OLP$/SP (Buyer Discounts) ranged from 18% to 29%
- $1,141 psf – Median Price Per Square Foot as Closed/Sold
Last year’s highlight was the 5 bedroom Porsche penthouse selling at a new record high along the coastline of Sunny Isles Beach. Originally listed at $32.5 million, the four-level residence overlooks the skyline and Atlantic ocean. It boasted a car gallery on the 56th floor and two other “sky garages” for regular use. Penthouse #5601 (PH-1) had a vast interior at 9,560 square feet. It sold for $25M to a private LLC owned by Terry Taylor, head of Daytona Beach-based Automotive Management Services Inc. At $2,615 psf, this penthouse set a record in Sunny Isles Beach on both price per square foot and final sale price.
Porsche Design Tower Condo Development
The circular oceanfront development at 18555 Collins Avenue comprises 132 units. It offers one of Miami’s most unique amenities, the Dezervator (named after Dezer), a high-tech car elevator. Porsche Design Tower Miami boasts a spectacular design from both the Dezervator and the development itself. Entering the exquisitely appointed three-story lobby, we find a complete glass car lift observatory. There are outstanding concierge services and the utmost in security and privacy.
Porsche condo residents enter their condos to find the Miami ‘wow factor’ with magnificent cylinder glass walls encompassing expansive ocean & skyline views along with spacious terraces equipped with a private pool and summer kitchens. The finished details are well-appointed with Poggenpohl kitchens, Miele appliances, grandiose family rooms, and master bedrooms. Luxurious amenities include swimming pools, beach services, Spa, a yoga, & fitness center, a simulation technology game center with VRX imotion Z-55 racing, a movie theatre, a restaurant & an owners’ lounge & bar.
Keep in mind Turnberry Ocean Club is being built to the immediate South while Millennium condos are located to its immediate North; see the Coastline 3D MAP. If sports cars and unique real estate are a passion, I believe any Porsche residence less than $1,300 per square foot will be a super deal within a few years.
Porsche Design Tower’s Larger Condo Units
It’s important to note the trend during this ongoing preconstruction market cycle (2014 to 2020) has an excessive amount of larger oceanfront units consisting of over 3,000 square feet being built. This was a newer trend for the Miami coastline, as developers had always viewed its residents as needing smaller spaces. An average condo of 1,200 square feet was considered adequate to call Miami home for shorter seasonal vacation periods.
With the infrastructure plus world-class accommodations and attractions, people find the Southeast Florida location a premier destination to spend their time or simply call Miami home from the advantageous homestead tax savings found here in The Sunshine State. Therefore the demand for larger condominiums as hassle-free homes took precedence, and developers took notice filling the demand and void. Developers also learned what not to do from the 2007-2009 bloodbath and, with this new cycle, have safeguarded themselves for success in drafting developer contracts with bulletproof language.
Click on the Trendgraphix below for Sunny Isles Beach $1M+ and 3,000+ SF Trends.
Built after 2014, new construction in Sunny Isles Beach shows us 116 condos for sale today at a median price per square foot of $1,624. Three condo units have sold in the last 90 days (6 in the last 180 days) at a median price per square foot of just $1,078 (34% discrepancy in pricing).
Today, new construction owners compete to be the next best deal in contrast to the vast resale competition. Due in part to the stronger US dollar, the slowdown in ultra-luxury sales has led to high inventory from lower demand as many of our International buyers sit on the sidelines awaiting the right timing and purchase opportunity.
I was part of the 2004 to 2009 preconstruction cycle in which I played an instrumental part in assisting speculators in selling their bad ‘investments.’ I take pride in finding awesome deals for clients and remain bullish on the success of these beautiful projects by looking long-term at the influx of South Florida residents, and the immediate values found today.
“Bull markets are born on pessimism, grown on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”– Sir John Templeton
Whether you’re seeking a stunning Sunny Isles Beach penthouse, the ultimate waterfront estate, land for development, off-market & investment opportunities, new construction, bulk condo sales, or relocation assistance, I have it customized and ready for you. Let me know what else you’d like to see here on the local real estate blog? I’ll soon be researching pre-construction profits vs. loss, so check back soon to find out how preconstruction buyers are doing with their intent to flip their ‘investments’ for a profit!
Over 16 Years Experience – I’m a South Florida real estate broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, vast global reach in curating luxury goods, including premier real estate, and their propensity for perfection. Since 2002, I’ve been active in the South Florida residential market with experience and white-glove service that rarely disappoints.
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