Water Ways
July 1, 2008
In Miami, big names and architectural designs are helping waterfront homes retain their value. "Our market is challenging because of the amount of homes that have become available," says Carlos Justo, founder of SOL Sotheby’s International Realty, based in Miami and Fort Lauderdale. He says that bad press has also had a major impact on the market. "Buyers are coming to Miami from all over the world thinking they will get a good deal, but ultimately, they will buy what they like, and they will pay to get it." In addition to purchasing architectural cachet, buyers want to be on the ocean and in the most exclusive communities.
The St. Regis chose the tony enclave of Bal Harbour to launch its new project, a trio of glass towers designed by Sieger Suarez with interiors by Yabu Pushelberg. "Bal Harbour is luxurious, and we are taking it to another level," says Serge Rivera, president of Starwood Vacation Ownership. Set on nine acres, the development will hold 183 hotel rooms, 36 condo-hotel suites ranging in size from 1,300 to 1,475 square feet ($1.8 million to $2.1 million), 24 St. Regis Residence Club units, and 268 private residences ($1.8 million to $6.2 million) from 1,777 to 3,884 square feet.
In addition to a variety of restaurants, a fitness center, Remède spa, and a brigade of butlers, residents will have access to 1,000 feet of beach equipped with private cabanas. When shopping calls, every notable designer from Chanel to Yves Saint Laurent is just across the street at the Bal Harbour shops. "It’s like saying you live on Fifth Avenue looking at the Park," says Rivera.
Other Miami developments that are banking on their location include CIMA, a new 52-story, 507-unit condo tower designed by Luis Revuelta set on the banks of the Miami River—a 5.5-mile waterway that runs through downtown Miami. Ranging in size from 930 to 1,803 square feet and priced from $330,000 to $900,000, the residences will be close to shopping, dining, and the arts.
CIMA residents will have their own club, a 53,000-square-foot space that encompasses a fitness center, wellness pavilion with reflecting pools and cabanas, his-and-hers spas, a game room, dining options, two swimming pools, and a meditation garden. Partnerships with Miami’s Carnival Center for the Performing Arts and the Club at Doral give residents VIP access to concerts and golf.
Sandwiched between South Beach and Miami on Watson Island, Island Gardens will feature a Shangri-La hotel and a collection of 100 hotel-managed private residence club units designed and furnished by Italian architect Piero Lissoni. Sold in one-eighth shares, the residences ($215,000 to $765,000) will range in size from 850 to 3,700 square feet.
The development will include various perks such as a CHI spa, retail, waterfront dining, and a fish market fashioned after Venetian fish stalls. The megayacht crowd will be attracted to Island Gardens’ 50-slip harbor, which can accommodate boats longer than 300 feet. Residence club members will also be able to enjoy the yachting lifestyle without the hassle of boat ownership, receiving two to seven days aboard a 60- to 80-foot boat equipped with a captain and full crew. "They can go out for a day or take a three-day trip to the Bahamas," says Mehmet Bayraktar, chairman and CEO of Flagstone Property Group, the resort’s developer. He believes that hassle-free fractional ownership is a good alternative for buyers looking in Miami. "It’s also easier for us to find construction workers and materials now that the boom is over," he says.
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