FROM HOTEL TO HOME

There is no doubt that South Florida’s real estate market is on fire. Here is a look at two of South Florida’s newest additions to its skyline.

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Gale Boutique Hotel & Residences

Mid-century Modern (MiMO) architecture is being introduced to Fort Lauderdale Beach with the Gale Boutique Hotel & Residences set to open in late 2016. Located at 2900 Riomar St., steps away from the beach and Intracoastal, the 96-room hotel and 128-unit luxury condo are a collaboration between Newgard Development Group and Menin Hospitality, in a joint venture with Merrimac Ventures.

Gale Fort Lauderdale will occupy a group of buildings that formerly housed the Escape Hotel, designed in 1949 by Theo A. Meyer and Lester Avery. A top-to-bottom renovation of the property will make way for stylish interiors, sleek furnishings and premium amenities, incorporating design elements from Gale South Beach, which opened in 2012. The residences include 1-, 2- and 3-bedroom units and townhomes with views of the Atlantic Ocean, the Intracoastal, and downtown Fort Lauderdale. Units are now available for reservation and priced from $385,000. GaleFLL.com

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1 Hotel & Homes South Beach

Barry Sternlicht, chairman and CEO of Starwood Capital Group, has partnered with Richard LeFrak, chairman and CEO of LeFrak, to combine their vast experience and talents to create an extraordinary property 1 Hotel & Homes South Beach. The property features 155 residences and 426 hotel rooms, four swimming pools, 600 linear feet of pristine beach, and Beachcraft, a signature restaurant from award-winning chef Tom Colicchio showcasing South Florida’s local farms and fishermen.

Residents will enjoy a private porte-cochere and lobby as well as access to an array of hotel amenities, including the 18,000-square-foot, full-service health club and spa.

1 Hotel & Homes South Beach is designed by nature, capturing the day’s natural light and bringing it indoors. Using this idea as inspiration, celebrated Brazilian interior designer and architect Debra Aguiar designed the residences. The colors and textures of nature offer a fresh aesthetic to its interior space. Reclaimed materials and natural elements adorn almost every facet of the property. Complementing Aguiar’s residential designs, the renowned New York City-based studio Meyer Davis designed the hotel rooms and public spaces. 1hotels.com/homes

Craig Studnicky has over 25 years experience as a real estate broker. As the co-founder of International Sales Group, Studnicky is the author of the organization’s internationally known South Florida real estate sales report.

Where do you think South Floridas luxury real estate market is going?
The amount of developments under way really hasn’t changed much since 2014. Thus the supply side is very tight. The biggest reason developers are slowing their projects down is concern over the rising value of the U.S. dollar.

What are the up-and-coming areas for luxury real estate?
There are real opportunities in Fort Lauderdale. The pricing is the same as it was during the last real estate boom cycle. The price difference between Fort Lauderdale Beach and Miami Beach is 25 percent per square foot. Miami Beach has prices that are 300 percent higher than on Fort Lauderdale Beach.

What are you seeing as the new trends luxury developers are offering in their projects? 
First, developers continue to work with stararchitects to attract high-net-worth individuals from around the world. They are also focusing on technology. It is becoming standard to have lights that automatically go on when someone enters a room, kitchens that work at the touch of a button and private elevators that operate by optical technology. There is also an aspect of technology in the building structures themselves that developers are incorporating into their projects. Today, steel and glass can be bent in ways they couldn’t 10 to 20 years ago. Thus, developers can offer 12-foot ceilings as the standard and expansive view plans that offer incredible vistas.

Since 2013 Jay Phillip Parker has served as the CEO of the Florida Brokerage at Prudential Douglas Elliman Real Estate Inc. Prudential Douglas Elliman is the fourth largest real estate company in the US and offers a complete suite of real estate services.

What is the state of South Floridas luxury real estate market?
The luxury real estate market really was launched with the bringing of Art Basel to the area. It has brought a caliber of buyer to the area that we have never seen before. The amount of wealth that is expected to drive into South Florida over the next 10 years is $150 billion. I believe that we will see continued strength in this market and developers will continue to create higher curated product. We are an uber luxury market like you see in Shanghai, London and New York.

What are you seeing as the new trends luxury developers are offering in their projects?
A big trend is with outdoor living space. Developers are offering larger balconies at least 10 feet wide and the outdoor space is equivalent to 70 percent of the indoor space. And although the cost of outdoor space is significant, the pricing on condos per square foot isn’t affected — exterior space can’t be included in the price per square-foot.

Any predictions for the 2016 luxury real estate market?
We will definitely see new developments with unique sophistication. Developers are well capitalized and are making sure they offer buyers a unique value proposition. I don’t expect to see a significant slowdown of buyers because of the fluctuations in currency values. The luxury market is less impacted by the changes in the economy.

 

Guide To Real Estate Statistics

MIAMI-DADE

Single-Family Homes
136 sales
9.3% decrease year-over-year
$324,556,495 total volume

Condos/Townhouses
157 sales
33.3% increase year-over-year
$363,390,521 total volume

BROWARD

Single-Family Homes
76 sales
14.2% decrease year-over-year
$133,920,165 total volume

Condos/Townhouses
31 sales
10.7% increase year-over-year
$43,760,593

PALM BEACH

Single-Family Homes
134 sales
44.1% increase year-over-year
$330,159,299 total volume

Condos/Townhouses

156 sales
45.8% increase year-over-year
$308,981,629 total volume

 
Statistics based on properties sold for more than $1 million in January and February 2015. Provided by MIAMI Association of REALTORS and the Realtors Association of the Palm Beaches.

 

 

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